Money

Investing to riches

How To Become Rich

Money Maroon

So you want to know how to become rich. Well, who doesn’t. If you perform a quick search, you will find that there are countless discussions and advice for getting rich. While there are ways such as inheriting money or winning something akin to a lottery, becoming rich takes repetitive actions over time. To become rich, you must incrementally increase your riches through actions over time. That’s right, sorry to disappoint, but it will likely not occur over night. Becoming rich is likely a long term endeavor.

Do You Really Want To Be Rich?

How to become rich
Being rich vs being wealthy – Know the difference

Before we jump into how to become rich, do you actually want to become rich? One of the biggest error people make is not noticing the subtle difference between being rich and being wealthy. 

According to Merriam Webster’s online dictionary, rich is “having abundant possessions and especially material wealth.” Notice that that definition says nothing about time and value. As such, you can be rich today and broke tomorrow. However, wealth according to Merriam Webster’s online dictionary is “abundance of valuable material possessions or resources.” Do you see the difference. An abundance of valuable material possession or resources. Therefore, wealth is unlikely to be lost as fast as riches. So, are you seeking wealth or riches?

So You Want To Be Rich

If riches is what you want, as mentioned above, it takes action over time. For example, it is a matter of getting from 50 cents to a dollar and amplifying this effect over time. The more the increase from baseline (in the example, 50 cents) and the more time allowed for compounding, the richer you will become. Typically, to achieve this effect, it requires earning more.

Earning More By Investing 

How to become rich: invest
How to become rich – invest

How do you earn more? To earn more, you need to invest. On a basic level, whether you are an entrepreneur or a salaried employee, to increase your take home pay you must invest in yourself.

To earn more, you can invest your time in finding a higher paying job or take the path of investing in your education. In both cases, you are investing your time and potentially money to increase your chances of obtaining a higher paying job. 

You also have the option of investing in being better at your current place of employment. While there are no guarantees that this will lead to a promotion, performing well in your current role does increase your chances for a promotion and an increased salary.

There are also external opportunities to invest and grow your riches. Whether this is in the stock market or in real estate, it becomes a matter of allowing your money to work for you while you are doing something else. This provides an additive benefit to whatever it is that you are earning from current/future employment.

The Take Home Message

The simple answer to how to become rich is to take small steps everyday to increase your riches and over time you will achieve your goal. That is it. 

Of course, the underlying actions that you take are situational and are up to you. The simple math is riches = assets – debts. As such, if you are able to earn more while lowering costs over time, you will have an abundance. However, we must impress upon you that on this journey, rarely are there short cuts.

Conclusion

While there are many discussions and advice on the topic of how to become rich, do not lose sight of the fact that achieving this goal likely takes repetitive actions over time. To have an abundance, incrementally increase your riches through small actions over time.

Always keep in mind that accumulating riches will likely not occur over night. Becoming rich is likely a long term endeavor. Do not get discourage. Stay the course.

To conclude, becoming rich is a stop on your journey to financial independence, but having wealth may be your ultimate goal.

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Self made lies

Self Made? I Doubt It

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You have heard it all before, pull yourself up by the bootstraps. Typically, the individual telling you to pull yourself up by the bootstraps will refer to themselves as self made. No matter how much you are able to “pull yourself up” the fact is, no one is self made. We all need help from others, but that alone is not enough to succeed. Even with help from others, you must be at the right place at the right time. In other words, to succeed, you must also be lucky. I am not discounting that hard work is necessary to achieve your goals, it is. But do not ever make the mistake of thinking that you are self made. In making that mistake, you are not appreciating or acknowledging the contributions of the people that have helped you along the way. Give them the credit and acknowledgement that they deserve.

Self Made

There are no self made individuals. For that matter, there are no self made millionaires. If you do not believe me, just think about it. Think of any so called self made individuals or millionaires. Yes, those individuals that are labeled self made. Pull back the curtain and look at the individual. Likely, they are very smart, hard working, and have a certain skill set combination that got them to where they are. Their dedication and skill set helped them navigate up, down, over, and around obstacles to become what we know them as today. They are good at what they do. But they did not do it alone. They are in effect, not self made.

