How Fast Can You Become a Millionaire?
.How Fast Can You Become a Millionaire?
Play the best online investing game — CASHFLOW® Classic — to begin your exit from the Rat Race… for free! CASHFLOW Classic is the free online investing game that makes learning to invest fun.
We believe the best way to learn isn’t done reading textbooks or listening to lectures. We believe the best learning is accomplished by doing the real thing.
For example, if you want to learn how to ride a bike, reading a book or listening to a lecture won’t help very much. Sure, you can learn some high-level theory about balance, stability, and the structural integrity of the bike… but it won’t help you overcome your fears of falling down. The only way to learn how to ride a bike is to go outside, hop on a bike and start to pedal. Investing works the same way.
How Fast Can You Become a Millionaire?
Play the best online investing game — CASHFLOW® Classic — to begin your exit from the Rat Race… for free! CASHFLOW Classic is the free online investing game that makes learning to invest fun.
We believe the best way to learn isn’t done reading textbooks or listening to lectures. We believe the best learning is accomplished by doing the real thing.
For example, if you want to learn how to ride a bike, reading a book or listening to a lecture won’t help very much. Sure, you can learn some high-level theory about balance, stability, and the structural integrity of the bike… but it won’t help you overcome your fears of falling down. The only way to learn how to ride a bike is to go outside, hop on a bike and start to pedal. Investing works the same way.
You can read books about investing or listen to podcasts from day traders or watch YouTube videos on how to use stock trading software... but the only way to learn how to invest in the stock market or purchase your first real estate investment property is to do it.
Or is it?
Scraping your knee after falling down might hurt, but it won’t leave you in financial ruin like an investing mistake can. That’s why we designed CASHFLOW, to teach the basics of investing through real world scenarios which allow you to test your financial knowledge and learn from your mistakes—all without losing your own money.
Why Should You Play CASHFLOW Classic? Playing the CASHFLOW Classic free online game will help you… Learn how to invest without losing your money Why haven’t you started to invest? Is it lack of capital? Finding time?
Perhaps, but we believe the primary reason most people never begin investing isn’t a lack of money or motivation but overcoming their fears of making a mistake.
Unlike in real life, when you play CASHFLOW Classic, you won’t feel the painful humiliation—and monetary loss—you experience when you make the wrong pick in the stock market or your real estate investment doesn’t work out the way you thought it would.
Practice buying and selling stocks or investing in real estate for capital gains or cash flow as many times as you like. Simulate how you would handle real investing opportunities before you shell out your hard earned money. It’s fun, safe, and free to play.
To continue reading, please go to the original article here:
What Does It Mean To Be Wealthy?
.What Does It Mean To Be Wealthy?
Written byRobert Kiyosaki Last updated:June 08, 2020
Wealthy or rich, it's your choice.
How much money would it take for you to feel rich?
Investment firm, Charles Schwab asked 1,000 Americans that very question. The answer? $2.4 million.
There some interesting findings in the survey about what being rich meant for people.
Spending time with family (62 percent)
Having time to myself (55 percent)
Owning a home (49 percent)
Eating out or having meals delivered (41 percent)
Subscription services like movie/TV and music streaming (33 percent)
Other things that make people feel rich in their daily lives include owning the latest tech gadgets (27 percent), having a gym membership or personal trainer (17 percent), and using a home cleaning service (12 percent).
What Does It Mean To Be Wealthy?
By Robert Kiyosaki Last updated:June 08, 2020
Wealthy or rich, it's your choice.
How much money would it take for you to feel rich?
Investment firm, Charles Schwab asked 1,000 Americans that very question. The answer? $2.4 million.
There some interesting findings in the survey about what being rich meant for people.
Spending time with family (62 percent)
Having time to myself (55 percent)
Owning a home (49 percent)
Eating out or having meals delivered (41 percent)
Subscription services like movie/TV and music streaming (33 percent)
Other things that make people feel rich in their daily lives include owning the latest tech gadgets (27 percent), having a gym membership or personal trainer (17 percent), and using a home cleaning service (12 percent).
And almost half of those surveyed felt that saving money and investing was the way to achieve their definition of rich.
The difference between rich and wealthy
When I was a young boy, my rich dad told me about the difference between being rich and being wealthy.
“Many people think that being rich and being wealthy are the same thing,” said rich dad. “But there is a difference between the two: The rich have lots of money but the wealthy don’t worry about money.”
