4 Ways To Double Your Money
Have you ever wondered how long it would take you to double your money in the stock market? Or wondered what types of strategies you need to implement in order to double your money in the markets? If so, this blog post lays out 4 ways that you can double your money.
Method #1: Invest in Quality Blue Chip Stocks and Hold Them For Many Years
The first way that you can double your money in the markets is to invest in non-speculative blue-chip stocks that are fairly priced and that represent good value, and also by investing in investment grade bonds.
Over the last 100 years non-speculative blue chip stocks have averaged a return of approximately 10%, and investment grade bonds have averaged approximately 6% return. The Rule of 72 is an investment principle that shows you how long it will take for you to double your money. So based on the Rule of 72, it would take you about 9 years to double your money if you were able to achieve an 8% rate of...
"My experience has taught me that a normal person can accomplish anything possible of human accomplishment, through the aid of the human mind."
- Napolean Hill
I'm very excited to announce that the book launch for my new book '7 Steps to Get Out of Debt and Build Wealth' is officially here. My book is officially available for purchase. I wrote this book to share the steps I took to pay off over $390,000 of debt, and the steps I took to build a 7 figure net worth.
When I was in my twenties I was laid off from a Law firm that I had been working at, and was forced to face my six figure debt head-on. Irrespective of the sheer fear and disconnect I felt , I was able to pay off my entire debt, and have written this book to show you how you can crush your debt, and begin amassing the type of wealth that will positively impact your life, and the lives of those you love.
In 7 Steps to Get Out of Debt and Build Wealth I lay out the steps I took to reach Financial Freedom...
Net Worth Statement
"If you want to create wealth, it is imperative that you believe that you are at the steering wheel of life, especially your financial life."
-T. Harv Eker, author of Secrets of the Millionaire Mind
Reading the above quote from T. Harv Eker reminds me of the importance of tracking your net worth so that you know where you're heading financially speaking. If you want to be at the steering wheel of your financial life, you have to know where you stand today, and what you need to do to achieve your goals tomorrow. That's what a Net Worth Statement allows you to do.
A Net Worth Statement is an important part of your overall financial health, and it's essentially a list of everything you own, everything you owe, and what you are currently worth. I prepare my Net Worth Statement on a quarterly basis. I recommend that you prepare a New Worth Statement on a semi-annual basis, or on a annual basis, at the very minimum.
How Do You Calculate...
Invest In What You Know
One of the most common questions I'm asked by new investors is how to figure out what companies to invest in, and without fail I always provide the same answer: "invest in what you know." This notion of investing in what you know is one of the hallmarks of successful investing.
When I started investing over 15 years ago my primary focus was on purchasing bank stocks, and the main reason for this was because I had worked in the banking industry for 8 years. Since I was very familiar with the banking industry, I found it less intimidating to invest in bank stocks, and actually became excited to delve into the financial statements and conduct investment research on this topic.
It was also very helpful to have worked in the banking industry because I got to see first hand the new technologies that were being developed at the bank, which in turn led me to invest in certain banks over others. Nonetheless, I was able to make great returns on my...
Millennial's and Home Ownership
A recent survey was conducted on Millennial's and their dreams of home ownership. The survey disclosed that the majority of millennial's would like to buy a home within the next 5 years. However, three out of four millennial's surveyed said they hadn't even started saving for a down payment, and the one's who have started saving had less than 25% of their down payment saved. Some millennial's were outright discouraged with the high expenses associated with home ownership, such as property taxes and home maintenance, that they felt home ownership had a negative social cost. Namely, 75% of the participants felt that home ownership had this negative social cost due to the fact that it would result in them having less money to spend on social activities,such as travelling and dining out.
While it is commendable that the survey participant's set a 5 year target to attain their home ownership dreams, I can't emphasize enough just how important it is...
Why I Sold My Facebook Shares
In this weeks blog post I discuss the reason why I sold all my Facebook shares. I also provide a couple other scenarios that would warrant the sale of stocks. While there are many other reasons why I sell stocks, the list provided below encompasses some of the most important reasons. I recognize there are a number of you who may not own individual stocks, so please know that when I say "stocks" I am also referring to all other types of investments, such as ETFs or mutual funds.
Three Reasons Why I Would Sell Stocks
Let me begin by saying that I really enjoy using Facebook's social media platform, which includes Instagram, Facebook, WhatsAPP and Messenger. I find these social platforms extremely beneficial, and use each one of these applications in my business. That being said, I make a conscious effort to abide by the rule of NEVER falling in love with any stock that I own. Hence the fact that while I really love using Facebook's...
I recently came across a debt survey that was conducted by a financial services firm named MNP Ltd., and was so intrigued by the results of the survey that I decided to share those results with you in this blog post. The survey asked the participants what they would be willing to do to get out of debt, and the results of the survey show that people are really desperate to shed their debt, and subsequently, are willing to do some extreme things to get rid of their debt.
Consumers have been enjoying ultra low interest rates for the greater part of a decade, and have been sucked into the vortex of cheap money. As a result, many people have been living beyond their means, and will be directly affected when interest rates go up, as was the case this week when the Federal Reserve in the U.S. led the charge by increasing interest rates by 25 basis points. It is inevitable that most Central Banks throughout the world will follow the lead of the Federal...
Stock Market Volatility
February was a wild month in the stock markets, and we all witnessed a resurgence of volatility in the markets. This weeks blog focuses on market volatility, and in particular looks at the difference between a market correction and a bear market. I also discuss the actions you can take in your own portfolio to minimize the risks during volatile market conditions.
A market correction is when a stock, bond, commodity or index fall 10% or more (but not more than 20%) from their recent highs. The market correction that occurred in February was officially labeled a correction on February 8, 2018. On this day the Dow Jones Industrial Average (DJIA), and the S&P 500 were down more than 10% from their recent highs, which were reached in January 2018. Market corrections occur during bull markets (characterized by rising security prices, and general optimism and confidence in the markets), and are typically temporary events.
Love and Money
This weeks blog is all about Love and Money. This Valentines Day, I wanted to take this opportunity to talk about the importance of learning about your partners financial goals and dreams, and also learning their money type.
Valentine's Day is so heavily focused on buying flowers, candy and jewelry for your spouse, but rarely do you hear people say how they want to give the gift of financial intimacy. Well, I for one think that one of the best things we can do for our partners is to learn more about their money goals, so we can work towards having a harmonious financial relationship, where we support each other in reaching our goals.
Take the time to find out your partners money type. Find out if your partner is a natural born saver, a natural born spender, or a hybrid of the two. Also set up a monthly financial meeting with your partner wherein you discuss your various financial goals. You'll be surprised what you learn about your spouse during these...
Hi everyone! In this weeks video blog I talk about Zombie Debts. Zombie Debts are old debts that you may have thought had already been paid in full and resolved, however, they come back from the financial graveyard, and typically fall into one of the following 3 categories:
1. This is debt that you have already paid off;
2. This is debt you don't even remember having; or,
3. This is debt you remember owing, but have never paid off.
Request Proof of the Debt
Whatever you do, please DO NOT send a payment to the creditor to try to "get them off your back," Instead, if you're faced with a zombie debt I want you to request that the debt collection agency or creditor send you a letter that outlines all the information related to the debt.
Statute of Limitations
Every jurisdiction, may it be in the United States, Canada or elsewhere in the world, has a Statute of Limitations, and the duration of the Statue of Limitations will be different depending on where you live. ...