I have officially finished my first semester at grad school and man what a stressful past few weeks I had. I put my nose to the grindstone and didn't look up. When the dust cleared after my last exam today, I realized I haven't chimed in on the blog in a while. But sometimes consistent hard work is the only way to ensure success and that's what I have been doing. My reading has also slacked as well but I am ready to dive back into the books once I recover from my sleep deprivation. Here is a list of books that I plan on reading and giving you all interesting advice from:
1. Entreleadership by Dave Ramsey
2. The Wealth Cure by Hill Harper
3. QBQ! by John G. Miller
4. A PhD is Not Enough by Peter Feibelman
5. Secrets of the Millionaire Mind by T. Harv Eker
6. Think and Grow Rich by Napoleon Hill
7. Good to Great by Jim Collins
8. Anything by John C. Maxwell
I'm going to be a busy reader over the holidays! So in the meantime, keep your eyes on your goal and just keep taking steps in the right direction no matter how small the steps or how much weight you have to pull. You're always getting that much closer.
--A Future Millionaire
Monday, December 19, 2011
Tuesday, November 29, 2011
Are We Really in a Recession?
That's what has been reported in the news for the past couple years. They report the economy is shaky and not one has jobs, and yet we spend a record amount of 52.4 billion dollars this past weekend on holiday shopping!! This somehow doesn't add up to me... the only thing I can take from this is that the economy is not crap, people are still getting income from their jobs and people are still spending like crazy. We need to look for more sources other then the news that show us how the economy is doing. I like to look at movie theater sales as well. For example Breaking Dawn Part 1 has brought in 220 million dollars in its first 10 days in theaters. So the real news is, that the economy is doing just fine. If you work hard and make opportunities for yourself, good things will happen even in this 'bad' economy.
--A Future Millionaire
--A Future Millionaire
Monday, November 21, 2011
Where does the average millionaire shop?
Do you think they only go for the fancy brands? Then maybe think again. In Stop Acting Rich by Thomas Stanley he shows the top ten stores millionaire men and women shop. Here are the lists:
Men:
1. Nordstrom (38.6%)
2. Macy ’ s (27.3%)
3. Kohl ’ s (21.7%)
4. Target (21.6%)
5. Costco (21.3%)
6. Dillard ’ s (20.9%)
7. Brooks Brothers (19.3%)
8. Gap (15.9%)
9. Wal-Mart (15.5%)
10. T.J. Maxx (14.7%)
Women:
1. Ann Taylor (47.5%)
2. Nordstrom (44.6%)
3. Macy ’ s (43.6%)
4. Target (39.6%)
5. T.J. Maxx (33.7%)
6. Talbots (32.7%)
7. Gap (28.7%)
8. Costco (27.7%)
9. Lord & Taylor (25.7%)
10. Saks Fifth Avenue (24.8%)
I guess by shopping at Kohl's I am unknowingly shopping where 21.7% of millionaires say they have shopped. Looks like I could be on to something here. If you think millionaire only where custom made, then think again as well... he points out that only 4.6 percent of millionaire get custom made clothes. So the next time we shop, let's buy clothes because they look nice and are at a good price, not because they have a brand on them.
--A Future Millionaire
Men:
1. Nordstrom (38.6%)
2. Macy ’ s (27.3%)
3. Kohl ’ s (21.7%)
4. Target (21.6%)
5. Costco (21.3%)
6. Dillard ’ s (20.9%)
7. Brooks Brothers (19.3%)
8. Gap (15.9%)
9. Wal-Mart (15.5%)
10. T.J. Maxx (14.7%)
Women:
1. Ann Taylor (47.5%)
2. Nordstrom (44.6%)
3. Macy ’ s (43.6%)
4. Target (39.6%)
5. T.J. Maxx (33.7%)
6. Talbots (32.7%)
7. Gap (28.7%)
8. Costco (27.7%)
9. Lord & Taylor (25.7%)
10. Saks Fifth Avenue (24.8%)
I guess by shopping at Kohl's I am unknowingly shopping where 21.7% of millionaires say they have shopped. Looks like I could be on to something here. If you think millionaire only where custom made, then think again as well... he points out that only 4.6 percent of millionaire get custom made clothes. So the next time we shop, let's buy clothes because they look nice and are at a good price, not because they have a brand on them.
--A Future Millionaire
Friday, November 18, 2011
Failure. Verb or Noun?
I was reading a book called 101 Distinctions between Success and Failure. I would like to reflect on just one of those distinctions...
"Success is a noun. Failure is a verb."
Now if you know me, you know that my English skills are not the best but even this concept got to me. A verb is an action, something that you do. A noun is something that describes you. This is saying that we cannot let failure describe us. It is just something that we do. We can fail 500 times but as long as we try again we cannot be labeled as a failure. Once we give up that's when failure becomes a noun. Success takes hard work everyday and as long as you don't give up, you are a success. So if you always struggle with money now is the time to make things right and start winning. Don't give up on your finances, it will come around as long as you keep on keepin' on.
--A Future Millionaire
"Success is a noun. Failure is a verb."
Now if you know me, you know that my English skills are not the best but even this concept got to me. A verb is an action, something that you do. A noun is something that describes you. This is saying that we cannot let failure describe us. It is just something that we do. We can fail 500 times but as long as we try again we cannot be labeled as a failure. Once we give up that's when failure becomes a noun. Success takes hard work everyday and as long as you don't give up, you are a success. So if you always struggle with money now is the time to make things right and start winning. Don't give up on your finances, it will come around as long as you keep on keepin' on.
--A Future Millionaire
Tuesday, November 15, 2011
Investing
God calls us to invest our money that he has entrusted to us. We see this in gospel from this past weekend...
"14 “Again, it will be like a man going on a journey, who called his servants and entrusted his wealth to them. 15 To one he gave five bags of gold, to another two bags, and to another one bag,[a] each according to his ability. Then he went on his journey. 16 The man who had received five bags of gold went at once and put his money to work and gained five bags more. 17 So also, the one with two bags of gold gained two more. 18 But the man who had received one bag went off, dug a hole in the ground and hid his master’s money.
19 “After a long time the master of those servants returned and settled accounts with them. 20 The man who had received five bags of gold brought the other five. ‘Master,’ he said, ‘you entrusted me with five bags of gold. See, I have gained five more.’
21 “His master replied, ‘Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!’
22 “The man with two bags of gold also came. ‘Master,’ he said, ‘you entrusted me with two bags of gold; see, I have gained two more.’
23 “His master replied, ‘Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!’
24 “Then the man who had received one bag of gold came. ‘Master,’ he said, ‘I knew that you are a hard man, harvesting where you have not sown and gathering where you have not scattered seed. 25 So I was afraid and went out and hid your gold in the ground. See, here is what belongs to you.’
26 “His master replied, ‘You wicked, lazy servant! So you knew that I harvest where I have not sown and gather where I have not scattered seed? 27 Well then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.
