While researching a potential rental property purchase, I stumbled across an interesting filing with the land records. Basically a homeowner deeded the house to his children upon his death.
I hadn’t come across it before and I was intrigued. It made me wonder about the best way to transfer wealth to my kids or their kids (when they have some).
Here are some thoughts on distributing wealth to family.
Continue reading “Distributing Wealth Wisely”
I am not even going to try to convince you to buy a used car in this post. This post assumes you know it is wise to that and want to know the secret to buying used cars. If you are struggling with understanding why you should buy a used car, then you need to question if you are really making good choices with your money. If you live in an apartment but bought a brand new car for more than $30,000 then you should stop reading: this blog is not for you.
Actually – you are the person this blog will really help! Most finance bloggers and personal finance junkies like me don’t even need this post. But they will still find it interesting. What I am about to reveal is the biggest secret to buying used cars.
Continue reading “The Secret to Buying Used Cars Everyone needs to Know”
I have a lot of kids. Not compared to historic averages back when people were having 10 or 20 kids at a time. That’s crazy! But I have more than 3 and less than 7. I think that is a lot. I actually have 5 and we may have more or we may adopt. With so many kids we always have a lot going on at the house and we always have great conversations! Lately the conversations have been related to our kids trying to tell knock-knock jokes and not succeeding. It’s actually a lot more funny when they don’t succeed!
With all of our kids I have been thinking about how I can put time on their side from an investing perspective. For instance, if I think about my one year old, I could invest now and he would have 30, 40, 50, or 60 years for his money to grow. Maybe 80 or 90. This is huge.
What is the best way for me to go about harnessing time in favor of my kids?
Continue reading “Saving For the Kids”
One of the more interesting aspects of American history was the practice of indentured servitude. This was a way for people who wanted to come to America to afford the journey and also to provide a stable job situation once they arrived. No one wanted to come over and starve to death due to not having a situation where they had lodging and a way to earn their keep.
There were major downsides to being an indentured servant. You were basically a slave for many years. The term of service was usually a five year commitment. Sometimes the indentured servants were abused or tricked into longer periods of service. Other times the situation was a lot less favorable than advertised. Indenture contracts were sometimes transferred or sold and the total time commitment was not honored by the owner. It was really a desperate situation.
In fact some masters even beat their servants. If an indentured servant complained or tried to escape, the courts generally upheld the contract in favor of the owner. It seems like a horrible situation, but for many people this was better than the alternative in their home country.
Continue reading “The Price of Financial Freedom”
It is impossible not to notice that within the personal finance blogging community there is a practice of reporting Net Worth periodically. I find these posts incredibly interesting. It’s like tagging along with a professional athlete, seeing their daily eating schedule and workout routine, and then following their reports of performance improvements.
It’s also like getting the benefits of a mentor who shares their current progress and the reasoning behind their choices. What’s better is that you can get the benefit of multiple mentors at different Net Worth levels. Some people are out there tracking a few thousand dollars each month while others are showing increases in the tens of thousands! It’s really exciting to see how things progress over time for various people and their various strategies. Continue reading “Net Worth Goal Revealed: Increase 10X In 10 Years”
I am currently on vacation in and was discussing my blog with some family and friends. One of the questions that came up as we were discussing personal finance and investing was, “what is the advice you would have wanted to hear when you were 18?”
This is a really great question. I think there is a big opportunity for those of us who have experience investing to share what we have learned and the painful experiences we’ve gained with the younger generation.
In fact, about five years ago I had an older and wiser person share with me some concepts from Dave Ramsey that were extremely helpful to me. Even as a CPA, I benefitted from getting an understanding of the value of living debt-free and the value of being disciplined with my finances.
So here are the pieces of advice I wish had been shared with me!
Continue reading “Advice I Wish I Had When I was 18”
One of the biggest reasons people don’t achieve financial success is that they fail to get started! We all know that we should be saving and investing but by the time we get our first job we usually don’t know where to start. Not knowing how to start investing in the stock market can lead to feeling overwhelmed. I have talked to many who say that they feel intimidated by the stock market and so they just don’t invest in it. Instead, they dutifully start a savings account or begin investing in Certificates of Deposit (CDs) at their bank.
But that is usually not the best approach.
Continue reading “How to Start Investing in Stocks”
I never buy new vehicles. The first vehicle I bought was my Dad’s car which he had also bought used. It was a 1986 Buick Century and I will never forget it. That car cost less than $1,000 and lasted for several years and tens of thousands of miles. It was a perfect first car because I was never worried about putting a scratch on it or having it stolen.
Continue reading “Why You Should Buy Used Cars”
One of the biggest expenses when buying a house actually comes months or years after you purchase it. We often don’t think about buying furniture until after we buy our home and realize some of the rooms are empty. Most people buy their first house without much furniture or move from a small starter home to a larger home that they expect to live in for a long period of time.
I am going to tell you how I was able to save almost $20,000 buying the furniture for our home. This was after we moved out of our condo into a house that would fit our family. I made this article very detailed so if you want to get right to the numbers scroll down until you see the data table. For the full story: keep reading.
Continue reading “How to Save Thousands on Furniture Purchases”