Money Outlaw Blog
Lifelong Learning is a Competitive Advanage
Network To Boost Your Net Worth
The word Networking draws a lot of opinions and emotions. Some think it is sleazy and some think it is waste of time. Then there are people like me that view it as invaluable. Without networking, I could not have built the Money Outlaw lifestyle. It is a critical cornerstone of being an entrepreneur and alternative investor. Networking is like any skill. Learning the right strategies and practice will turn you into a good networker.
Know Your Net Worth
90% of the American public has little to no net worth. Are you one of them? Knowing and being able to accurately calculate your net worth is the first step to financial independence. Using a personal balance sheet to calculate and track your net worth is one of the best financial tools you can have. However you need to know HOW to calculate it and HOW to set up a personal balance sheet. Read on to find out the answer to both.
The Power of Personal Financial Statements
I have met people that don’t even balance their checking account each month. If you don’t keep good financial records, your ability to manage your finances, business, or wealth-building efforts will be nearly impossible. The tool that companies use is financial statements developed by modern accounting. If this works for a business, why wouldn’t it work for an individual?
The Difference Between an Active and Passive Investor
Are you an active or a passive investor? There are fundamental differences between them. One can generate outsized investment returns but put in more work, and the other often generates lower returns and has little ability to control this outcome. If you want to see which one you are and what it takes to change from one to the other, or better yet, utilize the best elements of both approaches, read on.
Self-Directed Retirement Plans for Tax-Free Wealth
A vast majority of Americans have nothing saved for retirement. This is a tragedy of epic proportions, but people that DO have retirement savings in a 401(k) or an IRA are probably losing out on incredible potential investment returns and will be paying taxes where it isn’t necessary. If you don’t want to end up in either of these positions, read on.
The Income & Expense Wealth Gap
Most Americans have little to no net worth. Many have enormous debt and live far beyond their income. The idea of saving is non-existent for this group. The U.S. savings rate has been dismal for decades. Savings is how you build capital, and capital is what you use to invest, buy cash-flowing assets, and invest in businesses.