According to data from the Federal Reserve, the largest asset held by the average family was their house. This trend continues to intensify as housing prices rose to all-time highs in 2020.
For the two-thirds of Americans that own their own home, this is both good and bad news. On the one hand, owning an asset that increases in value pushes your net worth higher. On the other hand, housing equity does little to move you towards financial freedom.
In this article, I explain the housing paradox and how to diversify your wealth away from your house and into assets that will lead to financial…
Professor Scott Galloway from NYU Stern nailed it when he described the impact of COVID-19 on the global economy as not being a “change agent” but an “accelerant.”
By an accelerant, he means that in 2020, many trends that were already taking place moved forward 10 years in a matter of eight weeks. Some examples include;
None of these trends are new, but the rate at which they have been accepted as the common practice has accelerated faster than most of us thought possible. …
In 2020, I wrote quite a bit about the importance of saving more of the money you already have and finding ways to make more money.
Today, I want to go deeper on these concepts and take them from the hypothetical to the real world and detail my plan to save 83% of my income in 2021.
We need to start by establishing a shared understanding of what I mean when I say I plan on saving “83% of my income in 2021.” To do that, you’ll need to know the difference between gross and take-home pay.
Welcome to the Making of a Millionaire weekly newsletter, where we highlight the latest and greatest content we have to share with you.
Written by: Building Arks with Jason Clendenen
Let me start by saying I’m not writing this to brag. This is to share my story in the hope that it helps people see the opportunities that are around us every day to improve our situation. It takes financial education and a willingness to try new things, but the possibilities are endless.
I keep track of my financial metrics every month. I track both the monthly cash flow as well as the appreciation of my assets, totaling up to a total monthly cash flow vs. …
One of the most important investment decisions you can make is how to balance your portfolio. Meaning, how much of your portfolio should be allocated to risky assets like stocks and risk-free assets like bonds?
Most financial advisors will make a recommendation based on your “risk tolerance” and your years to retirement. The idea is that if you have a long time until you retire, you have plenty of time for your investments to recover.
The conclusion tends to be that the younger you are, the more you should weight your portfolio towards risky assets like stocks. …
I’ve been writing professionally as a side hustle for three years. During that time, I have researched and experimented with all types of monetization.
This has led me to a very simple conclusion.
Putting your writing behind a paywall is the simplest and most honest way to earn money as a writer and by far the best experience for the reader.
In this article, I explain why asking readers to pay for your work is the best way to earn a living as a writer.
The worst thing a new writer can do when they are just getting started is to focus on making money. I know that’s not what you want to hear; after all, you have bills to pay, and you deserve to be compensated for your hard work. …
Welcome to the Making of a Millionaire weekly newsletter, where we highlight the latest and greatest content we have to share with you.
Written by Rocco Pendola
I have been investing in the stock market since I was a teenager. I’ve tried every strategy in the book. I’ve made enough mistakes to write several volumes.
In this article, I detail the two stock-picking conclusions I have come to. If I had settled on these two styles of investing 32 years ago, I’d probably be a millionaire several times over today.
Making of a Millionaire recently published a new eBook: Everything You Need To Know About Debt. …
If you want to turn writing into a profession on a full-time or even part-time basis, you need to build an audience. A group of people that eagerly await your latest work.
Too many articles you’ll read online talk about how to build a “massive audience.” You do not need millions, hundreds of thousands, or even tens of thousands of people to follow your work to be a successful writer.
I would take 1,000 true “fans” of my writing over 100,000 people clicking on one of my stories and then moving on and forgetting that I ever existed. …
The only goal I’ve ever had as a personal finance writer is to share with my readers everything I have learned from years spent obsessing over personal finance.
My writing has largely reflected the financial issues I am focusing on in my own life.
Welcome to the Making of a Millionaire weekly newsletter, where we highlight the latest and greatest content we have to share with you.
Written by U-Ming Lee
Freelancing sometimes feels like cycling between feast and famine. Although I have enough clients to bill regularly to keep the lights on, I still appreciate having side hustles around as an additional income source for savings and investments.
I believe in a simple mantra to build wealth.
Earn more than you spend, invest the savings.
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