28 “‘So take the bag of gold from him and give it to the one who has ten bags. 29 For whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them. 30 And throw that worthless servant outside, into the darkness, where there will be weeping and gnashing of teeth.’" -Matthew 25:14-30
This parable basically speaks for itself but in this story we are the servants and God is the man going on the journey. God is entrusting us with his money and we should do with it as he pleases. From this story we see that God wants us to invest our money so that it grows. This parable also states that if we properly take care of the money we are given today, we will be entrusted with even more of it in the future. Notice that I am not saying we are ENTITLED to this money because we are not. America has become an entitled nation that wants to be given things with no responsibility attached. Entrusted implies that we MUST be responsible or else we won't get more money! Don't be like the lazy servant, do good things with your money. Give some, invest some and spend some. To help you with the investing part, find a good financial adviser that can guide you in the right direction.
--A Future Millionaire
"14 “Again, it will be like a man going on a journey, who called his servants and entrusted his wealth to them. 15 To one he gave five bags of gold, to another two bags, and to another one bag,[a] each according to his ability. Then he went on his journey. 16 The man who had received five bags of gold went at once and put his money to work and gained five bags more. 17 So also, the one with two bags of gold gained two more. 18 But the man who had received one bag went off, dug a hole in the ground and hid his master’s money.
19 “After a long time the master of those servants returned and settled accounts with them. 20 The man who had received five bags of gold brought the other five. ‘Master,’ he said, ‘you entrusted me with five bags of gold. See, I have gained five more.’
21 “His master replied, ‘Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!’
22 “The man with two bags of gold also came. ‘Master,’ he said, ‘you entrusted me with two bags of gold; see, I have gained two more.’
23 “His master replied, ‘Well done, good and faithful servant! You have been faithful with a few things; I will put you in charge of many things. Come and share your master’s happiness!’
24 “Then the man who had received one bag of gold came. ‘Master,’ he said, ‘I knew that you are a hard man, harvesting where you have not sown and gathering where you have not scattered seed. 25 So I was afraid and went out and hid your gold in the ground. See, here is what belongs to you.’
26 “His master replied, ‘You wicked, lazy servant! So you knew that I harvest where I have not sown and gather where I have not scattered seed? 27 Well then, you should have put my money on deposit with the bankers, so that when I returned I would have received it back with interest.
28 “‘So take the bag of gold from him and give it to the one who has ten bags. 29 For whoever has will be given more, and they will have an abundance. Whoever does not have, even what they have will be taken from them. 30 And throw that worthless servant outside, into the darkness, where there will be weeping and gnashing of teeth.’" -Matthew 25:14-30
This parable basically speaks for itself but in this story we are the servants and God is the man going on the journey. God is entrusting us with his money and we should do with it as he pleases. From this story we see that God wants us to invest our money so that it grows. This parable also states that if we properly take care of the money we are given today, we will be entrusted with even more of it in the future. Notice that I am not saying we are ENTITLED to this money because we are not. America has become an entitled nation that wants to be given things with no responsibility attached. Entrusted implies that we MUST be responsible or else we won't get more money! Don't be like the lazy servant, do good things with your money. Give some, invest some and spend some. To help you with the investing part, find a good financial adviser that can guide you in the right direction.
--A Future Millionaire
Thursday, November 10, 2011
Learn and Adapt
This post is sort of a freestyle because I don't have any sources that I can point you to right this second but I'm sure it's been said before. You must be able to adapt to any situation you are placed into. You may not thrive immediately, but adaption must occur. Adaptation is a key trait that I believe a future millionaire must have. Let me tell you story about why I am posting about this today.
As you may know, I am in my first year of grad school and about 1.5 months ago I took my first grad school test. It did not go so well. I got a 56 percent... and even with the curve that was the lowest possible C (which is not passing). It hit me pretty hard, mainly because of my near flawless performance in undergrad. I was definitely swimming in a bigger pond and had to adapt. I decided that more in depth studying had to be done so instead of letting the poor grade knock me down, I used it to inspire me. I just took the second test for the class this morning. I have not gotten the grade back yet but I am certain that I scored at least 20 point higher on it then I did on my first test. I will let you know what the official score is when I get it back. But here's the point...
I did what had to be done to adapt to my new environment. A millionaire must be able to jump through these hurdles and proceed through the changes life throws. Life is always changing. It is how we react to the change that tells us what kind of person we are.
--A Future Millionaire
As you may know, I am in my first year of grad school and about 1.5 months ago I took my first grad school test. It did not go so well. I got a 56 percent... and even with the curve that was the lowest possible C (which is not passing). It hit me pretty hard, mainly because of my near flawless performance in undergrad. I was definitely swimming in a bigger pond and had to adapt. I decided that more in depth studying had to be done so instead of letting the poor grade knock me down, I used it to inspire me. I just took the second test for the class this morning. I have not gotten the grade back yet but I am certain that I scored at least 20 point higher on it then I did on my first test. I will let you know what the official score is when I get it back. But here's the point...
I did what had to be done to adapt to my new environment. A millionaire must be able to jump through these hurdles and proceed through the changes life throws. Life is always changing. It is how we react to the change that tells us what kind of person we are.
--A Future Millionaire
Monday, November 7, 2011
Time
I don't need to tell you that time is important. It's something that we can never get more of and it is the great equalizer in all of humanity. Everyone only gets 24 hours in a day. It’s what we do with these hours that separate those that are successful from the rest of the pack. Try and do an inventory of the time you spend doing different activities. These include productive activities like working on a project, doing homework, paying the bills or cleaning. But also include those not-so-productive activities like surfing facebook/twitter or watching TV. If you take a step back and realize how much time you spend doing each activity you can see where all the time goes that seems to slip away.
One of the biggest things we waste our time doing is watching TV. Most of what has consumed our culture is 'reality' TV that really has nothing to do with reality at all. The average millionaire won't be able to tell you who got voted off the island, who got in a fight on the jersey shore or whose the next best singer and dancer. This is because they don't waste their time with it. They read books and do productive things, which is part of what made them millionaires in the first place. Now I personally liked to watch Jersey Shore as a guilty pleasure but I don't even own a TV now, so I have pretty much stopped watching it all together except for sports games like the NFL. My point though is to take a look at the time you spend doing these things and try to minimize it as much as possible. You should do activities that get you closer to your goal and make you a better person. Time is precious, don't waste it.
--A Future Millionaire
Wednesday, November 2, 2011
Where do we Spend our Money?
This is one of the greatest questions we can ask when we start managing our finances. Where we spend our money tells us what we truly care about. Luke 12:34 states, "For where your treasure is, there your heart will be also."
