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As a military member myself, I’ll be the first to say that most active duty service members have no idea what they’re doing when it comes to their finances.
It’s true that most people in general don’t have a clue, but it almost seems worse in the military.
That being said, when I do meet someone in the military who shares my love of finances, it’s an automatic friendship.
Enter my friend Eric. A retired Army Lieutenant Colonel and now a financial advisor for First Command.
With 20+ years in the service, Eric knows a thing or two about the military and he also knows about money. That’s a rare combination, which is what makes him so interesting.
Here’s what a retired Colonel taught me about money…
If you have been active and following the markets through the first quarter in 2015, you will no doubt have heard of the amazing run in the biotechnology sector. The stocks that compose the biotech sector have had some of the hottest win streaks seen all year, with some being many hundred percent winners.
It’s easy to get caught up in the hype and feel the need to chase some of these monster movers, but as a trader, I prefer to dig down into the details and find the next big opportunity that I can ride for a monster win. The smarter play here is to recognize the opportunities before they become known to everyone else…
You’ve heard how important it is to fund your own retirement.
You’ve heard that Social Security
may not won’t be there for you.
You’ve heard that you need to be investing in some type of IRA, 401k or some other retirement account that must be an acronym and may include numbers. However, you may not realize some things about those retirement accounts.
No worries! I’m here to let you know about six common retirement account misconceptions. So here they are…
It happens to everybody. We get our first jobs, we work hard, we excitedly rip into that first paycheck and, as Rachel so famously said on Friends, “Who’s FICA? Why’s he taking all my money?” Congratulations! You’ve just been introduced to taxes!
Here’s the good news: for many of you, all of the money that is taken out of your paycheck over the course of the year for federal and state taxes will be refunded to you when you file your taxes. Trust me when I tell you: this is the easiest way to do taxes. When you go into business for yourself or start freelancing, taxes get a whole lot more complicated. But that is another article for another time.
Here’s how to manage your money now so that you can lay a solid foundation for later, when you’re ready to start investing in bigger things than CDs (which we’ll talk about in a second). For now, though, baby steps (no offense).
A classic car can provide a number of priceless experiences and joys – tuning it, caring for it, repairing it, and last but not least, driving it! Whether you’ve had a classic car for decades or just recently acquired one, you are certainly familiar with its intangible values.
Monetary value, on the other hand, can be a lot harder to get a handle on.
There are so many variables that go into appraising the value of a car, it can get a little overwhelming. Knowing which steps to take in order to protect its value adds yet another layer of complexity.
Warren Buffett is constantly in competition for the richest person in the world #1 spot.
And he is self made. That’s probably my favorite thing about him. He made his money through investing just like almost everyone else.
The difference is that he is really good at it. Which is why Berkshire Hathaway usually maintains about a 19% annual return. If you don’t own any shares, you should consider it, but you’ll probably want to go for their BRK-B stock since BRK-A trades for well over $200,000/share.
Before we check out the 10 lessons in the graphic, there are a few things that stand out…
Rich Dad, Poor Dad was one of the first books I ever read on finances.
I figured out about the book through a network marketing business I was involved with, though that didn’t really end well.
I enjoyed the book. I felt like it changed my mindset – mostly the way I thought about money and college, but a few years later, I started to notice that Robert had his fair share of naysayers. Most successful people do, so I didn’t think much of it, but then I read that he may be a fraud.
Furthermore, I learned that he may not practice what he preaches and that’s a big deal to me. If I’m going to learn from someone, I want to make sure they have achieved the results I am looking for; otherwise, I’ll go find someone who has.
That’s when I decided to do my own research. Here’s what I learned…
There I was. 21 years old. $24,000 in debt.
I thought it was normal. I thought everyone had car payments. I thought debt was the only way of life. The American way.
I also couldn’t sleep at night, because I was so stressed. I had no plan for an emergency, other than to go into more credit card debt.
That’s when I got angry. A good motivating, driving anger. An anger that ultimately lead me and my family out of debt.
I realized that debt was controlling our life. And I wanted to be in control. So, I started reading…