9 Middle-Class Money Traps That Keep You From Being Wealthy
9 Middle-Class Money Traps That Keep You From Being Wealthy
August 19, 2023 By Angela Mae
According to the Pew Research Center, approximately half of all American households are considered to be part of the middle class. This equates to roughly 165 million people. Typically, people in the middle class have some kind of college education, some disposable income, and may even be planning for retirement. But that doesn’t mean they’re financially stable.
In fact, middle class households usually have some kind of debt — like a mortgage, auto loan or credit cards — that they need to pay off. Along with this, these individuals are also still subject to many common financial pitfalls, or money traps, that keep them from achieving true wealth.
Dave Ramsey: 10 Money Myths Broke People Believe
Dave Ramsey: 10 Money Myths Broke People Believe
Heather Taylor Tue, August 22, 2023
Who do you go to for financial advice? In a YouTube clip from The Ramsey Show, money expert Dave Ramsey warns listeners to be careful where they get advice about money.
According to Ramsey, 78% of Americans live paycheck to paycheck. This means 78% of Americans should not give out financial advice. “When your broke friends have an opinion [about finances], just smile. No, thank you,” Ramsey said.
If You Think Gold Is Worth Owning, Wait Until You See Uranium
If You Think Gold Is Worth Owning, Wait Until You See Uranium
Notes From the Field By Simon Black August 21, 2023
Gold has its merits. It has been valuable for thousands of years, and has some industrial applications as well. But holding a kilo of gold in your hand, all you can really do is admire it, and appreciate that it is a great store of wealth.
Holding a kilo of uranium, you have in your hand a resource that has enough energy to supply a day’s power to 30,000 people. That's not just impressive; it's transformative in a world being run by absolute buffoons.
7 Little Changes That’ll Make Your Money Last for Generations
I’m an Advisor to Wealthy Families: 7 Little Changes That’ll Make Your Money Last for Generations
Ken Eyler CEO, Aquilance Sun, August 20, 2023
You may have heard of the third-generation curse, which causes 90% of wealthy families to lose their money by the third generation. But some individuals manage to deplete their wealth even sooner, especially if they came into a lot of money quickly.
For instance, athletes, entertainers, executives and entrepreneurs who achieve runaway success after years of financial hardship may suddenly find themselves with seven-figure bank accounts and no idea how to carefully spend and manage their money.
3 Simple Steps You Must Take to Shield Yourself from Identity Theft
3 Simple Steps You Must Take to Shield Yourself from Identity Theft
How to fortify your identity against the growing threat of fraud.
by Abigael Good August 16, 2023
Identity thieves can cause a lot of stress — not to mention damage — if they get access to your personal information. In fact, in a recent GBR survey, 58% of Americans said having their identity stolen would be catastrophic.
Even if you don’t have that same level of concern about identity theft, there are still three key steps you should take to protect yourself. “Rather safe than sorry” is the name of the game.
7 Reasons You Should Update Your Bank Account Password ASAP
7 Reasons You Should Update Your Bank Account Password ASAP
Jacob Wade Fri, August 18, 2023
According to a recent survey by GOBankingRates, 17% of Americans have never changed their bank account passwords. This means the money parked in those accounts could be vulnerable to online thieves. With massive data breaches becoming a common trend, phishing scams and fraud schemes running rampant online, and password cracking software becoming more sophisticated, it’s important to stay up to date on securing your financial accounts.
If you haven’t changed your bank account password, here are seven reasons to do it today.
5 Best Money Moves To Make Before Retiring
5 Best Money Moves To Make Before Retiring
James Holbach Mon, August 14, 2023
How To Be Wealthy in Retirement: Experts Share the 5 Best Money Moves To Make Before Retiring
Retirement. Imagine it. Dropping out of the rat race forever, enjoying the time you have left — being with your family, pursuing the hobby you could never make time for, finally taking that dream vacation.
Unless you were born rich — and if you were, you probably wouldn’t be reading this — you know it’s not going to happen without a lot of saving and planning. You’ve seen the generic advice everywhere. Max out your 401(k), cut your expenses, go back to school so you can make more — but there are a million paths to financial security, and some of them might surprise you.
Top 10 Rules To Put You On The Fast Track To Making Your First Million
Top 10 Rules To Put You On The Fast Track To Making Your First Million
K.E. Gold Thu, August 17, 2023
Do Not Wait On People To Find You': Patrick Bet-David Offers His Top 10 Rules To Put You On The Fast Track To Making Your First Million
Patrick Bet-David’s biography reads like a classic American success story.
According to the 44-year-old businessman, when he was 10 years of age he and his family fled turmoil in Iran and settled in the U.S. He joined the military after high school and then went to work for a couple of financial services companies before launching PHP Agency, an insurance sales, marketing and distribution company. He’s also an author and content creator through his media brand Valuetainment, which boasts millions of followers on YouTube.
Why We Think Gold Companies Can Go 10X In The Coming Boom...
Why We Think Gold Companies Can Go 10X In The Coming Boom...
Notes From the Field By Simon Black
With a current annual budget deficit of $1.6 TRILLION – set to hit $2 trillion by the time the fiscal year ends in September – the US Federal Government is putting drunken sailors everywhere to shame.
At the end of the 2019 fiscal year (just before Covid-1984 hit), the US national debt was $22.7 trillion. Today, it’s nearly 50% greater: $32.7 trillion. And it keeps growing each year.
Just yesterday, our founder, Simon Black, explained that most of the US national debt was accumulated over the past ~15 years, when interest rates were super low. The Treasury Department got accustomed to being able to borrow for less than 1%.
I’m Rooting For Gold To Go To Zero. Too Bad It Won’t
I’m Rooting For Gold To Go To Zero. Too Bad It Won’t
Notes From the Field By Simon Black August 15, 2023
By the time Wang Mang seized the imperial throne of China’s Han dynasty in the year 9 AD, he had already been a long-standing politician and government bureaucrat with decades of experience.
Not that Wang’s experience was especially helpful to the people of China.
As a seasoned politician, Wang’s biggest skills were setting up his opponents, cheating his way to the throne, and coming up with terrible ideas to destroy prosperity.
3 Ways to Pass Down a Home
3 Ways to Pass Down a Home
April 9, 2023 Estate Planning
The pros and cons of different methods for leaving a home to your heirs.
When it comes to estate planning, a family home can be among the most valuable—and complicated—assets to pass down.
"It's perfectly natural to want to see a cherished home stay within the family," says George Pennock, director of tax, trust, and estate at Schwab Wealth Advisory, Inc. "But you need to think about not only your own needs and wishes but also those of your heirs."