Almost Half Of People Surveyed Feel That Saving Money And Investing Was The Way To Achieve Their Definition Of Rich.
What rich dad meant was that while being rich might mean you have lots of money, you also might have lots of expenses that keep you up at night. These could be expenses like your mortgage, your car payment, credit cards, private school tuitions, and more. In short if you’re rich, you’re often trying to keep up with the Rat Race. (The Rat Race is a horrible place to be, which is why my board game, CASHFLOW® is designed to help you get out of it).
Often if you’re rich, you have a high paying job to pay for the Rat Race, and you have to get up to work every day. You probably also have a fear of getting fired or laid off. What would happen if you didn’t have your job and your salary? That’s often a scary proposition of rich people.
This is why I find interesting what the people surveyed by Charles Schwab consider being rich. With the exception of the first two, which had to do with more free time, they were about liabilities like eating out, subscription services, and gadgets. Truly the worries of those in the Rat Race.
This signals that most people do not understand what it means to be truly wealthy. In fact, most people are confusing wealthy with being rich, that is with having lots of money to spend but no real financial independence.
Being wealthy means you don’t have these worries. Why? What’s the difference?
The definition of being wealthy
To continue reading, please go to the original article here:
12 Money Tips for the Newly Single
.12 Money Tips for the Newly Single
By Mr Ssc June 9, 2020
Even if it’s for the best, ending a relationship can hurt in so many different ways. While most people are discussing the emotional fallout, which alone can be bad enough, conversations around the financial repercussions when ending a relationship aren’t as popular. Hopefully these money tips for the newly single will help you find your footing as you step into this new stage of life.
My Best Money Tips for the Newly Single
The challenges someone who’s newly single faces depends on the financial entanglement they had with their ex partner. Whether or not they lost money separating from them or took on any extra debt in the process also has a big effect on their immediate finances. For example, a couple who’s dating might just go their separate ways and be done with each other, but a married couple will have a lot more to split up.
If you’re leaving a long term relationship or marriage, and especially if there’s kids involved, it can be financially complex when you become newly single. Here’s some tips and things to keep in mind as you navigate your money post break up.
12 Money Tips for the Newly Single
By Mr Ssc June 9, 2020
Even if it’s for the best, ending a relationship can hurt in so many different ways. While most people are discussing the emotional fallout, which alone can be bad enough, conversations around the financial repercussions when ending a relationship aren’t as popular. Hopefully these money tips for the newly single will help you find your footing as you step into this new stage of life.
My Best Money Tips for the Newly Single
The challenges someone who’s newly single faces depends on the financial entanglement they had with their ex partner. Whether or not they lost money separating from them or took on any extra debt in the process also has a big effect on their immediate finances. For example, a couple who’s dating might just go their separate ways and be done with each other, but a married couple will have a lot more to split up.
If you’re leaving a long term relationship or marriage, and especially if there’s kids involved, it can be financially complex when you become newly single. Here’s some tips and things to keep in mind as you navigate your money post break up.
Change all your passwords and security questions
When you’re in a relationship with someone for a long time you get to know each other pretty well. That trust usually extends to sharing your passwords or at least leaving them out in the open. On top of that, they probably know enough about you to guess your security questions to do a password reset.
While your ex is probably not going to do anything even if they have your password, it’s always better to be safe when it comes to internet security. You should also force any banking websites or apps to log out of all devices, too.
Make a detailed list of your debt and assets
Identify what’s shared and what belongs to just you. That way you have it to reference as you sort life out and divide things up with your ex. If a lawyer’s involved or you’re going through a divorce you’re going to need all this information, but it’s good to have under any circumstances.
Open up a separate bank account
If you haven’t already, open yourself up a separate bank account that’s just in your name. Do this even if you haven’t physically separated from your ex or are just in the early stages of splitting up. Start moving over all your deposits and bill payments to your new account.
It’s also important to save a backup of any transactions or other information you might need from your joint account, too. Especially if you’ll need those for your taxes.
To continue reading, please go to the original article here:
http://www.slowlysippingcoffee.com/12-money-tips-for-the-newly-single/
How to Cope With Being Broke, Angry, and Ashamed
.How to Cope With Being Broke, Angry, and Ashamed
My Two Cents May 29, 2020 By Charlotte Cowles
Before Amanda Clayman became a therapist, she grappled with serious debt in her 20s. When she got her degree in social work in 2005, she decided to help people understand how money is tied to their emotional needs. “I wanted to say to as many people as possible, ‘Hey, it doesn’t have to be like this,’” she told me.