I wrote a post about how all our money is actually God's. We are simply the managers. Since we are managing God's money, we better know where it is going! And we need to make sure that every dollar we spend is honoring God, so that our heart is with God. The first step is doing what the bible says to do with our money! We need to keep track of our expenses with a budget, stop borrowing money and give a tithe. The thing about the tithe is that God doesn't want our money or our stuff. God wants our heart. If all we focus on is getting more stuff then our heart belongs to our things and not to God. Matthew 6:24 confirms this saying, "...you cannot serve both God and money." So although I am on this quest for one million dollars, I will still be giving and still be spending and still be saving but I will do it for the glory of God, not for the accumulation of stuff. If we truly want to honor God, let's start keeping track of our spending and actively see where we are spending God's money. If our spending habits are not where our heart should be, then we need to change them.
--A Future Millionaire
I wrote a post about how all our money is actually God's. We are simply the managers. Since we are managing God's money, we better know where it is going! And we need to make sure that every dollar we spend is honoring God, so that our heart is with God. The first step is doing what the bible says to do with our money! We need to keep track of our expenses with a budget, stop borrowing money and give a tithe. The thing about the tithe is that God doesn't want our money or our stuff. God wants our heart. If all we focus on is getting more stuff then our heart belongs to our things and not to God. Matthew 6:24 confirms this saying, "...you cannot serve both God and money." So although I am on this quest for one million dollars, I will still be giving and still be spending and still be saving but I will do it for the glory of God, not for the accumulation of stuff. If we truly want to honor God, let's start keeping track of our spending and actively see where we are spending God's money. If our spending habits are not where our heart should be, then we need to change them.
--A Future Millionaire
Monday, October 31, 2011
Co-signing is Stupid
I didn't say it, the bible did. In the Contemporary English Version of Proverbs 17:18 it says, "It's stupid to guarantee someone else's loan." The bible could not be more right. This happens so often with relatives trying to 'help out' their family. Both the relative and the borrower think that they are responsible enough to pay off the loan. And the borrower has every intention of paying it off. The only one that knows they won't pay is the BANK! They know statistically that the borrower won't pay and they want someone to pay up for them. If you ever co-sign a loan make sure that you are willing to pay it because that's what will happen. In the end, co-signing for the loan doesn't help them. It hurts them. It allows them to get into a loan they shouldn't have had in the first place. So if the bank requires a co-signer for your loan then you should probably think twice about getting it because you can't afford it! On the other side, if someone asks you to co-sign for their loan, actually help them and refuse to do it! If you think they are good with their money and they really need what they are getting, just gift them some money. OR force them to wait and actually save the money for what they want. What a concept that we have forgotten in this debt laden culture, if we want something we should have the money to buy it! Millionaires don't pay interest, they make interest and that's what I go by.
--A Future Millionaire
--A Future Millionaire
Friday, October 28, 2011
More Millionaires!
Yahoo Finance published this article today about how the number of millionaires has increased again for the second year in a row. Phoenix Marketing International reports "in 2011, there were 5.94 million millionaire households, compared with 5.56 million households a year earlier, an increase of approximately 6.8 percent." The article also broke down which states had the most millionaires; Maryland topped the list with 7.22% of households being millionaires. The national percentage of millionaires hovers just over 5% now. Before the economic downturn in 2008, the peak percentage of millionaires in the nation was recorded at 5.25% in 2007. But I believe as the economy turns around and as we try to eliminate our debts, this percentage will be surpassed.
How they define millionaire status is a little different than my definition. I look at net worth, which is any assets you own, minus your liabilities. They only look at "investable or liquid assets" and exclude retirement accounts and real estate. If they used my formula, then I believe they would record an even higher number of millionaires. Either way, it doesn't matter how they record it, the fact of the matter is that the number of millionaires are increasing and we can be a part of this.
How they define millionaire status is a little different than my definition. I look at net worth, which is any assets you own, minus your liabilities. They only look at "investable or liquid assets" and exclude retirement accounts and real estate. If they used my formula, then I believe they would record an even higher number of millionaires. Either way, it doesn't matter how they record it, the fact of the matter is that the number of millionaires are increasing and we can be a part of this.
Think that millionaires only inherit their money? Then think again. If fact, in Thomas Stanley's book, The Millionaire Next Door, he points out that 80% of current millionaires are first generation rich! Meaning they worked their butts off and got the money all on their own. Only the "lucky" 20% inherited the money but believe me if they start doing poor people stuff they will become poor. The good news is, it works the opposite way too. If you're poor and start doing rich people stuff then you will become rich. It's not a hard concept at all! It's just hard to achieve because it takes sacrifice. To be a millionaire we must live below our means, budget, spend wisely and make good financial decisions. If we can all take these steps, the percentage of millionaires will skyrocket, all people will be more financially secure, giving will increase and the wealth of this nation will be restored and strong once again.
--A Future Millionaire
--A Future Millionaire
Wednesday, October 26, 2011
It Starts with WE not THEY
3 “Why do you look at the speck of sawdust in your brother’s eye and pay no attention to the plank in your own eye? 4 How can you say to your brother, ‘Let me take the speck out of your eye,’ when all the time there is a plank in your own eye? 5 You hypocrite, first take the plank out of your own eye, and then you will see clearly to remove the speck from your brother’s eye. --Matthew 7:3-5
This passage sums up what is going on with the financial crisis this nation is having. How can we expect Washington to get their financial situation fixed when we are sitting at home with record amounts of debt as well? How can we demand they fix their problem while we sit back and do nothing about our own? We are so concentrated on other people's problems that we can't fix our own!!
This is when we need to step back and realize that this financial crisis is not the problem at all! It is the symptom. Our real problems are:
1) Discipline: We can't say no to debt
2) Entitlement: We are spoiled
3) Greed: We are so far in debt, we have no money left to give
We have raised a nation that was told we can have everything we want and get it now. We never realized this as a problem until we started running out of money, the housing market crashed and unemployment skyrocketed. The fact that we as individuals and us as a nation are so much in debt is not the problem and there is no real way to fix it. We need to first, discipline ourselves and realize that we simply can't have everything we want right now. Sacrifices must be made and we will see that once we start to work on these problems, our financial situation will heal as well. Mature people who want a solution look for something they can DO. Entitled people look for someone they can BLAME. Before we point fingers, let's look for a solution. Let's get our own finances under control without demanding the governments help and before we demand the government to fix their crisis. Let's pay off our debt, live on a budget, save more money and give more money. If all of us start handling our finances well, congress will follow suit.
--A Future Millionaire
P.S. A lot of this was based off a sermon by Andy Stanley, if you would like to learn more from him directly check it out here.
This passage sums up what is going on with the financial crisis this nation is having. How can we expect Washington to get their financial situation fixed when we are sitting at home with record amounts of debt as well? How can we demand they fix their problem while we sit back and do nothing about our own? We are so concentrated on other people's problems that we can't fix our own!!
