.Here’s A Really Unique Way To Own Gold
.Notes From The Field By Simon Black
September 5, 2019 Bahia Beach, Puerto Rico
Here’s A Really Unique Way To Own Gold
Last week we dove into a series about different ways to own gold. And I explained in that first article why it’s a great idea to own physical bullion-- gold you can hold in your hand.
With physical gold, there’s no middleman standing between you and your wealth. And when properly stored, it’s very difficult for some frivolous creditor or out-of-control government agency to steal it.
When it comes to physical gold, I explained that I prefer gold coins over gold bars.
Gold bars are completely non-uniform. A typical 400-ounce gold bar (like the ones you see in the movies, or that you imagine are stacked up in Fort Knox) could weigh as little as 350 ounces, or as much as 430 ounces. They’re all different.
Notes From The Field By Simon Black
September 5, 2019 Bahia Beach, Puerto Rico
Here’s A Really Unique Way To Own Gold
Last week we dove into a series about different ways to own gold. And I explained in that first article why it’s a great idea to own physical bullion-- gold you can hold in your hand.
With physical gold, there’s no middleman standing between you and your wealth. And when properly stored, it’s very difficult for some frivolous creditor or out-of-control government agency to steal it.
When it comes to physical gold, I explained that I prefer gold coins over gold bars.
Gold bars are completely non-uniform. A typical 400-ounce gold bar (like the ones you see in the movies, or that you imagine are stacked up in Fort Knox) could weigh as little as 350 ounces, or as much as 430 ounces. They’re all different.
On the other hand, 1-ounce Canadian Gold Maple Leaf coins are generally all the same. They’re uniform… minted and crafted to the exact same standard.
The uniformity of gold coins like the Canadian Maple Leaf makes them much easier to buy/sell.
If you want to buy or sell a gold bar, it has to be weighed and assayed with special equipment first. But if you want to buy or sell a Maple leaf, it’s simple-- because the coins are pretty much all the same.
Now, there’s one special sub-category of gold and silver coins that are worth mentioning: collectible coins.
Collectible coins, just like Canadian Maple Leaf coins, have value because of their gold or silver content.
But collectibles also have additional value for their rarity.
Whereas the Royal Mint of Canada produces new Maple Leaf coins every single year, no one can go back in time to mint more Venetian gold ducats from the 14th century. There are only a fixed number of those coins in existence.
Because of that, collectible coins sell for a significant premium to the value of their gold or silver content.
This concept of ‘premium’ is an important one: ALL coins, whether a rare coin or a bullion coin like a Canadian Maple Leaf, generally sell for an additional amount above the gold price.
That’s because, unlike a gold bar which is simply poured into a cast (and rather unevenly at that), a coin has a lot of craftsmanship that goes into the minting process. It’s more expensive to produce, therefore it costs a bit more.
That premium can be between $20 and $150 per coin.
To continue reading, please go to the original article at
https://www.sovereignman.com/investing/heres-a-really-unique-way-to-own-gold-25537/
.More Money, Less Happiness: When Money Makes You Miserable
.More Money, Less Happiness: When Money Makes You Miserable
By Michael Laurence August 2019
Money, the conventional wisdom says, doesn't buy happiness. Modern psychology seems to back this up, with studies suggesting that beyond an income of $75,000, money doesn't make you any happier.
This conclusion is simultaneously obvious and counter-intuitive.
As an abstract principle, most us acknowledge that money doesn't buy happiness. But, at the same time, we all want more of something material — a nicer house, nicer vacations, the ability to live in a certain neighborhood or eat at fancier restaurants — that we think would make us happier. (If you're J.D., you think maybe season tickets to your favorite team might make you happier.)
So, we're left with a conundrum. Or, rather, a series of conundrums: Does income in excess of $75,000 make us happier? And if not, why not?
When Money Makes You Happier
More Money, Less Happiness: When Money Makes You Miserable
By Michael Laurence August 2019
Money, the conventional wisdom says, doesn't buy happiness. Modern psychology seems to back this up, with studies suggesting that beyond an income of $75,000, money doesn't make you any happier.