While the field of financial therapy is still relatively new, Clayman says a lot of therapists ask how they can address their clients’ financial anxieties. Her answer is simple: “’Talk more about money!’ I’m not offering financial advice.” Today, as the entire world grapples with the financial fallout of the pandemic — layered on top of the devastating toll of human loss — her work is more in demand than ever. In addition to treating patients, she recently partnered with the podcast Death, Sex & Money to launch a three-part series, Financial Therapy. We talked about how she overcame her own struggles with money and what she’s telling her clients who feel overwhelmed by financial stress and uncertainty.
How did you get into financial therapy in the first place?
How to Cope With Being Broke, Angry, and Ashamed
My Two Cents May 29, 2020 By Charlotte Cowles
Before Amanda Clayman became a therapist, she grappled with serious debt in her 20s. When she got her degree in social work in 2005, she decided to help people understand how money is tied to their emotional needs. “I wanted to say to as many people as possible, ‘Hey, it doesn’t have to be like this,’” she told me.
While the field of financial therapy is still relatively new, Clayman says a lot of therapists ask how they can address their clients’ financial anxieties. Her answer is simple: “’Talk more about money!’ I’m not offering financial advice.” Today, as the entire world grapples with the financial fallout of the pandemic — layered on top of the devastating toll of human loss — her work is more in demand than ever. In addition to treating patients, she recently partnered with the podcast Death, Sex & Money to launch a three-part series, Financial Therapy. We talked about how she overcame her own struggles with money and what she’s telling her clients who feel overwhelmed by financial stress and uncertainty.
How did you get into financial therapy in the first place?
I was raised by parents who were really anxious about money, but I didn’t know or notice. I thought they were just really careful with their finances. So, I inherited a good deal of that anxiety, and I wasn’t conscious of how that led to me to do certain things. As a young adult, I was really impulsive with spending, and I got into a lot of credit card debt. I was super ashamed of it; nobody knew.
What kind of debt are we talking?
At my rock bottom, I owed about $31,000 in today’s dollars. But I’d basically lost track because I would use a convenience check from one credit-card company to pay another one. My bills were just eating each other. This was also in the late ’90s, when it was possible to wrack up a huge amount of debt without really noticing because there were such low interest rates.
At the same time, my life was a fabulous mess. I moved to New York when I was 22, with no savings, and that was the beginning of my debt because I put my security deposit and broker’s fee on a credit card.
I worked in nightlife for the first decade of my career, in the promotions department, putting on parties to get people to come to clubs. And then for different lifestyle brands, like cars and alcohol and other companies, sponsoring events. I was an expert in motivating people to spend money on things. Of course, that marketing was also affecting me personally, which I totally didn’t see, until I finally did.
What kinds of things were you spending on?
I wasn’t living a lavish lifestyle. I was broke. I hung out at the club where I worked. I didn’t go out to expensive dinners. I was just a kid in New York paying a huge amount of rent and not making much money. I made $25,000 a year at my first job. But even after I got better jobs, I just didn’t have control over my money. I never had a budget. I never had an idea of how much I should be spending on anything.
To continue reading, please go to the original article here:
https://www.thecut.com/2020/05/how-to-cope-with-being-broke-angry-and-ashamed.html
40 Invaluable Pieces Of Advice From People Over 40 Who Are Happy With Their Lives
.40 Invaluable Pieces Of Advice From People Over 40 Who Are Happy With Their Lives
By January Nelson Updated May 14, 2020
These pieces of advice from Ask Reddit are invaluable.
1. Don’t be reckless with other people’s hearts. Don’t put up with people who are reckless with yours.
2. Don’t worry about the future. Or worry, but know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum. The real troubles in your life are apt to be things that never crossed your worried mind, the kind that blindside you at 4 p.m. on some idle Tuesday.
3. Accept that perfection doesn’t exist. Your relationships will have problems, your car will break down, someone else will anyways have a better phone, a newer car, or a bigger house than you, no matter where on the social ladder you stand. Constantly chasing perfection will keep you permanently stressed.
That doesn’t mean you should not try to better your life, just know that if you expect perfection you will never be satisfied.
