3 Money Habits That Separate the Rich From the Poor
.3 Money Habits That Separate the Rich From the Poor
by Jim Rohn
Here is an exciting thought! Why not work full time on your job and part time on your fortune? And what a feeling you’ll have when you can honestly say, “I’m working to become wealthy. I’m not just working to pay my bills.” When you have a wealth plan, you’ll be so motivated that you’ll have a hard time going to bed at night. So if you will indulge me, I would like to share a simple formula for creating wealth. Here’s my thought on how money should be allocated.
The 70/30 Rule
After you pay your fair share of taxes, learn to live on 70 percent of your after-tax income. These are the necessities and luxuries you spend money on. Then, it’s important to look at how you allocate your remaining 30 percent. Let’s allocate it in the following ways:
My Personal Story From The Collapse Of The Soviet Union
.My Personal Story From The Collapse Of The Soviet Union
Notes From the Field By Simon Black December 9, 2020 Santiago, Chile
[Editor’s note: Marat K, one of our team members who grew up during the collapse of the Soviet Union, tells the story of his own experiences during that period.]
When I was a kid growing up in the Soviet Union, it was essentially forbidden to make a better life for yourself. You couldn’t just decide to go back to school, start a business, or switch careers to a thriving new industry. And it didn’t matter how hard you worked-- you were most likely NEVER going to be promoted. All the top jobs in the Soviet Union were reserved for party loyalists. The government removed EVERY possible economic incentive to achieve more… which is why service was pitiful, technology was lagging, and the Soviet economy was consistently in the dumps.
Now, on occasion, the government would decide that they wanted to populate certain rural areas of Russia, such as remote parts of Siberia. Quite often families were simply ordered to pick up and move, as was famously the case under Stalin.
S.M.A.R.T. Fall Resolutions That Can Change Your Life
.S.M.A.R.T. Fall Resolutions That Can Change Your Life
By Mad Money Monster
Despite many people not being aware of it, there are actually two times each year that we are most likely to commit to lifestyle changes. Those times are, predictably, January, and as you may have guessed, fall. Think about it, when does the new school year start? And how many of us grew up marking our years by school years? I’m going to go out on a limb and say most of us. With that in mind, let’s all rejoice in the fact that the kiddos are back in school, the leaves are starting their transformation, pumpkin spice is atop all the edible things, and it’s time to engage in another lifestyle change you have been contemplating for some time.
Summer Fades, Leaves Undergo A Colorful Execution, And You Make A New Fall Resolution!
When I was a kid I used to vow to be a stellar student at the start of each new school year. I would always be equipped with the latest school trends and fresh, new supplies to mark the commencement. Sadly, my early fall resolutions didn’t amount to much success. I would typically start off strong and then fade into familiar routines a few weeks into the new school year. As I got older, this changed. I was able to set my sights on certain achievements for my academic career, and eventually achieve them! These achievements have continued throughout my adulthood by making smarter resolutions.
Growing Wealth: The Simple Way
.Growing Wealth: The Simple Way
By Billy B | Mind, Money
I stalked through the forest as quietly as I could. I was on a deer hunting way up north. I stepped over logs and rocks, and I looked for deer watching me through the tree branches. I was alone, exploring my thoughts, and searching for the secret to growing wealth.
I felt submerged in the overgrowth as I walked beneath the tree tops in my blaze orange hunting jacket. I realized money and status didn’t mean anything out here. The qualities that made you a wealthy were the quality of your thoughts running through your mind. Growing wealth, I realized, starts here.
The first step to growing wealth, is growing the thoughts in your mind, I thought. So what’s the next step?
How to Make Better Financial Decisions
.How to Make Better Financial Decisions
By Barbara O’Neill on 1 November 2020
A key financial decision people struggle to make is how to allocate savings for multiple financial goals. Do you save for several goals at the same time or fund them one-by-one in a series of steps? Basically, there are two ways to approach financial goal-setting:
Concurrently: Saving for two or more financial goals at the same time.
Sequentially: Saving for one financial goal at a time in a series of steps.
Each method has its pros and cons. Here's how to decide which method is best for you.
9 Money Hacks That Took Us From The Poorhouse To The Penthouse
.9 Money Hacks That Took Us From The Poorhouse To The Penthouse
By Mad Money Monster
You might not believe it, but not too long ago (think: a few years) we weren’t prioritizing our finances at all. In fact, not only were we not prioritizing our finances, we were spending money like we had an unlimited supply. Going out to eat a few times a week, spending whenever we felt like it, and dropping $150/month on cable was the norm.
