Billionaire Michael Lee-Chin’s 18 Rules To Creating Long-Term Wealth

Special to Financial Post | Daina Lawrence  Thu, October 10, 2024

Billionaire Michael Lee-Chin has 18 principles he has stuck to in order to build his wealth, he says.

The Jamaican-Canadian chairman and chief executive officer of Burlington, Ont.-based private investment firm Portland Holdings Inc., says it is possible for other investors to follow these principles and build wealth, especially younger ones who have time and compounding on their side.

With Warren Buffet as his role model since the 1970s, Lee-Chin has used his prescriptive framework to predict, and invest in, future trends, such as wealth management for a growing baby boomer cohort.

5 Essential Books and Resources for Financial Planning Enthusiasts

Laura Bogart  Wed, October 9, 2024   GOBankingRates

You might think that you need an expensive education, or at least hours of formal training, to become knowledgeable about financial planning. And who has time for all of that, especially if you’re locked in to your current job, your family life and your other responsibilities?

However, you don’t have to spend hundreds of dollars on financial planning certifications, or even head back to school to learn more. After all, you’re reading this GOBankingRates article, hoping to learn more about personal finance issues that are relevant to you and your loved ones and explore the worlds of smart saving and growing your wealth.

There are myriad resources out there that can help you boost your own financial literacy at very little personal cost, from books you can check out from your local library to podcasts that will inspire you on your next long walk.

4 Uncomfortable Truths About Money You Should Know

According to Rachel Cruze  GOBankingRates  Peter Burns  Thu, October 10, 2024

Getting your finances right isn’t a walk in the park. Sometimes it takes a long look in the mirror and admitting some uncomfortable truths about your money situation before you can make real progress.

Rachel Cruze, personal finance expert and co-host of “The Ramsey Show,” got candid about her financial journey in a recent YouTube video. In it, she shared some hard financial truths she’s learned over the years and broke them down so you can benefit from her knowledge.

4 Tips To Handle Your Finances in an Uncertain Economy, According to Money Expert Michela Allocca

Chris Ozarowski  Wed, October 9, 2024  GOBankingRates

Michela Allocca is a personal finance creator who shares tips for managing money through her social media pages.  In a recent post on her Instagram @breakyourbudget, she offered viewers four tips to help them handle their finances and prepare for an uncertain economy or even a recession.

Why Recession Prep?

So why prepare for a recession? According to Allocca, in recent years there has been a noticeable rise in financial anxiety among people across the U.S. This isn’t necessarily confined to any particular age group, income bracket or industry — concerns are universal. Record inflation has impacted essential expenses like rent, groceries, gas, insurance and home prices.

Warren Buffett: 14 Simplest Pieces of Money Advice That Can Work for Anyone

Ellie Diamond  Mon, October 7, 2024  GOBankingRates

Warren Buffett has a gift. He’s the 10th wealthiest person in the world and the largest shareholder of the famous Berkshire Hathaway, but he shares some of the most relatable money advice.

Buffett’s 60-plus-year career has left the personal finance world with some of its favorite quotes and most evergreen advice.

Start Small and Be Patient

“Someone’s sitting in the shade today because someone planted a tree a long time ago.”

Warren Buffett's Son Who Famously Cashed In His $90,000 Inheritance at 19 Spends Millions in 'Buffett Bucks' Transforming A Small New York Town

Jeannine Mancini  Updated Sun, October 6, 2024   Benzinga

Warren Buffett has always been clear about how he wants to handle his wealth with his kids, famously saying he'd give them "enough so they can do anything but not enough so they can do nothing."

His son, Peter Buffett, really took that to heart. At 19, Peter made a bold move by cashing in his $90,000 inheritance – Berkshire Hathaway stock – and using it to chase his dream of becoming a musician. While that stock would be worth hundreds of millions today, Peter has no regrets. For him, it wasn't about the money but the time it bought him to explore his passion.

5 Financial Habits Keeping You Broke, According to Money Expert Michela Allocca

Caitlyn Moorhead  Thu, October 3, 2024   GOBankingRates

The strategies and habits that lead to your personal financial success aren’t just comprised of big investments and down payments, but also of knowing which things to avoid. According to money expert and financial analyst Michela Allocca, a rising voice in personal finance, certain financial habits are major contributors to keeping people broke.

She said, “Personal finance success is 10% strategy and 90% behavior. There are so many things you can do that are external of your income to help ensure you stay on the right path.”

So many money moves are positive, such as starting an emergency fund, diversifying your portfolio or maximizing your 401(k). However, keep reading to discover the five habits Allocca says you should break unless you want to stay broke.

Do This One Thing If You Can’t Afford a Financial Emergency Right Now, According to Rachel Cruze

Nick Perry  Mon, September 30, 2024  GOBankingRates

A third of Americans say they cannot afford a $400 emergency expense in cash, according to research from Empower. That’s an astounding number that reflects the financial challenges most Americans are facing today. Unfortunately, life can be unforgiving, and just because you can’t afford a financial emergency doesn’t mean you might not experience one.

That’s why financial expert Rachel Cruze insists on the importance of an emergency fund. An expert at financial firm Ramsey Solutions, Cruze tells her more than 600,000 followers on Instagram that now is the time to start building an emergency fund.

5 Secrets About Money American Banks Don’t Want You To Know — Plus How To Beat Them At Their Own Game

Maurie Backman  Tue, October 1, 2024  Moneywise

As consumers, we rely on banks to keep our money safe and secure. They’re an essential part of our economy — but they’re also a profit-seeking business.

As much as banks are a mainstay of people’s personal finances, some of their practices aren’t exactly as transparent as they should be — and many Americans have caught on.

In fact, a 2023 study from the Associated Press-NORC Center for Public Affairs Research revealed that only 10% of U.S. adults have a “great deal of confidence” in banks and financial institutions, while 56% say the government is not doing enough to regulate the industry.

Suze Orman: 1 Reason You Should ‘Absolutely’ Own Bitcoin

GoBankingRates  Kellan Jansen  September 23, 2024

Suze Orman is a financial host and author, and in a recent interview with CNBC, she said she believes “everyone should absolutely” own the cryptocurrency bitcoin. Usually, people who support bitcoin as an investment view it as a store of value — but Orman doesn’t.

Here’s the real reason you should own the No. 1 crypto asset by market cap, according to Orman.

Young People Are Fascinated by Bitcoin

Orman’s main idea is that young people are excited by bitcoin, and they’re likely to continue buying it for years. This, she argued, should be positive for the coin’s price over time.

Can I Deposit This Money Legally?

Christy Bieber  Sat, September 28, 2024 Moneywise

I lost faith in banks in 2009 — now I have $650K in cash sitting in a safe. Can I deposit this money legally?

Anyone who lived through the Great Recession remembers the tremendous economic turmoil that took place.  Banks had made mortgage loans to unqualified borrowers, bundling those loans into mortgage-backed securities that were sold to investors. The entire house of cards collapsed as home prices began to fall and interest rates began to rise. Several major banks failed, the government was forced to bail out more and the stock market plummeted.

While the economy eventually recovered, many people became wary of financial institutions — with some people worried enough to withdraw their funds from banks and brokerage firms entirely.