This is when we need to step back and realize that this financial crisis is not the problem at all! It is the symptom. Our real problems are:
1) Discipline: We can't say no to debt
2) Entitlement: We are spoiled
3) Greed: We are so far in debt, we have no money left to give
We have raised a nation that was told we can have everything we want and get it now. We never realized this as a problem until we started running out of money, the housing market crashed and unemployment skyrocketed. The fact that we as individuals and us as a nation are so much in debt is not the problem and there is no real way to fix it. We need to first, discipline ourselves and realize that we simply can't have everything we want right now. Sacrifices must be made and we will see that once we start to work on these problems, our financial situation will heal as well. Mature people who want a solution look for something they can DO. Entitled people look for someone they can BLAME. Before we point fingers, let's look for a solution. Let's get our own finances under control without demanding the governments help and before we demand the government to fix their crisis. Let's pay off our debt, live on a budget, save more money and give more money. If all of us start handling our finances well, congress will follow suit.
--A Future Millionaire
P.S. A lot of this was based off a sermon by Andy Stanley, if you would like to learn more from him directly check it out here.
Monday, October 24, 2011
Gambling and the Lottery
I think gambling is fun and exciting especially at a really nice casino. While some people may like to go to a movie and spend $10, I'd rather go to a casino and use it to gamble. BUT entertainment is all gambling is good for. It is most certainly NOT a way to get rich, it is a way of becoming broke. Gambling can be addicting and can destroy your finances. A casino can eat your cash fast but the lottery is even worse. It is the absolute worst place you can spend your money. At least in roulette if you put your money on black or red, you have a 47% chance of doubling it (not saying I recommend it). The lottery has drastically worst odds and basically becomes a tax on the poor and people that can't do math. I can guarantee that the majority of millionaires do not play the lottery. Now you might say, "that's because they don't need too play the lottery because they already have a lot of money." I say that they became millionaires because they stayed away from the lottery! Let's play out a scenario where instead of wasting your money playing the lottery, you put it in a good growth stock mutual fund...
Let's say the average person that plays the lottery spends $30 a month, that's $360 a year. They have about a 1 in 13,983,816 chance of hitting the jackpot and becoming a millionaire. If instead of using the money on the lottery, you put it in a good growth stock mutual fund your whole working life (from age 20 to age 70) you will have $1,183,467.69 EVERY TIME!!! Why give your hard earned money away to the government when instead you could literally become a millionaire with that money?
Welcome to the wonderful world of mathematics! This is a real world application that every non-math minded person can understand.
--A Future Millionaire
Let's say the average person that plays the lottery spends $30 a month, that's $360 a year. They have about a 1 in 13,983,816 chance of hitting the jackpot and becoming a millionaire. If instead of using the money on the lottery, you put it in a good growth stock mutual fund your whole working life (from age 20 to age 70) you will have $1,183,467.69 EVERY TIME!!! Why give your hard earned money away to the government when instead you could literally become a millionaire with that money?
Welcome to the wonderful world of mathematics! This is a real world application that every non-math minded person can understand.
--A Future Millionaire
Friday, October 21, 2011
Get Hydrated and Save Money
One of the little things I do that saves me money, also happens to make me healthier. When I go to eat at a restaurant, which is budget busting already, I always ask for just tap water (unless of course we are celebrating and I need a beer!). This does two things, the first of which is saves money! If you want to have a coke don't buy it from a restaurant. They mark up the price of soda so much, in fact i can be marked up as high as 2000%! Now that is good for the restaurant but bad for you. "A family of four that dines out twice per week will save nearly $1,000 per year by skipping the soda pop and instead going with water."(Source) That is huge saving that can be applied to debt or saved to buy something you need. Why waste it on soda, which is just liquid calories and does nothing for you nutritionally? Water is also so abundant in our body and it needs to be replaced, so for me this is a win-win-win situation. Save money, cut out calories and hydrate our body all at the same time.
--A Future Millionaire
--A Future Millionaire
Thursday, October 20, 2011
This is a Marathon
I mentioned briefly before how this plan to be a millionaire was long term and not a get rich quick scheme. Proverbs 20:21 says, "Getting rich quick may turn out to be a curse." (CEV) It is going to take many years of hard work and even more after that to continue to stay smart with money. As you can tell I haven't been posting as much this week as I did in the previous two. This is because things have gotten busy here at school and I haven't thought of anything urgent to blog about.
Then I read a newsletter today from "The Great Recovery" about how money is like baseball. In the newsletter it says, "Like baseball, winning with money is about making good decisions over time--not necessarily making a few big plays or trying to 'get rich quick.'" There is no doubt that homeruns are exciting and morale boosting but winning can occur without them if you play consistently good baseball. This parallels greatly to our lives with money. Every now and then we will hit those homeruns like getting a huge bonus, signing up a big new client or getting a promotion. These will make us more money but winning occurs if we consistently make good decisions with our money.
The newsletter also looks at sacrificing in baseball, you don't always go for the homerun. Sometimes good hitters will lay down a bunt in order to advance a runner, this is called a sacrifice, these plays can make the difference between winning and losing. Again, it's the little things and although I may not blog everyday with an 'urgent' message, know that I am doing the little things to win with money and every now and then I will share these with you. I will also share big things too when they come up but remember this is a marathon, let's take it slow and steady so we don't pass out along the way.
--A Future Millionaire
P.S. - I would suggest checking out "The Great Recovery" by clicking here. There are great materials there to learn how to stay smart with money.
Then I read a newsletter today from "The Great Recovery" about how money is like baseball. In the newsletter it says, "Like baseball, winning with money is about making good decisions over time--not necessarily making a few big plays or trying to 'get rich quick.'" There is no doubt that homeruns are exciting and morale boosting but winning can occur without them if you play consistently good baseball. This parallels greatly to our lives with money. Every now and then we will hit those homeruns like getting a huge bonus, signing up a big new client or getting a promotion. These will make us more money but winning occurs if we consistently make good decisions with our money.
The newsletter also looks at sacrificing in baseball, you don't always go for the homerun. Sometimes good hitters will lay down a bunt in order to advance a runner, this is called a sacrifice, these plays can make the difference between winning and losing. Again, it's the little things and although I may not blog everyday with an 'urgent' message, know that I am doing the little things to win with money and every now and then I will share these with you. I will also share big things too when they come up but remember this is a marathon, let's take it slow and steady so we don't pass out along the way.
--A Future Millionaire
P.S. - I would suggest checking out "The Great Recovery" by clicking here. There are great materials there to learn how to stay smart with money.
Monday, October 17, 2011
Dream Home
Don't let the dream turn into a nightmare! When looking on buying a house we look for the house of our dreams. We imagine a place to call our own, inviting guests over for dinner and parties and eventually raising a family there. But how can we be sure that the dream doesn't end up in a nightmare of being put out on the street with a foreclosure because we bought too much house? This has recently happened to so many people and some have credited it to the recent recessions we have been having. How can we guarantee this doesn't happen to us?
