The Cost of Procrastination Tip: Don’t put it off. There is a cost to procrastination. “Putting off an easy thing makes it hard. Putting off a hard thing makes it impossible.” — George Claude Lorimer Some of us share a common experience: You’re driving along when a police cruiser pulls up behind you with its
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Inflation Kills Financial Planning Do you remember the 5¢ hamburger and a 40¢/hour minimum wage? How about a quarter for a gallon of gasoline? Probably not. I don’t. But I’ve seen a tremendous amount of inflation in my lifetime. If you want something interesting to do, you can go to the government’s inflation calculator and
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Understanding Risk: you probably know what "risk" means. But managing risk is a key component to rebuilding your wealth. Here are the four steps.
Debt vs leverage. The misunderstanding and misuse of credit card debt have resulted in Americans carrying enormous amounts of revolving debt.
In today’s post, we will continue our series on why people fail financially. Today we will talk about tax laws and how common it is to fail due to misunderstanding tax laws. Misunderstanding Tax Laws “Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep
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You’ve made it to reason #4 to “Why Do People Fail Financially?”. In today’s post, we are going to talk about Poor Investing. Poor Investing is Easy to Do A better way to describe this would be that the chosen investments did not match up to the investor’s needs. Now that may sound like a
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For part three of our series on “Why Do People Fail Financially?”, we are going to address the concept of Compound Interest. Building Wealth through Compound Interest I often hear things like: “I’m starting from scratch. It’s impossible!” That kind of thinking is a major roadblock to financial success. You need to have some faith.
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As we continue in our series of “Why Do People Fail Financially?”, today we want to look at the second main reason this happens: Lack of Knowledge. Specifically, lack of general financial knowledge. Lack of General Financial Knowledge It’s nobody’s fault. General knowledge like buying a house, a car, insurance, etc. and knowing and understanding
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Today I am starting a series of posts on Why Do People Fail Financially?. Most, if not all, financial professionals agree that the leading reason for financial failure is just simply not having any financial goals. Or, if they do have goals, they are totally unrealistic. Like the song says, “Wanna be a Billionaire, So
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In this post, I’m going to cover the final half of the Six Step Planning Process, which you can (and should) use for your financial planning. Here’s a chart that I like to use to illustrate the entire process: Now, let’s go over the last three of these steps in more detail. The Six Step
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