This conclusion is simultaneously obvious and counter-intuitive.
As an abstract principle, most us acknowledge that money doesn't buy happiness. But, at the same time, we all want more of something material — a nicer house, nicer vacations, the ability to live in a certain neighborhood or eat at fancier restaurants — that we think would make us happier. (If you're J.D., you think maybe season tickets to your favorite team might make you happier.)
So, we're left with a conundrum. Or, rather, a series of conundrums: Does income in excess of $75,000 make us happier? And if not, why not?
When Money Makes You Happier
In answer to the first question, I believe that all else equal — and as we'll see below, this is a huge qualifier, as things are rarely equal — more money generally makes you happier.
To be clear, money won't solve every problem. If you're lonely or bitter or angry, for instance, more money won't make you any happier. But just because money doesn't solve every problem doesn't mean that money won't solve any problems.
Money can make many things easier, or better. With more money you can:
Build a nest-egg.
Pay off your house or car.
Go on more vacations.
Have more kids.
Be a stay at home parent.
Eat better food.
Retire early.
With more money, you can do any number of other things that people enjoy and that make them happier. And if you're a victim of systemic poverty, more money can change your world.
As much as we pay lip-service to the idea of money not making us happy, it often does, and it's okay to admit this. It doesn't make us materialistic or greedy to want retirement savings, a nicer home, a paid-off car, or a trip to Europe.
When Money Makes You Miserable
Assuming that you buy the premise that (in theory) more money should (generally) make us happier, it raises the question of why (in practice) income beyond $75,000 annually doesn't make us any happier.
I think the explanation for this seemingly irreconcilable conflict is that most people spend the extra income poorly. Most people use money ways that make them less happy.
To continue reading, please go to the original article at
.8 Common Causes of Debt — And How to Avoid them
.8 Common Causes of Debt — And How to Avoid them
By Tim Lemke
Debt plagues millions of Americans every day. It is such a common problem that many of us don't even think twice about what we owe, or how we landed in such a predicament.
The simplest explanation is that debt happens when you spend more than you earn. But it's not actually that simple when real life steps in. Unexpected events, bad planning, and even a decision to pursue an education can leave you facing big debt that may take years to pay off.
By understanding some of the main causes of debt, we can make better financial decisions in avoiding it. Let's take a look at some of the worst offenders.
1. Medical expenses
Medical costs have long been one of the leading causes of bankruptcy in the United States. Even those with health insurance are not immune to medical debt. An illness, injury, or health condition can cause bills to quickly accumulate.
8 Common Causes of Debt — And How to Avoid them
By Tim Lemke
Debt plagues millions of Americans every day. It is such a common problem that many of us don't even think twice about what we owe, or how we landed in such a predicament.
The simplest explanation is that debt happens when you spend more than you earn. But it's not actually that simple when real life steps in. Unexpected events, bad planning, and even a decision to pursue an education can leave you facing big debt that may take years to pay off.
By understanding some of the main causes of debt, we can make better financial decisions in avoiding it. Let's take a look at some of the worst offenders.
1. Medical expenses
Medical costs have long been one of the leading causes of bankruptcy in the United States. Even those with health insurance are not immune to medical debt. An illness, injury, or health condition can cause bills to quickly accumulate.
The Kaiser Family Foundation found that three in 10 Americans report that they or a household member have had trouble paying medical bills in the past year — 58 percent of which were affected in a way that had a major impact on their life. More than 60 percent of respondents claim their savings were wiped out. Another 37 percent turned to credit cards.
It's not easy to predict how your health could change in the future. Actually, it's almost impossible. But putting certain safeguards in place can help mitigate the risk of financial ruin.