First off we want to be completely debt free and have an emergency fund of 3-6 months of expenses, then we will be ready to buy. Now, the best way to buy a house is the 100% down plan. Just buy the house outright... this way you are not a slave to the bank and don't have to worry about the monthly payments. Now although this would be really cool, it is not realistic for everyone. So the next best option would be to take out no more then a 15-year fixed rate mortgage after a minimum 20% down payment (with this down payment the mortgage company won't force you to pay for private mortgage insurance which is about $75 a month per $100,000 borrowed). The payments for the mortgage should be no more than 25% of your monthly take home pay. Any more expensive will increase the financial stress and the chance of failure if an emergency arises. I don't own a house yet but I guarantee you this is what I will do.
If your worried that the key to wealth is a nice expensive house then think about this. In Stop Acting Rich, Thomas Stanley states that there are nearly three times more millionaire households in homes valued at less than $300,000 [1,138,000] than there are in homes valued at $1M or more [403,211]. To be a real millionaire we need to act like one, not look like one.
--A Future Millionaire
First off we want to be completely debt free and have an emergency fund of 3-6 months of expenses, then we will be ready to buy. Now, the best way to buy a house is the 100% down plan. Just buy the house outright... this way you are not a slave to the bank and don't have to worry about the monthly payments. Now although this would be really cool, it is not realistic for everyone. So the next best option would be to take out no more then a 15-year fixed rate mortgage after a minimum 20% down payment (with this down payment the mortgage company won't force you to pay for private mortgage insurance which is about $75 a month per $100,000 borrowed). The payments for the mortgage should be no more than 25% of your monthly take home pay. Any more expensive will increase the financial stress and the chance of failure if an emergency arises. I don't own a house yet but I guarantee you this is what I will do.
If your worried that the key to wealth is a nice expensive house then think about this. In Stop Acting Rich, Thomas Stanley states that there are nearly three times more millionaire households in homes valued at less than $300,000 [1,138,000] than there are in homes valued at $1M or more [403,211]. To be a real millionaire we need to act like one, not look like one.
--A Future Millionaire
Friday, October 14, 2011
Budget Time
The greatest wealth building tool is our income but the problem is that the money we make just seems to float away every month, leaving no money left to save. Well that's a sign that we need a budget. We need to control our money and tell it what to do. In order to do this we need to write down where every dollar should go on paper before the month begins. This way we actually see all of the money we have and where it is being spent. Then almost magically we will find that we are spending far too much money eating out that could be used to pay down debts or save for retirement. The budget doesn't have to be a complicated 62-page spreadsheet itemized down to a slice of bread, but it does have to exist! A budget can be broken up into 10 key categories.
1) Giving
2) Saving
3) Housing
4) Utilities
5) Food
6) Transportation
7) Clothing
8) Medical
9) Personal/Recreation
10) Debts
These are the main categories that should be planned for at the beginning of each month. Chances are we know how much housing and utilities costs this month but what about food and clothing? Do we really know down to the dollar how much we actually spend on food? For example, if you are eating out at restaurants a lot food can start to consume 25%-50% of your income! Also don't forget to plan in some money to have fun with or buy something that your really want. Remember a budget is not a punishment its simply telling your money how to work for you. This puts you in control of your money and when your in control that's when wealth building begins.
--A Future Millionaire
P.S. If you want help with starting your first budget I would suggest this website. It quickly shows you what you should be putting toward each category in a easy to use app.
1) Giving
2) Saving
3) Housing
4) Utilities
5) Food
6) Transportation
7) Clothing
8) Medical
9) Personal/Recreation
10) Debts
These are the main categories that should be planned for at the beginning of each month. Chances are we know how much housing and utilities costs this month but what about food and clothing? Do we really know down to the dollar how much we actually spend on food? For example, if you are eating out at restaurants a lot food can start to consume 25%-50% of your income! Also don't forget to plan in some money to have fun with or buy something that your really want. Remember a budget is not a punishment its simply telling your money how to work for you. This puts you in control of your money and when your in control that's when wealth building begins.
--A Future Millionaire
P.S. If you want help with starting your first budget I would suggest this website. It quickly shows you what you should be putting toward each category in a easy to use app.
Wednesday, October 12, 2011
Herman Cain's 9-9-9 Plan
This plan so far, has been Herman Cain's claim to fame and because of this he has recently exploded in the republican nomination polls. For those of you who haven't heard of it, I'll explain what it means. He believes that the current tax code is unfair and should be completely eliminated. In this plan he wants to institute a simple flat tax. A 9% tax on household income, a 9% corporate tax and a 9% national sales tax. I am very intrigued by this and appreciate it for several reasons.
The major reason is that it simplifies the tax code tremendously and would basically eliminate the IRS as we know it, making April 15th no longer a major deal. This is because filing would become incredibly simple. The simplification of the tax code is also appealing to the voters, its something they can easily understand, which increases its popularity. Another reason I like the idea is because it lowers the emphasis on taxing income and increases the emphasis on taxing consumption. Hence it encourages you to save your money, which as you already know I believe is a key to wealthiness.
Some people who oppose the plan say that it will increase the tax on the poor, which is somewhat true BECAUSE many of the low income people don't pay taxes at all!! To suggest a flat tax where everyone has to pay the same percentage is a ridiculous thought because these low income families are used to the government not taking any money from them at all. And everyone continually talks about how the rich aren't doing "their fair share." As it is right now 45% of Americans don't pay any income tax at all! How can you expect to run a prosperous country with almost half of the people not supporting it?
Critics also dislike that it taxes consumption so heavily. They translate this as an extra tax on the poor. Why? Well because the poor spend more of their income. "Low income people tend to spend about 98 percent of their income, middle income people spend 97 percent and high income people spend 90 percent."(Source) So let me get this straight high income people don't spend all there money?? DUH! That's because chances are high income people are smarter with their money and actually save some of it! I personally think that to spend 90% of your income is too high even for those with a substantial income. You should give away at least 10% and then save another 15%. This would set the max income I would spend at 75% and perhaps more people would follow this if this tax code was passed.
In the end this is all preliminary banter by all the so called great "economists" and no one can truly predict what will happen when put into practice. What we do know is that the current tax code is confusing, it sucks, it's not working and needs to be changed completely. But with that said, I am still not going to look to Washington to fix all of our problems. We need to take responsibility for our own lives, get our own jobs, save our own money and support our own families. Nobody can do it as well as we can.
--A Future Millionaire
The major reason is that it simplifies the tax code tremendously and would basically eliminate the IRS as we know it, making April 15th no longer a major deal. This is because filing would become incredibly simple. The simplification of the tax code is also appealing to the voters, its something they can easily understand, which increases its popularity. Another reason I like the idea is because it lowers the emphasis on taxing income and increases the emphasis on taxing consumption. Hence it encourages you to save your money, which as you already know I believe is a key to wealthiness.
Some people who oppose the plan say that it will increase the tax on the poor, which is somewhat true BECAUSE many of the low income people don't pay taxes at all!! To suggest a flat tax where everyone has to pay the same percentage is a ridiculous thought because these low income families are used to the government not taking any money from them at all. And everyone continually talks about how the rich aren't doing "their fair share." As it is right now 45% of Americans don't pay any income tax at all! How can you expect to run a prosperous country with almost half of the people not supporting it?
