Category Archives: Saving

Budgeting, Financial Freedom, Financial Independence, Investing, Retirement, Saving, Self-Made Millionaires, Wealth

The Skeleton Key Of Personal Finance

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To follow, without halt, one aim: There’s the secret of success. – Anna Pavlova

To save, without stopping, one goal: There’s the secret of building wealth. – Miriam Joy, Founder of Greenbacks Magnet

You are about to receive a gift.

From me to you.

I am going to give you the secret to untold riches beyond your wildest dreams and I will give it to you for free.

You will learn how to amass a fortune so great that no man can measure its vastness.

I’ve got a secret. Shhh. But I’ll tell you. Come closer.

I’ll give you the secret to how I became a savings wildcat.

I pick a number, say $10k, divide it by 12, and save that amount monthly.

How you ask? I automate it.

The End.

Smooches 💋

What will this secret cost you? Nothing. Therefore, you will not have to sell your soul to get access to it.

What am I talking about? Saving money.

That is the Skelton key of building wealth. You save a portion of every dollar you earn. Then you invest it.

Investing is the equivalent of being paid royalties as an actor, musician, or author.

HERE. WE. GO.

WHAT IS A SKELTON KEY?

Skeleton Key, Antique, Old World, Wood

A skeleton key is a type of master key in which it is designed in a way so that it can fit and open numerous locks.

The term derives from the fact that the key has been reduced to its essential parts.

Saving money unlocks all the doors to everything you have ever wanted.

Have you ever wanted anything, but could not find a way to get it?

Saving money will solve that problem for you.

See my post How Millennial Money Inspired Me To Start Saving $13,333.06 A Year

My recommendation is this:

Women save $0.50 of every dollar you earn.

Men save $0.40 of every dollar you earn.

Why the difference? Because women earn on average $0.80 for every dollar a man earns.

Therefore, men have to save less and women have to save more in order to reach the same goal of fill in the blank $ dollar amount here.

WHY IS SAVING SO CRUCIAL?

No one can arrive from being talented alone, work transforms talent into genius. – Anna Pavlov

All wealth building starts with saving.

Don’t let anyone tell you any different.

Sure you may have to invest and diversify your money such as investing in stocks, real estate, and bonds, but you have to save money FIRST before you can buy or invest in anything.

If you have ever read a Jane Austen or Charles Dickens novel, then you know the theme always comes around to money.

See my post A Christmas Carol: Lessons In Finance, Business, And Life

Considering that Jane Austen never married and Charles Dickens grew up in a poor house, it is not surprising that the authors chose to hone in on this topic.

The sorted topic of coin. Both authors are British and in that society they have a class system.

You are either born into wealth and inherit it or you must work for many years and earn your fortune.

Many of the landed gentry lived off of their land. Profits that were made from owning land was how they made a living.

That monthly sum could be the difference between prosperity and being locked away in poor houses, which were a form of jail for the poor.

Here in America, we do not have a class system of royalty, nobility, tradesmen, shop keepers and owners, or farmers.

However, we do have a social ranking and social class. Those are the haves and the have nots.

If you want to find yourself in the realm of having, then you best start saving money for your future today.

Many years ago, I was laughed at for my paltry savings amount of 9% per year.

Now I am saving over 40% of my income.

No one laughs at me now.  

HOW SAVING MONEY CAN MAKE YOU HEALTHIER

They say wealth equals health. And that is an understatement if I ever heard one.

Having money allows you to pay for all of your needs.

This includes doctor visits, healthy food, and medicine.

See my post Why America Doesn’t Have Free Universal Healthcare And A Look At Those Who Do

Even something so simple as reading glasses can get pricey. I once saw a pair of Oakley glasses for $300.

You want organic fruit and meat? Well that costs.

Eating well not only affects your waistline, but also your brain functions.

It is said that children that do not get the proper rest, nutrition or eat breakfast before school perform lower on tests and have harder times concentrating.

See my posts Wealth Really Does Equal Health

HOW SAVING MONEY CAN MAKE YOU HAPPIER

Success depends in a very large measure upon individual initiative and exertion, and cannot be achieved except by a dint of hard work. – Anna Pavlov, Prima Ballerina

When you have the means to pay your bills, eat, and work in good health; then you are fortunate indeed to be able to pay your own way.

Being able to afford your monthly nut just makes you happier overall.

You are protected from the pitfalls of many of life’s hiccups.

Money offers protection.

See my posts

Dwayne Johnson: The Rock Solid Way And The Fast And The Furious Way To Make Millions

5 Wealthy Nuggets Of Wisdom From The Count Of Monte Cristo

Halle Berry On Success And Failure: Why She And I Continue To Save So Much

The One-Tweet Financial Plan  

Money Lessons I Learned From Jay Leno

Money Advice I Got From John Legend

Money And Greek Myths: Lessons From Clash of The Titans

You can get just as much pleasure saving as you can from spending.

I seem just as happy being able to have the ability to afford items than am to actually purchase them.

It is a great feeling to payoff debt. Every check you write frees you from obligation to lenders. Then your money can stop serving THEM and start serving YOU.

Make a goal to write down evet single bill you have and person you owe.

I started doing this and tackling every debt I had one by one.

Once I paid of my car, I owed $30,000 and my personal loan, I owed $20,000, then things started really taking off from there.

I was able to take these monthly payments, $450 and $333 respectively, and start investing that money. Now that money works for me in the stock market.

