In another post https://thefinancialstoic.com/?p=223 I discussed the difference between assets and liabilities. Obviously, it’s exceedingly important to acquire assets due to the fact that the right assets generate income which as you all know is critical in building wealth. Just as important, avoiding the acquisition of liabilities is critical as Read more…
Back in 1998 there was not that much out there as it related to wealth building or the practice thereof. In fact, this was at the very early stage of the Internet as we presently know it and was even before most of the popular bloggers and influencers that are Read more…
It’s not uncommon. In fact, I’m wiling to bet that a very large majority of us grew up hearing and believing the same things about finances. Whether it was from a well-meaning parent or a concerned aunt or uncle, we’ve all heard the same advice. Unfortunately, we BELIEVED it and Read more…
Photo by Alexander Mils courtesy Unsplash.com Building wealth is such a mysterious thing for most people. It certainly was for me for most of my early adult life! Sheepishly, it wasn’t until I was about 35 years old before I started to put the pieces together on what would become Read more…
Perhaps one of the most important concepts in building wealth is that of leverage. Leverage comes in many forms but the overall concept is that wealth is created at a much faster rate when other people’s time (OPT), other people’s money (OPM) and other assets are working on our behalf. Read more…
There’s been a considerable amount of media attention in the last several months regarding what seems to be a substantial movement in the otherwise sleepy and stodgy Personal Finance industry. This movement is called Financial Independence, or FI, to those that have become its standard bearers. Many of the individuals Read more…
Photo by Elizeu Dias I was at a seminar many years ago where I spent several hundred dollars in order to be there and I also had to give up a whole Saturday. On top of that, I had to travel several hours out of state to attend the session. Read more…
Photo by Blogging Guide I have been privileged to have had the opportunity to have worked with dozens of individuals who have created significant amounts of wealth. Although each of them have done it through different mechanisms, they all have followed a similar “blueprint” of sorts that have very common Read more…
Photo by Chris Liverani It’s hard to believe that the financial services industry in the United States makes billions and billions of dollars every year convincing investors that they need the latest stock or mutual fund, inevitably encouraging takers to time the market. What is needed is an alternative way Read more…
Photo by Eric Prouzet There are basically only three main avenues from which someone can build wealth; owning real estate, owning businesses and owning paper assets such as stocks and bonds. Within these asset classes there are multiple different ways in which to build wealth; rental real estate, real estate Read more…