Health insurance is the first step. And while premiums can be expensive, facing an illness or injury without that coverage would be infinitely more devastating. (See also: The One Question You Need to Answer to Choose the Best Health Care Plan)
It's also critical that you build an emergency fund. This savings cushion should ideally cover six months' to a year's worth of your living expenses. If the worst happens, you'll at least have something to fall back on. (See also: 7 Easy Ways to Build an Emergency Fund From $0)
2. Loss of income
Losing a primary source of income can severely hurt your bottom line. Maybe you were laid off or fired, or had a sudden decline in revenue for your business.
Maybe you needed to stop working to care for a child or older relative. Or perhaps your health took a turn, and you were forced to retire early or drop to part-time employment. When something like this happens, it's easy to find yourself overwhelmed by bills and expenses. Debt can quickly follow.
One of the biggest safeguards you can establish for yourself, again, is an emergency fund. Ideally, this fund can sustain you while you try to replace your lost income. Is your emergency fund as big as it should be?
It's also key that you try to live well below your means at all times, even when money is good. This means spending more on "needs" and less on "wants." This way, even if your income drops unexpectedly, you'll find it easier to get by at your current lifestyle without dipping into that emergency fund or creating new debt.
To continue reading, please go to the original article at
https://www.wisebread.com/8-common-causes-of-debt-and-how-to-avoid-them?ref=seealso
.Adding Value
Adding Value
Adam M. Grossman | September 1, 2019
NIKOLA TESLA was a brilliant inventor, with nearly 300 patents to his name. He also had some unique habits. Among them: Every night, before he sat down for dinner, he would ask his waiter for a stack of 18 napkins. He would then use them to carefully wipe down his silverware.
Even at the Waldorf Astoria hotel, where Tesla lived for decades and where the silverware was presumably clean, Tesla insisted on this time-consuming process before every meal.
The first napkin, and perhaps the second, might have ensured a somewhat cleaner set of utensils—and it probably gave Tesla, who had contracted a debilitating infection as a child, additional peace of mind. That’s what economists would call positive marginal utility. It served some use.
Adding Value
Adam M. Grossman | September 1, 2019
NIKOLA TESLA was a brilliant inventor, with nearly 300 patents to his name. He also had some unique habits. Among them: Every night, before he sat down for dinner, he would ask his waiter for a stack of 18 napkins. He would then use them to carefully wipe down his silverware.
Even at the Waldorf Astoria hotel, where Tesla lived for decades and where the silverware was presumably clean, Tesla insisted on this time-consuming process before every meal.
The first napkin, and perhaps the second, might have ensured a somewhat cleaner set of utensils—and it probably gave Tesla, who had contracted a debilitating infection as a child, additional peace of mind. That’s what economists would call positive marginal utility. It served some use.
But beyond that, it’s hard to imagine that all that additional cleaning and scrubbing contributed much. It just took time. That’s called negative marginal utility. It consumed time without adding any value.
When it comes to managing your finances, I suggest looking at things through this same lens.
The financial world, unlike more scientific fields, is full of uncertainty. In many situations, additional effort won’t get you any closer to a better answer—just as wiping down the silverware for the 18th time won’t make it any cleaner.
This notion strikes many folks as counterintuitive. When we were children, we were taught to work hard—and indeed, in most endeavors, additional effort does yield a better result. But in the world of finance, it’s more nuanced.
Historically, when people talked about personal finance, they focused primarily on investment-related questions—which way the market was going, which stocks were hot and so forth. For years, these kinds of questions received the lion’s share of attention from both experts and everyday Americans.
But research has shown that time spent on these questions often isn’t time well-spent.
Stock picking, market timing and economic analysis rarely yield positive returns. What’s worse, these activities also tend to leave investors with higher investment costs and bigger tax bills.
To continue reading, please go to the original article at
.What To Know About Probate
.Probate 101: What You Should Know About Probate (or Avoiding Probate)
Jessica Sillers Sep 3, 2019
When you’re grieving, a complicated legal and financial process is the last thing you want to deal with. But often, that’s exactly what happens when families go through the probate process after losing a loved one.
Understanding the probate process can help keep you from getting caught by surprise.
Who takes charge of a will after someone dies? What happens if someone dies without a will? Is there any way to avoid a lengthy probate process and pile of legal paperwork?
We’ll break it down for you.
What Is Probate?
Probate is the legal process of administering a person’s estate after their death. If you have a last will and testament, probate will involve proving that your will is legally valid, executing your instructions and paying applicable taxes.
Probate 101: What You Should Know About Probate (or Avoiding Probate)
Jessica Sillers Sep 3, 2019
When you’re grieving, a complicated legal and financial process is the last thing you want to deal with. But often, that’s exactly what happens when families go through the probate process after losing a loved one.
Understanding the probate process can help keep you from getting caught by surprise.
Who takes charge of a will after someone dies? What happens if someone dies without a will? Is there any way to avoid a lengthy probate process and pile of legal paperwork?
We’ll break it down for you.
What Is Probate?
Probate is the legal process of administering a person’s estate after their death. If you have a last will and testament, probate will involve proving that your will is legally valid, executing your instructions and paying applicable taxes.
Having a clearly written will is one way to make the probate process easier on your loved ones. After all, your will doesn’t only specify who should inherit what. It also designates who you’d like to take care of your kids if both parents were to pass away, plus the executor who should fulfill the instructions in your will.
If you die without a will, the probate court will rely on your state’s intestate law to figure out how to distribute the person’s stuff. (You know how Prince’s heirs had trouble inheriting his assets because he didn’t have a will? Yeah, like that.)
Terms to Know
Legal proceedings often involve terminology that can be overwhelming when you’re already dealing with a lot. A few useful probate terms to know:
Decedent: The deceased person whose estate is going through probate.
Executor or personal representative: The person in charge of carrying out the instructions in the will.
Administrator: A court-appointed executor, if someone dies without leaving a will.
Intestate: A case where someone dies without a will.
Intestacy: State laws determining how to distribute such estates.
Letters testamentary: A document from a probate court authorizing the executor to start carrying out the will.
Notice of probate and notice to creditors: Notices that the executor has to submit, in writing, to the heirs (“interested parties”) and creditors.
Small estate affidavit, summary probate and/or summary administration: Documents or processes that can allow you to skip or shorten certain aspects of probate (i.e. distribute property without a lengthy court process). Estates below a certain value (depending on your state) are eligible for this.
Step-by-Step Guide to Navigating Probate Court
Your probate experience will be determined by your own state laws, but here’s how the process generally goes.
Step 1: Open Probate
An executor can’t jump right in and start passing along family heirlooms and inheritances. The first step is filing a petition with the probate court to open the process and “prove” the will. Until that happens, they’re not allowed to distribute or discard any property.
To continue reading, please go to the original article at
https://meetfabric.com/blog/probate-101-what-you-should-know-about-probate-or-avoiding-probate
.12 Places to Keep Your Money Safe — And Growing
.12 Places to Keep Your Money Safe — And Growing
By Tara Struyk
Maybe you've heard a story like this: An entirely ordinary — and often reclusive — elderly person passes away, revealing the millions of dollars they have stashed away in their modest homes.
One Nevada man died to reveal a fortune, including gold bars and coins, worth more than $7 million. His bank account was found to be holding a meager $200.
In an age when there are so very many options for saving, investing, and managing our money, the notion that people still really do put cash under their mattresses is a bit hard to imagine.
Then again, if you've been faced with the task of deciding where to keep your savings, you've probably discovered it isn't an easy one, precisely because there are so many choices.
So where can you keep your money safe but still earn a decent return? Here are some key options.
Savings Accounts
They're simple, they're convenient, they're easy to find and they're perfectly safe in terms of protecting your principal investment. Because there is so much competition, you can also find a decent interest rate if you shop around. Just be sure to choose an account with no fees. Who wants to pay to save?
12 Places to Keep Your Money Safe — And Growing
By Tara Struyk
Maybe you've heard a story like this: An entirely ordinary — and often reclusive — elderly person passes away, revealing the millions of dollars they have stashed away in their modest homes.
