I stumbled upon this article recently on the 13 habits of self-made millionaires. They had an interesting take (not what I expected) on the habits of millionaires that I thought was worth sharing and discussing. Specifically, I wanted to see how I stacked up compared to their list. You might want to as well. They list the habits as: 1. They read consistently. 2. … [Read more...]
The Ten Worst Money Mistakes Anyone Can Make
When it comes down to it success in managing personal finances is pretty simple: spend less than you earn over a long period of time and invest the difference. Said another way, they boil down to E-S-I. :) If this is the heart of your financial plan, it's likely that you’ll be prosperous. That said, there is one other thing you’ll need to do – you must avoid the … [Read more...]
Income and Spending Scenarios and the Impact on Wealth
We've talked about how cash flow over time leads to building wealth, which is also called net worth. Today I'll add a bit to past discussions by showing how these two work together in various scenarios, and what the wealth impact is in each case. Two Factors I've noted previously that there are two factors that account for whether you accumulate wealth or not: income and … [Read more...]
2015 Net Worth Review
As I noted in How to Measure and Track Your Wealth, I track my net worth monthly using Quicken. I update all my asset accounts and record all my expenses, then run a net worth report. I review it and compare it to my goal for the month (I have an annual goal I break into months) as well as consider steps I need to take the next month to make progress. I've been doing this … [Read more...]
How to Measure and Track Your Wealth
One key to building wealth is to measure it and track progress regularly. Just like there's no way to tell what's happening in a sporting event without a scoreboard, you can't determine your success in growing wealth without some sort of tracking. As a scoreboard is to a sporting event, your net worth is to your financial status. It tells you how much you really … [Read more...]
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