Have you heard of the “Rule of 72”? This simple rule helps your HARD-EARNED MONEY grow! The “Rule of 72” approximates how many years it will take for your money to double, given a fixed rate of return. The formula: {72 / interest rate = Number years to double}. How long do you believe it will take to double your money if placed in a typical U. S. savings account? ...
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RULE # 1: If your debt interest rate is higher than your targeted investment return, than prioritize paying off debt. Place your money where it does the most good. https://wealthbuildingpowers.com/2018/04/05/four-steps-to-achieve-financial-freedom-by-becoming-debt-free/ If you want to invest in the S&P 500 ETF, which averages about eight to ten percent annual returns you should prioritize paying off HIGH INTEREST credit card debt which can be as high as ~30%. The good news, student loan interest ...
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Every successful individual regardless of the field, did so by outworking the competition.
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THE YUCK GIFTS How many of you admit to regifting? You know the gifts when you open a package and your first thought can never be uttered in front of your Mom. So you flip it over a few times trying to guess what’s in the package when you finally come across the name tag and AH HA, you were right. It’s from your in law! Meanwhile you sent him or her a $60 ...
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STOP DESTROYING YOUR LIFE! - GET OUT OF THAT DAMN HOLE!
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FINANCIAL LITERACY Read: FINANCIAL LITERACY IS JUST NOT THAT COMPLICATED – TRUST ME! Click below link https://wealthbuildingpowers.com/2019/04/01/financial-literacy-is-just-not-that-complicated-trust-me/Reduce spending to live within your means. BUDGETING Read: Do You Want or Need a Cadillac? Click below link HTTPS://wealthbuildingpowers.com/2018/01/23/DO-YOU-WANT-OR-NEED-A-CADILLAC/ Calculate how and what you spend your money on now and then figure out how to put more of YOUR HARD EARNED MONEY TO WORK - WHILE YOU SLEEP! Track your spending and see where your money is actually going because you will see opportunities to ...
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For a $500,000 home, the difference between a 760 and a 620 credit score could cost you more than $150,000 in additional interest payments, over 30 years, due to higher rates! This is an example of one cost savings and there are several more below. Credit vendors, banks, landlords, etc. use our credit scores to evaluate our credit worthiness. Your creditworthiness is the likelihood you will pay your debt or NOT. Our ...
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My Dad and Mom, helped prepare me to become successful. As a father, I have that same responsibility to help my daughter succeed. I constantly read how the majority of Americans live check to check. I have been laid off too many times to live check-to-check! My parents taught me the value of budgeting, living beneath my means, growing my emergency savings, etc and I survived ...
Read MoreThis week I interview a young man, Jake, whose household Net-Worth is on a great trajectory. Jake and his wife Jen, in their early 30’s, have already built a Net-Worth, that is 30 times greater than the average American Household for a couple their age. THIRTY TIMES GREATER - bears repeating. So lets take a look at their strategy and accomplishments! By the way, Jake ...
Read MoreFor the past two weeks I have talked about the importance of eliminating debt. It is past time to get started. I did it and you can too. If you are in debt and do not believe you can take control then don’t waste your time reading this blog. But if you want to get out of debt and create debt free financial freedom - KEEP READING! Below four steps ...
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