Archive for the accumulating wealth Category

How the Game of Monopoly can Teach your Children about Money!

Teaching children the different concepts of Personal Finance can be a difficult topic of discussion for some adults.   Many adults feel clueless on where to start to make the subject interesting and captivating.  Keeping a child’s attention on the subject can be daunting if the approach is too analytical.  If you want to succeed with introducing children to the topic of personal finance, make the subject fun and exciting by using board games.

Read the rest on Your Black World

 

Share

How to Obtain Financial Success

There are a measure of wealth rules that must be abided by in order to accomplish financial, freedom, success and prosperity. For instance, rich individuals understand that they have to get paid based upon their final result instead of on their time, they understand the importance of holding unlimited revenue potential, and they know that they must leverage themselves so that they don’t need to work hard in order to bring in monumental sums of money. They also realize that they must create assets and opportunity as it’s not always about buying those things.

Affluent individuals abide by these rules and consequently they’re successful financially, yet most individuals don’t even know about these principles, not to mention live by them. That’s likewise why financially free individuals know about and capitalize on passive income, although the masses don’t. Basically, passive income minds of all the “wealth principles” and provides everybody the ability to grow limitless wealth.

Once you work to produce passive income streams, you’ll be getting paid founded on what you put in, not simply the time you spend executing it. As you are able to produce as many income streams as you wish, there’s absolutely no limit to the sum of money you are able to potentially earn.

When formulating passive streams of income, you’re not spending time, you’re investing it. Instead of trading time for revenue you’re investing time into long-run residual profits.

For a few illustrations of passive income consider a writer who composes a book, publishes it, and then brings in residuals on it for the remainder of his life. Or consider having a number of coin vending machines.

There are likewise a lot of simple home and net business models that anybody may easily begin to utilize with big potential. One big benefit that many individuals find in this sort of passive stream of revenue is that a lot of profitable businesses, particularly online, may be started free or really cheaply.

Make sure that you learn all you can about passive streams of revenue today.

Share

How to Spend Wisely to Save Money

Have you ever noticed that the things you buy every week at the grocery stores go up a few cents between shopping trips? Not by much…just by a little each week but they continue to creep up and up.

There is a way that we can keep these price increases from impacting our personal finances so much and that is by buying in quantity and finding the best possible prices for the things we use and will continue to use everyday… things that will keep just as well on the shelves in our homes as it does on the shelves at the grocery store.

For instance, if you are a pet owner dog food and cat food costs about 10% less when bought by the case than it does when bought at the single can price and if you wait for close out prices you save a lot more than that.

Set aside some space in your home and make a list of things that you use regularly which will not spoil. Any grain or grain products will need to be stored in airtight containers that rats can’t get into so keep that in mind.

Then set out to find the best prices you can get on quantity purchases of such things as bathroom items and dry and canned food.

Don’t forget to shop at stores such as CVS, Walgreens, Rite-Aid or any other regional drug stores in your area.  These stores offer great discounts, coupons and rewards, you often cut your shopping bill in half by shopping at these stores as opposed to the supermarket chains.

You will be surprised at how much you can save by buying a twenty pound bag of rice as opposed to a one pound bag.

You can buy some clothing items such as men’s socks and underwear because those styles don’t change, avoid buying children’s and women’s clothing, those styles change and sizes change too drastically.

Try to acquire and keep a two year supply of these items and you can save hundreds of dollars.

How this article can help with your personal finance journey.

 

 

 

Share

Why are you so Broked?

 

 

 

Recently on LinkedIn I came across a post regarding the difference between Wealthy and Broke people.  The title of the article is named “Being Broke Is a Waste of Life”  it was written by Luther Thompson a professional I connected with on LinkedIn.   This article clearly defines the difference in characteristics between a Wealthy person and a Broke person.  Please read the article below, and tell me what you think:

BEING BROKE IS A WASTE OF LIFE!

Why are you still tired, broke and enslaved?

The following is a list of the Top 20 principles of the wealthy. It is not meant to be specific financial advice, however it is a bright-red warning flag to help you avoid financial trouble.

1. The Broke think everything is too good to be true, while the wealthy think that getting a job sounds too bad to be true.

2. Broke people give up when things don’t go their way; a few disappointments and they are onto something else, saying things like “it wasn’t for me.” The wealthy work harder and become more determined when things go bad, and understand that you have to take the bad with the good to make it.

3. Broke people always have an excuse. Wealthy people say “my fault” and refuse to make excuses.

4. Broke people think that not getting what they want is OK. Wealthy people are disgusted at the thought of not getting what they want and will do whatever it takes.

5. Broke people always have to talk it over with their broke friends to make sure no one will make fun of them if they make a decision. Wealthy people think for themselves and could care less what their broke friends think.

6. Broke people are never coachable and teachable. Wealthy people are always learning, even when the money starts coming in, they never stop learning from those who were there first.

7. Broke people are scared of others. Wealthy people entrust in others and know that other people are crucial for their success.