Critics also dislike that it taxes consumption so heavily. They translate this as an extra tax on the poor. Why? Well because the poor spend more of their income. "Low income people tend to spend about 98 percent of their income, middle income people spend 97 percent and high income people spend 90 percent."(Source) So let me get this straight high income people don't spend all there money?? DUH! That's because chances are high income people are smarter with their money and actually save some of it! I personally think that to spend 90% of your income is too high even for those with a substantial income. You should give away at least 10% and then save another 15%. This would set the max income I would spend at 75% and perhaps more people would follow this if this tax code was passed.
In the end this is all preliminary banter by all the so called great "economists" and no one can truly predict what will happen when put into practice. What we do know is that the current tax code is confusing, it sucks, it's not working and needs to be changed completely. But with that said, I am still not going to look to Washington to fix all of our problems. We need to take responsibility for our own lives, get our own jobs, save our own money and support our own families. Nobody can do it as well as we can.
--A Future Millionaire
Tuesday, October 11, 2011
Get the #^&% out of Debt!
I am a firm believer that if you see debt you should run the other way as fast as you can. Debt is not a tool for success, debt only increases your risk of failure. It truly imprisons you and holds you back from your financial goals. In Proverbs 22:7 it says, "...the borrower is slave to the lender." So obviously the bible despises debt as well. Why would someone choose to be enslaved in order to buy something they can't afford? Yet so many of us do it and figure it is just a way of life.
Well I have finally woken up and realized how stupid debt is. Especially credit card debt, the interest rate on some of those things are ridiculous and I am so happy that I never got one. Unfortunately before I had my awakening I did take out some student loan debt but thank God it was only about $10,000 worth. They are still in their grace period so they are not incurring interest yet but they will soon. I am going to fight so hard to get out of this enslavement of Sallie Mae and you will see a post in the near future proclaiming that I am debt free.
Dave Ramsey in Financial Peace University suggests six things that you can do to get out of debt:
1) Stop Borrowing Money
2) Save Money
3) Pray about it
4) Sell Something
5) Get a Part Time Job
6) Understand the Debt Snowball - This is how you systematically pay-off all of your debts from smallest to largest. It's called the debt snowball because after you pay off the smallest you add that payment to your next largest debt. Every time you knock off another debt the payments you attack it with get bigger and bigger until you have no debt at all.
The favorite book on this subject is the Total Money Makeover by Dave Ramsey. It really opened my eyes to how money really works.
Millionaires don't have debt, and soon I won't either.
--A Future Millionaire
Well I have finally woken up and realized how stupid debt is. Especially credit card debt, the interest rate on some of those things are ridiculous and I am so happy that I never got one. Unfortunately before I had my awakening I did take out some student loan debt but thank God it was only about $10,000 worth. They are still in their grace period so they are not incurring interest yet but they will soon. I am going to fight so hard to get out of this enslavement of Sallie Mae and you will see a post in the near future proclaiming that I am debt free.
Dave Ramsey in Financial Peace University suggests six things that you can do to get out of debt:
1) Stop Borrowing Money
2) Save Money
3) Pray about it
4) Sell Something
5) Get a Part Time Job
6) Understand the Debt Snowball - This is how you systematically pay-off all of your debts from smallest to largest. It's called the debt snowball because after you pay off the smallest you add that payment to your next largest debt. Every time you knock off another debt the payments you attack it with get bigger and bigger until you have no debt at all.
The favorite book on this subject is the Total Money Makeover by Dave Ramsey. It really opened my eyes to how money really works.
Millionaires don't have debt, and soon I won't either.
--A Future Millionaire
Monday, October 10, 2011
Start an IRA, Now!
An IRA is an Individual Retirement Arrangement. This is one of the most important tools to becoming a millionaire and being able to retire with dignity when you are older. This is why it is one of my first posts. If you just do this one thing right now and maintain it for at least 27 years it's possible to have $1,000,000 in that account alone! (I told you this wasn't a get rich quick scheme)
There are several types of IRAs available, I find the Wikipedia page is quite good at explaining the different types but you can get lost in all the mumbo jumbo legal talk, get discouraged and then do nothing. I want to keep it simple and so I am only going to talk about my favorite and the one that I own and recommend, the Roth IRA. Everything deposited in the account is an after-tax contribution. This means I don't get any extra tax benefits on my filings for the fiscal year BUT the money is then allowed to grow TAX FREE!! That means that the million dollars I mentioned earlier is yours without taxes. If you want to see how I calculated it, check out the end of the post.
Although I show you the math, it is not really that important. What is important is that you are actively saving for your own retirement. We can not trust the government to do this for us, planning to live off of Social Security will not make you a millionaire. Also if you pay attention the stock market, you have see that it has been down recently and a lot of people have lost money, which is scaring people away. I look at it the opposite way, I see it as the stock market is ON SALE! You have a chance to buy into these mutual funds at a great price and when the economy recovers you can expect a great return.
So I beg you to find a financial planner that you trust and have them explain this further, open your account and choose quality mutual funds. The sooner you do it, the more time your money has to build! Remember that this alone can make you a millionaire and one of the several reasons why I know, without a doubt, I will become one.
--A Future Millionaire
This is how I calculated 27 years:
First off, I assumed that the maximum contribution of $5,000 dollars per year was deposited into the account and that the account was invested in good growth stock mutual funds that make 12% interest per year (which is the the stock market average). Grant it that both of these situations are ideal BUT possible. I also assumed that the interest is compounded monthly.
The equation for this is:
N=log(1+(i/12)*F/(P/12))/log(1+(i/12)) where i=0.12, F=1,000,000, P=5,000
If plugged in correctly N should equal 323.40 months which is equivalent to 26.96 years.
There are several types of IRAs available, I find the Wikipedia page is quite good at explaining the different types but you can get lost in all the mumbo jumbo legal talk, get discouraged and then do nothing. I want to keep it simple and so I am only going to talk about my favorite and the one that I own and recommend, the Roth IRA. Everything deposited in the account is an after-tax contribution. This means I don't get any extra tax benefits on my filings for the fiscal year BUT the money is then allowed to grow TAX FREE!! That means that the million dollars I mentioned earlier is yours without taxes. If you want to see how I calculated it, check out the end of the post.
Although I show you the math, it is not really that important. What is important is that you are actively saving for your own retirement. We can not trust the government to do this for us, planning to live off of Social Security will not make you a millionaire. Also if you pay attention the stock market, you have see that it has been down recently and a lot of people have lost money, which is scaring people away. I look at it the opposite way, I see it as the stock market is ON SALE! You have a chance to buy into these mutual funds at a great price and when the economy recovers you can expect a great return.
So I beg you to find a financial planner that you trust and have them explain this further, open your account and choose quality mutual funds. The sooner you do it, the more time your money has to build! Remember that this alone can make you a millionaire and one of the several reasons why I know, without a doubt, I will become one.