4. Don’t waste your time on jealousy. Sometimes you’re ahead, sometimes you’re behind. The race is long and, in the end, it’s only with yourself.
40 Invaluable Pieces Of Advice From People Over 40 Who Are Happy With Their Lives
By January Nelson Updated May 14, 2020
These pieces of advice from Ask Reddit are invaluable.
1. Don’t be reckless with other people’s hearts. Don’t put up with people who are reckless with yours.
2. Don’t worry about the future. Or worry, but know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum. The real troubles in your life are apt to be things that never crossed your worried mind, the kind that blindside you at 4 p.m. on some idle Tuesday.
3. Accept that perfection doesn’t exist. Your relationships will have problems, your car will break down, someone else will anyways have a better phone, a newer car, or a bigger house than you, no matter where on the social ladder you stand. Constantly chasing perfection will keep you permanently stressed.
That doesn’t mean you should not try to better your life, just know that if you expect perfection you will never be satisfied.
4. Don’t waste your time on jealousy. Sometimes you’re ahead, sometimes you’re behind. The race is long and, in the end, it’s only with yourself.
5. Don’t take advice or criticism as a personal attack.
6. Don’t fall for the trap that your life needs to be one long narrative that you should be building. Life is best when it’s a bunch of happy moments that just happen to be connected. Don’t try to make your life into a novel, make it a book of poems.
7. It is okay to not like someone. It is also okay to have someone not like you (people are going to not like you for no reason. That is okay. It’s a “them” issue and not a “you” issue). Don’t be an ass to everyone and give them reason to dislike you, but also know that you are under no obligation to put up with someone else’s bad friendship.
8. Try to start good habits. It is a little rough at first, but in a few years it will be second nature. Do this with things like cooking, cleaning, saving money, and self-care.
9. Money is important but it’s not the end all be all. It will not listen to your problems or hug you when you need it.
To continue reading, please go to the original article here:
Money Advice for the Extremely Broke
.Money Advice for the Extremely Broke and Deeply Screwed (Thanks COVID-19!)
By Katie Way Apr 17 2020,
If you're laid off and panicking about how to eat AND pay rent, personal finance experts have some practical options and advice for you.
It is almost too much to have to think, in the midst of all the chaos and fear surrounding the COVID-19 pandemic, about finding a new job. But, for at least 22 million Americans who’ve been laid off as a result of widespread business closures and shelter-in-place mandates, that’s reality right now.
And the layoffs don’t seem like they’re going to stop anytime soon, either. According to a report from Data For Progress, 52 percent of workers under the age of 45 have had their income negatively impacted as a result of this crisis, and some economists predict our current rate of joblessness could actually surpass the unemployment rate during the Great Depression.
So, yes, we may be living in a crisis that rivals a period in American history when people were eating dust (?) to survive, but at least we’re doing it together. Awesome!
Money Advice for the Extremely Broke and Deeply Screwed (Thanks COVID-19!)
By Katie Way Apr 17 2020,
If you're laid off and panicking about how to eat AND pay rent, personal finance experts have some practical options and advice for you.
It is almost too much to have to think, in the midst of all the chaos and fear surrounding the COVID-19 pandemic, about finding a new job. But, for at least 22 million Americans who’ve been laid off as a result of widespread business closures and shelter-in-place mandates, that’s reality right now.
And the layoffs don’t seem like they’re going to stop anytime soon, either. According to a report from Data For Progress, 52 percent of workers under the age of 45 have had their income negatively impacted as a result of this crisis, and some economists predict our current rate of joblessness could actually surpass the unemployment rate during the Great Depression.
So, yes, we may be living in a crisis that rivals a period in American history when people were eating dust (?) to survive, but at least we’re doing it together. Awesome!
It’s hard not to panic while gazing into the maw of a recession, a national financial crisis morbidly in sync with a personal one. But panicking, while potentially cathartic, won’t help pay the rent (and that little $1,200 check might not help much, either). VICE asked a handful of financial experts about what some actionable steps might look like for the truly, madly, deeply financially fucked among us.
I just got laid off after living paycheck to paycheck, and I don’t have a palatial family home near a body of water where I can squat until this thing is over—like millions of other Americans , I’m ** and I’m freaking out! What do I do?
Kelsey Sheehy, personal finance expert, NerdWallet: This is not a normal time for anyone, but it's especially daunting for people who feel like they were already on shaky financial ground to begin with.
I mean, you're separated from friends and family, from your support system. You're not sure if or when you're going to be able to return to work, when you're going to have money coming in. And you still have all of these other financial obligations looming over your head!
So I think the first step I have been advising people to take is just take a deep breath, acknowledge that yes, this is a lot, and then start to focus on putting out the fires where you can.
To continue reading, please go to the original article here:
https://www.vice.com/en_us/article/dygmdq/financial-advice-for-unemployed-extremely-broke-covid-19
Ten Harsh Truths About This Recession You Need to Get Used To
.Ten Harsh Truths About This Recession You Need to Get Used To
The brutal reality of how your life will feel going through these uncertain times.
By Tim Denning June 8 2020
Eat. Sleep. Pee. Repeat.
That’s what my life feels like during this recession right now. It’s repetitive. We’re waiting to hear the verdict. “How bad is it, your honor?” Nobody knows — not even Warren Buffett.
Some of us already have a one-way ticket to wreck city. And some of us might actually do better because of the recession. It’s hard to tell. Everybody is guessing, even CNBC Finance.
Pausing the economy for an extended period of time and locking people in their homes has never been done before. The graphs from The Great Depression or 2008 recession may not apply to this one.
The recession is going to be tough no matter how much money you had before it all started. Having lived through the last recession, here are a few harsh truths (not financial advice).
Blaming the Recession Won’t Help You
If you get caught in the economic cyclone, blaming the recession won’t help you. It’s like blaming a fortuneteller for your future failures.
Ten Harsh Truths About This Recession You Need to Get Used To
The brutal reality of how your life will feel going through these uncertain times.
By Tim Denning June 8 2020
Eat. Sleep. Pee. Repeat.
That’s what my life feels like during this recession right now. It’s repetitive. We’re waiting to hear the verdict. “How bad is it, your honor?” Nobody knows — not even Warren Buffett.
Some of us already have a one-way ticket to wreck city. And some of us might actually do better because of the recession. It’s hard to tell. Everybody is guessing, even CNBC Finance.
Pausing the economy for an extended period of time and locking people in their homes has never been done before. The graphs from The Great Depression or 2008 recession may not apply to this one.
The recession is going to be tough no matter how much money you had before it all started. Having lived through the last recession, here are a few harsh truths (not financial advice).
Blaming the Recession Won’t Help You
If you get caught in the economic cyclone, blaming the recession won’t help you. It’s like blaming a fortuneteller for your future failures.
The recession hits us all and all you can do is focus on what you can control:
How you think about the recession
What you do in the recession
The effort you spend revitalizing your skills
The way you interact with others
The recession might throw you off your game, but it’s not the recession’s fault if you fall down and stay down.
Don’t Accept a One-Way Ticket to Wreck City
What is wreck city?
Gambling, speculating, followed by your worst nightmare: leverage.
I was reading the other day that more retail investors than ever are going in and out of the stock market trying to make a quick buck so they can retire. Many of these people are signing up for financial platforms that come bundled with huge amounts of leverage.
Leverage equals debt. For example, you invest $2000 into the stock market and the platform you’re using gives you $10,000 of stocks. If the stocks go up 5%, then you get 5% back on $10,000, not $2000. It’s great if your stocks go up. But if stocks do down, well, you experience the toxic effects of decay.
Decay is where the performance of your investment declines because of the expense ratio, which is higher than normal to compensate for the fact you borrowed some of the original money you invested. In simple terms, fees are eating away your investment returns.
Just because we’re in a recession, doesn’t mean you should invest money you don’t have or take big financial risks without the education to back them up. If you don’t know what you’re doing when it comes to investing, it’s a good idea to stay away from the markets or get professional advice.
Now is Not the Time to Be Complaining
To continue reading, please go to the original article here:
How To Know If You’ll Be Successful
.How To Know If You’ll Be Successful
By Benjamin Hardy
Life is complex and messy. It can be extremely difficult to get traction, let alone find motivation.
But motivation is something you can learn to create at will. Becoming deeply passionate is also within your creative control. As a result, you can completely predict your own success. You can choose to become as successful as you desire.
Here’s how:
1. Turn Success Into A Game, Not A Grind
“Life is a game, play it.”— Mother Theresa
We hear a lot about people “grinding” these days. That sounds awful! Grinding day in and out is a path to burnout and misery.
