An Introduction with Insights on the Seven Money Milestones

 


   My name is Walter. I began my career in Real Estate at age twenty-one in 1994 while working at a grocery store from age sixteen to twenty-six. Once I left the grocery store, I pursued other job opportunities while building my Real Estate business. Years later, I found the seven money milestones that refined how I viewed money. I started this blog to provide people with financial literacy skills typically not taught in schools but are ESSENTIAL for our success. As my introduction, here are a few insights surrounding my experience with the seven money milestones.  


Milestone 1: Get a Financial Education 

My first in depth look into financial education was when I met my now business partner Shon Agnew from WFG Wealthwave.


Today, I continue my education by sharing information with others and further that knowledge through my recent work with WFG Wealthwave.


I also read (or listen to) books and blogs on finance on a weekly basis to supplement my knowledge.


Milestone 2: Secure Proper Protection 

Prior to learning about the seven money milestones, I had life insurance. Once I did some additional research, I started modifying my coverage.


For example, I converted to a IUL because I was interested in making investments with insurance. I also made some changes to my coverage to reflect 10x my income, as mentioned on page eighty of “How Money Works-Stop Being a Sucker” by Tom Mathews, Steve Siebold and Andy Horner.


Milestone 3: Create an Emergency Fund 

In my experience, 4-6 months of income in your emergency fund is ideal. I have always kept an emergency fund, but I have never had to use my emergency fund because I have always had insurance coverage. 


Milestone 4: Apply Debt Management 

Before I learned about the milestones, I did have some unsecured debt that I cleared by increasing my cash flow and building wealth. 


When paying off my debt, I made sure to pay more than the minimum payment in order to minimize interest.


Milestone 5: Increase Cash Flow

The most effective way I have increased my cash flow is expanding into multiple lines of income. 


Some ways I have seen other people make money include placing money they have made into high interest bearing accounts or appreciating assets.


Milestone 6: Build Your Wealth 

Throughout my life, I have found that "wealth" reflects my overall financial health and viewed "cash flow" as a positive flow of money after my expenses. 


Milestone 7: Protect Your Wealth 

I protect my wealth by placing my money into things protected from taxes before and after (certain IRA and IUL accounts).


Protecting my wealth is very important because I work hard for my money and want to protect it.


Check out “How Money Works-Stop Being a Sucker” by Tom Mathews, Steve Siebold, and Andy Horner for more information on how to improve your financial education.

Popular posts from this blog

10 Side Gigs to Make Extra Income in 2024

Image
Taking up a side gig requires extensive preparation and research because it has to be worth the extra time and provide the payout you want. If you are in the wrong side gig, you can easily waste your time and drift further from your goals. Investing extra time in a side gig can help you move closer to your financial success because it can help you pay off any debt, build an emergency fund, or purchase an insurance policy to protect your family.. Things to consider when searching for your side gig Be sure to look for flexible side gigs to be sure it works with the job you already have and your days run smoothly.  You may also want to look for a job that has the potential to make extra money (commission, overtime/extra hours) in case you need more money than expected. Search for a position with good benefits or discounts. For example, if you are taking up another job to lower your monthly bills, you may choose a grocery store to get a discount on your groceries.  No job is too g...
Read more

Matrix - a reflection of our Truth

Image
I am truly a fan of the Matrix.  I have seen all the movies and all the sequels.  My love of the film began , just like everyone elses.  I loved the action , the cinematography, the fight scenes.  I have seen all the movies multiple times. One day something different happened after seeing the movie multiple times,  I asked myself that question.  Is this really a reflection of real life or a wonderful work of fiction? The Matrix , for those who have not seen it, is the story of Neo and his friends adventures, moving back in forth into dual worlds.  There are many lessons learned in these movies and Neo battles those who want to keep Neo from reaching his ultimate goal.  The battles are fierce because those opposing parties vigorously want to keep him from discovering life biggest secret.. that only a select few are entitled to know what is truly real. As I age, I gain more knowledge and become increasingly surprised on how the world is not what it ...
Read more

How to Double Your Savings: The Rule of 72

Image
     The article posted last week titled “Combating Inflation with Compound interest” describes how inflation impacts the value of the money in our savings accounts and how compound interest can help reduce that. The article explains that investing your money in an account with compound interest would double the amount money made over time because you are taking advantage of the interest you earn along the way and on money you deposited.       Taking advantage of compound interest is a great way to increase the value of your money over time. It allows you to account for changes in inflation rates and potentially double your initial investment. According to the book “How Money Works: Stop being a sucker” by Tom Mathews, Steve Siebold, and Andy Horner a typical savings account is likely to have an interest rate under 1%. The same book provides a mathematical formula to help calculate how much time it would take to double the money you have invested based...
Read more