July 5, 2017

Items in italics are direct quotes from the articles below

http://www.businessinsider.com/signs-youll-never-be-rich-2016-4/

Contrary to popular belief, “Everyone has the same opportunity to acquire wealth,” says self-made millionaire Steve Siebold. But is wealth in the cards for you? To help you evaluate that, we’ve rounded up nine red flags to watch out for. While no one can predict the future, the following choices most likely won’t accelerate your path to riches. The 9 signs you’ll never be rich are: you put too much emphasis on saving – and not enough on earning, you haven’t started investing, you’re content with a steady paycheck, you buy things you can’t afford, you’re pursuing someone else’s dreams – not your own, you rarely step outside of your comfort zone, you don’t have goals for your money, you spend first and save what’s left over, and you believe getting rich is out of your reach. It’s important to save money to invest, however at some point you must take action and begin to focus on earning. “The masses are so focused on clipping coupons and living frugally they miss major opportunities,” Siebold writes. It’s important to not focus on losing money, but to focus on making it work hard for you. Some experts say that “it’s not about how much money you make, it’s about how much you keep,” but this shouldn’t be an excuse to disregard earning completely. To keep money, you have to earn it in the first place. A common thread among millionaires is that they develop multiple streams of income and have smart savings habits. It’s important to start investing today. It’s true the earlier you invest, the more the power of compound interest can help you, but also keep in mind that taking action is one of the most important steps. Your average person is content with being paid for their time vs. a rich person will wait to be paid based on results. Another important factor is if you’re living above your means then the unnecessary luxury items could be hindering your ability to build wealth. “When you pursue someone else’s dreams or goals, you may eventually become unhappy with your chosen profession,” he writes in “Change Your Habits, Change Your Life.” “Your performance and compensation will reflect it. You will eke out a living, struggling financially. You simply won’t have the passion that is necessary for success to happen.” You must be willing to step out of your comfort zone, and by doing this step, you’ll in time grow into a new level of personal success. Everything worthwhile in life is uphill. Rich people want to attain wealth and set attainable measurable goals. Put it down on paper and go after it. If you want to get rich, pay yourself first. “What most people do when they earn a dollar is pay everyone else first,” self-made millionaire David Bach writes in “The Automatic Millionaire.” “They pay the landlord, the credit card company, the telephone company, the government, and on and on.” Rather than spending and then saving whatever is leftover, save first. Set aside at least 10% of your gross income and make the process automatic, Bach emphasizes. That way, you’ll never even see the money and you’ll learn to live without it. Finally, what you personally think is critical. Your thoughts are words, and your words are powerful because they do become flesh. You live in an abundant world and you’re blessed with unique gifts, and perspective. Use your life to create massive value for those around you. Blessed are the problem solvers, so go find some problems to solve.

http://www.marketwatch.com/story/charles-barkley-just-say-no-to-friends-and-family-who-ask-for-money-2017-07-01

NBA great Charles Barkley has some sound advice for rookies: Don’t give your money away to family and friends. “The first thing you do is learn how to save your money ’cause your family and friends are the worst people to spend your money. It has been that way for a long time. Barkley estimates that 60% or 70% of professional athletes go broke, “and 90% of the time it is because of family and friends.” “You have to learn to say the magic word: no,” Barkley recommends. “I do not owe you anything. If I want to do something for family, I’ll do it — but I do not have to keep them on payroll and support them their entire life. I lost a lot of family and friends because of that, and it was money well spent getting rid of them.” It’s not easy to say no, however there are moments when you want to take inventory of the situation and then weigh the consequences of saying yes. If you don’t stand for something, then you’ll fall for everything. Personally, I measure my yes and no against my value system which is the Bible. I also will consult with my wife and closest friends on issues that could involve a no. If it’s a financial decision then I talk with my wife even if I know the answer will be yes out of mutual respect and trust. Sometimes you can’t trust your own judgement so seek wise counsel.

If you are interested in creating a budget, then contact me for a financial checkup in the contact me section. Also, learn more about the self-lending principle in the mustard seed section.

This week, I’ve included STOP WISHING , START DOING – Powerful Motivation from the Success Archive YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.”

Proverbs 28:26 MSG


January 4, 2017

www.investopedia.com/articles/personal-finance/012616/4-best-countries-retiring-asia.asp

Do you have your sights set on retiring in Asia? Not long ago, Investopedia profiled the 10 Best Countries to Retire to in 2016. Now we’ve narrowed our focus to Asia and have asked the expert editors, writers and on-the-ground reporters at Live and Invest Overseas to tell us what they consider the four best destinations for retirement in Asia. Two of their choices, Malaysia and Thailand, made their list of the top 12 places to retire in 2016, and the other two, Vietnam and the Philippines, are countries they consider “up and comers” that may hit the charts next year. The city of George Town, Malaysia is a top pick for retirees. George Town has plenty of museums, jungle parks with secluded beaches, first rate healthcare, and good public transportation. Plus, the cost of living is low. No need to feel like a “walking wallet” in George Town or the rest of Malaysia; foreigners pay the same prices as locals for goods and services. A 900-square-foot apartment in an “expensive” part of George Town will cost about $480 per month; to hire someone to help keep the apartment clean, under $4 an hour.  Thailand is known for its beautiful beaches, laid back culture, and low cost of living. The author recommends Chiang Mai as a city to visit. Thailand requires a visa for long-term residents (see Getting a Retirement Visa in Thailand), but that’s no problem since the government recently rewrote the rules to provide several attractive residency options. Vietnam also offers a low affordable cost of living and is also one of the best places to retire. However, healthcare in Hanoi is excellent, but in certain areas it’s not as easily accessible. The cost of living in the Philippines is one of the lowest in the world. The tropical island of Cebu is another choice for retirees, and Makati, a safe part of Manila, has access to everything a retiree would want – good shopping, excellent healthcare, proximity to beaches and outdoor activities plus the expected big-city cultural features. Makati is also considered an excellent market for real estate investment. Even if you do retire in one of these countries, be sure to have an emergency fund that will cover trips back to the United States, and for true emergencies. The best way to create an emergency fund is by creating a budget, and the self-lending principle. To start your new year differently, feel free to go to the contact me section

http://www.marketwatch.com/story/these-are-the-67-most-important-investors-of-all-time-2016-05-23

I analyzed the birth dates of the most important investors of all time. Ten observations were made. This is an incomplete list. It does not include any early financiers like J.P. Morgan, no chief strategists like Abby Joseph Cohen, and no Fed chairman like Alan Greenspan. What it does include is traders, investors, hedge fund managers, Nobel laureates, economists, and early pioneers of portfolio management. Some of these people never managed money, but had a huge influence on how we think about investing, like Daniel Kahneman or Robert Shiller, for example. The author provides a chart and here are a few noticeable highlights. Baby boomers dominate this list, every person on this list is extremely smart, and there’s not a lot of diversity in this group. The article includes the names of the 67 most important investors, and they’re worth doing a little more research on.

If you need are interested in creating a budget, then contact me for a financial checkup in the contact me section.

For this week, I’ve included The Key to Wealth: Pay Yourself First from Jack Canfield YouTube channel.

“If you think you know it all, you’re a fool for sure; real survivors learn wisdom from others.” Proverbs 28:26 MSG