That all changed when we nearly committed financial suicide by buying a house we couldn’t comfortably afford. After pulling our heads out of our butts, we decided we needed a financial reboot. So that’s exactly what we did. Here are 9 money hacks we adopted that are changing the course of our financial future!
1. Tracking Our Net Worth
Tracking our net worth was something we never did before committing to frugality and financial independence. Much to our surprise, tracking our net worth has been our single biggest motivator on this journey.
Growing Up Poor Was My Single Biggest Financial Motivator
Growing Up Poor Was My Single Biggest Financial Motivator
By Mad Money Monster
It’s certainly no secret that I grew up poor. And when I say poor, I’m talking 8′ x 50′ trailer livin’ poor. Although I must admit, despite being poor, I never had to worry about having enough food or our home being warm in the winter. So, things could’ve been much worse. For all intents and purposes, though, my family was poor. I was poor. And THAT turned out to be my single biggest financial motivator.
It’s not every day that someone attributes growing up poor to financial success later in life. For me, I can say beyond a shadow of a doubt, that growing up poor had a positive impact on my childhood outlook that lasted long into my adult life…and continues to this day. Growing up in a trailer on the right side of the tracks afforded me some advantages that others in similar situations did not receive. I will own that and admit to it.
Master Money And Investing 101: Creating Ninja Wealth
.Master Money And Investing 101: Creating Ninja Wealth
By Billy B | Invest, Money
I remember when I used to feel inadequate about money and investing. I felt like I was floating in the middle of a dangerous ocean, with no wind in my sails, and I lost my direction home.
It was a helpless, scary feeling to know almost nothing about how to start investing, because I desperately wanted to master money, but I didn’t know where to start learning how to invest.
I always imagined life would be easier if I understood how to invest, and create money from money, but getting that knowledge felt so elusive. It felt like financial wisdom was reserved for a select club. Unless you were born into that club, or went to school for years to learn it, you’d forever be struggling money, while the few people who did understand money and investing would be passionately living their dream lives.
Wealthy Or Rich? Is There A Difference?
.Wealthy Or Rich? Is There A Difference?
By Billy B | Mind, Money
There is a massive difference between being rich and being wealthy. They are as different as living with, and without a heart. They may look like identical experiences on a spreadsheet, or from the outside looking in, but being rich and being wealthy, are two drastically different experiences.
I can remember the moment when I first noticed the difference between the two lifestyles, and the moment I chose the goal of building wealth in my life. I was at a Christian networking event I had been invited to. I am a sales person in my day job, so after engaging in small talk with a few strangers and looking for business, I found a table and waited for the speaker to take the stage.
My mind began to wander as I sat in the crowd, and I asked God: “Is selling all I am supposed to be doing with my life? Is sales my ultimate purpose in life? Are paychecks and weekends to be free all there is? Or is there more?”
I had no idea the speech I was about to hear would impact my views on the meaning of wealth forever.
7 Wealth Building Tips Learned From Football
.7 Wealth Building Tips Learned From Football
By Billy B Mind, Money
I fell in love with NFL football 15 years ago, and it has inspired me in many ways on how to build wealth. Once I understood the mentality, strategy, and toughness it takes to win games on Sundays, I was hooked. A football game is much more than mindless buffalo-sized men running into each other. It is a beautiful chess match with human beings that move like coordinated pieces. Building wealth, like football, is a thinking person’s game. Here are seven secret wealth building tips I have found hidden inside the game of football:
1) Wealth Building Tip #1: Be Patient: Life is long. It’s Ok to make mistakes, and it takes a lot of plays to win the game and build your wealth. There are 60 minutes in a football game, and there’s 60+ years in a normal life. You don’t have to win or be perfect in the first quarter or half to win. Great football teams and players take their time, feel out the challenges that are coming at them, and then when they know what they’re doing, they strike to put points on the board.
Inheritance Disputes: Avoiding The War When There’s A Will
.Inheritance Disputes: Avoiding The War When There’s A Will
By William Cowie | Published: 01 December 2015 – Updated: 20 October 2019
The holidays are upon us. It's the time of the year when family moves from the shadows of a busy life to the foreground. That probably makes it as good a time as any to consider one of the most difficult topics to discuss pertaining to family and finances — the subject of inheritances. Nobody wants to talk about it because it is inextricably linked with, well, death. Someone has to die for an inheritance to come about, and none of us enjoys looking a loved one in the eye and saying, “Hey loved one, you are going to go the way of all flesh soon, so can we talk about what you are going to leave behind?”
How Family Disputes Over Inheritances Arise
When a dispute arises over an inheritance, it can help to recognize some of the issues that might be contributing to the problem developing between family members — and there are a number of things to consider: