Part of the reason I’ve taken on this project is to try and distill the seemingly endless amount of information available on this topic into the essential as distinguished from the non-essential. To select the advice that is fundamental and indispensable to wealth creation and then expound on that information to develop a repeatable path applicable to anyone. … [Read more...] about Personal Finance in 100 Words
Archives for January 2024
The Time Value of Money
A dollar is not necessarily a dollar. Especially when we’re talking about that dollar over the course of time. In general, money now is better than money laterIf money later, has to be more money than money now … [Read more...] about The Time Value of Money
When I decided I would never be poor again
How childhood experience determined my future During my childhood, my family was generally either upper lower class or lower middle class. How do I define that? Well, I was never homeless. I always had a bed to sleep, I have never had to share a bed. Though I did have to share a room with my sister when I was in second and third grade. I never went to bed hungry a day in my … [Read more...] about When I decided I would never be poor again
Step 20: Review and adjust all steps regularly (for the rest of your life)
These steps are meant to be taken as a cyclical process, to be continuously evaluated, refined, adjusted and repeated. The previous 19 steps i've outlined are not meant to be done just once. This 20 step process is not a 'set it and forget it' procedure. It's designed as an iterative3 process. It's designed to be done, multiple time, over multiple years, as you move through … [Read more...] about Step 20: Review and adjust all steps regularly (for the rest of your life)
Step 19: Create key Estate Planning documents
Given all the hard work we put into building our wealth, you really need to ensure your wealth is transferred to those you wish, in the manner you wish, with as little cost as possible. Use these documents. You may begin with standard templates from books, websites or other sources. But use a lawyer to finalize these important documents. … [Read more...] about Step 19: Create key Estate Planning documents
Step 18: Carry adequate insurance
Building wealth is a lifetime process. Use Insurance to protect your hard work from danger. Building your fortune is like a game. Play good offense (make a lot of money) and good defense (spend little and protect what you have). … [Read more...] about Step 18: Carry adequate insurance
Step 17: Learn about money
People have been taught that talking about money is rude. Ignore them. Start talking about money. Why? Because it's the best way to learn about money. And you need to make learning about money a life long goal. Never stop. Learn all you can about it - if you want to be come wealthy. … [Read more...] about Step 17: Learn about money
Step 16: Maximize Income from all sources
Get as much education as possible – meaningful education leads to higher salary. Manage your career like an asset to maximize your income. Maximize and protect your career - which is your biggest asset. ? … [Read more...] about Step 16: Maximize Income from all sources
Step 15: Create Multiple Sources of Income
The biggest risk one can make is having a singly source of income. If something happens to that "job" you have no income at all. Diversifying is not just for investing. It's also for income generation. … [Read more...] about Step 15: Create Multiple Sources of Income
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