Last week, personal finance site Financial Samurai posted a blog that went viral: Scraping By On $500,000 A Year: Why It’s So Hard For High Income Earners To Escape The Rat Race. If $500,000 is “scraping by,” it’s time for some serious financial literacy.
You’ve probably seen articles detailing what Warren Buffett does every day, or what Elon Musk eats before noon, or that “one trait” rich people have that poor people don’t. It’s interesting, but when it comes to building wealth and success, these habits don’t teach you anything about what it really takes to get there.…
A higher salary will do more for your finances than pinching pennies ever will. However, if you don’t learn to be frugal with a little bit of money, you’ll probably end up with the same financial issues when you start earning more. Or, as financial author Patrice C. Washington puts it, “how you manage $100 is likely…
Money and wealth aren’t the same thing. Sure, most people’s definition of wealth includes earning money, but how much? And is time part of the equation? If you want wealth, it helps to first figure out what it means to you.
For most of us, financial independence won’t come easy. It takes years of spending less than you earn. If you’re curious just how long it’ll take for you to reach this stage, give this calculator a try.
Building wealth is simple. Not easy, but simple. We'd all like to make more money, but if your long term prize is financial independence, there aren't any shortcuts. There are only these four basic rules.
For most of us, financial independence is no easy feat. It takes a great deal of hard work. And financial writer Trent Hamm points out that developing a few life skills are necessary for reaching this goal.
Most of us measure our budgets on a monthly perspective. Perhaps yearly if we're really rigorous. Getting a lifetime perspective is harder. However, there's a quick and easy way to calculate your lifetime wealth ratio to see how much of the money you've made you actually kept.
If you read financial books and magazines, visit financial websites, and watch money-focused TV, you'll come to the conclusion that managing money is complicated. The issues associated with handling money are vast, technical, and can not possibly be accomplished by the average person. At least that's what they'd have…
If 1 million dollars isn't enough to retire anymore, the obvious question becomes: What is? Personal finance blog Get Rich Slowly offers some suggestions for determining your sweet spot, and how you'll know when you're "rich".