When you talk to people about real estate investing who have never done it before, they automatically think you are talking about flipping houses. What is flipping houses? Well, it’s not “investing”. Flipping houses is a business. You buy something undervalued, you put work and money into it and then you try to sell it […]
What happens to your family if something happens to you? The first time I thought about that was when my wife was pregnant with our first daughter. Life changes when you have people who depend on you. Here are the basics: 1) Everyone knows you need a will. 2) You need life insurance. For security, […]
If you haven’t noticed, the last few weeks have been pretty focussed on tax mitigation. I’m always shocked by how little time people spend trying to navigate the tax law. The reality is that most of the tax law is gray and one of the specific things that wealthy people do that higher paid professionals […]
Sir Isaac Newton is well known for his contributions to physics. Much of the physics we learn in high school is Newtonian physics. That’s because it is easy to understand. Perhaps you remember the equation Momentum=Mass X Velocity? Instinctively you understand what momentum is—imagine a locomotive moving rapidly along the tracks. It’s hard to stop! […]
Skipping lattes will not make you wealthy. It will make you unhappy. I don’t like that mentality. The MAJOR DIFFERENCE BETWEEN THE WAY THE WEALTHY THINK COMPARED TO THE POOR is that they do not think of the world as a place of limited resources. They don’t think “I can’t afford that” they think “how […]
In the investment world, you will often hear the terms ROI or cash on cash. ROI stands for return on investment. That means how much yield you are getting on your money in a given investment. Cash on cash (COC) is a little different and it is probably best to use the example of real […]
I hate when financial advisors start talking about buckets. It makes me want to punch them in the nose. You know what I’m talking about—the bucket strategy. You got your growth buck—the one with stocks and mutual funds. I hear financial advisors say this one grows at about 10 percent. Then there is the next […]
According to the SEC, you are an accredited investor if your annual income exceeds $200,000/year ($300,000 if filing jointly) OR you have a net worth of greater than $1 million excluding your personal residence.
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