If you don’t build your dream, someone else will hire you to help them build theirs. I would love to have been the first to say that, but it’s a quote from a very wise businessman from India named Dhirubhai Ambani. He wrote that in his book, “Against All Odds: A Story Of Courage, Perseverance And Hope.” Ambani was speaking a simple truth that is extraordinarily relevant today because if you are always merely working for the wages someone else pays you, your financial dreams will never become a reality. The key to creating wealth today is to recognize that we...
Have you ever had a nightmare where you discover one day that everything you believed to be true turns out to be wrong? I read an article in the “Money” section of U.S. News and World report the other day that listed 10 common investing rules that don’t apply anymore. I think this is a very common phenomenon and not only in investing and finance. We get something driven into our heads when we’re young and unless we go back to school, we seldom get a chance to benefit from more current thinking. Did you know, for example, that you won’t necessarily drown if you...
Sometimes the “noise” of the day-to-day news cycle keeps us from seeing the bigger trends in life, and I think this truth applies to the financial world more directly than almost anywhere else. For example, when the economy takes a downturn, it seems obvious when it finally occurs and in retrospect all the signs were there, but we get so absorbed in the minor ups and downs that we don’t take time to step back and look at the big picture. One trend that I think few are reporting on is how people are beginning to take direct control of their personal finances and...
We live in an age where we take a lot of things for granted. When we plug in an appliance, we know that we’ll get electricity to power it up. When we climb into our cars and turn the key, we know the engine will fire. When we go to the ATM and slip our card into the slot, we know we’ll be able to make a cash withdrawal – unless you’re in Greece. Recent economic strains have shown us that the financial system we all depend on may not be as solid as we have always accepted. When Cyprus ran into financial trouble, bank depositors received a “hair cut” – they woke...
There aren’t too many endeavors in life where totally opposite strategies can be equally as sound. But consider these two approaches to real estate investing: – You can buy your home, live in it for decades, raise your family, and end up with a piece of real estate that has greatly appreciated in value over the years. And during those years when its value is increasing, you’re busy enjoying your life. When the time is right, if you want, you can cash in on that value. – In the second approach, you purchase a property that needs a little work. You...
