The best way to learn how to handle money is from the rich. The articles below are tips that rich people have used to become wealthy.
The end of March and beginning of April have been pretty interesting for the Summit of Coin Household. Baseball season began the day I returned back to work. This season of the year, requires me to spend a minimum of 10 hours a day at work, plus we play our games on Saturdays.
A couple weeks ago, my wife and I decided to rent a movie. We don’t really watch too many movies, but on that particular weekend, I suggested it due to the fact that neither of us had to work on Monday (MLK day). We had a three day weekend, why not relax a little?
Growing up and still today, I am intrigued by the civil war era. I have books upon books on the civil war and 5 or 6 on Abraham Lincoln alone. Because of my love of this time period, Abraham Lincoln has always been my favorite President. There is something amazing about a guy who never gave up on his bid for public office, despite so much failure early in his career. There is something amazing about a President whose plan was to still unify the country after the war had ended. Most people wanted him to punish the south.
Earlier this week, I was listening to one of my podcasts and an article was discussed. This article followed a young intern in New York City around. The young woman makes $25 an hour, receives a $1,100 allowance from her parents/grandfather and her parents pay her rent.
As a parent of a 19-month old, I work with teaching my daughter each day to control her emotions. Everyone, as a child, experienced a struggle to control their emotions. My daughter, for example, has thrown herself on the floor to cry, because she is mad that we won't let her do something. This is part of growing up, kids want to do something and as a parent you can't let them do it for safety reasons. Now, the struggle comes with trying to teach our daughter how to control those emotions.
For me, respect is a tough topic to write about and define. I believe this stems from being an educator. As educators, we always talk about the importance of teaching our students respect. In professional developments, this is met with a question, "What does respect look like? What does respect really mean?" The leader of this type of professional development is trying to make us see that not everybody knows the meaning of respect. Therefore, there is a broad understanding in the educational field that respect needs to be taught and modeled to our students.
Since gambling is not a drug or alcohol, people find its addiction less damaging. But, the truth is - gambling can wreak havoc on a person’s life. Though you can’t die because of overdose, its addiction causes serious damage to the welfare of individuals and everything related to them.
My life is completely shaped by the fact that I grew up in a small town of less than 2,000 people and I went to a school that had one building for K-12 grade (my class was the last class to attend all years of their schooling in the same building). My life experience is different than somebody who grew up in the city and attended five different schools for K-12. I propose we change the question a little bit. What would the conversation sound like if we asked a slightly different question? This is not a question you have with a brand new acquaintance, but a discussion you have with a significant other or an accountability partner.
Over the entirety of this blog, I have continued to preach the importance of buying used cars, driving these cars until their wheels fall off and always buy cars in cash. What would push me to think about getting rid of my old car? It's simply one number:
Last week, I was listening to the Tim Ferris podcast. He was interviewing Kyle Maynard. I had never heard of Kyle Maynard before this podcast. I don't know how I had never heard of Kyle before last week, but he has an amazing story. Kyle is a quadruple amputee, who has climbed Mount Kilimanjaro, won awards in mixed martial arts, wrote a book and travels around the world inspiring people. He never shied away from anything and sought out wrestling in high school and sought out mixed martial arts as an adult. He was successful in both endeavors.
In everything we do with our finances, our goal is always a focus towards financial independence and the freedom that financial independence allows. With that focus, we must make a concerted effort to cut expenses wherever possible.
I recall my journey to launching Summit of Coin. It was December 2014 and I was listening to a podcast. The podcast was an interview of Mr. Money Mustache. This sent me down a journey of reading every article that MMM had written and peaked my interest in writing a blog detailing our journey to financial independence or as I like to call the Financial Summit. Being a teacher, I waited until summer to prep ten articles for the blog and develop the website. After a month of prep, I officially launched this blog on July 13, 2015.
The title of this article may surprise you. You may be thinking in your head, "Of course rich people have fun! They have lots of money! They can do whatever they want. They can drop thousands of dollars on vacations and not even blink an eye."
Earlier this week, I was listening to a podcast and the conversation on the podcast got me thinking. I have heard a certain statement time and time again. I have heard it from my pastor, my father and even the people I listen to on podcasts. They all have stated at one point: "The stock market is at its highest value in history." A lot of times this is said with the idea that the value of the stock market is a bad thing. And I will admit, there is no guarantee in the value of the stock market. It flucuates over time and it will go down, but will the fall be that bad?
There is just something about the galaxy far, far away that peaks my interest. I love the characters, the story, the force and the lightsabers. I would even re-enact lightsaber battles using yardsticks with my sister as kids. I have been mesmerized with everything Star Wars and Rogue One was no different. Rogue One was made and developed in a way to honor the original Star Wars movies and I am a big fan of how it showed us a story leading up to Episode IV: A New Hope.