Here is one stock I recommend: VFINX or VFIAX. (You can also invest in the VTSAX or any equivalent)

Portfolio composition of VFIAX

Month-end 10 largest holdings
(22.40% of total net assets) as of 03/31/2019 

1Microsoft Corp.
2Apple Inc.
3Amazon.com Inc.
4Alphabet Inc.
5Facebook Inc.
6Berkshire Hathaway Inc.
7Johnson & Johnson
8Exxon Mobil Corp.
9JPMorgan Chase & Co.
10Visa Inc.

Whatever you do just make sure you not just SPEND money but SAVE money.

Film Reviews, Financial Independence, Investing, Saving, Wealth

Precious Stones of Wisdom: Life Lessons from Indiana Jones and the Temple of Doom

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Train yourself to let go of the things you fear to lose. – George Lucas

If you have ever seen any of the Indiana Jones films, then you know they are all full of action and adventure.

However, my absolute favorite in the film franchise is Indiana Jones and the Temple of Doom.

There had some jaw dropping moments throughout the entire film.

They take you on the joyride of a lifetime in 120 minutes!

You get to see Indiana Jones (Harrison Ford) at one of his most defining moments in his career. As well as, watch him put the well-being of people ahead of money and things.

The series was created from the mind of Star Wars creator George Lucas and directed by Steven Spielberg.  

Now let’s go back to 1984! No legwarmers required! 😂

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RULE #1: LISTEN

The film was released on May 8, 1984. Adventure sequel extraordinaire. The film went on to gross $333.1 million dollars at the box office.

My favorite number is 3. That is one of the 3 reasons I chose to start saving $13,333 a year.

See my post

Halle Berry on Success and Failure: Why She and I Continue To Save So Much

Here is the synopsis of the film.

Intrepid archaeologist Indiana Jones, on the trail of fortune and glory in Old Shanghai, is ricocheted into a dangerous adventure in India. With his faithful companion Short Round (Jonathan Ke Quan) and nightclub singer Willie Scott (Kate Capshaw), Indie goes in search of the magical Sankara stone, and uncovers an ancient evil which threatens all who come into contact with it.

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The second of the George Lucas/Steven Spielberg Indiana Jones epics is set a year or so before the events in Raiders of the Lost Ark (1984). After a brief brouhaha involving a precious vial and a wild ride down a raging Himalyan river, Indy (Harrison Ford) gets down to the problem at hand: retrieving a precious gem and several kidnapped young boys on behalf of a remote East Indian village.

His companions this time around include a dimbulbed, easily frightened nightclub chanteuse, and a feisty 12-year-old kid named Short Round. Throughout, the plot takes second place to the thrills, which include a harrowing rollercoaster ride in an abandoned mineshaft and Indy’s rescue of the heroine from a ritual sacrifice.

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In the beginning of the film, Indiana instructs his companion to stay out of the light and follow his steps exactly behind him.

Of course, the man gets greedy and this ends in a Mortal Kombat style fatality.

Here is Indiana Jones the Atari game.

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Indiana Jones and the Temple of Doom Atari  screenshot photo

And here is Mortal Kombat.

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If you truly want to be successful, you must learn to listen to those that are more knowledgeable than you are.

That is why I listen to and read the shareholder letters of Warren Buffet.

He says stay away from debt and ALWAYS have cash reserves.

This simplistic and basic money advice is why his company Berkshire Hathaway has the most expensive stock on the NYSE at over $300,000!

According to The Motely Fool, one takeaway from the annual shareholder letter (which are excellent reading sources for learning about investing and life) is the following: At the end of 2018, Berkshire Hathaway had nearly $112 billion of cash and equivalents on its balance sheet, officially consisting of $30.4 billion in cash and $81.5 billion in short-term Treasuries.

You must have cash if you are to build wealth.

See my post Forget Simon, Do What Buffet Says

RULE #2: FOCUS ON WHAT IS MOST IMPORTANT

There is a scene in the film where our hero is poisoned. But, there is a cure.

The anecdote is rolling around on the floor and so are millions of dollars in diamonds in a small jewelry bag.

Willie comes across the anecdote while trying to find the diamonds. Instead of casually dismissing it as many might have, she picks it up and puts it in a safe place. This ultimately saves Indiana’s life.

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There are times in your life when you will have to choose: right or left.

I prefer to choose the path of least resistance but also the one that will help the most people.

Remember: The needs of the many outweigh the needs of the few.

In The Wrath of Khan (1982), Spock says, “Logic clearly dictates that the needs of the many outweigh the needs of the few.” Captain Kirk answers, “Or the one.” This sets up a pivotal scene near the end of the film.

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Speaking of Star Trek, I read William Shatner’s book Live Long and… which was pretty good.

He says to spend the money on the living. No expensive funerals or caskets. Pay for what you want in cash and if you don’t have the money, then you can’t afford it.

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RULE #3: WHEN IN DOUBT, RUN

Indiana comes across another archaeologist that steals his stone he just risked his life to get!

Instead of trying to fight for it, he lets the man take it. While the man is distracted with his patting himself on the back and his own vanity, Indiana makes a run for it! And keeps his life long enough to fight another day.

The same rules apply when buying stocks or spending money.

If the risk is too high for you, then sell. You will sleep better at night. Forget trying to get you money back. That is like gambling in Vegas.

Or if you just so happen to come across someone in a nice suit and briefcase that promises to double your money, pass.

