Building wealth is something we do in life; however, most of us do not succeed because most of the money we acquire slips through our fingers and into the hands of someone else to build their wealth. The core of wealth building lies in financial literacy, which, when applied, decreases the wealth transfer from ourselves to others. While most people chase rate of return on their investments, the concept of decreasing the wealth transfer that happens throughout our lives is never addressed, which would actually yield better results than increasing rate of return and increasing risk exposure. During our meetups, we will discuss basic and advanced savings and investment concepts in this group as well as have discussions on books about personal finance. We will discuss conventional as well as some unconventional strategies that can be applied to this journey. We will also share our various experiences and techniques applied in our journey to financial independence including how to setup and follow through with financial goals that lead to financial independence.
Topics that will be discussed include: Cash Flow and Debt Management, Hacking Financial Products (Cash Value Life Insurance and Annuities), Proper Protection, Asset Accumulation, Real Estate as cash flow and investments, Retirement Planning, Long Term Care, Estate Planning, Minimization of tax liability, Interest and the Spread, Opportunity Costs, and many more.
Most of important of all, we discuss the underlying concept that ties the above topics together that is not normally discussed in most financial literacy groups which is how money works. After all, if we want to be wealthy we need to begin thinking and behaving like the wealthy.
One of our goals is to teach a holistic approach in building our financial plan and make sure each cog in our financial machine is working together to build wealth in the most efficient manner.
This group is open to anyone with an interest in learning how to manage their finances and build wealth, both individuals and business owners.
How often do you hear "all debt is bad", "always pay cash" or many of the same financial generalities about debt spouted by most people?
Some are ground in truth; however, that is not the full story because debt is a tool. It's how you use that tool that determines its effect.
Debt is an excellent tool to use and can greatly magnify wealth; however, no one talks about how to use it properly. Debt is a double-edged sword that is often misused and thus usually cuts most people due to its improper use. However, debt properly applied is one of the ways wealth is multiplied. So, think of debt like fire. Its proper use allows you to grow wealth and do many things that enhance your life while it's improper use can potentially burn your financial house down.
We will discuss strategies on how to properly analyze and use debt and how to structure debt in a manner that maximizes cash flow, capital gains, and tax benefits so that one is on the receiving side of interest, inflation, and opportunity cost.
Part III focuses on the components of interest and the debt tools you have available for your use. Proper use of these debt tools allows you to control the components and ultimately how much interest you make, interest you pay, and interest you save.