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Living below your means gets a lousy repetition. People believe this means you can't buy Starbucks, eat out, or go on vacation. LBYM simply means you live a couple of notches below your income level. If you earn $6,000/month, you try to live on $4,000. We call the extra money cash flow, and it is the heart of your household. We use the additional income to save and invest. Saving and investing have different purposes, but all lead to the same results....
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You were born into debt, meant to stay in debt, and never to understand debt. The only way to fight back is to learn why debt is so destructive. Getting out of debt won't be easy, but understanding why you were in debt can help you build your case to free yourself. As bartering became more difficult, currencies formed to exchange money for items. However, societies needed central governments to protect the sanctity of these currencies. Governments...
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When do you want to retire? Do you want to work until age 66? Most people nowadays do not want to work this late into life. But how can you retire earlier? What is the strategy to get from point A to point R (retirement)? It starts and ends with your savings rate. The more money you get into your investments, the faster your cash can compound and grow. Increasing your savings rate is easy; however, acquiring the proper mindset is challenging for the...
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Are you trying to save money by working your job and putting money in a bank account? How's that working for you? Saving is about your relationship with money. If you have a scarcity mindset, meaning you believe there is a limited amount of money, it'll be tough to save. Conversely, having an abundance mindset means you can create money at any time-which you can. Is it easier to save from your paycheck or walk someone's dog once a week for $20? That's...
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The school system doesn't create well-educated children. I'm not here to blame anyone because it's challenging to educate people in mass. This opens the possibility for educators to build their own tutoring businesses. But we are not aiming to exchange time for money. We can release blogs and videos teaching our various educational techniques. From these, we can build online courses and printables. Finally, we can do one-on-one tutoring, but it will...
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Interest rates will be "higher for longer." If you are a saver, now is the time to maximize your yields. Today, we look at two great methods to earn yield while protecting yourself from future interest rate movements. CD Ladders are FDIC-insured, have little penalties, and generally have short timeframes (1-5 years). Treasuries have a broader timeline (1 month to 30 years), are state-tax-exempt, and you can buy them in smaller increments (starting...
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With one announcement, Apple restored all the hopes and dreams of the Metaverse. But what can we expect inside this virtual world? The metaverse still has 5-10 years to materialize, which gives us time to find the newest gold rush. There are four ways to look at the metaverse: as an entrepreneur, content creator, investor, and consumer. To make money, you should evaluate and interact as all four entities to ensure you can predict the latest and greatest...
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There has been a lot of talk about thought leadership recently. You may have to become a thought leader to get to the forefront of entrepreneurship and business. But what is thought leadership, and how can you become a thought leader? Thought leaders have their own unique vision and can articulate it clearly. But you cannot just get on stage and throw your opinions to the world. You must be well-read, clear, and concise. Reading, writing, and arithmetic...
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In a strange twist of fate, it's okay to be average. Funny right? Being average gives us the advantage of using our brains to get ahead. Luckily, we can increase the productivity of our brains by reading and taking action. In "Retirement Planning for the Average Person," we talked about the "don'ts" for the average person. We average people don't have the luxury of buying nice vehicles and going on expensive vacations. Eventually, when we become rich,...
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Becoming wealthy isn't about accumulating enough money to secure our freedom. It's a journey we must travel through the three stages of wealth. Debt is the first stage where most of us start our journey. Our goal is to control our urge to spend by budgeting and finding happiness outside of money. Saving is the next stage. Here, we focus on protecting what we built through growing an emergency fund and a large savings account. Investing is the last...
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Going into the office has lost the luster it once demanded. Today, we stay in overly long meetings, lack training resources, and watch our fellow employees play on their phones all day. Remote work can be a dream come true for top performers. I envision that most remote workers will soon work in a freelance-style consulting capacity. It is becoming increasingly expensive to maintain a large number of lazy employees. Do you have what it takes to be...
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Give people enough time, and they will try something stupid. I read people are holding two 9-5 remote jobs at once. This means they entirely disregard one job or work two positions at a 50% effort level. Do not try this at home. Pulling a con job on your employers is not the path to great wealth. However, if you work remotely while starting an online business, you open yourself up to all kinds of possibilities. Money is an exchange of value, and it...
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It is a new age, and it comes with a new financial product. I logged in to pay my car note, and I had the offer to skip a payment. Wow, for a $25 fee, I can be in the same financial position as last month. Make no mistake; this is a dangerous proposition. It is essentially a payday loan to yourself-putting a bandaid on the problem. Instead, finding the source of your financial trouble is much more challenging. Prepare yourself because it will only...
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The world is changing as we speak. It is simply too expensive for the average person, especially if they work individually. We must bring back strong, vibrant communities-by sharing resources and exchanging services. For example, you could exchange eggs and dog walking with your neighbor. America started as a land of business owners and entrepreneurs. Trying to go through businesses for goods and services wastes much of your money. We can achieve...
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There are tons of "net worth" millionaires roaming the streets. Don't be fooled by their bragging and showboating. Most of them bought the right property at the right time. Or they invested in Tesla and let Elon Musk do the heavy lifting. The question becomes if they sold their stocks or homes, how would they invest the money to achieve the same results? Building a high net worth doesn't always take much financial education. We need to buy a home,...
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The greatest threat to our wealth in our 70s is long-term care or some other medical emergency.
We can prevent these scenarios from destroying our lives by preparing as early as possible.
We can use long-term care insurance to dampen the costs of being put in a home. However, we can also use passive income to pay these costs.
By planning to make tons of passive income, we ensure we get the care we need moving into our later years. This protects...
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Life is full of tough choices, so I present another one for you to mull over. USDC and Series "I" Bonds currently offer yields over 9%. Where should you invest your hard-earned money? Inside, I go over why so many people value having a large stash of USDC. Also, we look over the historical yields of Series' "I" Bonds. These high yields won't last long; however, their safety is unwavering. Of course, as investors, we want to diversify into both of...
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Do you know the difference between financial security and financial freedom? It's as simple as saving versus investing.
The goal of financial security (saving) is to protect what you have. You have enough money to pay your bills, save an emergency fund, and go on vacation.
The goal of financial freedom is to protect your future from the unknown. You invest to outpace inflation, save for kids' college, and ensure you can safely retire.
You will...
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Most people don't understand that their income needs to increase significantly every year. Not only is inflation making your money worthless, but your family's needs are also growing. It's tough to beat inflation with only your W-2 job. You must leverage rent, royalties, dividends, and businesses to stay ahead. Yes, there is a steep learning curve, but once you get over that, you can start earning the income you want and need. Good Luck!
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The average person is risk-averse and won't take any chances with their money. Understandable, at least for now. However, we still need to keep our money working, even if we receive a small return on investment. The Super Safe Savers will get you heading in the right direction, with little to no risk. However, their biggest disadvantage is losing ground to inflation. The Super Safe Savers include high yield savings accounts, certificates of deposit,...
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