FREE WEALTH BUILDING GPS – REQUIRED NOW MORE THAN EVER BEFORE!
I admit my wife has a MUCH better sense of direction than I. My apologies for embarrassing all husbands.
When Garmin came out with a GPS, I immediately purchased one and I fell in love. You put in your destination and the computer figures out the best route. You specify scenic, fastest route. interstate or few tolls, etc. We can tailor our journeys while all arriving at OUR destination. A wealth building GPS works exactly the same. The ability to customize how you reach your ultimate destination. With the amount of risk that is right for you.
FINANCIAL LITERACY – GPS
Building your financial literacy is like owning a Finance and Investment GPS! You determine your future financial destination. With financial literacy your chances of reaching your wealth destination are EXCELLENT! Without financial literacy, you may find yourself working at the grocery store checkout counter in your 70’s. Like most destinations, there are numerous routes to wealth or poverty. Your financial literacy shows you the best routes for you. Do you want to obtain wealth slow and steady or like a rocket? Keep in mind, rockets sometimes EXPLODE!
FINANCIAL LITERACY IS JUST NOT THAT COMPLICATED -TRUST ME
TINA’S AND MARY’S VERY DIFFERENT JOURNEYS
Let’s take a look at two ladies on a journey. The first, young lady, Tina, has a top of the line financial GPS. Her parents helped her fine tune her model based on their successful financial map and journeys.
The second young, Mary, unfortunately not only does not have a financial GPS, she has never heard of the concept of financial literacy. She is 22 years of age, and digging a DEEP hole.
STOP DESTROYING YOUR LIFE – GET OUT OF THAT DAMN HOLE
https://wealthbuildingpowers.com/2019/10/28/stop-destroying-your-life-get-out-of-that-damn-hole/
TINA’S JOURNEY
Tina’s Mom is a CPA, so she not only understands the importance of a financial GPS, she programs the routes for her clients and her three children. Tina, has heard hundreds of times the different programs her Mom advises: financial education; ZERO debt; the importance of saving; living below your means; funding your 401K; home ownership and THE LIST GOES ON AND ON! Tina, lives a frugal life, driving a used inexpensive car, saving her money and working hard. She decides it is time to buy another house. She previously owned a home on the east coast and now that she resides in the LA area, wants to invest in the real estate market. Tina’s credit rating is excellent, >800 points and she qualifies for a 30-year mortgage for less than 2.7 percent.
DO YOU WANT TO SAVE OVER $100,000? IMPROVE YOUR CREDIT SCORE!
As Tina’s income continues to increase she intends to refinance to a 15 year loan saving herself hundreds of thousands of dollars. Tina will continue contributing to her 401K and other savings and investments plans and will reach her destination to wealth, continuously increasing her Net-Worth!
THREE RESONS WEALTHY PEOPLE KNOW THEIR NET-WORTH!
https://wealthbuildingpowers.com/2020/01/06/three-reasons-wealthy-people-know-their-net-worth/
BUYING A HOME – A GREAT, GOOD OR RISKY INVESTMENT TODAY
https://wealthbuildingpowers.com/2018/05/24/is-buying-a-home-a-great-good-or-risky-investment-today/
MARY’S JOURNEY
Mary comes from a home with very little financial literacy. Both her parents have low credit scores. Mary works a low wage job and decided to buy a NEW car. She has a poor credit history and scores. Mary, purchased a small SUV for about $26,000. Her interest rate is 30% and her monthly payments $700. The loan officer was kind enough to explain the bulk of her monthly payment goes to paying the interest and if she wants to pay the loan off faster than seven years, she should consider adding an extra $300 per month. She of course does not have an extra $300 per month. Mary believes her SUV is too small for some of her larger friends. Her solution, trade in her small SUV which she has held for less than six months. If she does, she will significantly increase her monthly payments for two reasons. The car is now worth less than her loan balance. And if she wants a larger SUV, she will pay more for YET ANOTHER NEW vehicle. In all likelihood she will end up paying $1,000 per month with the bulk still going towards her interest rate. Unfortunately, many Americans are in Mary’s situation and often end up losing their cars to the bank and further damaging their already weak credit. Mary unfortuately does NOT have a financial GPS. Her journey is just getting started and is in trouble!
NOTHING YOU DO IN YOUR LIFETIME REALISTICALLY WILL WASTE MORE MONEY THAN BUYING A NEW CAR
CONCLUSION
In the above examples, Tina, thanks to her Mom and Dad has an accurate financial GPS. Mary, does not understand the importance of a financial GPS, has a poor credit rating and is dangerously close to never climbing out of the debt hole.
