When I was asked to talk to at a Homebuyers Seminar, I decided to share a few things, I wish I learned when I was younger. Here are my views on personal finance, your most valuable asset and how to start building wealth.
Here is a video of my talk and below are the notes. Let me know what you think!
These are my notes from a speech I gave for a home buyers seminar.
1. Follow the Money
Keep an eye on your credit, but don't let it bother you.
Your credit score only comes into play when you borrow OTHER people’s money.
Let’s try to avoid borrowing OTHER peoples' money
Keep an eye on your credit at www.CreditKarma.com
Cannot manage what you cannot measure
If you want to manage your money, you need to know where it is going
I use a software that automatically, syncs to my bank account, is on my computer, my phone and sends me weekly updates.
You can even create a budget
It is run by the company that owns Turbo Tax and QuickBooks
and it is FREE
Check out www.Mint.com
It has NEVER been easier to monitor your credit and spending
2 Opportunity Knocks
What are you going to do if you loose a job, become ill, die
You need to have access to money.
We call it an Opportunity Fund. Sounds better than an Emergency Fund
I suggest 6 months, yes 6 months, in your Opportunity Fund
It is not just emergencies, it is for Opportunities too.
3 Take Responsibility
Don't take what people say as Gospel
Ask to see the numbers
Actually, review them
Trust but verify
People make honest mistakes
If you are not a detail or math person, FAKE it.
Once they know you will be looking at the numbers, they will take you seriously
4 Most Valuable Asset-MVA
What is your most valuable asset?
It is not your car
It is not your IRA/401k
It is not your house. More on that later
It is that person in the mirror!
Do you have insurance on your home?
Your car?
Your business?
Do you have insurance if something happens to you?
How would you pay your bills if you or your spouse died?
How would you pay your bills if you or your spouse became ill or injured and could not work?
You have insurance on your physical assets and you need insurance on your most valuable asset!
Contact us and we can help you get the insurance you need
5 Invest in yourself
Your Education has just begun!
Read books-
Videos
Podcast
To/from Work
Instead of binging on Netflix, read a book
Suggested Podcasts:
The GaryVee Audio experience. FYI. Gary swears worse than a sailor.
The Tim Ferriss Show
The Prosperity Podcast
Suggested books:
The Compound Effect by Darren Hardy
Mindset: The New Psychology of Success by Carol Dweck
The Richest Man in Babylon by George Samuel Clason
Rich Dad Poor Dad- by Robert Kiyosaki
Did you notice that half of them are not about money, but the way you THINK?
The way you think is more important than how much money you make!
Audible www.audible.com
Our course www.InfiniteWealthCourse.com
Call to Action
Show our course
15 vs 30 yr mortgage
E-mail of my notes, with Bonus Material
Is your house an asset?
How much money should I save?
Bonus Material:
Should I max out my 401k/IRA?
Do you believe taxes will be higher in the future? Yes or no? Do you believe they could even be way higher? Will our government need more money for Social Security, Medicare, Medicaid, The Affordable Care Act, Defense, Homeland Security, Interest on the Debt, Hurricane Harvey, Hurricane Irma, Hurricane Maria, Forest Fires in California, The Highest Tide in the history of Boston which flooded the streets and occurred not during a hurricane but during a snowstorm. Earthquakes, Tornadoes, Floods, etc.
Now, I am about to ask you a question that I will bet no one has ever asked you before. You have an accountant, an attorney, insurance professionals and financial advisors and no one has ever asked you this question. Are you ready?
DO YOU WANT TO PAY THOSE TAXES? If the government needs more revenue in the future will they get that revenue from most of the Americans who don't have any money or from the 10 percent who do?
Are you satisfied with working your entire life and having the Internal Revenue Service be the primary beneficiary of your life's work? Are you going to leave it like that or will you take control of the amount of taxes you are willing to pay while you still can?
Keep too much of your money inside your 401k/IRA and it WILL be subject to the Internal Revenue Service.
There are alternatives that are not subject to the Internal Revenue Service’s reach, plus you do not have to wait till you are 59 ½ to access YOUR money.
Find out how at our course at www.InfiniteWealthCourse.com
Your house is not an asset!
Assets pay you money. Your house costs you money.
When you sell your house, you very well may walk away with cash, but you very well may not.
You should buy a house, if you are going to live in the area for more then a few years.
However, if you may move, then go ahead and rent. That will give you the flexibility to move when an opportunity presents itself.
Do not buy a house with the expectation to make money from it.
Buy a house to create a home for your family. If you make money that is just a bonus.
How much should I save?
Live on 70% of your income, after tax
Don't ask a question that you don't want the answer to 🙂
Give 10% to your church, charity or someone in need
Save 10%
Debt 10% to pay off debt-credit cards, student loans. NOT your home loan.
Watch our video on a 15 year mortgage vs a 30 year mortgage to understand why.
Once your debt is paid off, add that to your savings.
