Today I finished Rich Dad’s Advisors’ Guide to Investing In Gold and Silver
It sounds crazy, but the author’s argument is very simple and backed up by historical example. He says that every time a government creates its own currency, the currency eventually collapses. And, often times it leads to the end of the government.
A lot of people avoid personal finance.
How can I tell? Look at the economy. Look at the states that are mired in debt. Look at the country. No one with any personal financial brains would let their communities slip into this kind of morass.
It’s easy to surmise that people avoid personal finance subjects because they thing it’s boring. A bunch of math. You have to deal with fractions and percentages.
But it’s not that way at all. There are webmasters and bloggers out there that make personal finance exciting–and reveal the exciting path of wealth we could be on.
So, let’s go:
Internet, Investing, Money, Online Investing AI, Success, US Economy
The new record breaking budget deficit of $1.8 trillion could have massive repercussions for the economies of this country and for the entire world. The future deficits are expected to rise. This deficit might be the straw that breaks the dollar’s back.
Image courtesy of The Heritage Foundation
There have been many factors that have been putting pressure on the dollar, going back nearly 100 years when the government started running a deficit. It’s been a free ride for the last century because the dollar was the default currency for the world. America was the most powerful economic superpower, and the only country that was a military threat was the USSR. It was like having an infinite line of credit; we could print as much money as we wanted.
What has changed?
Cool photo from Photos8 @ Flickr
There are more ways to make, save, and spend money now than ever.
Starting a business is easier. Budgeting your money is easier. And spending money is easier–that means YOU Amazon!
The web and mobile communication have blossomed into money-making and money-saving (and money wasting) machines. We can also use technology and the web to find out about how to make money creatively.
In this edition of Weekly Wisdom, we’ll take a spin around the web to find posts and articles that will help us make money and generate wealth creatively.
Accelerating Technology, Automated Trading, Business Strategy, Dreams Come True, Internet, Investing, Money, Online Investing AI, Success, US Economy
Christmas w/a K @ Flickr
It’s called the season of giving.
It could be called the season of giving yourself a bad credit rating.
Or the season of giving your credit card company extra money.
Or the season of giving yourself a heart attack.
Or the season of giving yourself a stress headache.
Or the season of giving yourself a hangover.
The holiday season has been used as an excuse to over-spend and over-indulge in a number of vices. Fortunately, there are a lot of smart people out there who are willing to pass on their wisdom on how you can have a smart holiday.
The following are some of the best holiday posts and articles that we’ve found.
Enjoy. And Merry Christmas!
Accelerating Technology, Automated Trading, Business Strategy, Dreams Come True, Internet, Investing, Money, Online Investing AI, Success, US Economy
lrargerich@Flcikr
Terrance Watanabe had it all.
He owned THE most successful import-export business in America. He had the big house and the nice cars.
He sold his business in 2000 for an enormous sum of money–experts expect it was in the hundreds of millions–and possibly the billions of–dollars.
Bucking the common stereotype of the rich CEO, Terrance never became a snob. He started a philanthropy and was known as a big tipper.
Yep. Terrance had it all. Including a huge gambling problem. The Wall Street Journal reports he lost nearly $127 million in a now legendary alcohol-fueled gambling binge. Before we get all high and mighty judging Terrance’s idiocy, we should take a step back and wonder what lessons we can learn from Terrance’s fall.
The unemployment rate is considered a lagging indicator. In other words, once the economy revs up, it takes awhile for the unemployment rate to change.
Since the process of determining company employment levels, reviewing applications, interviewing, and hiring people can take weeks, if not months, the unemployment rate lags the rest of the economic indicators.
In our current economic climate, we’re seeing economic indicators that indicate a recovery is on the way. The market has adjusted. Earnings are improving. When this happened in other economic periods, the unemployment rate slowly dropped.
But this economy isn’t like other ones.
Business Strategy, Investing, Money, Online Investing AI, US Economy
eric731@Flickr
Yesterday, we talked about how your beliefs can attract wealth. Not only do your thoughts influence your investing and saving habits on a personal level, but these beliefs, in a collective sense, can cause macroeconomic changes.
But can your thoughts attract debt?
It seems so. Your spending behavior is directed by your beliefs. Financial psychologists say that, like most mental processes, these beliefs can be complex and often contrarian. Thoughts and beliefs about debt are the most complicated.
You probably think that debt comes from over-confidence, or financial hubris. You’re spending money you don’t have because you’re sure the resources to repay the debt will be there one day… some day. But that may not be the case.
As the effects of the government stimulus plan are seen, there are more and more signs that the recession is ending. The media is quick to pick up on any changes and report that the economy is recovering. This article at Yahoo Finances is all about the improving housing market. Yet I think that all the positive news is only one side of the story.
The other side is that the fundamentals have not really changed. Unemployment is high, and is rising. There is no evidence that it will improve. All of the improvements in the economy are from government spending: Cash for Clunkers, First Time Home Buyers Plan, etc. These measures are good at getting people who aren’t financially responsible to spend money. It is a short term improvement but will have a longer term negative effect.
Recently, as the stock market soars, there has been a large amount of news about how well the economy is doing. They say that the housing market has hit bottom, and that the economy is recovering. However, this article by the Associated Press is about how unemployment is rising.
Regardless of what the newspapers say, it is important to look at the fundamentals that drive the economy. The government has created massive band-aids to prevent a depression, and they seem to have worked. But it is important to understand the difference between a recovery and a temporary band-aid.
What effect will the band-aid have?
The Singularity is Near by Ray Kurzweil is the book that started it all. If you want to know about the future, it is the best book I've found. Absolutely fascinating.
Rich Dad Poor Dad by Robert Kiyosaki. This is one of the most popular personal finance books of all time. A must read for anyone who wants to become financially successful.
The Millionaire's Secrets
is one of my favorite financial books of all time. It's an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams.
The One Minute Millionaire is a great book about how to become a millionaire. Written by Mark Victor Hansen and Robert G. Allen, this book combines an inspirational story with practical everyday skills.
The Art of Learning is the fascinating story of Josh Waitzkin, the world champion in both chess and Pushing Hands. His style is mesmerizing, and the strategies for learning are priceless.
The Alchemist is one of the best-selling and most inspirational books of all time. Anyone who has ever had a dream in life needs to read it. Perhaps my favorite book of all time.
Love is the Killer App is a powerful, step-by-step book about how to have a wonderful experience and spread love in any working environment. Think the office has to be a source of bad energy? Think again.
The 4-Hour Workweek is a powerful book full of strategies about how to get more done in less time. For anyone who is looking for leverage or wants to achieve success quickly, this book is absolutely invaluable.