You are not self made
You are not self made

The Team

Zoom out from our supposed self made individual and look at their team. Look at the people behind them who have implemented their plans and have mentored them to success. I am not talking about the new person that they have hired to fill a role. Nor am I identifying an easily replaceable employee that can be plugged into a specific role. I mean their team. The group of people who have been around them for years, or even decades. The group of people that have significantly impacted our so called self made millionaire’s life the most. The team could be made up of family members, a mentor or someone who has been a confidant over the years. The team is what give this individual strength. This team is the primary motivator and at times the inspiration from which our so call self made individual draws from.

The Big Break

Now pull back further to the individuals who gave our so called self made person his or her big break. This need not be one significant big break, it could be incremental breaks or transition from one point to the next. Who was that first client for a new business? Who was the first investor to believe in the idea or the employee that left their secure job to start a new company with our so call self made man? Find that person and you will find the catalyst for our self made man’s success.

Early Backers

If you still believe that some folks are self made, look at their childhood. Was it the parents or family members who gave our so call self made man a stable environment? What about their coach who saw the promise of a future star and spent the extra time to help hone his/her skills? Think about the teacher who saw the promise and provided the necessary encouragement. Who paid for the extra classes and tutoring lessons? These are the early backers. The early backers are people who saw promise and invested in our so called self made man’s future. Without the early backers, our self made man would be a shell of who he is today

Luck

Now, let us look at luck. It is difficult for us to admit that we have accomplished goals not by our pure skills and intelligence, but by luck. It is very simple, to be successful, you must have a bit of luck. Success is the intersection of luck, opportunity and skill. The Luck that you won the lottery with parents who may be able to nurture your developing mind. Luck that you had that coach or teacher that believed in you. Luck that you met that friend who profoundly impacted you and pushed you forward. In the simplest case, luck that you did not get hit by a car, affected by a disease or a situation beyond your control that left you ill-equipped to grab your future by the horns and move forward. Luck, you need it, so acknowledge it.

Conclusion

You have heard it all before, pull yourself up by the bootstraps. Typically, the individual telling you to pull yourself up by the bootstraps will refer to themselves as self made. No matter how much you are able to “pull yourself up” the fact is, no one is self made. We all need help from others, but that alone is not enough to succeed. Even with help from others, you must be at the right place at the right time. In other words, to succeed, you must also be lucky. I am not discounting that hard work is necessary to achieve your goals, it is. But do not ever make the mistake of thinking that you are self made. In making that mistake, you are not appreciating or acknowledging the contributions of the people that have helped you along the way. Give them the credit and acknowledgement that they deserve.

Do not be ashamed to acknowledge that your success is not attributed to you alone. Embrace those around you and achieve.

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Top Secret

Secret To Building Wealth

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Every one wants the secret to building wealth. Many pay for courses or are drawn into get rich quick schemes. But the secret to building wealth is simple. It is the same it has been from the beginning of time. The secret to building wealth is money (assets) and time. That is it. If you do not believe me, continue reading the below.

Building Wealth – Money

Money and as a broader concept, having assets or things of value is the basis of wealth generation. This is no surprise. The old adage of you need money to make money is true. It comes down to simple math. If you begin with a basis of $100 and gain a return of 10%, your return plus your basis is $110. On the other hand, if you have a basis of $1,000,000 and gain a return of 10%, your return plus your basis is $1,100,000. Money matters. Having assets to trade matters.

If you were born wealthy, you have obtained a head start. If you were born poor, you will need to obtain money or valuable assets that are tradable. In some cases, this means having or developing valuable skills that one may trade to obtain money. In other words, employment. 

The above does not mean that those born wealthy will remain wealthy. Having money simply gives you a head start, but what you do with the money you have is important. If you place your money under a bed or receive a low return on your money, inflation will erode the value of your money. On the other hand, if you make smart moves with your money, its value will increase. Rich or poor, if you do not know how to grow and build wealth, you will lose what you have. The more money/assets you have, the faster it could grow over time.