One Nevada man died to reveal a fortune, including gold bars and coins, worth more than $7 million. His bank account was found to be holding a meager $200.
In an age when there are so very many options for saving, investing, and managing our money, the notion that people still really do put cash under their mattresses is a bit hard to imagine.
Then again, if you've been faced with the task of deciding where to keep your savings, you've probably discovered it isn't an easy one, precisely because there are so many choices.
So where can you keep your money safe but still earn a decent return? Here are some key options.
Savings Accounts
They're simple, they're convenient, they're easy to find and they're perfectly safe in terms of protecting your principal investment. Because there is so much competition, you can also find a decent interest rate if you shop around. Just be sure to choose an account with no fees. Who wants to pay to save?
(See also: Why Savings Account Interest Rates Are So Low)
Who It's Best For
Those who prioritize liquidity (the ability to withdraw your money whenever you want it without restrictions) above all other conveniences. If you're looking to save for shorter term goals, or for an emergency fund, a savings account is a great option.
Money Market Accounts
This type of savings account tends to provide higher returns than a typical savings account, but that also has more restrictions on withdrawals and minimum deposits.
Some money market accounts even allow some check-writing privileges. These accounts are risk free in terms of losing your initial deposit and, like a simple savings account, are insured by the Federal Deposit Insurance Corporation (FDIC), which protects your deposits against bank failure.
Who It's Best For
Those who value safety and are willing to forego some convenience and accessibility for higher rates of return.
High-Yield Checking Accounts
Many checking accounts charge a monthly fee, but some checking accounts, often called "high yield checking accounts," actually offer pretty solid interest rates instead.
These accounts are typically offered by local credit unions and online banks and, as of July 2014, some offered interest rates as high as 5% — although there are quite a few caveats to scoring that kind of return. You can run a search of these types of accounts and what they offer at CheckingFinder.
Who It's Best For
Those who seek safety, reasonably good liquidity and don't mind jumping through a few hoops for a higher return.
Certificates of Deposit
A certificate of deposit, or CD, is a sort of IOU from a bank in which the bank agrees to pay back the amount you deposited plus a specific amount of interest within a certain time frame.
For example, if you buy a $1,000 CD with a 5% interest rate, you'll be owed $105 when the CD matures. Generally, you can't withdraw this money before the CD's maturity date without incurring a penalty.
However, CDs are very low risk and generally provide higher returns than a savings or money market account. (See also: The Basics of CD Laddering)
Who It's Best For
Those who are seeking a long-term savings vehicle and don't expect to need to access their savings immediately.
To continue reading, please go to the original article at
https://www.wisebread.com/12-places-to-keep-your-money-safe-and-growing?ref=seealso
.9 Essential Personal Finance Skills to Teach Your Kid
.9 Essential Personal Finance Skills to Teach Your Kid Before They Move Out
By Tim Lemke
Your child is on the verge of moving out and living on their own. Are they prepared?
Arming them with the right personal finance knowledge will give them a strong foundation to go and achieve many of their life goals. If their understanding of personal finance is lacking, they could begin their independent life on the wrong foot (and they may even come back home).
Consider these ways that you can help your child build a base of financial knowledge before they move out.
1. Show Them How To Budget
Perhaps the most important personal finance skill is consistently spending less than you earn. There are a million different ways to budget, and whatever works for you may not work for your child.
9 Essential Personal Finance Skills to Teach Your Kid Before They Move Out
By Tim Lemke
Your child is on the verge of moving out and living on their own. Are they prepared?
Arming them with the right personal finance knowledge will give them a strong foundation to go and achieve many of their life goals. If their understanding of personal finance is lacking, they could begin their independent life on the wrong foot (and they may even come back home).
Consider these ways that you can help your child build a base of financial knowledge before they move out.
1. Show Them How To Budget
Perhaps the most important personal finance skill is consistently spending less than you earn. There are a million different ways to budget, and whatever works for you may not work for your child.
But encourage them to develop a system to track and categorize spending and then compare those expenses to their income.
