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Category Archives: Wealth
I saw this question posted by someone on Facebook yesterday – would you quit your job if you won a million dollars?
Knowing what I know now, if I still had a job and won a million dollars, like in a lottery, I would definitely not quit my job. Statistics show that people who win a million dollars lose it or spend it almost as quickly as they got it. People who have jobs don’t have the necessary mindset or skills to preserve that level of income.
This is a little scary, especially when you see how it is already going for some countries in Europe.
The US Dollar and the European Union’s Euro are fiat currencies, meaning that they have no intrinsic value and are not backed by anything that has intrinsic value. They have value only because the respective governments declare that they do. Fiat is a Latin word meaning “let it be done” or “it shall be.”
All fiat currencies throughout history have failed.
I often hear my Dad say that he cannot afford to retire or that he cannot afford to live past 85 years old.
That’s really sad to hear from someone who has worked and saved their whole life, earned a pension, and invested in their 401k. He’s done everything exactly as he was supposed to, as we have all been taught.
My Dad is an accountant. He knows all about saving, investing, and forecasting his money. That’s how he knows that he only have enough to live on until he reaches 85.
Have you watched Bob Proctor’s Secret Income System videos yet? In the 4 videos he talks about one way that you can live a life of financial freedom if you want to. The videos are amazing and have a lot of good content that you can apply to whatever you decide to do.
The first video is about Freedom. What does freedom mean to you? For me it is about Time Freedom – being able to take the time to be with my family when I want to without having to get anyone else’s permission. For other’s it might be about money freedom – having the money to do what they want to do at any given time. Maybe for you it is just not having to worry about time, money, or whatever it is that you have to worry about.
I received a link to this video not too long ago with Mike Maloney of goldsilver.com talking about the soon to come greatest wealth transfer in history. Check it out.
Gold has become very expensive over the last few years, so I like silver. Silver, while getting more and more expensive, is still affordable and regular people still have the opportunity to build up a small stock pile as a hedge against whatever may happen.
I’ve heard it said many times and from many different people that the Great Depression represents the greatest transfer of wealth in American history. I have also heard, again from many different people over the past few years, that we are facing another transfer of wealth, possibly even bigger than the Great Depression.
What they mean when they say transfer of wealth, at least in this case, is that as the value of one form of wealth declines (the unbacked US dollar) the value of other forms of wealth increase (like gold and silver).
Did you know that? The United States Government cannot print its own money. It borrows money as a loan from the Federal Reserve, which is a private bank with its own investors. The thing with the Federal Reserve is that it is the only bank that can print money, so there is absolutely no possible way that our government can pay back the loan.
I watched a video that Mike Dillard created to launch his new program, The Elevation Group. In that video he makes many interesting points, and here is one of them that really stands out.
He states that when people reach retirement age, 65, they are required to start withdrawing 6% of their 401k. A financial advisor friend of mine told me that his numbers are wrong, it is actually about 3% at age 70.5. Either way, the point is still valid.
This post is about personal financial matters so I want to be very clear right here that I am not a financial advisor and cannot give you financial advice. Honestly, I’m not even going to tell you directly how to do this, just how to find out how to do this.
Mike Dillard recently launched a new business called The Elevation Group where he is making critical financial training available to everyone who wants to participate. One of the things that he talks about is the benefits of creating your own personal bank. Sounds intriguing, doesn’t it?
It is April 15th again and time to hurry to get your income tax return to post office in time to get today’s stamp on it. Actually, I filed my tax return back in February, but April 15th is another tax deadline for those of us who are self-employed. It is time to file our First Quarter Estimated Taxes.
On April 15th we get to see both how close last year’s guess was to how much we actually made last year and we get to make our best guess to how much we will make this year. It can be a challenge because the IRS and the state revenue departments want 4 equal estimated tax payments on April 15, June 15, September 15, and January 18.