Read of the Week:
The Unhiding Of Elijah Campbell - This was a book given to me by a good friend in my Gobundance Elijah Campbell is on the verge of losing his writing career, his faith, and his marriage when a recurring childhood nightmare drives him back to his hometown, Bradford's Ferry. There, his encounters with loved ones both past and present shed light on the reason his wife left him―and the meaning of his nightmare.
Wisdom of the Week
If you're young and penniless, you have the best chance of getting rich because you have nothing to lose. By the time you're successful and well-off, you have too much to lose. Know when to play offense and know when to play defense, but never stop looking for ways to advance and elevate.
Question of the Week
Question: I’m 25 years old and a blue collar worker making around 85,000/year in construction. I want to build wealth and I'm not sure where to start. - Ryan D (Sparks, NV)
Answer: Here’s my simple feedback:
- Start NOW! The earlier you start investing, the more time your money has to compound and grow. Albert Einstein once said the 8th wonder of the world is the “Compound Effect”. Compound interest is defined as interest you earn on your invest money, as well as the interest earned on the previous interest. The longer you allow that to work in your favor, the faster and larger your wealth/investments will grow over time.
- Get professional advice and build a solid financial team around you. You don’t have to be the expert to start. If you’re new to investing, and don’t feel confident about making investment decisions on your own yet, reach out to an advisor through a trusted referral.
- Master 1 financial tool at a time. If you want to be financially free and wealthy, you need to educate yourself and understand how money works and the instruments that create it, protect it, and grow it. Understanding how the financial market works and the vehicles how wealth is built are important, so commit to the process and you’ll get more confident as time goes on about how to make informed decisions on where to invest your money. It doesn’t all happen overnight.
- Be patient. Remember that wealth is made in the crockpot, not the microwave. Dont try to time the market or make short term bets. Play the long term game, and make investments based on being in it for the long haul.
- Diversification is key. Don’t put all your eggs in one basket. Investing in a variety of asset classes such as stocks, bonds, real estate, life insurance, cash, etc can help reduce the overall risk of your investments. The beauty is, by being diversified, they all holistically work very well together while protecting you in the process.
Pic of the Week
One of the reasons I started investing in hotels was for the lifestyle benefits so I could not only create cash flow, but capture memories with my loved ones in the process. This week I took my girls up to stay at one of the hotels in South Lake Tahoe on a Daddy Daughter date where we got to go see the new Avatar movie, stuff our faces with pizza, enjoy the Christmas vibes and play in the snow. Doesn’t get much better than this in my opinion!
Something I’m Enjoying Using:
The Rich Life Planner - With the new year right around the corner, my goals and plan for dominating 2023 are just about finished thanks to the RLP. Currently we only have the digital copy available for sale, but the physical planners will be on sale in the next few weeks. Stay tuned!
Onward and upward,