There is no such thing as guarantees. All risk involves possible losses. That is why you do your homework and take calculated risks.

If it sounds too good to be true, RUN!!!

In the book called Winning the Money Game: Lessons Learned from the Financial Fouls of Pro Athletes by Adonal Foyle. He was an NBA player who describes the things he says while playing in the league in regards to how other athletes dealt with financial management or lack thereof.

He that said you should learn the basics of money and that you should rule your money or money will rule you. He saw many people lose homes, cars, wives, and careers.

In addition, he said you should audit anyone who comes into contact with your money. That includes family. Even your MOM!!! Shocking right???

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See my post More Money More Problems

RULE #4: FOOD IS FUEL, BUT NOT ENTERTAINMENT

One of the absolute best scenes in the film is the dinner scene.

I will not give too much away, but let’s just say the room is full of snakes! LITERALLY!

They say health equals wealth.

Let’s say you are investing for the long-term (as you should be!). Then in order to realize those gains, you must live long enough to see them.

That requires you to eat your three square meals, lots of fruits, nuts, berries, leafy greens and veggies. In addition, drink mostly water and tea.

This will alleviate 90% of ailments that are associated with poor diet.

Food is not for taste; it is for nutrition.   

And please, no smoking.

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Can’t stand exercise? Find a fun or simple activity such as bowling, walking, or dancing. Done.

See my post Health Really Does Equal Wealth

RULE #5: THE KIDS ARE OUR FUTURE

Indy sees that children need his help. He does not turn his back on them. He helps them.

They are more precious than any stone.

People were always more important to him than things or money.

See my post Generosity Can Go A Long Way

You want to help someone in need?

Read to the elderly.

Start a book club.

Volunteer to be a troop leader like Phyllis Nefler in Troop Beverly Hills.

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Donate to college scholarship funds.

The point is to get involved.  

You are powerful. More powerful than you know.

One person can change and lift all tides.

Case in point, the late Senator John McCain voted against the repeal of the Affordable Care Act. That vote saved MILLIONS from losing healthcare coverage! One man. One voice. One vote.

I’m just saying.

Film Reviews, Financial Freedom, Financial Independence, Saving, Wealth

Money And Greek Myths: Lessons From Clash Of The Titans

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Attitude is more important than the past, than education, than money, than circumstances, than what people do or say. It is more important than appearance, giftedness, or skill. – W. C. Fields

That quote from W.C. Fields could not more accurately describe this film. The Gods of Olympus rule the world of man. And those who disobey or hurt others are punished.

I have learned that my attitude dictates everything around me including my ability to build wealth. A positive attitude can move mountains.

See my post Money and Life Lessons I Learned from CBS Srorybreak’s Yeh-Shen

This mythical tale of Perseus, son of Zeus, and his quest for the ‘fair’ Andromeda,  Clash of the Titans was released on June 12, 1981.

Why is Greek mythology important?

Greek mythology is the body of myths originally told by the ancient Greeks. These stories concern the origin and the nature of the world, the lives and activities of deities, heroes, and mythological creatures, and the origins and significance of the ancient Greeks‘ own cult and ritual practices.

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Clash of the Titans is a 1981 British-American heroic fantasy adventure film directed by Desmond Davis and written by Beverley Cross which retells the Greek mythological story of Perseus. It stars Harry Hamlin, Judi Bowker, Burgess Meredith, Maggie Smith and Laurence Olivier. The film features the final work of stop motion visual effects artist Ray Harryhausen.

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Review for the film with an excellent synopsis from IMBD # 8 from 2004. 

In the Mount Olympus, Zeus (Laurence Olivier) destroyed the city Argus with the Titan Kraken to punish King Acrisius (Donald Houston) that sentenced his daughter Danae (Vida Taylor) and her son with Zeus Perseus to death in the sea. Zeus orders Poseidon to save them and Perseus grows up in a paradisiacal island with his mother.

Years later, Zeus punishes Calibos (Neil McCarthy), the evil son of the goddess Thetis (Maggie Smith) and fiancé of Princess Andromeda (Judi Bowker), turning him into a monster doomed to live in the swamps.

The vindictive Thetis curses Andromeda with a spell and every suitor should solve a riddle; otherwise he would be sentenced to the bonfire. Further, she brings Perseus (Harry Hamlin) while sleeping half-naked to the City of Jopa but Zeus gives magical helmet, shield and sword to his son for self-protection.

When Perseus sees Andromeda, he falls in love with her and uses the magic outfits and Pegasus to discover the answer of the riddle with Calibos.

But Thetis dooms Andromeda to be sacrificed to the Kraken otherwise the City of Jopa and the inhabitants will be destroyed by the Titan. Perseus now has to defeat Medusa and the Kraken to save his beloved princess.

The saga of Perseus, the mortal son of Zeus, and the intrigue among the Gods of Olympus, is brilliant presented in this magnificent film. The delightful story is supported by an outstanding international cast, with names such as Laurence Olivier, Burgess Meredith, Maggie Smith and Ursula Andress, and by fantastic special effects, considering this is a 1981 movie. The golden mechanical owl Buba is hilarious and responsible for some of the best moments in this film. This epic is a wonderful and highly recommended entertainment for the whole family. I do not recall how many times I have had the pleasure of watching this film.

WEALTH IS NO SUBSTITUTE FOR HUMILITY

Zeus watches over everyone in Mount Olympus. Especially, that of his children and those of the other Gods, many of whom have children with mortals.