--A Future Millionaire
This is how I calculated 27 years:
First off, I assumed that the maximum contribution of $5,000 dollars per year was deposited into the account and that the account was invested in good growth stock mutual funds that make 12% interest per year (which is the the stock market average). Grant it that both of these situations are ideal BUT possible. I also assumed that the interest is compounded monthly.
The equation for this is:
N=log(1+(i/12)*F/(P/12))/log(1+(i/12)) where i=0.12, F=1,000,000, P=5,000
If plugged in correctly N should equal 323.40 months which is equivalent to 26.96 years.
Friday, October 7, 2011
Balance in the 7 Areas of Achievement
Focusing on our finances is an integral part of a successful life but it is not the only one. So while my goal of eventually having a one million dollar net worth is admirable, it will mean nothing if my health is greatly deteriorated and I have no friends. In Dan Miller's book, 48 Days to the Work you Love, he highlight's 7 key areas of achievement that must be in tune. I will go over them and tell you specifically what I am doing to work on those areas:
1) Finances: This is an obvious one because this is basically what this blog is about. I have a goal and that goal is one million dollars. As I have said I have no doubt in my mind that I will achieve this goal. Setting clear goals is what allows the successful to flourish.
2) Physical: I plan on living a healthy long life so I can enjoy my money to the fullest. I try to do at least 100 push-ups a day and I try to walk whenever possible. When faced with stairs in a building, I take them, forgoing the elevator. I also attempt to maintain a healthy diet, although this one is especially hard living as a college student. But overall, it doesn't take that much extra effort to maintain good health, just do the little things.
3) Personal Development: I try to learn something new everyday. Most of the time I am forced to because I'm still in school but that's beside the point. I am slowly but surely becoming an avid reader. In this past, I would be lucky if I finished one book a year. Currently I am half way through my 3rd book since September. Dan Miller says in his book, "Your success, financial and otherwise, will never far exceed your personal development." So if we grow our knowledge, as a natural side effect our finances and other important aspects of our lives will grow as well.
4) Family: This one is important. We must have a support system in order to maintain our success and we find that in our family. These people should love you no matter what, and you should love them in return. I live fairly far away from my home, so I make an effort to talk to my parents at least every other day just to check in and see how things are. If your relationship with your parents or children is bad make a small effort everyday to mend the relationship, you will get out of a relationship what you put into it.
5) Spiritual: There are two main things I do to increase my spiritual bank account. The first is that I adopted saying the rosary everyday. It is a great time to meditate and reflect on those important mysteries of the rosary. I am also reading a chapter of Proverbs everyday. There are 31 chapters in Proverbs and usually 31 days in a month, so it works out quite well when trying to remember which one I should read. These are sometime hard to understand and cannot simply be skimmed over if you want the full benefit. I try to reflect on each verse and see how it can be related to my life today.
6) Social: I maintain a relationship with my friends from undergrad and try to go out of my way on weekends to see them. I keep my promises I have made and I always try to smile. Nobody wants to hang out with an unreliable grump.
7) Career: In his book Dan Miller says, "Your career should be a reflection of the LIFE you want... once you decide on the life you want, it becomes obvious what kind of work embraces that." I love helping and teaching people. I am in school right now pursuing my PhD in biomedical engineering so that I can do research to make people's lives better. While doing research I also plan on being a professor so that I can teach others about the swiftly growing field of biomedical engineering.
All of these areas are interconnected, if we abandon one it will bring all the others down with it. However, if we are able to weave together and stimulate each of these areas in our lives, I believe we have created the one million dollar formula.
--A Future Millionaire
P.S. - Sorry for the long post, I felt like this was all really important stuff. The good news is you will have all weekend to digest it, the next post will be on Monday.
Thanks for reading! Feel free to comment with any questions or criticisms and I will be happy to respond.
1) Finances: This is an obvious one because this is basically what this blog is about. I have a goal and that goal is one million dollars. As I have said I have no doubt in my mind that I will achieve this goal. Setting clear goals is what allows the successful to flourish.
2) Physical: I plan on living a healthy long life so I can enjoy my money to the fullest. I try to do at least 100 push-ups a day and I try to walk whenever possible. When faced with stairs in a building, I take them, forgoing the elevator. I also attempt to maintain a healthy diet, although this one is especially hard living as a college student. But overall, it doesn't take that much extra effort to maintain good health, just do the little things.
3) Personal Development: I try to learn something new everyday. Most of the time I am forced to because I'm still in school but that's beside the point. I am slowly but surely becoming an avid reader. In this past, I would be lucky if I finished one book a year. Currently I am half way through my 3rd book since September. Dan Miller says in his book, "Your success, financial and otherwise, will never far exceed your personal development." So if we grow our knowledge, as a natural side effect our finances and other important aspects of our lives will grow as well.
4) Family: This one is important. We must have a support system in order to maintain our success and we find that in our family. These people should love you no matter what, and you should love them in return. I live fairly far away from my home, so I make an effort to talk to my parents at least every other day just to check in and see how things are. If your relationship with your parents or children is bad make a small effort everyday to mend the relationship, you will get out of a relationship what you put into it.
5) Spiritual: There are two main things I do to increase my spiritual bank account. The first is that I adopted saying the rosary everyday. It is a great time to meditate and reflect on those important mysteries of the rosary. I am also reading a chapter of Proverbs everyday. There are 31 chapters in Proverbs and usually 31 days in a month, so it works out quite well when trying to remember which one I should read. These are sometime hard to understand and cannot simply be skimmed over if you want the full benefit. I try to reflect on each verse and see how it can be related to my life today.
6) Social: I maintain a relationship with my friends from undergrad and try to go out of my way on weekends to see them. I keep my promises I have made and I always try to smile. Nobody wants to hang out with an unreliable grump.
7) Career: In his book Dan Miller says, "Your career should be a reflection of the LIFE you want... once you decide on the life you want, it becomes obvious what kind of work embraces that." I love helping and teaching people. I am in school right now pursuing my PhD in biomedical engineering so that I can do research to make people's lives better. While doing research I also plan on being a professor so that I can teach others about the swiftly growing field of biomedical engineering.
All of these areas are interconnected, if we abandon one it will bring all the others down with it. However, if we are able to weave together and stimulate each of these areas in our lives, I believe we have created the one million dollar formula.
--A Future Millionaire
P.S. - Sorry for the long post, I felt like this was all really important stuff. The good news is you will have all weekend to digest it, the next post will be on Monday.
Thanks for reading! Feel free to comment with any questions or criticisms and I will be happy to respond.
Thursday, October 6, 2011
God's Money
Another basic concept that I believe in, is that the money we have on earth is truly owned by God. Psalms 24:1 says, "The earth is the Lord's and everything in it..." We don't own anything, we are simply the managers of the money. This should be grasped before we allow any wealth to enter into our lives. Money is an important part of our lives and it is important to God as well. Since it's God's money, we should do with it what the Lord says. There are over 200 scripture passages that talk about money and finances in the bible. This can become our manual on how to handle money successfully. Let's take a look at what it tells us on key areas of our finances:
1) Budgeting:
Luke 14:28-30, "Suppose one of you wants to build a tower. Won't you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, 'This person began to build and wasn't able to finish.'"
2) Working:
Proverbs 14:23, "All hard work brings a profit, but mere talk leads only to poverty."
3) Debt:
Proverbs 22:7, "The rich rule over the poor, and the borrower is slave to the lender."
4) Giving:
Deuteronomy 15:10, "Give generously to them and do so without a grudging heart; then because of this the Lord our God will bless you in all your work and in everything you put your hand to."
5) Tithing:
Proverbs 3:9-10, "Honor the Lord with your wealth, with the first fruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine."
6) Investing: Matthew 25:14-30
Many more on a plethora of topics can be found at: http://christianpf.com/money-in-the-bible/
All the topics above I will most likely talk about in posts to come, but here I am showing you my foundation of how I plan on gaining wealth and prosperity with the money allotted to me by God.
--A Future Millionaire
1) Budgeting:
Luke 14:28-30, "Suppose one of you wants to build a tower. Won't you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, 'This person began to build and wasn't able to finish.'"
2) Working:
Proverbs 14:23, "All hard work brings a profit, but mere talk leads only to poverty."
3) Debt:
Proverbs 22:7, "The rich rule over the poor, and the borrower is slave to the lender."
4) Giving:
Deuteronomy 15:10, "Give generously to them and do so without a grudging heart; then because of this the Lord our God will bless you in all your work and in everything you put your hand to."
5) Tithing:
Proverbs 3:9-10, "Honor the Lord with your wealth, with the first fruits of all your crops; then your barns will be filled to overflowing, and your vats will brim over with new wine."
6) Investing: Matthew 25:14-30
Many more on a plethora of topics can be found at: http://christianpf.com/money-in-the-bible/
All the topics above I will most likely talk about in posts to come, but here I am showing you my foundation of how I plan on gaining wealth and prosperity with the money allotted to me by God.
--A Future Millionaire
Wednesday, October 5, 2011
Believe and then Achieve
The next step after discovering why we want to be millionaires is to believe that it is actually achievable.
Right now we are at the beginning of the journey and the finish line is not in sight but I wholeheartedly know that I will become a millionaire. It is not a question of if, it's a question of when. Henry Ford said, "Whether you think you can, or you think you can't--you're right." Now even though I would never buy one of his cars, the guy has a point. We make our own mental barriers and decided what we can and can't do. There are enough legitimate real-life obstacles in our way that keep us from our goals. The good news is those hurdles can be jumped. However, we can never surpass our own mental blocks.
These mental blocks include:
-thinking that a million dollars is too much for one person to have
-believing that we don't deserve money
-thinking that having money is evil
-fear of out-doing our parents
Whatever the block may be, it is holding us back from success and keeping us from truly excelling in our finances. A lot of the topics I will talk about in this blog will be worthless if we can't first believe we can achieve.
If you would like to read more on this I would suggest, How to Think Like a Millionaire, it has a whole chapter on mental blocks and how to overcome them.
--A Future Millionaire
Right now we are at the beginning of the journey and the finish line is not in sight but I wholeheartedly know that I will become a millionaire. It is not a question of if, it's a question of when. Henry Ford said, "Whether you think you can, or you think you can't--you're right." Now even though I would never buy one of his cars, the guy has a point. We make our own mental barriers and decided what we can and can't do. There are enough legitimate real-life obstacles in our way that keep us from our goals. The good news is those hurdles can be jumped. However, we can never surpass our own mental blocks.
These mental blocks include:
-thinking that a million dollars is too much for one person to have
-believing that we don't deserve money
-thinking that having money is evil
-fear of out-doing our parents
Whatever the block may be, it is holding us back from success and keeping us from truly excelling in our finances. A lot of the topics I will talk about in this blog will be worthless if we can't first believe we can achieve.
If you would like to read more on this I would suggest, How to Think Like a Millionaire, it has a whole chapter on mental blocks and how to overcome them.
--A Future Millionaire
Tuesday, October 4, 2011
Wow! Cool new blog!
This is my first blogging adventure and I feel like Jojo the idiot circus boy with a pretty new pet! (Tommy Boy reference) Well anyway... I have created this blog to record my adventures to $1,000,000. This is not some get rich quick midnight television dream that I have. It is a long term vision of me approaching and then surpassing the millionaire landmark. I want you to follow and take this journey with me and hopefully together we will reach this goal. Let me tell you about where I stand now.
I am currently 22 years old and a first year grad student studying biomedical engineering. Writing does not come easily to me, in fact, I hate writing. I will try my best to make this legible but no guarantees. I also dislike reading but I am doing that a lot more often now, especially after I learned that the average millionaire reads two non-fiction books a month. So obviously if I want to be a millionaire, I need to do what millionaires do! Sounds simple enough. Not sure of any statistics about blogging and being a millionaire but I figure anything that will keep my eyes on the prize is a good thing.
"Why do I want a million dollars?" That's a question we all should ask before embarking on this journey. I have several reasons for wanting to become a millionaire:
1) Financial Security: I really don't want to live paycheck to paycheck. I work too hard for my money just to throw it away at bill collectors every month. I eventually want my money working for me as opposed to me always working for my money.
2) Fun: While I will accept that money can't buy happiness, it can get you a lot of cool stuff!
3) Giving: I really enjoy giving money and presents to other people. And the more I have, the more I can give!
4) Leave a legacy: I want to live a life that my family can be proud of and leave an inheritance that will change my family tree forever.
Thanks for reading. Leave a comment on why you would want to become a millionaire.
--A Future Millionaire
I am currently 22 years old and a first year grad student studying biomedical engineering. Writing does not come easily to me, in fact, I hate writing. I will try my best to make this legible but no guarantees. I also dislike reading but I am doing that a lot more often now, especially after I learned that the average millionaire reads two non-fiction books a month. So obviously if I want to be a millionaire, I need to do what millionaires do! Sounds simple enough. Not sure of any statistics about blogging and being a millionaire but I figure anything that will keep my eyes on the prize is a good thing.
"Why do I want a million dollars?" That's a question we all should ask before embarking on this journey. I have several reasons for wanting to become a millionaire:
1) Financial Security: I really don't want to live paycheck to paycheck. I work too hard for my money just to throw it away at bill collectors every month. I eventually want my money working for me as opposed to me always working for my money.
2) Fun: While I will accept that money can't buy happiness, it can get you a lot of cool stuff!
3) Giving: I really enjoy giving money and presents to other people. And the more I have, the more I can give!
4) Leave a legacy: I want to live a life that my family can be proud of and leave an inheritance that will change my family tree forever.
Thanks for reading. Leave a comment on why you would want to become a millionaire.
--A Future Millionaire
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