Building Wealth

At Leading Edge, one of our primary goals is to help clients build and maintain wealth.  Today, we’re sharing an article filled with the “secrets” you need to know to achieve your financial goals.  

19 SECRETS YOUR MILLIONAIRE NEIGHBOR WON’T TELL YOU

A few years ago, Len Penzo wrote an article listing the 19 Secrets Your Millionaire Neighbor Won’t Tell You.  Don’t think you have a millionaire next door?  You might be surprised.  As of 2018, “More than 10.2 million households had a net worth of $1 million to $5 million, not including the value of their primary residence, according to a survey by the Spectrem Group.*

The secrets are actually a timeless and simple strategy of planning and discipline.  Here is a summary of the first few ‘secrets’ in Len’s article:

1. Always spends less than you earn.

2. Patience is a virtue. It takes time to build wealth.

3. Live modestly.  Giant homes, luxury cars, and fancy coffee will all significantly disrupt your wealth building potential.

4. Pay your credit cards in full every month.  Don’t buy what you can’t afford.

5. Money does not buy happiness. Managing your money well provides happiness and financial freedom.

6. Being debt free is the main source of financial freedom.

7. Work hard and stay busy.

8. Money does not manage itself; you must actively cultivate a money management system.

9. Pay yourself first.

10. …  Click here to read the full article.

 

*www.bloomberg.com, “The US Now Has More Millionaires Than Sweden Has People”, By Alexandre Tanzi, M

How To Invest in Rental Real Estate

Kevin Gormley CFP, CPA® discusses the five most important steps you should consider when it comes to investing in rental real estate. No matter how ‘easy’ you may have heard owning rental property is, you could find yourself in real financial trouble without a good process to analyze the property, the local area, cash flow, and the tax implications of your rental property.

Who Pays in the Tariff Wars?

Many taxpayers seem to be confused about how tariffs work.  The President has said that American tariffs on Chinese products are bringing in unspecified “billions” to the U.S. government.  That may be true, but the source of those “billions” is not China or Chinese companies.  Importers pay the import taxes when the items they’ve purchased overseas cross the U.S. border.  With import taxes as high as 25%, it is all-but-guaranteed that the price of these items will be higher when sold to American consumers.  

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