Of course they'll need to account for housing, food, and utilities but also let them know it's OK to include "fun money" in their budget. It will help them stay motivated to stick to their budget. (See also: How to Help Your Kid Build Their First Budget)
2. Teach Them How Retirement Plans Work
If your child is moving out, they likely have some earned income. That means they can start contributing to a Roth individual retirement account.
They may scoff at the notion of saving for retirement so early, but if you help them open a Roth IRA and demonstrate how much money they can accrue over time, they'll get on board.
Urge them to save as much as they can each month, invest in simple things like index funds, and simply watch their account balance grow over time through compounding.
If they have a 401(k) plan through an employer, take time to review the plan document with them and encourage them to contribute as much as they can. Be sure to explain the advantages of getting a company match on contributions, if one is offered.
3. Explain Bank Interest Rates
Chances are, your child already has a savings account. But it's still helpful to explain that they don't necessarily need to put their money in the first bank they see.
Show them how interest rates can vary, and that it's OK to shop around for the best rates so they can earn a little extra money. Explain terms like APR and APY, and the factors that impact whether rates go up or down.
Also outline the pros and cons of placing money in certificates of deposit. These days, it's also helpful to explain that while interest rates are rising, they're still quite low, and that it might make sense to invest some funds in ways that generate a higher return than savings account interest.
To continue reading, please go to the original article at
https://www.wisebread.com/9-essential-personal-finance-skills-to-teach-your-kid-before-they-move-out
.The Flywheel Of Wealth
.The Flywheel Of Wealth
(and the importance of patience)
By Rob Berger September 3 2019
His name is Dave. A retired Naval officer, he’s written two novels and about to publish his third. His books (thrillers in the style of Dan Brown and John Grisham) have been well received and even won awards, yet he’s still a relative unknown in the competitive world of fiction.
Her name is Michal. She’s a residential and commercial painting contractor in central Ohio. She’s a natural artist, a trait she inherited from her father and passed on to her daughter. She’s truly gifted, yet has struggled to grow her young business.
His name is Rob. He wants to achieve financial freedom at a young age. Yet, fresh out of college, he has mountains of debt. He makes a good salary, but most of it goes to paying school loans and everyday expenses. He manages to save and invest $100 a month, but feels like he’s making little progress.
These are all true stories.
The Flywheel Of Wealth
(and the importance of patience)
By Rob Berger September 3 2019
His name is Dave. A retired Naval officer, he’s written two novels and about to publish his third. His books (thrillers in the style of Dan Brown and John Grisham) have been well received and even won awards, yet he’s still a relative unknown in the competitive world of fiction.
Her name is Michal. She’s a residential and commercial painting contractor in central Ohio. She’s a natural artist, a trait she inherited from her father and passed on to her daughter. She’s truly gifted, yet has struggled to grow her young business.
His name is Rob. He wants to achieve financial freedom at a young age. Yet, fresh out of college, he has mountains of debt. He makes a good salary, but most of it goes to paying school loans and everyday expenses. He manages to save and invest $100 a month, but feels like he’s making little progress.
These are all true stories.
Dave is Dave Grogan, a friend of mine. You can find his books here.
Michal is Michal Cheney, my sister. She owns and operates No Drip Painting, a company that has enjoyed tremendous growth, but only after years of hard work that seemed to go nowhere.
Rob is, as you might have guessed, me — 25 years ago. What started as $100 a month turned into early retirement at the age of 49.
What do these stories have in common? The Flywheel.
A flywheel is a mechanical device designed to efficiently store rotational energy. Well, that’s how an engineer would describe a flywheel. I majored in English. To me, a flywheel is a wheel that’s really hard to get started. Once it gets going, however, it’s really hard to stop.
Anybody who has taken a spin class and tried to stop the pedals with their feet has learned firsthand just how much a moving flywheel wants to keep moving!
