The Biggest Obstacle to Financial Success
You need a solid foundation in place before you start building a house. The same is true with building wealth; you need to be on solid financial footing before you can begin building wealth. Getting over the hump is the hardest part of building wealth, and the biggest obstacle you’ll run into along the way. […]
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Should You Leave the Scarcity Mindset Behind?
When you’re young, every dollar feels precious. Money doesn’t lose its value as you grow older, but other resources become more valuable – specifically time. Since money is such a scarce resource when you’re younger, you have to be tight to save. This means, as we talked about on our most recent show 3 Signs […]
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How to Not Let Money Ruin Your Children
If you’re wealthy, you’re at least somewhat concerned about the effect your money will have on your kids. Growing up wealthy can be a big obstacle to true success; if everything comes easy, your kids will never understand the value of discipline, hard work, and what being successful truly means. The vast majority of millionaires […]
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Understanding the SECURE Act
The SECURE Act was recently signed into law by President Trump in December. The biggest change in the SECURE Act is the treatment of inherited retirement accounts. They must now be fully distributed (or emptied) by the end of the 10th year following the year of inheritance. There were many other changes in the SECURE […]
Read MoreThe Value of a Financial Advisor
Hiring a financial advisor is a decision you want to make sure you get right. It can be difficult to know when to hire an advisor, or what to look for in a financial advisor. Our latest show, How and When to Hire a Financial Advisor!, is all about what you need to know when […]
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Why Financial Advice Changes Over Time
Our recent episode, Financial Advisors React to Old Advice, was all about old advice we’ve given on the show that’s either changed or evolved. Why does financial advice tend to evolve or change over time? If someone’s advice changes frequently, does that make it less reliable? People change, as does advice Just like people, financial […]
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Can Anyone Predict Recessions?
Nobody, it seems, is afraid to make predictions about the direction the economy is headed in. If you pay attention to the news, you’ll commonly see headlines like ‘It’s time to start talking about a US recession’, or ‘6 signs we’re closer to the next recession than you think’. “If it bleeds, it leads” is […]
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How to Negotiate With Car Dealers
Our latest show is all about how to purchase a car, either used or new. Some newer car manufacturers, like Tesla, make car-buying a straightforward and easy process. Everyone pays the same, there isn’t any room for negotiation, and you can buy directly from Tesla instead of going through a car dealer. For those of […]
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The Power of Mentoring
We mentioned briefly on our most recent show that it would be worthwhile to find a mentor in your 20s, and be a mentor in your 40s. What exactly does being a mentor or mentee look like, and why is it important? Typically we think of a mentor as someone older who helps guide and […]
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Why Is the Median Net Worth So Low?
In our latest show, “Average Net Worth By Age 2020”, we compared the median net worth to where you should be at. We used the Money Guy-adjusted Millionaire Next Door average accumulator of wealth formula and prodigious accumulator of wealth formula (boy, is that a mouthful) for the “where you should be” numbers. At every […]
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