A “Real” Case Study on Compounding

Several years ago when my oldest daughter was 4 years old, I hired her for my business. I had created a program highlighting how to turn our children into millionaires and used her image in the program. I also used her picture in other marketing materials for the business. To compensate her for the use…

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The Slight Edge – How Little Things We Do Each Day Change Our Lives

Right now, I’m reading a fantastic book titled, “The Slight Edge” by Jeff Olson. You have to get this book. It WILL change your life. The book will help you see clearly how little things we do, or don’t do, on a daily basis lead to our ultimate success or failure in life. These little…

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“The first ______________ is a bitch.”

Over the last year or so, I’ve been reading a few pages of Charlie Munger’s book, “Poor Charlie’s Almanack” every week. This is the type of book you take in a little at a time as you swirl the lessons around your life. As you hopefully know, Charlie Munger has been Warren Buffett’s partner for…

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Wealth, it’s all about that…

There is a popular song playing on the radio now that I’ve grown to hate. I’ve heard it over a hundred times and it drives me nuts. The song is by Meghan Trainor and the title is “All About That Bass.” I’m sure you’ve heard it, a few dozen times by now. Well, I’ve rewritten…

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Make thy gold multiply

In the book, “The Richest Man in Babylon”, George Clason wrote… “Gold in a purse is gratifying to own and satisfieth a miserly soul but earns nothing. The gold we may retain from our earnings is the start. The earnings it will make shall build our fortunes.” The money we save from our earnings is…

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Trapping yourself in wealth

This morning I woke up and sat down to continue reading “Family Fortunes – How to Build Family Wealth and Hold Onto It for 100 Years” by Bill and Will Bonner. This really is a fantastic book highlighting the differences between old money and new money. It really is an eye opener and definitely worth…

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Short-Term vs. Long-Term Thinking?

Do you think long-term, or short term? Before you answer this question, take a second and define what “short-term” and “long-term” means to you. How many years into the future is short-term? How many years into the future is long-term? Most people would define short-term as the next 3 to 5 years and long-term as…

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How To Get Others To Save a Million Dollars For You

This morning I was reading an interesting article on BusinessInsider.com about compound interest when saw this graph: (Click the picture to enlarge) This chart shows how much a person would have to save at various ages in order to accumulate $1,000,000 by the age of 65. Each monthly savings amount was calculated assuming you would…

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Rich Man, Poor Man

A few years ago, Richard Russell of the Down Theory Letters wrote an incredibly powerful article titled, “Rich Man, Poor Man.” In the article he wrote how important it was for the average investor (you and me) to have a financial plan utilizing the power of compounding. I’ll share a simple plan with you in…

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“Eureka! Here’s The Goose That Lays The Golden Egg.”

Right now, I’m reading a biography titled, “The Richest Woman in America.” It’s the fascinating story of Hetty Green who compounded the inheritance of her father’s estate into $100 million in 1912. In today’s dollars, this amounts to $2 billion. Here is an interesting quote from the book: “While Edward (Hetty’s husband) engaged in business…

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