Building Wealth – Time

The secret to building wealth not only includes a need for money, you also need time. Simply put, to build any thing takes time. Wherever you begin on the scale between poverty and wealthy, to build wealth or more wealth will take time. To build wealth, you must invest, you must put your money to work over time. As noted above, if you park your money into a savings account or under your bed, the value of your money is likely to be eroded by inflation.

Once you put your money to work, there will be a time period before you are able to obtain a return on your investment. This time period could range from as little as a few seconds to multiple decades. Whether you put your money to work by investing in yourself in a specific field for example obtaining an education or learning new skills to obtain gainful employment, investing in the stock market, investing in a startup business or investing in real estate, the payout or return on investment takes time. The more time you have, the more your investments may potentially pay off. Consider over the life of your career, the more time you have the more money you will earn, the more you can invest to grow wealth. The more time you have, the more homes you can flip if you are in real estate investing, the more return  you can gain from the stock market, the more startups you can invest in. As such, the earlier you are able to obtain money or tradable assets and begin putting your money to work, the more wealth you can generate.

Examples

As an example of the above, take a look at your favorite wealthy person. Is it a doctor, lawyer, investor or entrepreneur. What do they all have in common? They had money or tradable assets that they  exchanged for things of value that grew over time. In some instances, skills are being traded for a high salary. From the salary, money is saved and invested over time to generate wealth. For others, they had innovative ideas that they initially funded and overtime those ideas grew into ultra profitable companies.

Caution 

As noted before, having money does not mean wealth. Because you now know the secret to building wealth, this does not mean that you will automatically become wealthy. Once you obtain money, how you use this money over time is very important. You may invest in your education in a field that does not pay well or that is no longer needed, which would leave you in debt and struggling. It is possible that you may invest in companies that are not innovative and may later go bankrupt. You may also invest in the wrong stocks or industries. Building wealth takes time and money, but building wealth is not automatic. You must do your due diligence and in some cases be lucky.

Conclusion

Every one wants the secret to building wealth. Many pay for courses or are drawn into get rich quick schemes. But the secret to building wealth is simple. It is the same it has been from the begining of time. The secret to building wealth is money (assets) and time. That is it. Now that you know the secret to building wealth, take steps today to journey to financial independence.

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Video Summary

Chasing

Chase Solutions Not Money

Money Maroon

Who wants to be poor? I have never heard a single person seriously state that they want to be poor. At some level, we all want to achieve a standard of living where we and our families have our needs covered without financial stress. Another portion of us wants more. Achieving financial stability such that wants and needs are easily achieved is a dream most of us  have. To achieve financial dreams, especially if you are entrepreneurial, chase solutions not money.

Chasing Money

With regard to your current profession, is your work your passion? Does your job make you happy? Do you continue to work at your current job for financial reasons only? If money was not a concern, would you continue on your current professional path?

Many of us choose careers not because of the difference that we will make, but for the traditional high standard of living and potential wealth associated. Many of us stay in positions for this same reason, even when we hate our jobs. We are not here to judge why anyone is on the professional path that they are on, but if wealth is your objective, it is best to stop chasing money. 

Chasing money will keep you in a 9-5, salaried position. Chasing money will keep you working until your late 60s or longer. In some instances, chasing money will generate wealth, but you will be miserable. Think of the lawyers and doctors who are wealthy but absolutely hate their jobs, are alienated from their families and are struggling to cope. Chasing money will keep you from your potential of being both happy and wealthy.

Chasing Solutions Not Money – Profession

By chasing solutions, we mean finding a problem and driving towards a solution. In a professional scope, the underlying purpose of solving a problem is the fire that will burn to get you through the difficult times. The difficult times may be years of schooling, personal issues or unexpected disasters that occur in life. With a purpose, your drive will be maintained irrespective of the financial reward. Whether your drive is servicing a specific community or a specific cause, finding a problem and presenting a solution will greatly increase your rewards, financial and otherwise.

