Happy Thanksgiving! We should always be thankful for everything in our lives, including people, things, and accomplishments. Sometimes we take our accomplishments for granted, and it is good to examine the past to see just how far you have come. Here are some examples: New home: Whether you just purchased your first home or moved […]
investments
Use the Snowball Effect to Get Better Financial Results
According to the Cambridge Dictionary, a snowball effect is a situation in which something increases in size or importance at a faster and faster rate. It sounds too simple and general, but it is a useful principle that can be used to achieve significant results over time. Practical examples of this are as follows, along […]
What is all the Hype About Generating Passive Income? Here are Four Examples
I’m sure that you have seen YouTube commercials about generating passive income while lounging in a pool with your collection of high-end sports cars collecting dust in your oversized garage. Is this really practical and can you really generate massive amounts of passive income? The answer is yes and no . . . Passive income […]
Don’t Sell Your House
Usually your first house is a “starter” home that you purchased because it fit into your budget at the time. A few years later you then sell your house, move up to a bigger home, and may even repeat this process several more times. But what if you didn’t sell your home and rented it […]
3 Ways to Wealth (Almost Anyone Can Do)
Aside from inheriting your wealth, there are 3 main ways to become wealthy over time that almost anyone can do and there really are no secrets. They all depend upon income, savings and investments as follows: Slow and Steady Corporate Route: This is the most common, easiest, and accessible way for most people even with […]
Don’t Start a Side Business Unless You Consider This
It seems so easy to make money from a side business. Just resell items through Amazon or some other website and now you’re raking in the dough! Sometimes that happens, but many times it does not. Here are few things to consider before doing so and some ways to make it more profitable: The Value […]
Struggling Business Fail to Spend Money on These 3 Things
There are characteristics of successful business and also for struggling businesses. It is almost as if they do the exact opposite of each other. Three areas that struggling business owners tend to ignore because they see them as costs instead of improvements to support and grow their business are technology, people, and infrastructure/equipment. Let’s take […]
Pay Less Tax on Your Investments
It’s great to accumulate wealth by investing and saving you money, but did you know that taxes can take a large bite from your investments? Every investor, including those with 401(k)’s, IRA’s, and traditional brokerage accounts need to be aware of the impact of taxes. Here are a few tips and items to watch out […]
Traditional IRA vs. Roth IRA
Traditional IRA: An individual retirement account that allows individuals to contribute pretax money to investments. The investments grow tax-deferred until the amounts are withdrawn at retirement, generally age 59 1/2. The maximum amount you can contribute for 2015 is the lesser of your taxable compensation or $5,500 ($6,500 if you are 50 or older). There […]
Price vs. Value
Understanding the difference between price vs. value will probably save you a lot of headaches, improve your finances, and even your life. To simplify, price is the dollar cost, while value represents the benefits or worth received. Price is very easily measured, and is an okay measure to use when purchasing goods and services of […]