In the past couple of posts, I’ve talked about how lifestyle choices establish the financial habits we build for ourselves and our ability overtime to build wealth. These bad financial habits that I discuss are usually developed by default and influenced by the consumerism lifestyle we Americans live. As a Read more…
I pride myself on being a highly optimistic individual. In fact, I purposefully approach each and every day with the mindset that I am going to focus on the positive change that I can make. That said, however, there’s a lot that someone can learn by observing the behavior and Read more…
In a couple of posts, I’ve concentrated on defining the concept of assets and liabilities https://thefinancialstoic.com/wp-admin/post.php?post=223&action=edit as they both relate to the overall wealth building strategy. I TOTALLY understand that these are different definitions than what you would find out there on the Internet and even within academic courses on Read more…
In my last post, I focused on what I believe to be considered THE definition of an Asset as it relates to building wealth. As a quick recap, in my opinion an asset is only considered an asset if it generates income and has a high probability of increasing in Read more…
As a refresher, an Asset as defined by Investopedia is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide a future benefit. In order to build wealth, we need to be knowledgeable in three classes of assets. Interestingly enough, Read more…
In order to build wealth, we need to have a deep understanding of how to build wealth. One of those areas that we’ll need to understand is to how to develop a foundational housing strategy that builds wealth. Incorporating your life, similar to how a business is incorporated, certainly does Read more…
We’ve all been told the old saying “you can’t have it both ways” at some point in our lives and in most cases it’s probably very true. Yet, there’s a way to create wealth accelerators and get tax deductions for doing so. In fact, I would say that in the Read more…
This should not catch anybody who reads this blog by surprise and if it does, it really is a failure on my part but I am a HUGE advocate of starting and owning a business. One of the biggest reasons is that it allows you to incorporate your life and Read more…
People don’t realize that most individuals who have become wealthy were able to assemble the resources instead of being a resource in someone else’s wealth building process. My daughter is an engineer and a very smart one at that. When she was in college for chemical engineering and taking what Read more…
Being able to do the work once and create perpetual residual income is truly the brass ring of wealth building. If an individual can do this they can free themselves of their time being linked to the generation of income. In the last couple of posts, I’ve been comparing and Read more…