Introduction

Introduction:

Did you know that if you start investing $100/month into a IRA (individual retirement account) from the age of 25 to 35 and then completely stop contributing, at the age of 65 you will have about $350,000 (given an 8% return and thanks to good ole compound interest) accumulated?

Imagine if you contributed more than $100/month or if you continued contributing $100+/month after the age of 35 until you reached 65!

The purpose of this blog is to give introduction into basic and intermediate money management skills. These are skills that I myself have learned through my various readings and practices. The time to start taking a hold of your financial life is now! I am not only trying to teach you to be rich but wealthy. These are not get rich quick schemes or magic but proven systems that require dedication and discipline. 

You do not have to be a financial expert to become rich!

There are common excuses for why we don’t manage our money. 

Most of them are complete B.S.:

1) “Our education system doesn't teach this,” people whine. It’s easy for people in their twenties to wish that their colleges had offered some personal finance training. Guess what? Most colleges do offer those classes. You just didn't attend!

2) I also often hear the cry that “credit-card companies and banks are out to profit off us.” Yes, they are. So stop bitching and moaning and learn how to game the companies instead of letting them game you.

3) “I’m afraid of losing money,” some of my friends say. That’s fair, especially after market losses during the global financial crisis, but you need to take a long-term view. Also, you can choose among many different investment options—some aggressive, some conservative—it depends on how much risk you’re willing to take. (Because of inflation, you’re actually losing money every day your money is sitting in a bank account.) Fear is no excuse to do nothing with your money. When others are scared, there are bargains to be found.

4) “What if I don’t know where to get an extra $100 per month?” It doesn't have to be $100. And you don’t need to earn another penny. I’ll show you how to streamline your existing spending to generate that money to invest. Remember, $1 saved per day is $30 saved per month.

Put the Excuses Aside

Throughout the coming weeks I plan to teach my readers intro level information regarding the following: 

1) Credit cards and learn how to improve your credit history (and why that’s so important).

2) Setting up the right bank accounts, including negotiating to get no-fee, high-interest accounts.

3) 401(k) and an investment accounts (even if you have just $50 to start).

4) How to figure out how much you’re spending. And then you’ll figure out how to make your money go where you want it to go.

5)  How to automate your new infrastructure to make your accounts play together nicely.

6) You’ll learn why investing isn't the same as picking stocks—and how you can get the most out of the market with very little work.

I'm honestly just trying to see myself and all of those around me go from be balling to wealthy as Curren$y would say. So tell your friends to stay tuned to my upcoming posts and feel free to leave comments and advice.