WHEN something happens, and your income goes down and it will at some point, you are already accustomed to living at only 70% of your income
PLUS you have your Opportunity Fund.©Prosperity Economics Movement
Learn how to Build Wealth & Create Passive Income at
www.InfiniteWealthCourse.com
These are my notes from a speech I gave for a home buyers seminar.
1. Follow the Money
Keep an eye on your credit, but don't let it bother you.
Your credit score only comes into play when you borrow OTHER people’s money.
Let’s try to avoid borrowing OTHER peoples' money
Keep an eye on your credit at www.CreditKarma.com
Cannot manage what you cannot measure
If you want to manage your money, you need to know where it is going
I use a software that automatically, syncs to my bank account, is on my computer, my phone and sends me weekly updates.
You can even create a budget
It is run by the company that owns Turbo Tax and QuickBooks
and it is FREE
Check out www.Mint.com
It has NEVER been easier to monitor your credit and spending
2 Opportunity Knocks
What are you going to do if loose a job, become ill, dies
You need to have access to money.
We call it an Opportunity Fund. Sounds better than an Emergency Fund
I suggest 6 months, yes 6 months, in your Opportunity Fund
It is not just emergencies, it is for Opportunities too.
3 Take Responsibility
Don't take what people say as Gospel
Ask to see the numbers
Actually, review them
Trust but verify
People make honest mistakes
If you are not a detail or math person, FAKE it.
Once they know you will be looking at the numbers, they will take you seriously
4 Most Valuable Asset-MVA
What is your most valuable asset?
It is not your car
It is not your IRA/401k
It is not your house. More on that later
It is that person in the mirror!
Do you have insurance on your home?
Your car?
Your business?
Do you have insurance if something happens to you?
How would you pay your bills if you or your spouse died?
How would you pay your bills if you or your spouse became ill or injured and could not work?
You have insurance on your physical assets and you need insurance on your most valuable asset!
Contact us and we can help you get the insurance you need
5 Invest in yourself
Your Education has just begun!
Read books-
Videos
Podcast
To/from Work
Instead of binging on Netflix, read a book
Suggested Podcasts:
The GaryVee Audio experience. FYI. Gary swears worse than a sailor.
The Tim Ferriss Show
The Prosperity Podcast
Suggested books:
The Compound Effect by Darren Hardy
Mindset: The New Psychology of Success by Carol Dweck
The Richest Man in Babylon by George Samuel Clason
Rich Dad Poor Dad- by Robert Kiyosaki
Did you notice that half of them are not about money, but the way you THINK?
The why you think is more important than how much money you make!
Audible www.audible.com
Our course www.InfiniteWealthCourse.com
Call to Action
Show our course
15 vs 30 yr mortgage
E-mail of my notes, with Bonus Material
Is your house an asset?
How much money should I save?
Bonus Material:
Should I max out my 401k/IRA?
Do you believe taxes will be higher in the future? Yes or no? Do you believe they could even be way higher? Will our government need more money for Social Security, Medicare, Medicaid, The Affordable Care Act, Defense, Homeland Security, Interest on the Debt, Hurricane Harvey, Hurricane Irma, Hurricane Maria, Forest Fires in California, The Highest Tide in the history of Boston which flooded the streets and occurred not during a hurricane but during a snowstorm. Earthquakes, Tornadoes, Floods, etc.
Now, I am about to ask you a question that I will bet no one has ever asked you before. You have an accountant an attorney, insurance professionals and financial advisors and no one has ever asked you this question. Are you ready?
DO YOU WANT TO PAY THOSE TAXES? If the government needs more revenue in the future will they get that revenue from most of the Americans who don't have any money or from the 10 percent who do?
Are you satisfied with working your entire life and having the Internal Revenue Service be the primary beneficiary of your life's work? Are you going to leave it like that or will you take control of the amount of taxes you are willing to pay while you still can?
Keep too much of your money inside your 401k/IRA and it WILL be subject to the Internal Revenue Service.
There are alternatives that are not subject to the Internal Revenue Service’s reach, plus you do not have to wait till you are 59 ½ in access YOUR money.
Find out how at our course at www.InfiniteWealthCourse.com
Your house is not an asset!
Assets pay your money. Your house costs you money.
When you sell your house, you very well may walk away with cash, but you very well may not.
You should buy a house, if you are going to live in the area for more then a few years.
However, if you may move, then go ahead and rent. That will give you the flexibility to move when an opportunity presents itself.
Do not buy a house with the expectation to make money from it.
Buy a house to create a home for your family. If you make money that is just a bonus.
How much should I save?
Live on 70% of your income, after tax
Don't ask a question that you don't want the answer to 🙂
Give 10% to your church, charity or someone in need
Save 10%
Debt 10% to pay off debt-credit cards, student loans. NOT your home loan.
Watch our video on a 15 year mortgage vs a 30 year mortgage to understand why.
Once your debt is paid off, add that to your savings.
WHEN something happens, and your income goes down and it will at some point, you are already accustomed to living at only 70% of your income
PLUS you have your Opportunity Fund
