How To Become A Personal Finance Black Belt
How To Become A Personal Finance Black Belt
Written by Sam
David Allen in “Getting Things Done” compares productivity to the martial arts. He gives instruction on how to become a black belt in your personal productivity with a “mind like water” that allows you to handle anything that comes your way with a balanced response. When a stone is thrown into a pond, the water reacts with perfect balance. It reacts just enough to disperse the energy, no more, and then returns to a calm state. It doesn’t over or under react.
Becoming a black belt and having a “mind like water” in your personal finances is very similar. It means you can take whatever is thrown at you without knocking your finances out of control. You can respond to any situation with perfect balance. Unexpected events or changes in your finances, good or bad, can be handled with optimum efficiency, and little or no stress. It means you can direct the flow of money where you need it almost effortlessly.
"8 Ways to Prepare to Become a Millionaire"
"8 Ways to Prepare to Become a Millionaire"
Written by Sam
Today I went to lunch with a very wealthy person. I don’t know exactly how wealthy , but based on his frequent trips to Maui, the fact that he earns a free plane ticket every month through his frequent flier points, and the fact that the other day he decided to go out and buy a truck just because he’s never had one before, there’s good reason to believe he’s close to a seven-digit earner.
As I talked with him, it raised a lot of questions in my mind about how managing my finances will change as my wealth grows. If I were a millionaire would I still need to budget? Would I still want to track all my spending? Would I still need to negotiate with my wife about finances?
It seems logical that with an income over $1,000,000 a year you wouldn’t need to plan as vigorously. But in the end that’s a lie. Millionaires that manage their money irresponsibly can quickly lose it all and fall from grace (MC Hammer comes to mind).
The Easiest Way To Get The World’s 6th Best Passport
The Easiest Way To Get The World’s 6th Best Passport
Notes From the Field By Simon Black March 27, 2024
On June 5, 1947, US Secretary of State George Marshall gave the commencement speech at Harvard University.
This was just two years after the end of World War II, and in this speech, he first proposed giving $12 billion (approximately $170 billion in 2024 dollars) in economic assistance to help rebuild Western European economies ravaged by the war.
But it was about more than just throwing money at the problem.
What became known as the Marshall Plan was also meant to remove trade barriers, increase economic cooperation between countries, and prevent the spread of communism.
Remember, this was at a time when people still widely understood that capitalism was a win/win system where people take risks and work hard to create value and mutual prosperity.
“It looks like fly crap to me. . .”
“It looks like fly crap to me. . .”
Notes From the Field by Simon Black / James Hickman March 25, 2024
I’m on my way back home from Mexico City after an incredible weekend event here with more than 100 of our Total Access members.
First things first, if you’ve never been to Mexico City, I highly recommend it. A lot of people have a misconception that the city is some kind third world dump. It’s not. And most first-time visitors are stunned by the vast green areas, expansive parks, tree-lined streets, museums, architecture, and modern lifestyle.
In my opinion it also has some of the best restaurants in the western hemisphere. You can eat extremely well in Mexico City, but you don’t pay very much for it.
The 7 Most Common Financial Regrets and How to Avoid Them
The 7 Most Common Financial Regrets and How to Avoid Them
MTN Staff • February 28, 2024
We all make money mistakes. But keep them to a minimum by learning from the regrets of those who came before you.
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We all have financial regrets. Whether it’s not investing in that successful stock or splurging on a luxury item you didn’t need and couldn’t afford, money mistakes can leave us feeling guilty and frustrated.
But don’t beat yourself up. By exploring the regrets of those who have come before, you’ll avoid making the same mistakes and achieve your financial goals faster.
5 Reasons You Should Work for as Long as You Live
5 Reasons You Should Work for as Long as You Live
These benefits might make you think twice about retirement.
Alex Valdes • November 3, 2021
While countless workers dream of retirement, millions more have decided to work full time or part time after age 65: In fact, the U.S. Bureau of Labor Statistics predicts that by 2024, there will be about 13 million working Americans age 65 and older. Working longer might be your best option. Here are several reasons why.
