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Loading ...Money advisers and coaches will tell you that in order to truly become financially free, you must have enough passive income to exceed your expenses. That’s great, but what is passive income and how do you get it?
For the sake of simplicity, income can be broken down into four categories (and arguably more): portfolio income, [...]
No matter where you are in life, having mentors is important to reaching any goal and helping you grow. Mentors, however, are particularly important when it comes to building wealth. Actually, you will need many mentors throughout your money accumulation lifetime, including basic money mentors, business mentors, stock mentors, real estate mentors, legal mentors, [...]
So you are a young person with some extra cash and you want to start accumulating wealth. Congratulations! The sooner you start to build your wealth, the sooner you will be able to become financially free.
Let’s say you have a $500 - $1,000 to invest and need know the best investment vehicle for you. What [...]
Like nature, all investments go through cycles - stocks, real estate, business industries. There are booms, and there are busts. When there are busts, panic in a particular market or industry emerges, and fear overtakes people’s ability to think clearly. Don’t let your emotions distort your wealth accumulation plans. Instead, develop your keen sense to [...]
Increase Your Financial IQ: Dedicate some time, either daily or weekly, to educate yourself. Read money magazines and websites, listen to money advisors while in the car, etc. The better you understand how the money game works, the more opportunities you will see to accumulate wealth.
Pay Yourself First: Before you spend any money when you [...]
Did you recently receive or are you expecting a raise and dreaming about how much extra cash you will have to burn? Pay increases have a strange way of not really changing people’s financial situation at all. If you are a saver, you will save a little more with your raise. If you allow your [...]
In Part I of this article, we looked at the importance of understanding and analyzing your income and expenses. We then discussed how to develop a budget to maximize your income and control expenses in order to reach financial freedom as quickly as possible.
In Part II of this article, we will discuss how to reduce [...]
Becoming wealthy has less to do with actual income and more to do with planning for financial freedom. What is discussed here is not a “get rich quick” model, but rather a “slow and steady” method that will set you on the path to making your first million dollars.
The first steps in financial freedom involve [...]
Being rich and being wealthy can be very different things. Interestingly, the literal definitions of “rich” and “wealthy” are almost identical. Being rich is, “possessing material wealth,” or “having an abundant supply of desirable substances.” Being wealthy, on the other hand, is “having an abundant supply of money or possessions of value.” Both have to [...]
Wouldn’t it be nice if there was a specific formula for making millions of dollars? “If you want to become a millionaire, all you have to do is A, B and C.” You know . . . . “Go get a degree in small-business management, talk to Jim at the bank to set you up [...]