It has become known that Thetis’ son Calibos, who has been spoiled and given every advantage in life, is cold and callous. He abuses and hurts others. For this, Zeus punishes him. His son Perseus, who was given none of those advantages or indulgences of Calibos, is punished by Thetis in retaliation and dropped in the middle of their war between each other.

I found it very interesting that Zeus was willing to punish Calibos for being inhumane and uncivilized. He let the punishment fit the crime.

This is a reminder that life is not fair and no deed goes unnoticed, good or bad.

You should live your life like it will hit the front page of every newspaper. Best to eat humble pie than be served a dish that is best served cold.

WITH MONEY COMES POWER AND WEALTH BRINGS PROTECTION

Being in power means you can make things happen. If you read the stories of Napoleon Bonaparte, The War of the Roses, Winston Churchill, or any leader or influencer you will find a theme.

Success leaves clues.

Regardless, of whether or not you are born into wealth, it is your job to manage all that you have. This is done by controlling your thoughts and actions.

Did you know that most generational wealth is gone within three generations?

According to MarketWatch, about seven in 10 wealthy families lose their fortune by the second generation, according to a study of more than 3,200 high-net worth families by the Williams Group wealth consultancy. By the third generation that number has jumped to 90%.

That means the parents and grandparents make the money, and the children and grandchildren spend it.

After doing some more research, I discovered the following:

  • If you earn more than $34,000 per year, you are in the top 1 percent globally.
  • Most wealth is not inherited. You have to work for your meal. There is no FREE LUNCH.
  • According to the book The Millionaire Next Door, most millionaires are worth between $1 million to $5 million.

See my post the Top 1% of income worldwide

In the film, Zeus provides Perseus with incredible weapons that are magical to protect him. This would not have been possible if his father did not have access to those things.

The reason you want to have financial independence is because you can protect yourself and your loved ones.

FIND YOUR PASSION AND CREATE YOUR FINANCIAL DESTINY

Perseus gets sent to Jopa where Calibos ex-fiance is cursed by his mother Thetis. He decides to find out the answer to the riddle so that he may marry the princess Andromeda.

One of my favorite parts of the film right here. Perseus was smart in the way he found the answer. This is what you are supposed to do in life. Find a goal. Make a plan. Execute. Same rules apply to personal finance.

I set a goal of saving first 10% of my income. Then it kept growing from there. I set the following savings goals:

  • Save 15% of my income
  • Save 20% of my income
  • Save 25% of my income
  • Save 30% of my income
  • Save 35% of my income
  • Save 40% of my income
  • Save 45% of my income
  • Save 50% of my income ➡this is my next goal 💰😉

WE ONLY WANT JUSTICE

If you cannot be a good winner, there is no way you can be a good loser. – Halle Berry

See my post on Halle Berry and success

After Perseus defeats Calibos, he spares his life only if he lifts the cure on Andromeda and he agrees.

He then goes to demand his mother seek out vengeance on Perseus. This is wrong. Perseus won in a fair fight with hand-to-hand combat. However, his mother does what he asks. Thereby putting Perseus on another quest to yet again save Andromeda and risking his life in the process although he committed no crime. He must now face Medusa.

Justice or Revenge

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the Gorgon Medusa

NEEDS VS WANTS

Knowing what your needs versus wants are is how you will achieve your goals.

Perseus must face Medusa in order to save Andromeda.

Who is Medusa?

In Greek mythology, Medusa was a monster, a Gorgon, generally described as a winged human female with living venomous snakes in place of hair. Those who gazed upon her face would turn to stone.

What is the legend of Medusa? In later myths (mainly in Ovid) Medusa was the only Gorgon to possess snake locks, because they were a punishment from Athena. In a late version of the Medusa myth, related by the Roman poet Ovid (Metamorphoses 4.770), Medusa was originally a ravishingly beautiful maiden, “the jealous aspiration of many suitors.” Accordingly, Ovid relates that the once beautiful mortal was punished by Athena with a hideous appearance and loathsome snakes for hair for having been in Athena’s temple and being pursued by Poseidon.

Simply put, she was punished for being too beautiful.

In the film, Perseus only did what is absolutely necessary. Veering off course, even just a little could spell disaster. Same goes for wealth building.

TRIUMPHANT AND SUCCESS AT LAST

Perseus wins.

Zeus declares:

No more trials against Perseus for he has confronted them and he has won.

The gods predict that Perseus and Andromeda will live happily, rule wisely, and produce children, and Zeus forbids the other gods to pursue vengeance against them. Zeus commands, “I forbid any revenge against Perseus.” He has triumphed and he shall be rewarded.

The constellations of Perseus, Andromeda, Pegasus, and Cassiopeia are created in their honor.

I feel that like Perseus, I have been underestimated.

It took many years to achieve the goals I had set for myself. Some of which I am still working towards. And as one is crossed off the list, others are added. However, as I once told my sister, I had my back against the wall and was down but not out.

It took every ounce of energy and willpower I had, but I started taking control of my financial life and never looked back.

All those times of wondering how I would pay the bills, get to the end of the month before getting through the end of the money, and living check to check was no more.

I had prevailed against every obstacle, trial and tribulation, and test that had come up against me. There would be no more trials of continuing to go into debt against me. For I had triumphed and I had won!

I hope you enjoyed this post. I had to travel all the way back to 1981, but you have to admit that it is a great story and a spectacular adventure.

