One of the best concepts I've ever heard was the idea of making your dollar make you one more dollar. So, each time you spend a dollar, ask yourself is this dollar going to make me a dollar in return? Sometimes it's not so obvious. For instance, a well placed and productive business lunch will most certainly make you a dollar for dollar, and then some back. A can of soda pop, not so much.
- Concepts like Buying a home with a mortgage. This is the BIGGEST mistake a family can make.. Most people claim they're buying a house to secure their future. That's just WRONG and retarded logic. Plain and simple lack of financial literacy. When you finance a home for 400K, you will pay back about 1.2 mill all said and done. That's if you get a 30 year FIXED day ONE and NEVER refi.. Lets not even talk about maintenance.. need a roof? 30K gone. Carpets, TAXES, insurance??? NOW, NOW,, don't even start with that that LAME tax write off thing. That doesn't even come close. I could go on and on about this, but for the sake of the Blog and my day, think on this.
Spend money only when it will make you money. That is a creative question, but working for someone else only makes them rich. Working for yourself only makes you TIRED. YOUR MONEY working for you, makes you rested, happy and secure for the future. As the value the dollar changes and diminishes, your growth will go the other way. You will constantly be trading a dollar for the CURRENT dollar value.
Simple concepts: Don't finance a car. BUY ONE, your can AFFORD (maintenance is part of affording).RENT a house until you can pay cash for your home. THINK about spending on what you can afford. Live within your REAL means. Look for ways that your money makes you money..
Want an example? Of course you do, otherwise this is just another useless posting from someone that tells you nothing.
Example 1: The Stock Market. You do nothing for the gains. You invest and OTHERS do the work. RISK FREE? NEVER, NOTHING IS... Crossing the street is NOT risk free. You know what chances you have of be able to live in 2040 if you just keep your current dollars in your SAVINGS account. ZERO...!! FACT.. ZERRROOOO !!! FACT the fed post the current Dollar value and buying power in 30 years will aprx 10 cents... YOU SEE the MATH??? You better...
Example 2: Hard money loans: Lend private parties money.. Think you CAN'T Do it? This is how I personally started. Well, not started, I started buy cars at tow yards, cleaning them up and DOUBLING my money in a few days.. true story. More on that later.. HARD MONEY loans. I made my first one for 5k to a family that was in need. There was equity in there home, and they seemed very nice. Just hit hard times. Mom and Dad were smart driven people. I made 10K profit on that deal in just 2 years. Do that a few times a year.. I did nothing for that money.. I deposited the checks..
RISK: IN EVERYTHING. If someone tells you RISK free. THEY ARE LYING. You have no promise of ANYTHING. You have no idea you will wake up. FACT...!!! My Father worked for the SAME company for 32 years to wake up one day LAID OFF... DOORS CLOSE.. NO REASONS... GONE....
You think your JOB is secure? Stop reading these postings, and all finance books, your beyond help.. Go back to choose your own adventure and Harlequin.. Nothing I can do for you...
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