Most people assume the hardest part of starting a new company is getting it off the ground. They figure the most stress comes from raising capital and appealing to customers before you have any sort of track record or name recognition.
I’m going to spend a little less time advising and more time explaining in this post. I’m sure I won’t hide my opinions very well (mutual funds are bad and dangerous!), but I’d prefer you understand the two investment strategies instead of just knowing my stances on the issues.
If you’re going to start your own business, you have to do a ton of prep work. You need to create a strong business plan, figure out expenses and lending rates, conceptualize the type of brand you want to build, and all of this should be done before you try to sell a single thing. And, even with all that preparation, you’ll continue learning and altering your strategy every single day.
Getting married is one of the biggest decisions a person can make. In fact, it just might be the biggest decision; with marital commitment comes dozens of other massive decisions, such as kids, cars and living arrangements. The wedding is just the first step in a serious of negotiated endeavors, and it’s a bit naive to think all of these future matters will be decided quickly and conclusively.
Whether you have lots of money or not very much, you’re buying a palace in your hometown or a condo in a new city, or you just decided you hate paying rent and you’re ready to own, you need to know some key facts. Buying a house involves a lot of moving parts, and each and every misstep can cost you lots of time and money. Worse yet, you could buy a house you don’t love and end up selling it at a loss, leaving you with less wealth and no home.
2019 will arrive before you know it, and then it will be time to pack your bags and enjoy a vacation that makes all your hard work worth the effort. Instead of daydreaming about a nice day on the beach, let’s skip right to the planning stage and look at 10 spots to put on your destination wishlist.
Is it just me, or are podcasts the biggest thing since sliced bread? I’m definitely a fan, but I’m a little surprised at how they’ve exploded in the last couple of years. People talk about what podcasts they listen to as much as the discuss movies and TV shows, so clearly this type of media is here to stay.
When I first decided I needed to really understand money if I was ever going to become wealthy, I turned to a lot of reading materials. I inhaled books and articles, trying to build a brain inside my head that could compete with the other great financial minds. At the end of the day, it was worth the effort; I built a strong foundation of knowledge that helped with all the future decision I would make.
Before you form any opinions about this article, let me quickly state that I am 100% in favor of saving for retirement. I’m passionate about people growing their wealth and squeezing every bit of joy out of life, and having money set aside for after you’ve exited the workforce is a big part of that. By whatever means possible, you should be trying to maximize your retirement savings.
When do you need to start teaching your kids about money? When is it too early to teach about debt? When is it too late to go over the basics of investing?
Many people will instantly associate the world “wealth” or “wealthy” with money. However, true wealth is not about money. It is about freedom. Some people think if they were to stumble across a large sum of money, it would completely change their circumstances. If I could just win the lotto, I could quit my job, still pay the bills, and have a financially secure future.
There’s a difference between being rich and being wealthy. I can work 80 hours a week, never see my family, eat three meals a day in the office and become very rich, but that would not, in my eyes, constitute a wealthy life. What you’re able to do with your money is far more important than how much you have, and that’s why I’m as much a fan of saving as I am of earning.
Before you think about saving for college, paying for preschool and taking your child on his or her first trip to the beach, you have to pay for (and survive) the first couple months. I’ve heard people talk about spending $50,000 in the first 18 months, which sounds a bit excessive, but isn’t really that hard to do.
Every so often, I like to take a minute and think about how absurdly expensive things are. A reasonable house for $400,000? Before any of the taxes and repairs and countless other expenses that come with homeownership? That’s crazy!
Real estate is an excellent investment, and it’s one you’ll hear me praise regularly. For those who have the money to invest, buying a vacation rental that brings in passive income makes for a savvy purchase. However, it takes a lot of calculating to know if you’re ready to make this type of investment. It’s possible you’ll crunch the numbers and realize you’re closer to buying than you originally thought. There’s also a chance you’ll discover it’s going to be a few more years before you’ll be able to invest.
Of all the touchy subjects, money is one of the touchiest. Everything from how much you make to what you buy feels very personal, and opening up about financial matters can be really difficult for a lot of people. Keeping this information close to the vest isn’t necessarily bad, it’s just one of those societal realities we deal with…
On some level, we all want to work from home. Sure, some people have jobs that take them to exotic places and anyone who runs a gym probably doesn’t want their patrons lifting weights in the living room. Even so, avoiding the commute and working in your pajamas has a lot of appeal.
“Get out of debt!” the financial advisor yelled, then provided exactly zero examples of how to do so. Sound familiar? It’s widely agreed upon that the first step toward financial security and growing wealth is to eliminate your debt, which is why countless articles and advice columns start like this: