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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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Do you believe you can save $100,000? If not, you have some powerful limiting beliefs working against you. The first step during your season of saving is overcoming limiting beliefs and a scarcity mindset. You can achieve this by reading books and believing in the process of compounding. Not only does our wealth compound but also our knowledge. Once we get the ball moving, we can quickly amass $100,000 in less than five years. Good Luck!
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I once believed you could survive in the workforce long enough to build a truly passive retirement. Let's say this takes 25 years. However, the workplace has degraded into a circus we must avoid. Using a combination of active and passive income, we should aim to be free in 15 years. Lowering our housing costs is the number one way to free ourselves. Once we determine our required household income (say $6,000/month), we can work on replacing it. By...
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Are you entering the Christmas season in debt? Do you want to enjoy Christmas in a debt-free, cash-flow-heavy environment? You can have it all and then some, but it comes at the cost of financial discipline. First, you must determine your emotional connection to money and spending. Next, you must live on a budget and pay down all your debt. Saving and planning are the next steps. Finally, creating passive income from assets will give you a positive...
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Do you want to work for 35 years to receive $3,000/month in social security benefits? That sounds like a bad deal to me. I would rather create a $3,000/month paycheck by age 45 and grow it into a $20,000/month paycheck by the time I turn 66. But where do you start? I choose income investing as my investing style of choice. It's not for everyone because it requires knowledge, research, and faith in the system. However, if you can understand the order...
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How has inflation been on your wallet this year? It doesn't feel good to fall behind financially, does it? It's incumbent on us to stay ahead of inflation. Owning a home is a significant resource to overcoming our battle with higher prices. When we lock in a 30-year mortgage, we prevent someone else from dictating our principal and interest payments. However, that is only the start of the battle. We still must create passive income by renting rooms,...
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Pinching pennies and living life cheaply can do more damage than good. Protecting your money at all costs prevents you from learning how to create money. The true path to wealth is having your money make money. Trying to save a couple of pennies on each transaction only leads to hate and discontent. Even if a cheap person amasses a vast fortune, they will hesitate actually to spend the money. Remember that they have lived their entire lives cheaply....
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90 to 95% of the workforce uses the "broke" money system. This cycle entails working, wanting, buying, and owning. The other 5-10% use the "investor" money cycle that entails budgeting, saving, investing, and spending. The key before between the two is cash flow. The "broke" use cash flow to buy liabilities, while "investors" use cash flow to purchase income-producing assets. And guess what? Income-producing assets (like dividends) produce more income...
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They teach you to work. They teach you to struggle. However, they don't teach you to enjoy life. Somehow, our lives have become about working for money, buying things, and upgrading to bigger things. Life is about paying it forward, spending time with loved ones, and growing your community. If you live below your means, you can quickly retire on passive income. Then you will have time to spend time with whoever you choose. However, they did not teach...
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Would you buy a $25 gift card for $20? The magic would be when you redeem it for $25. What if you could receive dividends before you redeemed the gift card at a profit? That's the magic of preferred shares. The typical par value of a preferred share is $25. You can find them at great prices like $18, $19, and $20. Once you purchase them below par, you will start to receive dividends. Once the company decides to call the preferred share, it will pay...
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It's okay to spend money on things you love. The trick is to curb spending on items for which you derive no pleasure. Keeping a daily budget is the best way to focus on things you love. Daily budgeting helps you track what you love, say, coffee. It also ensures you are not trying to consume too much within the same timeframe. In essence, it helps you choose between going to a movie or buying Blu-Ray (for example). Don't fear tracking your spending;...
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It's challenging to gain your footing as a head of household. There are many competing interests financially that you have to juggle. Saving for expenses, vacations, school, and maintenance is part of your daily routine. However, we still need to save for emergencies, invest for retirement, and build a nest egg for future generations. How is one to thrive in this overwhelming environment? First, learn to relax. Then we only need to create a road map....
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My wife and I leveraged roommates for almost five years to get ourselves out of debt. We also built an extensive dividend portfolio that pays us $1,500/month. Now, we don't have roommates, but we use dividends and rental income to cover our mortgage entirely. Life is indeed excellent! Earning passive income is tough but even more challenging without a concrete goal. That's why setting your mortgage payment as your initial passive income goal is such...
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Welcome to the elite Savers of America. Saving and Investing $1,000 per month is no small feat. Now it's time to decide how to allocate your resources. Everyone has their own investment strategy and risk tolerance. I love to focus on income investing, but you may love index funds. Others love the security of a high-yield saving account. The best part is that we can allocate our cash into multiple different strategies to have safety, security, growth,...
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Times are rough, and the future only holds more pain. What can the average American do about inflation? When all else fails, it's time to return to the basics. We need to track and document every penny that comes into our household. There are only two ways to become wealthy-reduce expenses and increase income. As you create more cash flow, you must invest in dividend-paying stocks. Dividends are the key to living your best life. The more you invest,...
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Can you save $10,000 in a high-yield savings account (HYSA)? It is no easy task, but I believe in you. The first step is understanding why saving money is vital to our future. We cannot pause our lives with every emergency that arises. Next, we must understand that our emergency fund should not be used frequently or randomly. In fact, we should aim never to use these funds. Finally, we must create additional income streams to increase our savings...
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We should all strive to leave the workforce while we are still healthy; however, some will leave sooner than others. You can determine how fast you can leave the workforce by lowering your standard of living, even for a short period. Retirement is the act of stopping to go to work. Financial freedom affords you the freedom of time, movement, and money. Those who aim for financial freedom understand they can leave the workforce as soon as their passive...
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Life is good as an income investor. Not because you have tons of money coming via dividends, although that is nice. No, the real reason is that you have options. It gives you leverage when you have $1,000+ coming, regardless of your employment situation. Most people don't want to retire early truly; they want to find and execute meaningful work. Your income portfolio allows you to take your paycheck wherever you travel. Now you can work the job of...
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As we look toward retirement, we will need multiple income streams to thrive without a full-time job. We can use writing to create multiple streams of income without investing too much overhead into our business. Becoming a writer is one of the best ways to start living as a digital nomad. Everyone should have a few books earning royalties on Amazon. Creating unique content by meshing together multiple topics is the key to becoming a successful writer....
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You have a lot going for you in your 20s-mainly the ability to work extremely hard and recover quickly. However, you also must overcome natural urges from your hormones and school programming. If you can build an income portfolio that pays your $1,000/month in dividends, you will be free for life. Time is the critical component of compounding, and you have time on your side. Your $1,000/month income stream will turn into $11,000/month in your 40s....
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