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Living below your means gets a lousy repetition. People believe this means you can't buy Starbucks, eat out, or go on vacation. LBYM simply means you live a couple of notches below your income level. If you earn $6,000/month, you try to live on $4,000. We call the extra money cash flow, and it is the heart of your household. We use the additional income to save and invest. Saving and investing have different purposes, but all lead to the same results....
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When do you want to retire? Do you want to work until age 66? Most people nowadays do not want to work this late into life. But how can you retire earlier? What is the strategy to get from point A to point R (retirement)? It starts and ends with your savings rate. The more money you get into your investments, the faster your cash can compound and grow. Increasing your savings rate is easy; however, acquiring the proper mindset is challenging for the...
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The school system doesn't create well-educated children. I'm not here to blame anyone because it's challenging to educate people in mass. This opens the possibility for educators to build their own tutoring businesses. But we are not aiming to exchange time for money. We can release blogs and videos teaching our various educational techniques. From these, we can build online courses and printables. Finally, we can do one-on-one tutoring, but it will...
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There has been a lot of talk about thought leadership recently. You may have to become a thought leader to get to the forefront of entrepreneurship and business. But what is thought leadership, and how can you become a thought leader? Thought leaders have their own unique vision and can articulate it clearly. But you cannot just get on stage and throw your opinions to the world. You must be well-read, clear, and concise. Reading, writing, and arithmetic...
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I love my Investing for Interest Series. I have spanned the globe with topics concerning building wealth via fixed income and interest. However, I haven't talked about Series "EE" bonds much. That stops today as I dive deeper into use cases for these savings bonds. Is there a scenario where Series "EE" bonds best my favorite Series "I" Bonds? I believe "EE" bonds are better long-term if you commit to the 20-year holding period. Unfortunately, whether...
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I became financially free in June 2019 when I found the words "passive income" online. At the time, I was still $77,000 in debt. However, reading these words made me understand that time is more important than money. To earn your time back, you must become financially independent. Over the next four years, my wife and I lived below our means, onboarded roommates, paid off debt, and invested faithfully. These steps will lead us to become financially...
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Pinching pennies and living life cheaply can do more damage than good. Protecting your money at all costs prevents you from learning how to create money. The true path to wealth is having your money make money. Trying to save a couple of pennies on each transaction only leads to hate and discontent. Even if a cheap person amasses a vast fortune, they will hesitate actually to spend the money. Remember that they have lived their entire lives cheaply....
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Do you want to work for 35 years to receive $3,000/month in social security benefits? That sounds like a bad deal to me. I would rather create a $3,000/month paycheck by age 45 and grow it into a $20,000/month paycheck by the time I turn 66. But where do you start? I choose income investing as my investing style of choice. It's not for everyone because it requires knowledge, research, and faith in the system. However, if you can understand the order...
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Are you entering the Christmas season in debt? Do you want to enjoy Christmas in a debt-free, cash-flow-heavy environment? You can have it all and then some, but it comes at the cost of financial discipline. First, you must determine your emotional connection to money and spending. Next, you must live on a budget and pay down all your debt. Saving and planning are the next steps. Finally, creating passive income from assets will give you a positive...
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As parents, we are responsible for our children until the day we leave this Earth. Yes, this is a different mindset than when we were growing up. Unfortunately, the economics of life has changed. No longer can one person achieve everything in one lifetime-they will need help. It starts with making the tough choice between college, trade school, or the military. But this decision involves a significant factor-if you have a property for your children....
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I once believed you could survive in the workforce long enough to build a truly passive retirement. Let's say this takes 25 years. However, the workplace has degraded into a circus we must avoid. Using a combination of active and passive income, we should aim to be free in 15 years. Lowering our housing costs is the number one way to free ourselves. Once we determine our required household income (say $6,000/month), we can work on replacing it. By...
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Do you love to learn and try new things? Great, you can write product reviews covering products and services. Congratulations, you'll be like every other affiliate marketer on the internet. We must take it one step further. After you generate your reviews, you want to keep creating original content around the product or service. Eventually, your content will take on a life of its own. People will follow you for candid reviews plus zany content slices....
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The 30s are the toughest decade of our lives. It's like going through high school and college again. There is so much going on that saving and investing are difficult. However, we must persevere. Our 30s are a great time to invest in Series "I" Bonds because they can double as an emergency fund in a pinch. We should also set a goal to build a $300/month dividend portfolio to assist with the little things in life. We can survive and thrive in our...
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Saving is something that we don't learn naturally. It actually takes a lot of documentation to make saving a routine habit. Inside, I list my process of identifying and documenting all of your expenses on a spreadsheet. Then, over time, you reduce or eliminate these expenses and turn them into payments to your savings accounts. It's the same money, but it goes to different places. Eventually, you will force yourself to save significant amounts of...
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It's challenging to gain your footing as a head of household. There are many competing interests financially that you have to juggle. Saving for expenses, vacations, school, and maintenance is part of your daily routine. However, we still need to save for emergencies, invest for retirement, and build a nest egg for future generations. How is one to thrive in this overwhelming environment? First, learn to relax. Then we only need to create a road map....
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The media will always place some form of manufactured stress upon the little people (us). We just need to understand it. Yes, there is real money at play. We are playing a high-stakes game with our bank deposits up for grabs. However, think of your money as a bar of soap-the more you handle it, the smaller it gets. The best advice is to stay invested, read intelligent articles and books, review historical lessons, and take action only when you have...
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As income investors, we constantly search for high-yield dividend products; some of the top dividend producers are mortgage REITs. However, these products could be the most challenging investment out there. To safely invest in mREITs, you must understand the relationship between mortgage-backed securities and treasury bonds. Once you understand the hierarchy of bond investing, starting with the Federal Funds rate, investing in mREITs will be logical....
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90 to 95% of the workforce uses the "broke" money system. This cycle entails working, wanting, buying, and owning. The other 5-10% use the "investor" money cycle that entails budgeting, saving, investing, and spending. The key before between the two is cash flow. The "broke" use cash flow to buy liabilities, while "investors" use cash flow to purchase income-producing assets. And guess what? Income-producing assets (like dividends) produce more income...
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Would you buy a $25 gift card for $20? The magic would be when you redeem it for $25. What if you could receive dividends before you redeemed the gift card at a profit? That's the magic of preferred shares. The typical par value of a preferred share is $25. You can find them at great prices like $18, $19, and $20. Once you purchase them below par, you will start to receive dividends. Once the company decides to call the preferred share, it will pay...
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Do you live in a major metropolis? Are you attempting to live the American dream there? How's that working out for you? With a slight mindset shift, you can actually live the American dream. No, not in Los Angeles or New York City, but in Bixoli, Mississippi. By retiring to a small city, you can live entirely on passive income. This means that no one controls your time. You can also forego the additional luxuries required in a big city, such as ultra-nice...
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