BECOMING A MILLIONAIRE BY KISS-ING

Disclaimer: Good Day, Readers.  WealthBuildingPowers blog is a financial literacy/competency blog and does not provide specific investment recommendations.  

BECOMING A MILLIONAIRE BY KISS-ING – (KEEPING IT SIMPLE SILLY ) 

https://anchor.fm/dashboard/episode/e16p46e. To Listen to Audio Click This Link

I would LOVE a pallet of hundred-dollar bills, which is about ONE MILLION DOLLARS! If you are one of the few that does not want or need a MILLION DOLLARS {SERIOUSLY??????!} send that pallet to me! Send it postage due!  Even better, please load the pallet with thousand-dollar bills.  No, I will NOT do the math for you.  Figure it out!

 

CHASING THE K-I-S-S DREAM

I have never discovered EASY money except for winning the lottery, which has better odds than Congress doing their jobs. Today’s dreamers of fast and easy $$$ are chasing Cryptocurrencies, Meme stocks (last week’s blog- See You “May Like” Section Below), and other quick bucks stuff.  When you see so-called “Subject Matter Experts” advertise on Facebook, Instagram, etc. “For $999.00, TODAY ONLY, I will teach you to FILL IN THE BLANK” DELETE IMMEDIATELY!  Anyone with a foolproof method to make themselves filthy rich, are RICH!  DUH!   

There are ZERO fool-proof new investment ideas that will suddenly turn you into a millionaire   — otherwise, EVERYONE would be RICH!

BORING IS GOOD! 

I borrowed the above line from the movie “Wallstreet” Remember the best line in the movie – “Greed Is Good.”  

Back to reality- slow and steady is the safest way to achieve your financial freedom. Yes, it is boring. BUT, many a poor man/woman are wishing they had gone the slow and steady route!

Investing consistently in low-cost Index ETFs, etc. helped ordinary people (THAT BE US) build wealth over time. These funds expose investors to an entire index for meager fees, such as the S&P 500 (500 individual companies). Vanguard’s VOO S&P 500 ETF charges 0.03 percent.   Compare that to the one to two percent active managed mutual funds charge regardless of making or losing YOUR HARD-EARNED MONEY!  I AVOID THOSE!

KEEPING IT SIMPLE

Successful people in all fields, keep it simple, stick to what works and PRACTICE, PRACTICE, PRACTICE [athletes, carpenters, photographers, investors, ETC.]  thousands of hours to achieve consistency.  

Good Investors consistent KISS habits include:

  • Being prepared for unexpected expenses- Emergency Funds
  • Long Term Financial Plan
  • Doing Their Research
  • Long Term Outlook
  • Consistent Approach- Fads do NOT phase them!

EMERGENCY FUNDS

An emergency fund is necessary to help you meet routine expenses during times of crisis like job loss, medical emergency, once in a thousand-year Pandemics, etc. Your emergency reserves should cover six months or MORE of your monthly expenses. Keep your emergency funds in assets you can quickly liquidate like savings accounts, fixed deposits, etc. 

This pandemic taught us we NEED emergency funds.  

FINANCIAL PLAN  

Investing is about creating wealth in the long term; and accomplishing your mid-term goals, such as buying a home, your kid’s college funds, starting a bakery (shout out to Jennifer Cookies (BEST CAKES AND COOKIES IN THE WORLD- You can find her on Facebook @ JenniferCookies.  I suggest you buy two and send me one!)  

Your financial plan should include: 

  • Your minimum monthly savings target 
  • Planned retirement dates and goals 
  • Targeted Net-Worth by TBD date, 
  • Etc.

Review your plan minimum annually revising as needed. 

DO YOUR RESEARCH

This drives me crazy, people spend weeks and months researching a car purchase yet make a financial investment after Uncle Billy Joe Bob tells you how great an investment Dogecoin is.  DO YOUR DANG RESEARCH!

“You work hard for your money” and MUST know WHERE YOUR MONEY IS GOING.  Think of your money like your 16-year-old daughter. I’m pretty sure most parents ask when she is going out with Charlie (that you believe looks like a frog) WHERE ARE YOU TWO GOING?  And WHEN WILL YOU BE BACK? {Dads- ensure you are cleaning your guns when you ask}. 

Before investing YOUR HARD-EARNED MONEY, do the research. Where are you placing an investment?  What are the risks?  Will you get it back, ever? 

LONG-TERM VIEW

If you have a 401(k) or an IRA, you are investing for the long term.  The goal is to grow your retirement account over decades, so any routine downs are less significant than consistent growth over an extended period.

These investments are typically held for years/decades, taking advantage of interest, dividends, appreciation, compounding (one of my all-time favorites), stock splits, etc., along the way. 

Markets fluctuate like your spouses’ mood; investors will “ride out” the downtrends with the expectation that prices will rebound, and any losses eventually will be recovered. 

DIVERSIFICATION

Unlike having one spouse/significant other, do NOT place your money in one investment asset.  That is the equivalent of an average talented baseball player swinging for home runs every pitch.  She will strike out often, and so might you! 

Investors diversify with:

  • Basket of stocks 
  • ETF’s 
  • Bonds 
  • Fixed deposit accounts – CDs
  • Precious Metals- Gold, Silver
  • Real estate holdings 
  • Plenty of other options not included

Spread the risk and ensure your investments are protected in the long run.

CONSISTENCY

When it comes to investing, making consistent and regular investments is more beneficial than one lump sum. Utilize dollar-cost averaging, where you invest a set amount every month no matter if the asset’s price is high or low.  This process takes emotions out of investing and avoids any delays in putting your money to work. Moreover, this will make you a disciplined investor. 

CONCLUSION – BECOMING A MILLIONAIRE BY KISS-ING 

The opposite of slow and steady is day trading, which is more popular today in large part thanks to Robinhood.  Robinhood has made buying and selling stocks as easy as swiping up on a dating app. BUT, 90 percent or more of day traders lose money because people are horrible at picking the suitable investment at the right time.  

KISS with an index fund and dollar-cost averaging. Take the emotion/stress and poor decision-making out of the equation. 

Decide on your dream and goals.  Write down your specific plans and take ACTION. 

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ABOUT ME

I am a proud nerd (as my beautiful wife and daughter have told me) investment and finance blogger with an N.C. State, Chemical Engineering, University Rutgers, MBA and Harvard University, Advanced Management education.

I left a corporate career because I desired to make a difference as a speaker and writer. I was blessed to be coached and mentored by strong women and men in 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 (a small but brilliantly created plant nursery). I am a successful investor in stocks, options, real estate and am happy to share my finance and investment lessons.  I am NOT a licensed financial advisor.  Please do not construe my suggestions on this blog as recommendations for your situation.  As an investor, you must establish your risk/loss tolerance. Investment in any asset involves risk, including complete loss. 

 Please seek your licensed CPA or fiduciary financial advisors for individual financial advice.  

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.

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Powers Investments Management, LLC

This blog will provide, information and simple strategies, that will assist you to achieve YOUR financial objectives and long term targets. For over 30 years, I solved multi-million dollar problems, for Fortune 10-250, companies. My formal education includes: Business, Finance and Chemical Engineering {Problem Solving} at: Harvard, Rutgers and North Carolina State. And an additional 30+ years, managing my family’s investment decisions. I currently manage/advise people with net-worths ranging from the tens of thousands to several million dollars.

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