8. Broke people are always procrastinating; they would rather talk about it, read about it, think about it, but never seem to do anything. Wealthy people hate doing anything but getting it done.

9. Broke people are glad when the day is over. Wealthy people love when the day begins.

10. Broke people think Wealthy people are lucky. Wealthy people put themselves into a position to be “lucky,” and then work hard to make the “luck” show up.

11. Broke people work by the hour. Wealthy people work by the month.

12. Broke people want to know that after 1 hour of work they have something to show for it. Wealthy people find broke people who think like that and make them their employees.

13. Broke people get excited they just got hired. Wealthy people think it is funny that someone could be fooled that easily; they are just making the wealthy person wealthier.

14. Broke people complain a lot. Wealthy people are thankful that no one shot at them today, they didn’t have to fight in a war, and that they don’t have a job.

15. Broke people are too concerned about what other people are doing. Wealthy people are only concerned about what they can be doing to get more done.

16. Broke people think that if no one is doing something, it must suck. Wealthy people think that if no one is doing something, it means more money for them.

17. Broke people think that if everyone (all 200 people at the meeting in a city of 1 million) is doing something, it must be saturated. Wealthy people think that broke people aren’t too bright.

18. Broke people think it is OK for other people to live where they want to live, drive what they want to drive, and do what they want to do.

19. Broke people are OK with the fact that they can’t do these things. Wealthy people get sick just thinking about being average.

20. Broke people think that other people’s opinions are worth more than their dreams. Wealthy people know that their dreams are worth more than other people’s opinions.

I have learned to be wealthy. You must learn from the broke and do not do what they do nor think how they think.

To your success,

Luther Thompson, Jr.
Luther Thompson, Jr. & Associates
PO Box 1026
Atlanta, Georgia 30156-1026
Voice mail: 866.485.7373
Email: lutherthompsonjr@bellsouth.net
Blog: http://lutherthompsonjr.wordpress.com/2010/05/11/profits-are-better-than-wages/

 

 

 

Share

You Don’t Deserve to be Wealthy!!!

That’s right I said it, “YOU DON’T DESERVE TO BE WEALTH”!!  So, I know your wondering why would you say that, I have that right to deserve to be anything I want.  Let me ask you a question then, if you deserve to be wealthy, what are you doing to create wealth for yourself.  What are you feeding your mind, to develop that wealth mindset.  I want to share a video with you, listen to Les Brown and Bishop Bernard Jordan share their incite on this subject:  Let me know what you think.

 

 

Share

Recognizing African-American Business Professionals

Since tomorrow will be the last day in the month of February for Black History Month.  I wanted to pay homage and respect to twenty African-American business professionals who have paved the way for our present and future.  I have read and studied these business professionals accomplishments and accolades, and my goal is to share their successes with all of you:

1.)                Paul Cuffe

2.)                William Leisdesdorf

3.)                Fredrick Douglass

4.)                Booker T. Washington

5.)                Madame C.J. Walker

6.)                AG Gaston

7.)                Bruce Llewellyn

8.)                Reginald Lewis

9.)                Oprah Winfrey

10.)            Catherine L. Hughes

11.)            Dennis Kimbro

12.)            Earl G. Graves Sr.

13.)            John H. Johnson

14.)            Russell Simmons

15.)            Berry Gordy

16.)            Robert L. Johnson

17.)            Shelia Crump Johnson

18.)            CH James

19.)            David L. Steward

20.)            Percy Miller (Master P)

Share

I-Phone App and Finances

After months of frustration trying to import and export transactions with Quicken using a a previous app (which I will remain nameless).  I just recently loaded Mint.com app on my phone.  So far I like the reviews that I read so far, but my assessment of the app is going to be its ability to import and export transactions with Quicken.  I did not want to switch from using Quicken and go to Mint.com to handle budgeting and keeping track of my personal finances.  Looking at the app’s description I did not see apps if there is an ability to import and export QIF transactions, but I thought I will access it anyway.  I’ll see how it goes and keep you all informed.

Share

Are you Broke, or Temporarily out of Cash

Some years ago, before I became a licensed Financial professional. I read a book by the Financial Advisor/Guru Ric Edelmen. Where the author said Broke is a state of mind, and temporarily out of Cash is a state of your pockets; I found that statement to be true when you working towards accumulating wealth. Many individuals can never get started with investing or saving for retirement, because they believe in their minds and saying continuously “I’m broke, I never have any money”. These individuals are not aware that what you say and how you think, is very powerful and in order to begin to start accumulating wealth you have to change what you say and how you say it. We all in some part of our lives hit a rough patch when it comes to money, but is important to rephrase and rethink what we say, how we think. Constantly saying your BROKE and will not help you to develop positive thoughts about saving money or accumulating more money. How can you develop positive thoughts and begin to rephrase your thinking. Start by educating yourself on how to save, read motivational books or listen to motivational cds to develop a positive thought process. Always seek constant education to develop better money handling habits to prevent you from being low on cash or “Temporarily out of Cash”.

Share