Well Greenbacks Magnets, that wraps up another post. Until next time.

Blogger Book Reviews, Financial Freedom, Financial Independence, Investing, Saving, Wealth

The Simple Path to Wealth Book Review

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There is brilliance in simplicity. – Bruce Lee

Recently, I began reading the book The Simple Path to Wealth by JL Collins.

The book originated with letters to his daughter about financing.

On my path towards financial freedom, I have decided to read the books of other Personal Financial Bloggers.   

The book du jour: The Simple Path to Wealth.

Do you believe in coincidence?

I don’t believe in coincidence. I think that all things work together for good. – Kathie Lee Gifford

“I do not believe in meaningless coincidences. I believe every coincidence is a message, a clue about a particular facet of our lives that requires our attention.” – Deepak Chopra

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Well, it just so happened that the last finance blogger I interviewed for this website was Dave of Accidental FIRE called: Accidentally Wealthy on Purpose.

In that interview, he informed me that his favorite personal finance book was The Simple Path by JL Collins.

I mean what are the odds that I would be reading that EXACT BOOK at that EXACT MOMENT. 😲 Pretty slim that is for sure.

I too thought the book was pretty good and gives some sound financial advice.

I even tweeted out that advice directly from the book. And to my surprise JL Collins gave me a like. I appreciated that! 😉

After, doing that interview and sending the tweet and the getting a like form the author, I decided that I must do a book review on this book. Why? I feel that if you see something three times (3x), then it must be for a reason. They say things happen in three’s. So I went with it!  

Let’s get to it!

Drum roll please.

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THEEEEEEE SIMPLE PATH TO WEALTH!!!!

The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life

WHO IS JL COLLINS?

He has been an investor since 1975. In 2011, he wrote a series of letters to his daughter about money and investing; which morphed into jlcollinsnh.com and led to this book.

Welcome inside the mind of the man who started the infamous Stock Series on his blog.

The foreword of his book was by Mr. Money Mustache.

Serious praise for the book:

“Let’s face it: Most investment books are boring. Dull. Uninspired. This book brings managing your money to life.” – Paula Pant, Afford Anything

“The media claim stock investing is no better than gambling. Collins cuts through the crap. He demonstrates a simple level-headed way to wealth that will lead you to a richer life.” – J.D. Roth, Founder Money Boss and Get Rich Slowly

I have to agree wholeheartedly with J.D. Roth’s assessment. I also got to meet him at FinCon. Nice guy 😉

See my post on FinCon

FinCon 18: The Recap From Your Friendly Neighborhood Greenbacks Magnet Part I and Part II

After reading the book, it was really eye-opening. One of the simplest approaches to investing and building wealth that I have ever read and I read A LOT!

My library card is on fire!!!   😂

Now let me tell you why I feel that way about the book.

DEBT IS A BURDEN

There is no free lunch. tweet

There is no such thing as E-Z financing. Credit cards come with enormous interest rates. If you look on credit card statements today, it will give you two numbers.

One is how long it will take to pay off your balance paying the minimum amount.

The other is how long it will take before your balance is paid in full after three years.

Knowing that you can be paying off that sweater from last year until your kids are ready to graduate from college should scare most straight to the path of cash only!

Debt causes too many constraints and limits personal and financial freedom.

Paying a $10 minimum on a $300 balance is a sure fire way to the poor house.

If you owe more than 5% interest on any debt, then get rid of it ASAP. And forget all these consolidation loans and balance transfers. That’s like robbing Peter to pay Paul. Just work on steadily paying off the one with the most interest and then continue until all the debt is gone.

Then make being debt free last forever.

WHY YOU NEED F-U MONEY

We all need it.

You know why? Because sh*t happens, that’s why.

What happens if you chip a tooth, get hit by an uninsured motorist, and the basement floods all in the same week?

You have to pay to handle of these situations. If nothing else, an insurance deductible; which can run into the thousands as house flooding can be a deductible as high as $5,000!

I previously wrote on F you money in a blog post called How Do You Play With FIRE?

Here is part of that post here for your convenience.

My blog post from the Mark Cuban on F-U Money blog post

LEVELS OF WEALTH

Only you can decide how much money is enough. However, if we go by Rockefeller, enough is always a little more. Basically, how much money is enough?

For purposes of simplicity, we will use the examples of enough money given by billionaire Mark Cuban.

Mark Cuban on enough money:

“‘Enough’ is what it takes to not worry about the bills.”

“‘A lot’ is enough that you never have to worry about working again.”

“‘F you’ money means you can rent a jet to go wherever you want, whenever you want, and no party is out of reach.”

“‘F everyone’ money means you can have your favorite band in your backyard, not care how much it costs, and lend them your jet to get there.”

We’re not talking about rich; talking about wealthy. Chris Rock once said, “Shaquille O’Neal is rich. The guy who pays his salary is wealthy.”

He also said comfort is the poison. Too much of it can slow down your progress on the road to wealth. All I mean is to stay hungry. I’m just saying there are different levels of wealth.

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So trust me when I say you need F-U Money.

MAGIC BEANS ARE INDEX FUNDS

Coco Chanel — ‘Simplicity is the keynote of all true elegance.’

Jack Bogle founded the Vanguard Group in 1974.

Mr. Bogle created the first S & P 500 index fund. Due to its immensely low fees because the investors own Vanguard and not some company or board of directors that want to please shareholders, this book advises an investment in the VTSAX at Vanguard.

JL Collins advice: Invest in index funds with Vanguard and keep what is yours.

I concur.

I need all my coins. I want ALL of my MONEY! I aim to keep as much of it as possible. I’m almost as bad as Scrooge McDuck. Almost.

See my post on Money Lessons I Learned From Scrooge McDuck

Remember that episode of Ducktales when Fenton Crackshell was counting all of Scrooge’s money that he dumped into the lake in “Liquid Assets Part 1.”  That’s me! 🤣

Ducktales - Liquid2

Ducktales - Liquid8
Ducktales - Liquid9

This total stock market fund holds the entire U.S. stock market fund; which includes about 3,700 stocks.  As most of these companies are worldwide and involved in international markets, you only need this one fund. Simple right? 😉

And it is comprised of 80% of all the top funds in the S & P 500, so no need to diversify as you already have it here.

If that did not convince you, the maybe the best stock-picker of all time can: Warren Buffet.

He owns the company Berkshire Hathaway (stock symbols; BRK.A and BRK.B)

See my posts

Forget Simon, Do What Buffet Says

How I Used The Buffet 25 Strategy to Walk The Talk

Money And Chocolate

Don’t Take Money Too Personal

Patience Is The Key To Wealth

3 Rich Habits Of Millionaires

Do You Want A Million Dollars? Ask For It!

In the 2013 Berkshire Hathaway annual shareholder letter, Buffet advised the following:

“What I advise here is essentially identical to certain instructions I’ve laid out in my will. One bequest provides that cash will be delivered to a trustee for my wife’s benefit. My advice to the trustee could not be more simple: Put 10% of the cash in short-term government bonds and 90% in a very low-cost S&P 500 index fund. (I suggest Vanguard’s.)”

I am a Vanguard and Berkshire Hathaway investor and I approve this message. 😉

Have you recently wrote a book? Are you looking for a review? Do you want to be Greenback’d? Tweet me. I’ll be here @mjp2520

Celebrities and Money, Financial Freedom, Financial Independence, Philanthropy, Saving, Self-Made Millionaires, Wealth

Halle Berry on success and failure: Why She and I Continue To Save So Much

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Beauty is not just physical. – Halle Berry

I agree that beauty is not just physical. Beauty has many forms, and I feel that confidence, self-respect, and loving yourself are some of them.

These are some other beautiful things to behold:

  • A child at play; while living in a safe neighborhood.
  • Reading a book on a beach at 1 o’clock in the afternoon.
  • Taking a nap in a hammock.
  • Walking in Central Park.
  • Seeing the sun come up while vacationing on the lake.
  • Seeing the sunset on the beach.

However, all of those beautiful things, albeit free; still cost money to be able to do and enjoy them.

Many of these things require that you have some form of prosperity or relative financial cushion to enjoy creature comforts that can easily be taken for granted such as taking a nap in the afternoon beyond the age of five.

Instead of having some semblance of wealth, you will need to actually have a few coins in the bank in order to have any sort of comfort EVER.

That being said, I had to stop and think. Why Do I Save So Much?

I remember reading an article in which they decided to pose this similar type of question to Academy Award winning actress Halle Berry who is worth an estimated $80 million.

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She answered that the reason she saves is because she knows the business she is in (showbiz) this Hollywood stint may all come to an end one day. Specifically, she says that she saves because she never knows “when this trip will end.” And that she wants to have enough savings to make sure she is secure, comfortable, and financially independent when the paychecks stop pouring in and the fame starts to wane. In addition, she carries tons of life insurance.

I too carry tons of life insurance!

If it’s good enough for Halle, then it’s good enough for me.

Halle is a saver.

Here is why I am a saver too.

WELCOME TO THE GOOD LIFE

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When I was a kid, my mother told me that if you could not be a good loser, then there’s no way you could be a good winner. – Halle Berry

There’s a place in me that can really relate to being the underdog. – Halle Berry

I always had to prove myself through my actions. Be a cheerleader. Be class president. Be the editor of the newspaper. – Halle Berry

By the time I left school, I had a lot of tenacity. – Halle Berry

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If you think money will change who you are, then think again. Money just gives us a bigger stage to project who we already are.

Will Smith said it best: “Money and success don’t change people; they merely amplify what is already there.”

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Many people may not know this but Halle Berry was elected Homecoming or Prom Queen at her high school. It was predominantly white. Not believing that she had won, the other contestant asked for a recount. Halle agreed. Halle won again. She demanded another recount. Halle refused. Halle then graciously accepted her crown.

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If you think about that, you can see from a young age that Halle has always had to work for what she’s got. Being PRETTY is not enough!

I actually was on my school newspaper. It was one of the only times in high school that I did not feel like I was being judged and I had some say in what was going on around me. I too have always had to prove MYSELF!

I get it. No one believes what they can’t see. Seeing is believing.

However, I was actually working towards my goals – buying a home, getting a bachelor’s, finishing a Master’s – all tangible things that people can observe my actions and see me doing such as studying, house shopping, and walking across the stage to accept my diploma.

It was not until AFTER I had done all those things that people started to take me more seriously and show me SOME RESPECT!!

It just would have been nice to get a little more of it while I was the UNDERDOG and working towards MY GOALS with people around me that had WAY MORE PRIVILEGE.

I paid WAY LESS than $50,000 for a degree.

I paid WAY LESS than $1 million for a home.

I did that because I knew what I could afford and that I didn’t want to be in debt forever.

