by Rupe | Aug 5, 2011 | Money Matters
Use your skills to benefit others and yourself.
Laid-off workers often become discouraged when they don’t land a new job right away. If you’re unemployed and looking for work, try channeling your angst into altruism and becoming a volunteer.
Also known as working pro bono, volunteering lets you use your skills and abilities to help others. And from a practical standpoint, it can help you beef up your resume, acquire new skills, make important connections and potentially land a paying job. Continue…
by Rupe | Aug 2, 2011 | Money Matters
One of the reasons I believe most people never succeed at reaching financial independence is because they make things too complicated. They invest in elaborate investments they don’t understand, but heard some guy on television screaming to “buy, buy, buy!†They make fancy moves with their money, like taking out a second mortgage on their home to put down on a vacation home for the additional “tax benefits.â€
All the highly technical, overly complicated wealth-building advice in the world can be boiled down to four words, that if followed will practically guarantee financial independence to those who follow:
“Buy Assets, Avoid Liabilitiesâ€
That’s it. Simply buy assets. Buy things that increase in value. Buy things that produce income. Avoid spending money earned in exchange for work on anything other than assets. Click source link below to finish reading.
My Comments:
Really great article on thrift; well worth the read.
Source: Frugal Dad
by Rupe | Jul 17, 2011 | Money Matters
Regardless of your age, your income or your receding hairline, it’s not too late to start retirement planning and move toward a more comfortable future.
Maybe you cared more about Woodstock than shares of stock. Or it could be that you kept a closer eye on your favorite MTV VJ than on your 401(k).
Whatever the reason, you’ve put off saving for your retirement — until now. With retirement on the horizon, you worry that you’re too late, that you’ll never amass enough money, that your retirement dreams will stay just dreams.
My Comments:
This article provides really cogent commonsense advice on saving for the future. Â I would recommend it highly.
by Rupe | Jul 10, 2011 | Money Matters
I think all of the elements are indispensable, but in my opinion, risk control is what separates an outstanding investor from the rest. Risk control is invisible in good times, but that doesn’t mean it isn’t important. It’s only in bad times that we find out who had the risks under control and who didn’t. When people make high returns in good times, it could be because of skill, or luck, or risk-bearing, or any combination. But people who do it through luck or risk-bearing tend to give those gains back in bad times. We want to know who they are and avoid relying on them.
My Comments:
After years of studying the stock market, I have come to the conclusion that beating the market consistently is extremely hard. Â I don’t necessarily believe that a superior investor is a function of skill…it is more of a group of inside guys manipulating the market. Â Sorry for the cynicism…
by Rupe | Jul 4, 2011 | Money Matters
I’ve often discussed the concept of how to live below your means. I believe that it’s the cornerstone of living well in the financial sense, so I’ve decided to reflect on a couple of financial philosophies that all of us have been practicing in some form or another. I revisited the questions:
I’ve often discussed the concept of how to live below your means. I believe that it’s the cornerstone of living well in the financial sense, so I’ve decided to reflect on a couple of financial philosophies that all of us have been practicing in some form or another. I revisited the questions:
They sound like they’re the same thing at first glance, but when I reflect on these questions, I realize they don’t exactly mean the same thing, and that I lean towards the approach of “earning more than I spend†more than I do its counterpart. I prefer to earn more than I spend — meaning that I focus more on income generation than I do on cutting costs, although I definitely employ both tactics in order to build my net worth. This is the case because I’d like to have the option of being able to enjoy creature comforts and a few luxuries on occasion. Having money simply means having more choices. Continue….
My Comment:
I am definitely a frugalist in the truest sense of the word. Â I tend to approach purchases from a pragmatic standpoint. Â Yes, I do have my times and weaknesses, but by-and-large I still to my frugal ways…call me cheap if you wanna.
by Rupe | Jul 2, 2011 | Money Matters
I have a far-out idea to share with the next generation of the American middle class.
Right now, I’m speaking specifically to the young people who are finishing up a college degree, perhaps in a promising field, and starting to get interviews for jobs with salaries they could only dream of just a few years earlier. The Adult World lies exciting and vast before you, and the Opportunities are unlimited!
At this point, let’s imagine you just dive in and start playing it by ear. You work hard at the new job, buy a new car, rent an apartment, enjoy restaurants and vacations, and may even save towards the downpayment on your first house.  Click to read full article….
My Comment:
This is locked on; really good article. Â I had my first kid at 32, not exactly at retirement, but the idea was to make sure that I had means in place before adding kids to the mix. Â I am really happy I did that because now, the reality of not having to work until I am 90 is a bit closer than it would have been. Â Here is another good article from Forbes Magazine.
