I get asked this question, in some form or another, all the time. In today’s society of instant gratification we are always looking for the quick fix, the short cut or fastest way to our goal. But, creating wealth can’t be done over night; it takes time and hard work. Here’s where I lose some people… they stop reading and move on to the next article in searching of the easy way.
Popularity: 6% [?]
When it comes to creating wealth, being in the right place at the right time can have a huge impact on your success. If you are buying a stock, a rental property or starting a business, knowing when to buy and when to sell is key to whether you make a profit or a loss. Most people get this basic rule, which leads to their questioning "when is the right time."
Popularity: 9% [?]
I always get the same types of questions over drinks at parties when people want to appear intelligent or knowledgeable on financial matters. "Should I be trading currencies or derivatives in today’s market climate? " I usually answer the question with a question, "Well that depends… what is your discretionary income number?" I can’t tell you how many times I get a blank stare back, mixed with that puzzled look.
Popularity: 10% [?]
You know Ben Franklin’s old saying; "in this world nothing is certain but death and taxes." Well it’s that time of year again where we all get to settle up with the IRS on what we owe the Government. A big part in creating wealth is protecting it from the destructive power of tax erosion. A lot of people I meet make a decent income but seem to lose a large chunk of it to the taxman. Remember it’s not what you make but what you keep that counts.
Popularity: 9% [?]
Our society is obsessed with material wealth. A lot of Americans dream of becoming millionaires. While there’s nothing wrong with having money in the bank and a retirement plan with enough to live comfortably – or living in a nice house or driving a nice car – we can’t let the pursuit of wealth become a destructive obsession.
Popularity: 4% [?]
Financial Advisors will often say "there are two types of dollars in life, the ones you get from work and your dollars at work." Your dollars from work will give you a great life as long as you are paid a high salary or compensation, and as long as you are working. The reality of that is when you stop working your cash flow stops too. The cash flow that creates your standard of living comes from your working (exchanging your time and talents for money). There are only so many hours in a day and so many days in the week. God gives each of us the same 24 hours a day and it’s up to us how to best use them. Successful business people learn how to work smarter not harder.
Popularity: 100% [?]
Healthcare reform is a hot topic and needs to be addressed but, are the right people talking to each other? The cost of healthcare affects everyone’s ability to save, invest and impacts a businesses bottom line. How’s your bottom line going to grow if it’s constantly being drained by rising costs of healthcare? Either you’re an individual or self-employed person buying health insurance for you and your family, or a business paying for employees’ insurance. If you’re one of the growing population who do not have coverage, you live in fear of going to the hospital. This problem affects your ability to create wealth.
Popularity: 3% [?]
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