1. Increase financial security
If you’re worried about outliving your savings, working longer is the answer. It can let you:
Europe Has Precious Few of These “Golden” Opportunities Left
Europe Has Precious Few of These “Golden” Opportunities Left
Notes From the Field By Simon Black/James Hickman
Located in Mediterranean Sea about halfway between Greece and Turkey is the island of Crete... which has attracted human civilization for more than 100,000 years.
Today roughly 600,000 people call the island home. But millions of tourists also visit the popular vacation spot each year. It’s known for it’s beaches, wine, and olive groves.
And at the moment, real estate is fairly reasonably priced.
It’s certainly not rock bottom cheap, but for such a popular destination, home prices could hardly be called expensive.
5 Financial Tips That Will Help You Make It to the Upper Class
5 Financial Tips That Will Help You Make It to the Upper Class
Heather Taylor Mon, Mar 18, 2024
If you are in the middle class and attempting to make the leap into the upper class, what steps can you take to realistically reach your financial goals?
Making the following choices can help you reach your goal of being a member of the upper class.
Change Your Money Mindset
Progressing through each level of financial freedom, starting at self-sufficiency and ending with abundant wealth, requires making a shift in your money mindset.
In an interview with Grow (CNBC + Acorns), self-made millionaire Grant Sabatier said money should not be viewed as something you use to buy things. Reaching financial goals, including joining the upper class, requires making good choices with your money. Practicing good saving and investing habits allows your money to work for you.
4 Money Behaviors You Need To Change Now To Build Your Wealth
I Became a Millionaire by 30: 4 Money Behaviors You Need To Change Now To Build Your Wealth
Adam Palasciano Mon, Mar 18, 2024
Amid what seems like out-of-control inflation, becoming a millionaire seems like a dream. However, as of 2024, there are about 22 million millionaires in the U.S., according to Millennial Money. It’s even possible to become a millionaire in your 20s.
CNBC spoke with Vivian Tu, a former Wall Street trader-turned expert, educator, podcast host, and founder of the financial equity phenomenon Your Rich BFF. Amazingly, she made her first million by age 27
Tu grew up in an immigrant household that focused on frugality. Then, she started her career on Wall Street and realized the wealthy focus less on saving and more on earning and finding ways to grow their wealth.
All Eyes on the Federal Reserve - What to know this week
All Eyes on the Federal Reserve: What to know this week
Josh Schafer·Reporter Sun, March 17, 2024
The major US stock indexes have backed off record highs ahead of the Federal Reserve's all-important March meeting.
On Wednesday, that tension will finally be resolved.
The US central bank is set to release its latest monetary policy decision and updated economic projections at 2:00 p.m. ET on Wednesday afternoon, with investors looking for an answer to one key question: Does the Fed still think it will cut rates three times in 2024?
Recent data showing inflation hasn't dropped as fast as expected has pushed out market forecasts for Fed rate cuts this year to three from six. The question, then, is whether a few months of stubborn inflation data will be enough to prompt a further tweak from the Fed.
What the Fed rate decision means for bank accounts, CDs, loans, and credit cards
Hal Bundrick Updated Thu, Feb 1, 2024
Fed watchers are still holding their breath for an interest rate cut.
How Much Should You Keep in Different Banks and Investment Accounts?
How Much Should You Keep in Different Banks and Investment Accounts?
Americans’ 4 Favorite Wealth ‘Hiding Places’
Karen Doyle Sun, Mar 10, 2024, GoBankingRates
Once you’ve amassed some savings, you’ll want to decide where to keep it. Deciding how much to keep in what type of account is a good problem to have, certainly, but there are some things you should keep in mind. Here’s what to know about how much money you should keep in different places.
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Cash in the Bank
Most Americans have at least one bank account, typically a checking or savings account. Some people have different bank accounts for different purposes — a checking account for monthly bills, a savings account for long-term savings for big expenses and maybe even a money market account for medium-term purchases.