Chasing Solutions Not Money – Entrepreneurial

If you are an entrepreneur and you are aiming to build wealth, it will all fall into place once you identify a problem that is worth solving. There are many issues that we all collectively encounter on a daily basis. Identify these problems and present your solution. Once you identify the problem and a possible solution, ask yourself if the identified problem is worth solving. If it is worth solving, this is a business idea.

Is The problem Worth solving

In determining if a problem is worth solving, from a business standpoint, you need to determine if you can earn from solving the problem. Does the problem rise to such a level of needing to be solved? Will someone pay you to solve this problem? If someone will pay you to solve the problem, how much and is it worth your time? If you have identified a solution to a problem, but someone will only pay you a dollar to solve the problem, this venture may not be worth it. Whether or not the venture is worth your time will depend on scalability.

Is Your Solution Scalable

Is the venture of solving the identified problem scalable? Let’s face it, if I solve a problem that is of low value to others and non-scalable, then I will either loose money or get stuck in a job that will not grow over time.  None of these options are good.

Now, if the venture is scalable, you have a business. For example, our example above where we are paid a dollar by each customer to solve a problem. If this business is scalable, if you are able to build your business to reach one million customers, that is one million dollars. If the problem being solved is one that is reoccurring, you have the potential for a million repeat customers. When you chase solutions, not money, your wealth will seamlessly grow.

Conclusion

No one wants to be poor. At some level, we all want to achieve a standard of living where we and our families have our needs covered without financial stress. To achieve financial dreams, chase solutions not money. On the journey to financial independence, stop chasing money, chase solutions to problems and watch your wealth grow.

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Video Summary

Build wealth by chasing solutions

Covid19

Pandemic And Financial Stability

Money Maroon

If Covid-19 has brought anything to the forefront, it is the fact that life is short and can end at any moment. Further, you may spend your last weeks, days, hours and minutes alone and without family. As we grapple with our new reality during this pandemic (Covid-19), the importance of financial stability has never been clearer. The pandemic’s effect on financial stability is unimaginable.

Pandemic And Financial Stability: Job Losses

The most obvious effect of the pandemic relates to job loses. As we have shut down economies to contain the virus, close to over 50 million Americans have filed for unemployment. This is in the United States alone. 

It has been reported that about 39 percent of households earning $40,000 or less has reported job loses. Over time, it has become very clear that the poorest households are being impacted the most by the pandemic, not only with regard to job losses, but also in contracting the virus. 

The pandemic’s impact on the poorest families is predictable. Think of those who are delivering your food, working the register at your favorite stores, bags your grocery and perform occupations that cannot be accomplished via a web based service at home. These individuals tend to be at the lower end of the economic scale, most likely to have health issues and limited access to health care. Together, this leaves a situation where low-income communities are more likely to be exposed to the virus, have higher mortality rates, and suffer more economically.

To look more globally, beyond the United States, the world bank estimates that Covid-19 could push about 49 million people into extreme poverty in 2020. Therefore, for those who were in the worst financial position, the pandemic has only made it worst, a lot worst. Simply put, the pandemic’s effect on financial stability has been devastating for the most vulnerable.

Pandemic And Financial Stability: Who Stays At Home

Mom at home during pandemic
Who stays at home during the pandemic?

An additional impact of the pandemic is on the family, specifically in view of child care. Yes, the pandemic’s effect on financial stability, is an impact on the family! As we have watched many members of families spend their final moments alone, or hear repeated stories of the virus wiping out multiple members within a family, the family generally is a major topic with regard to the pandemic and financial stability. Especially as the school year approaches.

As the pandemic rages on, many families have been forced to make a difficult choice, especially if they have school age children. Who will stay home/watch the kids? Do you and/or your spouse continue to work long hours and neglect your children that is now out of school or do one or both of you cut back?  

These are some of the most pressing questions at the kitchen table for those with children in elementary school and younger because of the attention required. But even for those older than elementary school age, if your kids are home, you still need to direct your attention to them to ensure that they are doing what they should. For example, your children attending on-line classes, paying attention during their video classes and staying on track.

For single parents, matters are even worst. Do you quit your job to stay home with your children when your employer requires your physical presence? With bills to pay, including mortgage or rent, how do you decide?