We've all had those co-workers that constantly complain about their job. We've all seen the negative comments that are thrown around the internet. We have all heard the complaints from people that sound something like, "It is just too hard for anyone to get ahead in this day and age." We've all heard the complaints about the economy. And of course, I have heard many complaints about our current President and our President-elect.
We are 12 days removed from the end of the holiday season. We are 12 days from the beginning of a new year. This is the perfect time to make a change. This is a perfect time to start preparing for retirement. This is the perfect time to stop expecting things to start taking control of your own life. This is the perfect time to start saving more money.
Sure there are some wealthy people that inherited their wealth, but a majority of wealthy people built their wealth over long periods of time. They had to take some risks. They had to sacrifice a little. They had to make changes in their lives. Some self-made millionaires realized that they had a problem and did something about it. They didn't just sit around waiting on things to get better, but instead they did something to change their lives.
Back in the beginning of this great nation, there were great leaders that imagined a different kind of country. A country built on the freedom of all men. A country where anybody can pursue their own happiness. A country where people can make something out of nothing in their own lives. This country was built on the imagination of our forefathers.
Christmas, in my opinion, is one of the best holidays to celebrate. As a child, I always enjoyed running into Mom and Dad's room and waking them up. The whole family would then go out and open presents on Christmas morning. Just like any child, I loved the whole season and the anticipation for Christmas morning. As I get older, the anticipation for Christmas morning is not as prevalent, because I understand that those gifts cost my family money. I even feel bad when my family spends too much on me, just for the holidays.
The other day, I was listening to the "Retire Inspired Podcast" hosted by Chris Hogan. During this particular podcast, he listed off characteristics of highly successful people. I jotted down notes and wanted to dive more in depth into each topic. One particular characteristic stuck out to me.
One thing that I continue to hear are complaints about the fact that this country has developed a bunch of entitled brats. People who think everything in life should be easy. People who think that they are owed a specific job or that they are owed a promotion. People who think that they can show up to work and push their jobs onto other people. People who complain when things don't go their way. People who want to get rich quick. People who waste all of their money, but hope the lottery will bring them riches.
I found this picture and knew it just fit this time of the year. Fall is my favorite season of the year, because it involves some of my favorite things to do. With Football season and the build up to the holidays, what is there not to love? I love at how the weather changes from summer to fall. Living in Texas, the summers can be pretty hot, but the fall weather in Texas is beautiful. I have enjoyed many fall days outside in the cooler temperatures this year. Along with the cooler temperatures, comes a change in the color of the trees. The leaves fall and the vibrant reds, yellows and oranges fill the horizons. This is probably one of the things that I miss the most about living in Nebraska. We don't get the full seasons in south Texas, and my only opportunities to see the weather change is to visit the Northern States.
As a husband and soon-to-be-father, I worry about certain things. I worry about reaching the financial summit, so my wife and I can be financially secure. I worry about a safe delivery for my wife and my future child. I worry about whether they would be okay, when I am gone (And by this I mean financially). I know that losing a loved-one is very difficult, but with money problems it can become even more difficult. I don't want my wife to have to worry about money, if I happen to die early.
I was completely shocked the other day when I heard that one of my friends was contemplating buying $600 shoes. My response was, "Are you kidding me?" It took all the energy I could muster to talk with them calmly about this stupid decision.
Becoming a millionaire has always seemed like an impossible feat for someone growing up in middle america striving to become a teacher. I had never thought about even reaching one million dollars. I didn't even know it was possible. Most people in this boat, (maybe you are one of them) don't believe that becoming a millionaire is possible. If this is you, then let me be the first (or the tenth or the thirtieth person whichever it is) to tell you:
I think that this can go to show you that millennials can get a bad wrap, most of the time. All generations have entitled and lazy people. It just seems like the millennial generation has been hit with story after story of entitled lazy brats. I would say that lots of research shows that these news articles can be false, especially after Ramsey Solutions just released their results on Millennials and retirement.
I am sure that we all remember the children's story called the "The Tortoise and the Hair." This story has always been one of my favorites, because it is the true underdog story. That's like Coastal Carolina winning the College Baseball Championship. Coastal Carolina has never won a Championship in any sport prior to winning this one. The school's first National Championship in any sport was earned in 2016.
This past week I was reading an article by Milllennial Money Man (M$M) about Patience. He used a great personal story about how some months there is lots of growth with his blog and some months, there is no growth. He also says that he has some articles that are a hit and some articles that are a flop. He used a great example of how people can get bogged down on trying to make a quick buck. They try those late night infomercials and all they get is run into the mud. So based on this article, I want to pose a question. How can we continue to strive for something, if we don't see the reward?
Yesterday, Britain voted to exit the European Union. I don't normally write articles about the daily up and down of the stock market, but it is important to remember that when we invest for the future, we are investing for the long haul. Large crashes or falls in the market should not affect us. The media does not want you to believe this for a minute. Look at some of the headlines from today: