Why You Need To Know Your Net Worth

Why You Need To Know Your Net Worth

Money Management
I want to start off this particular blog post by stating your net worth is more important than your income. I'm going to say that one more time and enlarge that for dramatic effect and emphasis somewhere below. Before that, let's dive into what exactly constitutes your net worth.   Defining Your Net Worth Your net worth is honestly quite easy to calculate. It is the summation of all of your assets- the value of your real estate properties, cash on hand, investment accounts, retirements accounts, sellable assets- and then you'd subtract from that valuation all of your debt and liabilities. The end number is your current net worth. Now, if you recently graduated college, there's a good chance that your net worth may actually be in the negative. Don't let…
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8 Financial Tips for Millennials

8 Financial Tips for Millennials

Money Management
I was born in the early 90's, so I am a millennial by every definition in the book. But, I don't identify with many of the negative stereotypes that are associated with millennials in the media. Entitled. Lazy. Compulsions to spend. I suspect a large number of you feel the same way and have embraced the path towards financial freedom. Millennials are given the short end of the stick, dealing with an incredible amount of consumer and student debt, while facing an uncertain future as we are nearing a decade of one of the strongest bull markets seen in American history. We are all looking to take extra steps and precautions to get just that much closer to our financial goals. Here are my top financial tips for millennials. Best…
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Five Simple Financial Steps To Take In Your 20s

Five Simple Financial Steps To Take In Your 20s

Money Management
Currently, I'm still in my early, mid-twenties and I work actively everyday to ensure that I am taking steps towards financial wealth and empowerment. Growing up, I was always conscious of my money situation and thus felt that I was more aware of where I was placing my money. Even when I spent money on traveling, it was always after working extra shifts and putting time to making more money to afford those trips. Sure, others may have had it easier, with no worries in the world about their money situation. But, I looked at my situation as a blessing. Having a chip on my shoulder allowed me to develop more quickly in multiple areas of my life, other than just my personal finances. Always remember, if you haven't been…
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How To Spend Like A Millionaire

How To Spend Like A Millionaire

Financial Independence, Money Management
What are you imagining? Exuberant amounts of cash flying through the air in the club or money covered champagne bottles being passed around a yacht?     It may shock you to find that the modern-day millionaire are the most frugal. Lebron James, a multi-millionaire athlete and businessman, regularly gets jabs thrown his way by his friends for being so frugally minded despite having a net worth of $400 million dollars. "I still got Pandora with commercials."  While it may be extreme to some, I find the discipline admirable. And, discipline coupled with strong habits are what have built up a large number of millionaires. Through a 5-year study conducted by Thomas Corley on millionaires and their daily habits, we now have insight into the inner day-to-day workings of what…
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Money and Politics: What Your Spending Says About You

Money and Politics: What Your Spending Says About You

Money Management
I know, I know. There's enough politics in the American life and you don't want to hear about it on a personal finance blog. Regardless of how you feel about politics in money, how you spend your money is strongly politically driven, whether you believe it or not. I was reading and listening to the correlation between our psychological and political beliefs are reflected into our spending habits. It was interesting to learn about, so I felt it would be worth passing onto y'all!   Coffee Shop Underdogs Americans have always been political since our birth as a nation. How we spend our money is no exception to the rule. We choose which causes to support, and sometimes which causes to ignore. Neeru Paharia is a marketing professor at Georgetown University…
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Setting the Financial Foundation

Setting the Financial Foundation

Basics, Financial Independence, Money Management
Understanding that some people simply don't have the time to absorb copious amounts of information and granular detail at once, I felt it best to start off with a series focused on the Basics. Working in sales, there are a number of obstacles that have to be overcome in order to see a deal go through completion. To make life easier for yourself and your team requires some foresight and perception about potential obstacles down the road. The more obstacles you can remove for yourself early on, the more likely you will find success with less burnout and stress. I find this directly applicable to approaching one's personal finances. It sounds simple, but simple is often underrated. The very first thing you should do is define your goals.   Clarify What…
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