Making millions of dollars is not easy. But perhaps what's even harder to do is maintaining that wealth - which is especially hard if you want to keep it in the family. Similar to diets and lifestyle choices, different people will handle their money differently. One of the biggest challenges for the wealthy is keeping the money to benefit their potential … [Read more...]
What Does It Take to Be Wealthy in America?
What does it mean to be wealthy to you? For many Americans, it can mean being able to leading a life that is stress free, while having “peace of mind”. Sounds pretty good, right? On the surface, that doesn’t sound too much like money is the focus. However, it could also be said that that same money, or perhaps, a lack of it, can lead to a certain stress factor.According … [Read more...]
Use Your Tax Refund to Build Wealth
Most financial gurus argue that the best tax refund is the one that's $0, as long as there's no need to make a payment. However, this is not the most common number that most people will see. The average refund for Americans for the 2015 tax year was $3,210. Needless to say, this is a nice chunk of change.Many Americans will choose to spend this money on frivolities that … [Read more...]
Could Some Debt Actually Create Wealth
There is a big misconception in the financial world and by normal consumers that all interest is the same. If you have a 6% mortgage that is the same as having a 6% line of credit. That is not true because just as important as the interest rate is “what kind” of interest are you paying and how is it calculated?Most mortgages in the United States are financed with fully … [Read more...]
Investing – One Gear in Your Financial Machine
Recently I shared about the 7 Gears of Wealth and focused on the first gear; which is cash flow. There is an old saying among investors that says, “Happiness is a positive cash flow”. If you missed the article, click here to view.The second gear of wealth is investing. In its simplest form an investment is a place to put money where the money can grow, lose value, or … [Read more...]
