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Personal Finance 9- Money Is Strange. You Are Not

Personal Finance 9- Money Is Strange. You Are Not

FromThe Secret To Success with Antonio T Smith Jr


Personal Finance 9- Money Is Strange. You Are Not

FromThe Secret To Success with Antonio T Smith Jr

ratings:
Length:
94 minutes
Released:
Apr 21, 2022
Format:
Podcast episode

Description

The 3 Laws of Successfully Handling Wealth!1. Live on less than you earn – Learn to live on 90% of your income.2. Seek advice from those who are competent through their own experiences to give it – As in the story – don’t entrust a bricklayer to invest your money in jewels. If it is jewels you want, seek the advice of a jeweler. Seek out sound advice.3. Learn to make your money work for you – We will learn more about this but if you are just starting out remember to only invest where the principal is guaranteed. In other words, only invest where you are guaranteed not to lose your initial investment.About 156 people have at least $25 million in their Roth IRAs — eachhttps://www.marketwatch.com/story/about-156-people-have-at-least-25-million-in-their-roth-iras-each-11627496615•5 Laws of Gold   1. Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family. In other words, a person should put away 10% of his or her income for the future as a bare minimum. This rule is so incredibly fundamental, yet only a small minority even bother to follow it.2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field. If you invest your money well, your money will simply make more money. Again, a very simple and obvious rule, but one that many people never get to because they didn’t follow the first rule.3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling. This rule encourages cautious investing, or at least encourages the investor to at least be informed. In today’s era, one can turn to the internet for plenty of investing information.4. Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those who are skilled in its keep. This goes hand in hand with the third rule: if you invest in stuff you don’t understand, you’re likely to lose money. Don’t buy the latest hot stock from your stockbroker; investigate and invest where you want.5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment. The worst option is to invest in anything that promises absurdly good returns, or anything that you’re heavily pressured into buying. These investments are scams and won’t stand up to serious research.The five rules really are all you need to know: save some money, do some research, and only invest in the fruits of that research. Anything else is a sure way to fall behind.•7 Cures for a Lean PurseStart thy purse to fattening Take one-tenth of what you bring in and save it for the future. The book uses a coin analogy: for every nine coins you spend, take one and put it away for yourself. This is very sensible; a goal all of us should have.Control thy expenditures Don’t buy frivolous things even if you have enough money to pay for them. Instead, make sure that you can continue to save one-tenth of what you bring in. For this reason, I write about frugality on The Simple Dollar.Make thy gold multiply Once you start to build up some savings, invest that money so that it will make more money for you. Another pretty clear point; if you start saving money, it shouldn’t just sit in a mattress. Even a high-yield savings account is much better than that, and it can double your principal in about fifteen years.Guard thy treasure from loss This one is interesting: you should only invest in things where the principal is safe. In other words, the book seems to discourage stock investing. I found this to be particularly interesting given that it was written in 1927, right in the midst of the first big American stock market boom. Of course, 1929 proved the author right.Make of thy dwelling a pro
Released:
Apr 21, 2022
Format:
Podcast episode

Titles in the series (100)

This podcast is designed to help you develop an excellent attitude, enhance your self-esteem, develop your creative genius, set and achieve goals, harness your mind's power, and explain the elements of personal growth. In addition, this podcast dissects, observes, and gives pratical guidance to the critical success factors such as writing skills, public speaking skills, effective communication skills, and fostering excellent relationships. This is the Secret of Success, by Antonio T. Smith, Jr., and it is a daily podcast designed to be your breakthrough.