My main financial goal is to multiply income-producing assets. Many years ago, Robert Kiyosaki taught us the best definition of an asset. “An asset is something that puts money in your pocket… an asset pays you for owning it.” To increase your monthly cashflow, you must increase your ownership of income producing assets. The easiest…
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In 1987, times were extremely tough for Jerrold Mundis. He was in his mid-40s and owed creditors $50,000 in unsecured debt. Once a new New York Times editor and successful author, Mundis found himself living in a one-room apartment in New York. His debt alone was costing about $3,000 per month, and he had a…
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When Cornelius Vanderbilt (the Commodore) passed away in 1877, he left the majority of his fortune valued at $95,000,000 to his oldest son. In today’s dollars, this fortune would be worth around $2.1 billion. He left smaller amounts to all of his other children. This particular son, who received the majority of his fortune, actually…
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According to the IRS, most millionaires have these seven income streams: 1. Dividend income from stocks owned. 2. Earned income from a paychecks. 3. Rents from rental real estate. 4. Royalties from selling rights to use something they’ve written or invented. 5. Capital gains from selling appreciated assets. 6. Profits from businesses they own….
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Leanne and her husband face a student loan crisis. Together, they owe $108,000 in combined student loan debt. Their monthly student loan payment is $928. They have tried to lower the monthly payment without luck, because their loans are private loans. Their student loan payments are so high they cannot afford to have a baby….
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Free college. We all want it. I’ve attended several financial aid meetings at my daughter’s high school and one of the most common question parents always ask is: “How Can We Get More College Scholarships for Our Children?” Parents want to know about every possible scholarship available including local and national scholarships. I don’t blame…
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Hetty Green, also known as ‘The Witch on Wall Street,’ was once the richest woman in the world. At the time of her death in 1916 she left $100,000,000 to her two children, which today would amount to $2 billion. The crazy part is Hetty built this wealth as an investor. She never worked for…
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Back in 1988, Paul Terhorst wrote a book titled, “Cashing In On The American Dream – How to Retire At 35.” Paul was a partner at a large public accounting firm and decided to retire at the age of 35. When he retired, he only had a net worth of around $500,000. As I write…
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Over the weekend, I happened to see this commercial by Quicken Loans. In the commercial, Lilly’s mom refinanced her home in order to reduce her mortgage payment by $312. The extra $312 per month saved by refinancing is going to be saved for Lilly’s college education. It’s not a bad idea, assuming Lilly’s mother didn’t…
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I’m sure you’ve heard of Nassim Taleb. He’s written several books including “Black Swan” and “Antifragile.” Back at the end of 2014, he apparently tweeted his resolutions for 2015. You can see the full list of resolutions here. His resolution listed as #9 is extremely interesting. This resolution is: “Use courage and wisdom, not labor,…
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