The best performers in the world don’t grind, they game! For example, Warren Buffett became good at selling because as a child he would go door-to-door selling chewing gum. But he wasn’t focused on making money. Instead, he was fascinated trying to figure out which flavors sold best. Even back then, he was trying to make predictions. He’s still playing the same games.
According to author, Daniel Coyle, “If it can be counted, you can turn it into a game.”
How To Know If You’ll Be Successful
By Benjamin Hardy
Life is complex and messy. It can be extremely difficult to get traction, let alone find motivation.
But motivation is something you can learn to create at will. Becoming deeply passionate is also within your creative control. As a result, you can completely predict your own success. You can choose to become as successful as you desire.
Here’s how:
1. Turn Success Into A Game, Not A Grind
“Life is a game, play it.”— Mother Theresa
We hear a lot about people “grinding” these days. That sounds awful! Grinding day in and out is a path to burnout and misery.
The best performers in the world don’t grind, they game! For example, Warren Buffett became good at selling because as a child he would go door-to-door selling chewing gum. But he wasn’t focused on making money. Instead, he was fascinated trying to figure out which flavors sold best. Even back then, he was trying to make predictions. He’s still playing the same games.
According to author, Daniel Coyle, “If it can be counted, you can turn it into a game.”
Rather than “practicing” in a tedious and boring way, you’re far better-off turning your practice into a game. This is why CrossFit is so successful. There are objectives — where you start and complete new challenges.
I recently had this experience learning Spanish on the app, Duolingo. I started seeing how many objectives I could complete in a single day, and how many days I could complete challenges in a row.
2. Know That You Can Succeed
“Ignition (n): The motivational process that occurs when your identity becomes linked to a long-term vision of your future. Triggers significant amounts of unconscious energy; usually marked by the realization: That is who I want to be.”— Daniel Coyle
There’s a moment when you see what you want and a voice organically speaks within you — “I could be that.” This experience is pivotal! How could you ever become an Olympic Athlete if you didn’t at some point see it and believe it in your mind?
Put simply, you need to have an identity shift. No “wannabe” ever made it big. At some point, they either gave up on their dream or stopped being a wannabe.
During my research as a graduate student, I studied the difference between wannabe entrepreneurs and successful entrepreneurs. None of the wannabes actually saw themselves as entrepreneurs. They hadn’t had the shift where they fully identified themselves as entrepreneurs. Conversely, successful entrepreneurs saw being an entrepreneur as who they were.
That identity shift happened as they began investing money into their entrepreneurial goals, and as they made the conscious decision — this is WHO I AM. Your identity follows your behavior. Therefore, this shift won’t happen until after you begin acting into the new role you plan to play. You don’t start with faith. You choose to have it. It’s a conscious choice, followed by behavior. Then identity and motivation follow.
3. Stop Hiding It
What other people think of you is none of your business.
If you want to remain mediocre at something forever, keep it to yourself. If you want to become extremely successful, then openly share your dreams with your loved ones.
To continue reading, please go to the original article here:
https://benjaminhardy.com/how-to-know-if-youll-be-successful-2/
Take Control of Your Money: What Does it Mean and How to Get Started
Take Control of Your Money: What Does it Mean and How to Get Started
By Cash For Tacos April 27, 2020
I like to say that my life changed when I took control of my money. And, more importantly, I want Cash for Tacos to help you take control of your own money and change your life as well.
But what the heck does it even mean to take control of your money? And if you don’t know, how can I inspire you to make changes? I think it’s a phrase worth taking the time to define. So let’s dive into what it means, why it’s important, and how to actually start doing it.
My Life Before I Took Control of My Money
Taking control of my money is what motivated me to start Cash for Tacos. The feeling I had once I took charge of my financial situation was nothing like I’ve ever felt before. I felt empowered and like I could accomplish things I had never dreamed of. But what did my life look and feel like before I took control of my own money?
My life looked like what I expected a “successful” life to be. I had a decent paying job, financed a nice car, went on nice vacations, and bought all the clothes and kitchen gadgets I wanted. I was making a life for myself as I thought I should be. But at the same time, I was constantly worried about whether I had enough money in my checking account to cover all of my bills.
Take Control of Your Money: What Does it Mean and How to Get Started
By Cash For Tacos April 27, 2020
I like to say that my life changed when I took control of my money. And, more importantly, I want Cash for Tacos to help you take control of your own money and change your life as well.