Today, I want to tell you about the flywheel of wealth. Like any flywheel, it can be slow to get started. But once it's moving, it's almost unstoppable.
https://www.youtube.com/watch?time_continue=139&v=GeyDf4ooPdo
The Flywheel and Business
Most young entrepreneurs experience the flywheel. The new realtor struggles to get her first sale. The second sale is just as hard. So is the tenth. As she struggles, she watches long-time realtors get new clients with ease.
To continue reading, please go to the original article at
.A Basic Skill We Should Have Learned as Kids
.A Basic Skill We Should Have Learned as Kids
By David Cain of Raptitude
The phrase “Don’t get emotional” implies that we normally aren’t.
Most of our news headlines can be interpreted as emotional responses gone overboard, becoming crime, scandal, corruption, greed, and bad policy.
The fact that these reactions are newsworthy seems to reinforce the idea that emotions are sporadic and exceptional, little whirlwinds that appear around significant events, making the odd day or week wonderful or awful.
But if you pay attention to your emotions as you read these headlines, it becomes obvious that even in our most mundane moments — reading the paper on a Monday morning — we are always feeling some way or another. Even a casual glance at a newspaper will begin to stir up familiar feelings like fear, amazement, disgust, admiration or annoyance. We’re never really in “neutral.”
We’re living through emotional reactions all day long, even to events as tiny as hearing a text message arrive, or noticing a fly in the room. Our emotions aren’t always overwhelming us, but they are always affecting us, coloring our perceptions and opinions about ourselves and our world.
This is the “fish in water” effect at work — because we are immersed in our emotions’ effects every moment of our lives, we tend to talk about them only when they’re exceptionally strong.
Even when it’s not obvious, though, emotions are the force behind almost everything we do. They’re the only reason our experiences matter at all. If every event triggered the same emotion, it wouldn’t matter to us whether we got out of bed or not, whether we were sick or healthy, or whether we thrived or starved.
All of our values and morals, all of the meaning we perceive in life, stem from our knowledge that there are some very different ways a person can feel.
A Basic Skill We Should Have Learned as Kids
By David Cain of Raptitude
The phrase “Don’t get emotional” implies that we normally aren’t.
Most of our news headlines can be interpreted as emotional responses gone overboard, becoming crime, scandal, corruption, greed, and bad policy.
The fact that these reactions are newsworthy seems to reinforce the idea that emotions are sporadic and exceptional, little whirlwinds that appear around significant events, making the odd day or week wonderful or awful.
But if you pay attention to your emotions as you read these headlines, it becomes obvious that even in our most mundane moments — reading the paper on a Monday morning — we are always feeling some way or another. Even a casual glance at a newspaper will begin to stir up familiar feelings like fear, amazement, disgust, admiration or annoyance. We’re never really in “neutral.”
We’re living through emotional reactions all day long, even to events as tiny as hearing a text message arrive, or noticing a fly in the room. Our emotions aren’t always overwhelming us, but they are always affecting us, coloring our perceptions and opinions about ourselves and our world.
This is the “fish in water” effect at work — because we are immersed in our emotions’ effects every moment of our lives, we tend to talk about them only when they’re exceptionally strong.
.Seven Reasons Making 6 Figures Alone Won’t Make You Wealthy
.Seven Reasons Making 6 Figures Alone Won’t Make You Wealthy
By Michael Budget, Finance
Why Making 6 Figures Won’t Make You Wealthy
Earning a six-figure salary can make building wealth easier, but it’s not a magic solution for your financial woes. Earning a high income is only one part of the equation. If you want to be financially secure, you need to make your money work for you.
A big paycheck can make it easy to gloss over financial mistakes since you can still cover your bills. However, if you want to build wealth rather than an inflated lifestyle, you need to focus on reaching your full financial potential.
Most of the mistakes that six-figure earners make are easy to fix. Here’s how to use that high income to your advantage and build your net worth.
7 Six-Figure Money Mistakes
Seven Reasons Making 6 Figures Alone Won’t Make You Wealthy
By Michael Budget, Finance
Why Making 6 Figures Won’t Make You Wealthy
Earning a six-figure salary can make building wealth easier, but it’s not a magic solution for your financial woes. Earning a high income is only one part of the equation. If you want to be financially secure, you need to make your money work for you.
