Personal finance can be summed up into the following phrase:
Properly EMPLOY your money.
It isn’t as complicated as some ppl think. Maybe we’ll create a brand teaching this some day. Dave isn’t doing it right…
For starters, here are some tips:
Properly EMPLOY your money.
It isn’t as complicated as some ppl think. Maybe we’ll create a brand teaching this some day. Dave isn’t doing it right…
For starters, here are some tips:
1/ Debt can be good. Debt can be bad.
It’s the JOB you give it.
Debt will amplify whatever’s going on. If you’re unhealthy, debt amplifies that and this poses serious risks…
It’s the JOB you give it.
Debt will amplify whatever’s going on. If you’re unhealthy, debt amplifies that and this poses serious risks…
2/ Separate your accounts.
…into operating accounts & personal accounts.
I have the following:
-Welch personal
-Wife salon
-Taylor operating (all draws)
-Taylor speaking (explanatory)
-Real estate
Money funnels through and I never have 1 account bloated out.
…into operating accounts & personal accounts.
I have the following:
-Welch personal
-Wife salon
-Taylor operating (all draws)
-Taylor speaking (explanatory)
-Real estate
Money funnels through and I never have 1 account bloated out.
3/ For investments, set a percentage and stick to it.
i.e. 25% of pay or 10% of pay or whatever you decide… dollar cost down and stick to the plan.
i.e. 25% of pay or 10% of pay or whatever you decide… dollar cost down and stick to the plan.
4/ Pay taxes quarterly as soon as the fees exceed the yield you’d have on investments.
*Not tax advice… just random Twitter thread.
*Not tax advice… just random Twitter thread.
5/ Earmark a percentage for a ‘generosity fund.’
There’s serious returns attached to generosity… we do 10% of everything off the top.
There’s serious returns attached to generosity… we do 10% of everything off the top.
6/ Preserve liquidity in cash equivalents.
Banks hate this. But it’s good for you… I’d rather have $100k in cash and $1M line of credit available than $900k cash because cash is UNPRODUCTIVE…
$900k cash @ 8% yield = $6k/mo and still access to $1M lump sum.
Banks hate this. But it’s good for you… I’d rather have $100k in cash and $1M line of credit available than $900k cash because cash is UNPRODUCTIVE…
$900k cash @ 8% yield = $6k/mo and still access to $1M lump sum.
7/ Don’t buy things because your ego needs them.
This is the LESSON of all lessons. Learn to *disconnect* your fulfillment in life from what something costs… you’ll notice that most of your most enjoyable investments, didn’t actually cost that much.
This is the LESSON of all lessons. Learn to *disconnect* your fulfillment in life from what something costs… you’ll notice that most of your most enjoyable investments, didn’t actually cost that much.
8/ Don’t compare what’s above ground.. if you must compare, compare your foundations.
Many people have shiny stuff and more cars than I do.
Me? I’m approaching 100m in whole life & will hit 1B in assets OWNED (not AUM) before age 40. DGAF about cars right now, #foundations.
Many people have shiny stuff and more cars than I do.
Me? I’m approaching 100m in whole life & will hit 1B in assets OWNED (not AUM) before age 40. DGAF about cars right now, #foundations.
THE END.
Been a while since I’ve done a thread. Been BUSY— Love you Twitter.
Hope this helps.
PS one take so forgive any typos
Been a while since I’ve done a thread. Been BUSY— Love you Twitter.
Hope this helps.
PS one take so forgive any typos
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