Here is a quick reminder of where we are in the steps towards financial independence.
Step 1: Start Now
Step 2: Build Seed Capital Daily
Step 3: Collect Productive Assets Regularly
Sept 4: Share Knowledge Freely
Over time, productive assets can shield you from uncertainty as well as make you financially independent from your job.
How To [...]
Filed under: Collect Assets, How To | Tagged: assets, budgeting, Family, personal finance | No Comments »
When I started looking for answers to my personal financial puzzle, I realized that I didn’t really know what my alternatives were. Now, some of this stuff seems terribly obvious (like this post), but it is helpful to be reminded of our choices so that we stop repeating the same mistakes (and only repeat the [...]
Filed under: Build Seed Capital, How To, Invest More Now | Tagged: budgeting, debt reduction, personal finance | No Comments »
This is the third article in a series about how to earn to invest. The second article is Keep More of What You Earn.
You keep more of your next million by doing these three things:
Holding your cost of living steady.
Capturing good fortune as productive assets.
Reinvesting the passive income (Options 2).
Alternatively, you could spend [...]
Filed under: Earn To Invest, Exercises, Family, How To | Tagged: Family, investing, money, personal finance, saving | No Comments »
This is the second article about How To Earn to Invest. The first is, Separate Your Finances from Your Profession.
Being “financially independent” doesn’t necessarily equate to being “wealthy.”
The vaunted goal of being a “millionaire” just doesn’t get you the same economic power that it used to.
In 1967, a modest annual return of 5% on [...]
Filed under: Earn To Invest, Family, How To | Tagged: Family, investing, millionaire, money, personal finance, saving | No Comments »
Once you decide to earn to invest, you can take three steps to make that attitude a habit.
Start by separating your finances from your profession. (This post.)
Then, plan to keep more of what you earn. And, do this exercise about keeping your next million.
Finally, get a grip on your money-style.
Step 1: Separate Your [...]
Filed under: Earn To Invest, Family, How To | Tagged: budgeting, Family, money, personal finance, spending | No Comments »
This is a continuation of a series of exercises designed to help you and your family better understand your attitudes about money.
Part I: Get In Touch With Your Money Mindset (Fear v. Ambivalence v. Opportunity)
Part II: List Common Phrases Use You About Money (Scarcity v. Abundance)
Part III: Inventory Your Financial Influencers
→ [...]
Filed under: Exercises, Family, How To, Money Mindset | Tagged: attitude, fear, finances, money, opportunity | No Comments »
Click here to see Part I: Find Your Money Mindset…Fear v. Opportunity.
→ Exercise: Scarcity v. Abundance
A key indicator of your money mindset is to listen to the little throw away phrases that you might say to a child or a friend in passing.
Here are a few examples.
A penny saved is a penny [...]
Filed under: Exercises, Family, How To, Money Mindset | Tagged: Family, fear, finance, money | No Comments »
Get out of your own way.
Really.
Your current finances are a result of your money mindset, your personal relationship with money.
Your money mindset is a combination of your earliest education in money management, your successes and failures, and your phobias. While some of the circumstances were pure chance, you made all of the decisions that [...]
Filed under: Exercises, How To, Money Mindset | 2 Comments »
Trust Yourself To Make The Best Decision For Now; Only Hindsight is 20/20
Our culture is focused on doing things “best” and doing things “right;” there isn’t a lot of room for experimentation. In order to learn how to be a financially independent person, you will need to acquire the confidence that only comes from [...]
Filed under: How To, Money Mindset | 2 Comments »
This exercise will help you to estimate the productive asset base that would completely replace your current job.
Directions:
Fill in your current income from your job.
Divide your current income by 5% (0.05) and 10% (0.10) respectively. These are possible rates of return that you might seek.
Write in the resulting “Productive Asset Base” in the boxes [...]
Filed under: Exercises, Financial Independence, How To | No Comments »
Dana Kunz