A big paycheck can make it easy to gloss over financial mistakes since you can still cover your bills. However, if you want to build wealth rather than an inflated lifestyle, you need to focus on reaching your full financial potential.
Most of the mistakes that six-figure earners make are easy to fix. Here’s how to use that high income to your advantage and build your net worth.
7 Six-Figure Money Mistakes
Mistake #1: Not Using a Budget
Just because you have a lot of money coming in every month doesn’t mean you shouldn’t keep track of where it’s going. This makes it easy to squander your paycheck without making any financial progress.
Creating a budget doesn’t have to be hard. Think of it as your spending plan. Make a list of all monthly expenses and use it to create your budget. Does your spending in each category align with your values? Can you cut back or cut out any costs?
Certain expenses such as eating out or groceries can get out of hand if not kept in check. Cut back on these areas by cooking more at home and shopping smart. You can still have fun with no regrets when you know you’re sticking to your budget.
Review your accounts for subscriptions you are not using and cancel them. Look at your other expenses and think about ways you can cut back with little sacrifice. It may surprise you how spending can escalate when left unchecked.
Make sure to track your spending, so you know where your money is going every month. Just because you can pay your bills every month doesn’t mean that it justifies your expense. Every dollar you invest instead of spending sets you up for a better financial future.
Mistake #2: No Long-Term Financial Plan
Having a long-term strategy is an essential part of setting yourself up for financial success. Making a six-figure income won’t mean much if you lose your job or if you don’t save enough for retirement.
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.How To Invest Like Paul McCartney and Michael Jackson
.Notes From The Field By Simon Black
August 29, 2019 Bahia Beach, Puerto Rico
Here’s how you can invest like Paul McCartney and Michael Jackson
In 1978, a scruffy-looking Frenchman named Patrick Hernandez signed his first-ever recording contract.
He had spent the better part of the previous decade touring ballrooms in France, backing b-class singers without any real success to show for himself.
But in late 1978, he released his very first single, “Born to Be Alive.”
The song was an instant hit. It hit the number 1 spot in France, and within a few months, sold over a million copies in the US alone.
And Hernandez became a sensation. By the end of 1979, he had amassed fifty-two gold and platinum record awards from more than fifty countries.
Just like that, he was set for life.
Notes From The Field By Simon Black
August 29, 2019 Bahia Beach, Puerto Rico
Here’s how you can invest like Paul McCartney and Michael Jackson
In 1978, a scruffy-looking Frenchman named Patrick Hernandez signed his first-ever recording contract.
He had spent the better part of the previous decade touring ballrooms in France, backing b-class singers without any real success to show for himself.
But in late 1978, he released his very first single, “Born to Be Alive.”
The song was an instant hit. It hit the number 1 spot in France, and within a few months, sold over a million copies in the US alone.
And Hernandez became a sensation. By the end of 1979, he had amassed fifty-two gold and platinum record awards from more than fifty countries.
Just like that, he was set for life.
And 40 years later that same single still earns him around 1,200 euros per day...roughly 438,000 euros per year.
Even his official music video has over 100 million views on Youtube - the envy of most professional YouTubers.
Imagine getting paid hundreds of thousands of dollars per year for something you created over thirty years ago!
It’s rare, but it’s possible… and one of the best ways to do it is with royalties.
Royalties are cash payments you receive from assets you’ve created or own. Millions of people worldwide earn royalties every year - on assets as diverse as books, songs and movies-- but also from lesser-known sources like oil wells, gold mines or real estate.
Royalties are an all-time favorite of investors around the world - including Warren Buffett.
That’s because once you own the asset, all you’ve got to do is collect your cash every month or quarter.
I personally love royalties. To me, they are real assets - and generate income no matter what’s happening in the economy.
In times of inflation, the value of your asset goes up, protecting your savings.
In a deflationary period, the cash that the asset produces becomes even more valuable.
And the cash flow can be incredible…
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