Money Management
Money management refers to the processes of budgeting, saving, investing, spending, or otherwise overseeing the capital usage of an individual or group.
7 Money Management Tips to Improve Your Finances.
Track your spending to improve your finances. Create a realistic monthly budget. Build up your savings—even if it takes time. Pay your bills on time every month. Cut back on recurring charges. Save up cash to afford big purchases. And, start an investment strategy.
This understanding provides you with a 360-degree view of your financial picture. The goal is to apply key financial disciplines to help you overcome the obstacles to wealth.
With a clear purpose for your money and sound management principles behind it, you are in much more control of your financial destiny.
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Changing the Narrative of Wealth by Valuing Time
Investment thunderstorms, repairs and vet bills. Building wealth has never been harder but we can make it through. Going beyond F.I.R.E.
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This November, Opt to Vote For Your Household’s Wealth
This is the time of year when we are inundated with election ads asking for us to vote and donate to our preferred candidate or party. That got tired quickly. I hate ads and don’t understand why multi-millionaires need to spend an estimated $12 billion of 2024 campaign funds on marketing. This is up nearly 30% from the 2020 presidential election. Again, it’s not their own money. To keep it brief, the last time I voted was in November 2012. After an odd racially charged interaction with a volunteer poll worker for the city of Tallahassee (FL), because I’m visibly Black with a Hispanic last name, I started to question…
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How to Pay Less in Taxes in Retirement Like My Mom
Turns out, you still pay taxes in retirement. However, it’s not as much as you think. As of March 2024, the median income for Americans aged 65 and older was $50,290. That’s a median monthly income of $4,191. However, this income can vary drastically by age, race, professional, and education level. On average, a retiree can expect a tax rate of 5.7%; however, 80 percent of retired households will pay little or no income taxes (source: Center for Retirement Research of Boston College). If you made less than $90,000 per year (through your career), after the Federal standard deductions, you won’t have to pay much (if at all). For context, those…
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How to Multiply $100k Worth of Opportunities Using the Net Max Financial Plan
Reaching a total investment portfolio of $1M and now it's time to draft, plan and multiply $100k worth of opportunities.
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4 Tips on How to Beat Inflation. Stock Market Performance Between 2020 and 2024
As of April 2024, the stock market was down 5% and inflation is still up 3.4%. Although the market recovered since, day-to-day life has become unaffordable for most Americans. In 2024, money isn’t cheap anymore; proving that financial illiteracy is expensive. At this rate, your knowledge or financial awareness equals your family’s future purchasing power. If you want to compete in modern times, it’s now mandatory to invest. Investing $100 in the S&P 500 at the beginning of 2020, you would have about $145.67 at the end of 2023, assuming you reinvested all dividends. This is a return on investment of nearly 46% percent, or an annualized average return of 10.8% per year. But that’s…
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Be Rich on Any Income – Hyper Wealth Accumulation
While the world advances toward automation and AI, it’s time to shift your finances into hyper-wealth accumulation mode. The best part, you don’t have to start rich. Narrow your focus on the goal to end up rich at the finish line. Besides it’s way better than starting rich and ending up poor. Redefining the Financial Journey Not the Finish Line Wealth is not the finish line; learn to redefine the trajectory. The most common misconception about wealth is that you must earn more income to be worth more. Your net worth isn’t compromised solely by your income. It’s a bit more complicated and way more intentional. If you want to…
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How We Made $5k+ in Passive Income for Q2 2024
The second quarter of 2024 was tight. High prices raged on and it's likely that the passive income economy dragged down. With price inflation up, some goals might not materialize this year but we will likely still land in the positive. Nearly $7k in gross passive income is still income.
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Investments surpassed $900,000. Time to Celebrate in Texas?
A small but meaningful TNFG July celebration is in order. We survived the Great Stock Rotation. We don't expect much from Q3 so here's hoping for a solid year end close out of +5% to +11% growth.
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How Not To Let Inflation Erode Your Household Wealth
According to an article by Yahoo Finance, inflation will make these seven assets unaffordable in the next 10 years. The future is expensive.
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Tracking Our Million Dollar Investment Portfolio Since 2020
You have to have some investment if you want to excel in a capitalist system. Without capital assets, you are merely falling behind. Here’s every single month of tracking our investment portfolio since 2020. Links are also available for the full net worth breakdown for that month. Although we started to track our net worth in 2012, we didn’t start writing blog posts until June 2020 when the website was created. Things that helped our investment grow? I’m not a fan of people sharing their final investment numbers without a full context. It’s only fair to paint a real picture. For one, although my wife and I didn’t come from money,…