My parents, Uncle and others, early in life helped me begin the journey towards financial literacy. For that I am thankful. Another tool I stumbled on was the game Monopoly. Monopoly remains my favorite game.
For parents looking for a fun way to help your children find their financial path, try playing monopoly and teach them the many lessons from this game. In addition, teach your children at a young age how to balance a checkbook. Discuss your credit cards, mortgages, car loans etc. Talk about your savings and investments strategies. Help them open their own bank or investment accounts. Buy them books: on investing, finance, and similar topics. Consider giving them share(s) of stock for a birthday or other gift. Help them pick out the stock based on their interest. Do they have an Apple phone, or play games, or have a favorite store? Buy them a share of stock.
Help program your child’s financial GPS as early as possible, so they can reach their destination of choice!
Thank you to all the “Essential Workers” who go to work to keep this country running. Our brave and terrific health care workers, Police, Fire, EMT’s; the employees we used to ignore at the grocery, drug stores, Walmart’s, Target, etc. The employees who produce our food, where so many have become ill with COVID-19 and some have lost their lives.
To all the families who lost a loved one to this virus, I send my sincere condolences and prayers.
{CONTINUED FROM PREVIOUS COVID-19 BLOGS}
HOW TO MANAGE CORONAVIRUS HEALTH AND INVESTMENT RISK – MARCH 2, 2020
WHEN THE U. S. HAS A COUGH THE REST OF THE WORLD CATCHES A COLD – WHAT HAPPENS WHEN CHINA HAS A CORONAVIRUS? – MARCH 9, 2020
PANICKING WILL NOT ERADICATE THE CORONAVIRUS PROBLEMS – MARCH 16, 2020
https://wealthbuildingpowers.com/2020/03/16/panicking-will-not-eradicate-the-coronavirus-problems/
WHEN FEAR RUNS HIGH, THE NEED FOR COURAGE MUST RUN HIGHER! – MARCH 23, 2020
THERE IS ONE THING WE CAN ALL DO TO HELP SOME OF OUR TRUE HEROES – MARCH 30, 2020
A CALIBRATED LIFTING OF THE CORONAVIRUS EMERGENCY SHUTDOWN – APRIL 6, 2020 100
THE S&P 500 REBOUNDED 25% IN THREE WEEKS – BUT THE WORSE MAY NOT BE OVER APRIL 13, 2020
THE S&P 500 REBOUNDED 25% IN THREE WEEKS – BUT THE WORSE MAY NOT BE OVER
COVID-19 HAS KILLED NUMEROUS “ESSENTIAL WORKERS” – AMERICA’S EMPLOYEES ARE NOT DISPOSABLE! APRIL 20, 2020
COVID-19 HAS KILLED NUMEROUS “ESSENTIAL WORKERS” – AMERICA’S EMPLOYEES ARE NOT DISPOSABLE!
WAKING FROM THE COVID-19 NIGHTMARE – BETTER, RICHER AND SMARTER! APRIL 27, 2020
COMING OUT OF COVID-19 AND RETURNING TO “NORMAL” SHOULD BE A NON-STARTER – OUR KID’S AND GRANDKIDS’ LIVES DEPEND ON GETTING SOMEPLACE BETTER MAY 4, 2020
THE NEED FOR EMERGENCY SAVINGS – MORE IMPORTANT TODAY THAN EVER! MAY 11, 2020
To Join Wealth Building Powers BLOG:
PLEASE SIGN UP TO FOLLOW THIS BLOG by providing your email in the subscribe box.
To follow my daily posts on Instagram click: instagram.com/wealth_building_powers
Thank you to my followers and readers, for your likes and comments. All comments, recommendations and feedback are welcomed and utilized to improve this blog.
ABOUT ME
I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger, with a NC State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.
I left a corporate career because I had a desire for making a difference as a speaker and writer, to help others. I was blessed to be coached and mentored by strong women and men in both my family and professional life. It is my time to serve and give back.
DISCLAIMER
I started my first business at ~13 years of age (small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and happy to share my personal finance and investment lessons learned with you.
However, I am NOT a licensed financial advisor. Please do not construe my suggestions on this blog, as recommendations for your personal situation. For individual finance advice please seek your own licensed CPA or fiduciary financial advisors.
I write this weekly blog to make an impact by reaching an audience and demonstrating the need for financial literacy. I will help you get there.
