1) Create a Personal Balance Sheet: The purpose of a personal balance sheet is to show you your financial picture at a specific point in time. In a previous post I show how to create a personal balance sheet which is basically just a list of your assets (everything you own i.e. cash, stocks, bonds, house, etc…) and liabilities (everything you owe, credit card debt, auto loans, home mortgage, …Read more…
Happy Friday! (and not a moment too soon). This week NetWorthProtect.com is hosting a “Best of Slacker Team Personal Finance Round-Up”. What’s that? Well, The Slacker Team is a group of personal finance bloggers that are supporting each other’s efforts to create successful and high quality blogs. The bloggers are all challengers or members of the Yakezie Network. A “Round-Up” is a compilation of blog posts by …Read more…
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For a budding entrepreneur the launching of a new business venture is one of the most exhilarating and stressful endeavours that can be experienced. To be successful, an entrepreneur must become a master planner, organizer, marketer, leader and communicator. It is not an easy task and it certainly does not happen quickly. In the words of the …Read more…
Watch out world, here are my financial and life goals for this year. I know it is 2012, but for me it is the “Year of 10″: The most important goal My number one goal is more of a “prayer” because it is something I can not control: I pray that my wife and I have a healthy new baby on or around April 10, 2012 …Read more…
Jan 032012
I am staying in a mountain house with a few couples, my pregnant wife and fours kids ranging from 8 months to 2 years old. So, my New Year’s Day is far from quiet, in fact it is downright loud and completely crazy. I would say it is crazier in this house then my college dorm, which I can assure you, was total mayhem. However, watching …Read more…
Corrected Version – Thanks to the help of a few of my readers I have corrected a mathematical error which overstated the benefits of the Traditional IRA. However, I still strongly favor the Traditional IRA over the Roth IRA as described below. Cheers! — You know the wonderful Roth IRA or the Roth 401K contributions everyone has been raving about? Well, it might not be so shiny …Read more…
I have had several discussion with readers lately regarding the costs associated with active investing and the benefits of passive investing through index tracking products. I originally wrote the following post back in August 2011, but back then I was just starting out so not many people actually read it. Take a look and let me know what you think. —— Unpredictable markets, Eurozone …Read more…
A “Fund of Funds” or “FOF” is an investment structure that invests in a portfolio of other investment funds rather than holding direct investments in stocks, bonds and other assets. The idea is that as an investor you can make a single investment in a Fund of Fund, while receiving the diversification benefits associated with investing in several different investment funds. Below is a chart which shows the typical structure of a Fund of Funds. [Read More...]
I don’t know about you, but I think polls and surveys are really fun and sometimes they can be even useful too (but usually for marketing research purposes). However, I have an issue with a recent Gallup Poll that asked American’s how much income they believed they need to be “rich”. According to the poll results, Americans set the “rich” threshold at a median of $150,000 in terms of annual income and $1,000,000 in terms of net worth.
To me, these numbers are way too low…. [Read More...]
Dec 092011
Sometimes your most important moments of clarity occur while having a few drinks with a great friend. This evening a friend and I were having a conversation about our lives, our finances, our futures and all the little road blocks that could stop us from accomplishing our goals. We are both reasonably successful guys with great families, little or no personal debt, decent incomes and wealth, and a world of possibilities. So, why …Read more…
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