100 Wealth Building Secrets

episode number 18: Use coupon and buy in bulk

In this podcast we discuss the amazing savings you can realize by using coupons and taking advantage of company sponsored discount programs. Check it out!

Podcast number 17: When you find out where you are wasting money; Stop!

I am a realist; and I know that it is not easy to always do the right thing when it comes to your money.

So today I’m just asking you to stop doing the stupid stuff!

You know what you are doing to waste money; especially if you took my advice in podcast# 16!

There are many things that people do that waste money; things like:

• bank overdraft fees
• Buying a lot of lottery tickets (it only takes one to win)
• Buying furniture and appliances at Rent-to-Own places
• Over paying for depreciating assets

Just to name a few.

So how do you stop doing money wasting stuff? We will talk about it after our financial definition of the week.

This week The letter “P” is for PE Ratio:

PE ratio - The price to earnings ratio is a way of gauging whether a company's share price is cheap or expensive compared to similar companies in the same sector. You get the PE by dividing the share price by the earnings per share (EPS) figure. For example, Company X with an EPS of 5p and a share price of 250p would have a PE of 50. Investors are prepared to pay more for shares whose earnings they think are going to rise strongly, so demand pushes the share price up. But if the EPS doesn't rise proportionately, the company's PE will rise. So if Company X's share price rose to 400p, but its EPS remained at 5p, the PE would rocket to 80. A high PE can indicate a high-growth company, but it can also indicate that the company's earnings have taken a sudden, maybe temporary hit. Generally the PE ratio is seen as a kind of barometer of confidence in a company's prospects.

Now that you are properly motivated to stop wasting money, so you can invest in low PE stocks; lets carry-on.

Ok, pull out those 30 day dairy of expenses we talked about in podcast# 16.

-highlight all the unnecessary spending.

-Then underline the wasteful spending; this will be things you spent money on that did not add value to your life in some real way.

-Ask yourself why you have these expenses, and what else you could have done with these funds.

-Do the math. Multiply this amount by 12 to determine how much money you could have saved in your debt reduction, cash reserves or investment account; if you would have but the money there instead of this wasteful and unnecessary spending.

It’s not rocket science. Like I say on page 56 of my book “A Fool and his money”

“Ignorance is bliss and costly as a mother stinker! Sooner or later people got to want to stop paying $5 for $1 worth of stuff!”

Well there you have it! The bottom line is nothing will change in your life or your finances, until you are ready to commit to the change.

The world you want to live in starts with you!

Until next time; keep building wealth!

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Episode number 16: Complete a 30 day dairy of expenses

To know where you are going, you need to know where you are. Taking an honest assessment of your finances is a critical step in the wealth building process; and that includes really knowing how much it cost you to live each month. When you know what your fixed and variable expenses are, you can make the necessary adjustments needed to marshall your money towards wealth building strategies!

learn more at www.marshallyourmoney.com

Podcast number 15: Insurance is your friend!

In this episode we discuss the benefits of life insurance; and why it is one of the most important parts of your wealth building plan. Included in this episode is a reading from one of my books “A Fool and his money: The financial education if Anthony Fool”.

 

Pick up a copy at Amazon.com

Podcast number 14: Count your money weekly, and your blessings daily

In this podcast we talk about the power of budgeting. When you know how much is coming in and going out; you can have more control of your money, to include how it is spent, saved and invested. We talk to two people who are at different stages in there life. Zoe, a 20 year old college student, and Tandelyn, a business coach with years of experience under her belt. Hopefully you will gain some useful knowledge that will aid you in your wealth building quest. Please contact me with any questions or topics you want to have covered in the 100 Wealth Building Secrets podcast. I can be reached at james@marshallyourmoney.com.

keep building wealth!

 

 

Podcast number 13: Don’t hide from bad news, open your bills & statements

Don’t let procrastination and fear slow down your wealth building strategy. Deal with issues head on, and address setbacks immediately. This is how you minimize losses and maximize opportunities!

Embrace the good and bad news!

Podcast number 12: Understand the concept of compounded interest

This podcast will give you a simple overview of the magic of compounded interest and how it can be a very effective tool for building long term wealth!

Podcast number 11: Living off half of your income

In this podcast we explore if it is possible to implement my cash flow strategy of gifting 10%, saving 10%, investing 5%, debt management of 25% and living off 50% of your take home income. I explain my concept and strategies, than I talk to some regular folk and get their thoughts on the matter. The consensus is that it is possible; but difficult. It takes effort, discipline and cooperation.

However, the reward is building family wealth!

Episode 10: Know the purpose of every dollar

In this episode we discuss the importance of cashflow management and budgeting. You can’t effectively build wealth or meet your accumulation goals without good cashflow management. And you cannot have good cashflow management without discipline and planning. This podcast will talk about strategies you can use to put in place good cashflow management practices.

Podcast number 9: Establish multiple income streams

During this episode we talk with retired NFL player turned real estate expert Todd Scott. He will help you to understand how to effectively use rental income as a part of your wealth building process.