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15 Year Mortgage

May 26th, 2010 Joe No comments

Warning: This advice may be shocking.

“If you cant afford to pay it off in 15 years then you cant afford it.”  Advice given to me by one of my advisors.  Before I bought my first property I talked to lots of people about my options.  This included many close friends and relatives.  One of them had great advice.  That advice was, if you cant afford to pay it off in 15 years you cant afford it.

This simple piece of advice will save you thousands of dollars, it will save you hundreds of thousands of dollars in interest payments. Read more…

Getting Rich 101 a Millionaire School

September 4th, 2009 Joe No comments

So far we have covered a huge amount of information I thought it would be a good idea to do a quick recap.

1. Be Happy- Rarely do people get rich doing things they hate.  You are much more likely to get rich doing something you feel passionate about.

2. Financial education is priceless.  The saying goes “Insanity is doing the same thing over and over and expecting different results.”  If you are not making financial progress educate yourself and change your actions to get different reactions.

3. Debt is not always bad.  Bad debt holds you down, good debt puts cash in your pocket.

4. Protect your money.  No matter how much you have keeping track of exactly where it is and where its going is crucial.

5.  Two dollars is all it takes to start building your wealth.  See article for more information.

$2 Dollars

August 30th, 2009 Joe No comments

Step three of Average Joe Millionaires getting rich 101 is best explained with a story.

When I was a kid I went to my uncles Paul’s house.  We were in his kitchen having a bit of orange juice and when he opened his cabinet I saw a small stack of cash sitting on the top shelf.  As a 13 year old kid a stack of $20 dollar bills an inch high was a lifetime worth of allowance.  I thought that was SOOO much money.  Uncle Paul took the money down and we counted it.  He had about $400 dollars.  He said that every time money came into his hands he took 10% and put it there until he had around $500 dollars and then he put it into a savings account.  He said he started when he was 21 years old.

When he was 21 he met a girl he wanted to marry.  He had talked to her and she told him that he had to buy a ring.  So the next paycheck he got he took $2 dollars and put it in the cabinet.  My Uncle was 21, he was broke, and he was only making $200 dollars every two weeks.   Most people would not even bother saving $2 dollars.  Uncle Paul may have not bothered either but he needed to buy a ring.  Paul ended up saving up around $500 by picking up extra shifts and putting all his extra money in that cabinet.  He bought his ring and married my aunt.  Uncle Paul stuck with the savings routine and from that day forward he started saving between 10% and 20% from every check.  Uncle Paul saved all that money and  put it into a special savings account last year Uncle Paul and I were talking about money and I asked him how it $2 dollar savings account is doing.  Paul said “that account now has about $2.5 million dollars in it.”  $2.5 million dollars and it all started with $2 dollars.