“Most people have it wrong about wealth….Wealth is not the same as income. If you make a good income each year and spend it all, you are not getting wealthier. You are just living high. Wealth is what you accumulate, not what you spend.” ~Millionaire Next Door Yes, calculating your net worth has nothing to do with how much money you make each year (other than to highlight that your net worth isn’t as high as it should be considering…
Let’s assume you’ve graduated from college or a trade school, and you have your first job. There are a couple steps you can take right now to ensure future financial zen and prosperity. Know Your Take-Home Pay. Make a detailed account of how much money you bring home, after taxes. Don’t think, I’m making $60,000, I’m loaded! Even if you’re making $70,000, your take home pay will not be $5,888 but closer to $4,030, if you live in an income-tax…
After braces and upon graduation, my orthodontist gave me two important lessons, one, on the power of your thoughts, and two, in the power of investing. He gave me As a Man Thinketh by James Allen and said that he was a huge fan of his Charles Schwab advisor. (We also had a very long conversation about how it’s never worth buying a new car unless you’re going to drive it for at least 8 years.) I went out and Charles…