But what the heck does it even mean to take control of your money? And if you don’t know, how can I inspire you to make changes? I think it’s a phrase worth taking the time to define. So let’s dive into what it means, why it’s important, and how to actually start doing it.
My Life Before I Took Control of My Money
Taking control of my money is what motivated me to start Cash for Tacos. The feeling I had once I took charge of my financial situation was nothing like I’ve ever felt before. I felt empowered and like I could accomplish things I had never dreamed of. But what did my life look and feel like before I took control of my own money?
My life looked like what I expected a “successful” life to be. I had a decent paying job, financed a nice car, went on nice vacations, and bought all the clothes and kitchen gadgets I wanted. I was making a life for myself as I thought I should be. But at the same time, I was constantly worried about whether I had enough money in my checking account to cover all of my bills.
Each month I had to get out the calculator and figure out if my paychecks would be deposited into my account in time to avoid the overdraft fees. It was a mess. I had no idea how much money I was spending each month. Money was simply flowing aimlessly in and out of my life. It was frustrating.
But then one day I finally got fed up with feeling like my money was controlling me. It was then that I started to learn about the ins and outs of my money. I focused on where exactly my money was going and how I could better utilize this valuable resource to design a life I was excited about.
With this new focus, I started putting my money to work for me; I directed where every dollar went. I purposely assigned my money to pay bills, fund a vacation, or be stashed away for retirement. And, don't worry, I didn't forget to assign some for random fun money. I no longer stressed about if I had enough money to pay my bills. And I actually started to work towards financial goals that would help me do things in my life like I never dreamed of.
Dreams such as transitioning from full-time to part-time work prior to full retirement and saving to pay cash for a campervan! I took control of my money and got it to start working for me. And boy, does it feel good.
Let’s take a look at what taking of control of your money really means and how you can do it with your money.
Taking Control of Your Money Means Knowing What You Are Spending Your Money On
How much of your money is going to your bills, your savings goals, and your wants?
When you don’t have control of your money, you simply hope that you have enough money to cover your expenses each month. And that’s not a fun place to be. Knowing exactly where your money goes each month is the starting point to take control of your finances.
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Treasure Hunting
.Treasure Hunting
By Richard Connor June 5, 2020
Many of us have found ourselves with free time on our hands. I’ve read that folks are filling their days with shopping, baking, exercising and binge-watching TV. May I suggest another activity, one that may prove profitable?
Over the past few years, I’ve found significant amounts of money in unlikely places. These treasures often come not just with monetary benefits, but also great memories. Here are four places to look:
1. Forgotten savings bonds. I’m old enough to remember when paper savings bonds were a common gift for birthdays and holidays. Many companies also had savings bond buying programs, encouraging employees to invest and pitching it as an act of patriotism. If you signed up, the money to be invested was taken out of your paycheck.
Treasure Hunting
By Richard Connor June 5, 2020
Many of us have found ourselves with free time on our hands. I’ve read that folks are filling their days with shopping, baking, exercising and binge-watching TV. May I suggest another activity, one that may prove profitable?
Over the past few years, I’ve found significant amounts of money in unlikely places. These treasures often come not just with monetary benefits, but also great memories. Here are four places to look:
1. Forgotten savings bonds. I’m old enough to remember when paper savings bonds were a common gift for birthdays and holidays. Many companies also had savings bond buying programs, encouraging employees to invest and pitching it as an act of patriotism. If you signed up, the money to be invested was taken out of your paycheck.
Paper bonds were then mailed to you and you’d dutifully tuck them away for the future. I’ve been organizing my financial documents lately and I came across an envelope with a bunch of Series I savings bonds. I entered the required information in the Treasury Direct savings bond calculator and, much to my surprise, found they were worth nearly $10,000. I’ll bet many folks have old savings bonds hidden in the back of desk drawers.
2. Lost assets. Each state has unclaimed property that it holds, waiting for the owners to come forward. I haven’t checked every state, but I can attest to Pennsylvania’s efficiency. I recently found almost $1,000 in my father’s name. There were funds from an insurance company’s demutualization, an old savings account and the return of a security deposit from the Philadelphia Gas Co. Most of these were from the 1950s and 1960s. My father died in 1999, so the funds were divided between my two brothers and me.
A decade or so ago, we also found almost $17,000 in my wife’s aunt’s name. They were shares she received in 1984 from the breakup of the Bell telephone companies.
