for less tax
Money Lesson You Forgot to Teach Your Children
Here is what I said to Brooke, “Do you know what unconditional love is?” She nodded. “Well, mom, Heather and I love you unconditionally. We love you and will never stop loving you. Ever! I know we work hard to be frugal and save and invest. But this is why. Times like this! If we don’t spend whatever it takes to get you better, what good is having money? I don’t care what it costs. We will not be frugal when it comes to getting you better. I would give every dime I have just to have you.”
Should You Have a Financial Planner?
In 1968 Nick Murray had to sell investments the hard way. He met most clients in their home. The tool of choice was the mutual fund. Most people he sat with were hard working people, but unsophisticated investors. Fee-based advisors were rare in those days for the small accounts families had. Fees were high and people were risk adverse. To top it off, the market was having bouts of volatility, suffering a noticeable decline even to those who didn’t follow the market on a regular basis.
It was in this environment Nick Murray had to convince his clients and potential clients the best course of action for them. Investing in mutual funds came at a steep cost. Loads (aka sales fees) were as high as 8.75%. 91.25% of your money went to work right out of the gate trying to get back to the even water mark.
Young families had to consider equities for at least a portion of their portfolio if they were ever to have enough money for a comfortable retirement, and Nick Murray knew it. The high fees were one issue; the market another. The question was always the same:
“Do you think the market will go up?”
Tradelines: The $1,000 an Hour Side Gig
Remember all those credit cards you acquired to earn out those bonuses and eventually canceled? You’re going to wish you hadn’t done that.
Credit cards are one of the most powerful wealthy building tools in existence today when used properly. They get a bad rap because irresponsible people rack up massive quantities of high interest debt and spend decades digging out if they ever get out. Still, credit cards can put a lot of ka-ching in your pocket if you understand the rules and never run a balance on the card.
If you are in the accumulation phase of your wealth building cycle, looking for a high income compared to the time invested or love gaming the system (your favorite accountant is guilty as charged), then you need to learn about tradelines.