I wanted freedom. And that doesn’t come cheap. You have to EARN your freedom through work.

CAREER IS IMPORTANT

Career is important, but nothing really supersedes my roles as a mother. – Halle Berry

I never wanted to be a model. My modelling career was nothing but a stepping stone to my acting career and that’s all I ever saw it as. A pointless rock in the river that has to be stepped on in order to get to the meaningful oasis of acting. – Halle Berry

Throughout my career I have been talked out of things I wanted to do, and when I look back, I think I should have followed my instincts. – Halle Berry

What’s the worst that can happen? If it doesn’t do well I can put on my big girl panties, deal with it and move on. – Halle Berry

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I have learned that having a CAREER and not just a JOB is important.

A job is what you do to pay the bills.

A career is what you do when you have passion for something and can skip to work.

I decided at the age of 15 to get my degree as a STEPPING STONE towards a career. I ended up working in Financial services which is right up my alley as you can tell from this blog. 😉

However, I have mostly done the things I wanted to do and rarely let myself get talked out of those things. Maybe that is why I am so happy.

The secret to happiness: Do the things that make you happy and don’t do the things that make you unhappy. The End.

No matter what. Good or Bad. MOVE ON. Keep moving forward. It’s like Ariana Grande says, “thank you, next.”

I knew if I wanted to make more than minimum wage that I had to get some skills or education. Not knowing what trade to do I went for the degree. I knew not to just drift or stand still.

I didn’t want to end up at 35 with no savings, no home, no family, and no decent job.

I had no shame working as waitress to make ends meet until I could do better. I was making about $2.39 an hour plus tips.  

Now I’m making and saving more than 40% of my income.

All things come in time.

BEAUTY FADES

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Let me tell you something – being thought of as a beautiful woman has spared me nothing in life. No heartache, no trouble. Love has been difficult. Beauty is essentially meaningless and it is always transitory. – Halle Berry

While being called beautiful is extremely flattering, I would much rather be noticed for my work as an actress. – Halle Berry

A person’s self-esteem has nothing to do with how she looks. – Halle Berry

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Your preaching to the choir. Tell me something I don’t know. Beauty is transitory alright meaning it is not permanent. CORRECT.

As you age, you will change. It is inevitable. So you need to be able to do something more than stand still, look pretty, and to quote Miss Congeniality, “be on stage with nothing to do but convert oxygen into carbon dioxide.” Haha

So enjoy your life! And pass me some more pizza 😂

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INNER PEACE

The first step is clearly defining what it is you’re after, because without knowing that, you’ll never get it. – Halle Berry

If you set out to do something and you give it your all and it doesn’t work out, be willing to modify your goal slightly. Have the ability to look in another direction. A small shift could guide you to the real purposes of your life. – Halle Berry

There have been so many people who have said to me, ‘You can’t do that,’ but I’ve had an innate belief that they were wrong. Be unwavering and relentless in your approach. – Halle Berry

I’m not afraid of portraying anything on-screen. – Halle Berry

I’m just going to live my life and be who I am. – Halle Berry

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If you are a wrestling fan, then you have heard of the moniker BE FEARLESS from the Bella Twins.

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And that is how you should live your life. Be fearless. Be relentless in your pursuits. But always try to do the right thing.

During an interview for the cover of the April issue of InStyle, which hit the Internet on March 12, Ciara said, “If you want to get somewhere in life, you’ve got to have a compass. You’ve got to know where you really want to get to.”

I have a pretty strong professional and Morale Compass. I try to, like Spike Lee says, “Do the right thing.”

If you read my last post on The Rock, then you know that being who you are can get you far in this world, but nothing happens without a dint of hard work.

See my post on The Rock

Academy Award winning actress Catherine Zeta-Jones said in the book Rise and Grind that she informed her parents at a young age she wanted to be an actress. They did not approve until she got them an appointment with her school guidance counselor.

They informed her parents that Catherine would never be satisfied with being an accountant as she is too artsy. Let her PURSUE her passion. Since Catherine was a good child and student, they agreed to let her pursue her dreams and would support her!

At that point my mouth drops open. You could hear crickets and a pen drop. I could not believe it. All that from a conversation. WELL DONE! Never underestimate the power of your words.

AGE AIN’T NOTHING BUT A NUMBER

I see women in their 30s getting plastic surgery, pulling this up and tucking that back. It’s like a slippery slope – once you start you pull one thing one way and then you think, ‘Oh my God, I’ve got to do the other side.’ – Halle Berry

I’m not sad at all about turning 40. – Halle Berry

I’m not a fanatic about exercising. For me, it’s about moderation and balance. – Halle Berry

I think I am at my best when my hair is short. It’s easier to take care of and more of who I am. Women are conditioned to think we need long hair. – Halle Berry

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I think it’s always best to be who you are. – Halle Berry

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Be who you are.

If you ever saw the 1997 movie Selena starring Jennifer Lopez, then you may remember the scene where Abraham Quintanilla (played by James Edward Olmos) says that he learned a very important lesson in life, which is that you have to be who you are.

That is not just wisdom in old age talk. That is the TRUTH.

Everything  have that was GOOD came from me being WHO I AM. Whatever you do or whomever you are…OWN IT!!!!

SUCCESS AT LAST OR IS IT?