Searching for and claiming lost assets takes a little effort. You’ll want to try variations on your and your relatives’ names. I’ve seen claims with and without middle names. It helps if you know relatives’ old addresses. Be prepared to prove your right to inherit. We’ve had to supply death certificates and have our signatures notarized.
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It Should Be Obvious By Now -- It Really Makes Sense To Have a Plan B
.It Should Be Obvious By Now -- It Really Makes Sense To Have a Plan B
Notes From The Field By Simon Black June 8, 2020 Bahia Beach, Puerto Rico
There are undoubtedly countless people right now who can hardly believe what they’ve been seeing over the past few months.
Global pandemic, total economic shutdown, tens of millions of jobs lost, trillions of dollars of debt and money printing, and now, social unrest, including riots and looting, brought on by yet another harrowing murder at the hands of the police.
A poll conducted by NBC News and the Wall Street Journal last week showed 80% of respondents believe the United States is spiralling out of control.
And it all happened so quickly.
It Should Be Obvious By Now -- It Really Makes Sense To Have a Plan B
Notes From The Field By Simon Black June 8, 2020 Bahia Beach, Puerto Rico
There are undoubtedly countless people right now who can hardly believe what they’ve been seeing over the past few months.
Global pandemic, total economic shutdown, tens of millions of jobs lost, trillions of dollars of debt and money printing, and now, social unrest, including riots and looting, brought on by yet another harrowing murder at the hands of the police.
A poll conducted by NBC News and the Wall Street Journal last week showed 80% of respondents believe the United States is spiralling out of control.
And it all happened so quickly.
We’ve been writing for years at Sovereign Man about the need to have a Plan B, consistently pointing out that this is a completely normal, rational thing to do.
A great Plan B is like an insurance policy. You hope you’ll never need to use it, but if you ever do, you’ll be really glad that you have one.
Having a Plan B is not capitulating. It’s not running away.
It’s sensible. It ensures that, no matter what happens or doesn’t happen next, you’ll be in a position of strength, regardless of what you choose to do.
If you want to march in the streets or dedicate yourself to social change, you’ll be better off with a Plan B. If you’re concerned about the policy impacts of mob rule, you’ll be better off with a Plan B.
Frankly what we’ve seen so far is potentially just a taste of what’s coming.
Just imagine how swiftly and viciously governments could react if another major outbreak of COVID-19 takes place.
Just imagine how much rage will explode in the streets depending on who wins the Presidential election in November.
And then there are other risks-- like the looming Cold War with China, spiralling deficits, etc., and we haven’t even begun to see the effects of those yet.
One key component of a Plan B is to consider-- is there at least a possibility that you might ever need to leave?
Would greater social unrest, economic upheaval, World War III, etc. prompt you to want to get out of Dodge? If so, you’ll want to have thought about that well before you start packing your bags.
So as part of a Plan B, it makes sense to have a second citizenship, or at least a second residency.
This means you’ll always have another option to live, work, invest, retire… and potentially even pass down those rights to future generations.
A Plan B also takes your finances into consideration.
Will the trillions and trillions of dollars that the Federal Reserve is pumping out cause serious damage to the dollar? Will Cold War with China compel the world to abandon the dollar as a reserve currency?
These are certainly possibilities. And that’s why gold and other real assets are also worth considering as part of a Plan B.
Retirement planning is another factor to consider; in the Land of the Free, Social Security is already set to run out of money in 2034. And as we discussed recently, post-COVID-19 estimates may accelerate the program’s cash depletion to 2029.
Therefore a tax advantaged retirement structure (like a solo-401(k) or SEP IRA) that allows you to save a LOT more money for your retirement and invest your retirement plan’s funds in a wide variety of assets-- private equity, startups, precious metals, real estate, etc.-- could be an option to explore.
There are so many other considerations-- tax planning, estate planning, family planning, asset protection… even things like homesteading or home schooling.
No two Plan Bs are the same. But the core ethos is that a Plan B makes sense, no matter what happens (or doesn’t happen) next.
There’s no downside, for example, in good tax planning that can save you money. There’s no downside in having a second passport that can provide generational benefits to your future descendants. There’s no downside in making it more difficult for people to file frivolous lawsuits against you.
Having a Plan B is like taking care of your health… it just makes sense. There’s no downside.
And, like health, it’s never too late to start.
To your freedom & prosperity, Simon Black, Founder, SovereignMan.com