Don’t take yourself too seriously. Know when to laugh at yourself, and find a way to laugh at obstacles that inevitably present themselves. – Halle Berry

I know I’m only one human being and I’m only making one tiny contribution and it’s nothing more than that. – Halle Berry

I think there’s a certain level of trust that I have with women. I’ve always been honest, even when I haven’t had good times in my life or my movie bombed or I’ve had great success. I’ve owned up to all of it. – Halle Berry

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People win Oscars, and then it seems like they fall off the planet. And that’s partly because a huge expectation walks in the room and sits right down on top of your head. The moment I won the Oscar, I felt the teardown the very next day. – Halle Berry

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I repeat, whatever you do…OWN IT!

I’m told that I am sassy and dominating. I take that as the compliment I know it is supposed to be. 😉

Well this sassy Miss started doing the following with her money:

Savings Year Monthly Savings Amount End of Year Total Savings
2013 $50 $600
2014 $100 $1200
2015 $150 $1800
2016 $250 $3000
2017 $333 $3996
2018 $1,111.04 $13,333.06
2019* $1,211.09 $14,533.06

As of this writing, I am on track to save $15,000 for 2019.

I have already set a saving goal of $16,000 for 2020.

I always look to the future because it is coming one day after all. So I set savings goals for the coming years of 2021-2025 of $17,000+ each and every year. My ultimate goal is to save $20,000-$25,000 each year. That would allow me to save $100,000 every 4 to 5 years.

I also believe in donating money to good and charitable causes like Halle.  

This is what Halle told MainStreet: ‘Many people utilize charitable giving as a great tax write off, and it is. But more than that, for me, charitable giving is a financial investment in the human spirit. When we invest in each other, we invest in ourselves. There is no single investment that I have pursued that has brought a greater return, than helping someone who needs it.’

Well said, Ms. Berry.

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So now you know why I save so much and how much I save.

And why you should too.  

Celebrities and Money, Saving, Wealth

Millionaire Pets: Pets With Their Own Line Of Credit

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Cat, Kitten, House, Animal, Pet, Red

After 12 years of reading about personal finance, it never ceases to amaze me all the things you can learn. I not only learn about money, but I also get a history lesson in the process.

Did you know that credit cards have only been in widespread use since the 1950’s?

Before 1950, credit was rare.

Most places did not offer much in the way of credit. They wanted cold, hard cash.

Stores may have provided familiar faces and those in the community with a store credit, but you better believe it was not a $25,000 limit!

I decided to have some fun last summer and see if I could get approved for $5,000 on some random credit card. Well, guess what? I got approved for over $20,000 in credit limits!

However, that pales in comparison to some offers that some people have claimed their pets have received in the mail. You read that right, pets!

I have read numerous books and articles where people have received credit card offers for their pets.

Come on, America! 

If the pet’s owner cannot afford a $400 emergency, as the media claims, then how is an unemployed Yorkie going to payback over $50,000. And yes, that is a limit I read one couple stated their dog received. And that was only one offer. They also received others with one being $100,000!

However, there are some pets who earn their keep and make millions for their owners.

This post, for now, will focus on how Fido is able to write checks for his own bone and chew toys that his puppy paws can cash.

MILLIONAIRE PETS

If you read my post 4 Financial Futuristic Nuggets: The Economics of the Jetsons, I discussed Millionaire Pets in that article.

Let’s take this a step further shall we and discuss real life ones!

It was recently reported that celebrity designer to the stars Karl Lagerfeld has passed away last month. He leaves behind an estimated $100 million-dollar fortune. The media was speculating that his cat may inherit a chunk of that money. Holy cow! Or should I say, MEOW!!!

In addition, Real Estate heiress Leona Helmsley left her pet dog $12 Million in 2007. The will was contested and the pet received death threats, which caused money to be diverted for security! Unbelievable! Any who, the pet ended up receiving a mere $2 million after the case was settled. That sure buys a heck of a lot of Puppy Chow!

Can you believe that?! A pet that literally has their own access to a line of credit to pay bills including for their own security guards!

See my post on The Jetsons

CREDIT CARDS: EASY MONEY THE HARD WAY 

Once credit cards started being more the norm, it exploded!

Once you turn 18, it used to be time to go down to the MVA and sign up to vote. Now, it’s when credit card offers come in the mail.

I remember when I got my very first credit card for $250! I even had a secure credit card for $500. That’s a far cry from the $20k, I was approved for last year.

After the 2008-2009 financial crisis, credit dried up faster than nail polish. They were slashing limits faster than prices at Wal-Mart! Then it slowly started creeping back up. As it stands, credit card debt is now higher than it was in 2009!  It stands now at over $1 trillion! The current outstanding revolving debt in the U.S. is $1.05 trillion.

The average debt in America has increased 18.5 percent since 2013! In 2015, the average American was in $5,700 dollars of credit card debt. As of the end of 2017, it is up to $6,354.

The laissez faire capitalism in America allows you to actually have access to $100,000 of credit while only making less than half of that.

See my post How to get access to $250,000 in credit with $0 of your own money

 Debt is crippling. It can have long lasting consequences if not handled quickly. You have to pay off debt ASAP.

A guideline I use is anything you have that is under 7%, you do not have to pay off right away if you have other higher interest debt to take care of. However, if that debt is higher than 7%, you need to attack that debt like your financial house is on fire. Your financial destiny is depending on you to get your financial house in order.

Once you have the debt paid off, then you can build your financial foundation on solid financial footing. All the money going to creditors will now stay in your bank account and can be invested.

That is how wealth is built.