If you are without kids, how are you mentally coping with working from home without human contact? Generally, how are you separating work life from home life? Are you currently experiencing burn out?

Pandemic And Financial Stability: Money To Be Made

Not everyone has been detrimentally affected by the pandemic. There are some who were prepared and are trying to take events in stride. Many expected a dip in stock prices and took advantage. Others had an emergency fund and were able to better handle a job loss and transition to another. Still, there are others who have actually profited from the pandemic. Think of Jeff Bezos, Netflix, and entrepreneurs who are pushing forward services that are needed in today’s Covid-19 economy.

Pandemic And Financial Stability: Increased Saving Rates

An interesting effect of Covid-19 is the converging circumstances and their effects on the savings rate. With the government paying certain benefits, the United States have increased its general savings rate. Basically, with economies shut down and no where to eat out or spend discretionary funds, many individuals are socking away an increase percentage of their paycheck (if they are able to keep their jobs).

Bifurcation

In view of the above, what we are seeing is a bifurcation in societal finances. In one case we have individuals who are profiting from today’s current situation  and becoming more financially secure. On the other hand, others are struggling with the basic necessities. In every downturn or national event, this is always the case.

It is incumbent on each and every one of us to prepare ourselves for unforeseen hardships that may lay ahead. While no one could have predicted Covid-19 and its effects, we know this will not be the last time we have such a financial shock. Make the sacrifices now to be able to better whether financial shocks. The pandemic’s effect on financial stability is profound, but we can protect ourselves if we plan ahead.

Pandemic and our choices
We are at crossroads

Conclusion

If Covid-19 has brought anything to the forefront, it is the fact that life is short and can end at any moment. Further, you may spend your last weeks, days, hours and minutes alone and without family. As we grapple with our new reality during this pandemic (Covid-19), the importance of financial stability has never been clearer. The pandemic’s effect on financial stability is unimaginable. However, we can protect ourselves if we plan ahead. Journey to financial independence.

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Fear of money

Fear Of Money

Money Maroon

Money is a difficult topic to talk about. Not because money is inherently bad, but because money is an instant mark by which we compare ourselves to others. To the few, money is viewed as a tool to get what they desire. To the masses, money is a scarce resource that must be guarded. Most have a fear of money, consciously or unconsciously.

The Have And The Have Nots

When addressing money, there are major differences between the wealthy and those without wealth. The wealthy sees money as a tool that is to be used. The more money they have access to, the more they can bend the world to their desires. 

Consequences Of Having A Fear Of Money

While the wealthy view money as a tool, those without wealth fear money. Yes, they fear money. Many believe in the concept of “more money more problem.” Further, the masses have an unhealthy fear of not having money.  

More Money More Problems

Why is there a belief in “more money more problems.” Have you ever heard the statement: “money is the root of all evil.” Now, think about who you have heard this from. Was the statement made by someone with wealth or from someone without wealth or new to wealth? I can guarantee that you have not heard the above statement from a wealthy individual.

Let’s dig in. Note that 1 Timothy 6:10 actually reads, “For the love of money is the root of all kinds of evil.”  Even without historical context, it is clear that the bible is not saying that money is the root of all evil. Instead, it is saying that a love of money and not money it self, is the root of  all kinds of evil. This one misquoted phrase and other similar phrases have consciously and unconsciously ruined our relationship with money.

With this miss quoted text, many view money as not being good and subconsciously very bad. How can you make and grow your money when you believe that money is the root of all evil? 

Change your relationship with money. Money is a tool that can be used, in some cases for good and in other cases for evil. As such, remove the above and similar phrases from your vocabulary and build wealth.

The Fear Of Not Having Money

While a healthy fear of not having money is a good motivator, an unhealthy fear of not having money is a problem. Why is this a problem? The fear of not having money can lead to a scarcity mindset. The belief that money is a limited resource, it is not. 

Further, acting out of an unhealthy fear of not having money can lead to not allowing yourself to take risk to grow yourself or your business. An unhealthy fear of not having money can lead to lack of confidence and not standing up for yourself personally and/or professionally. 

In this regard, the fear of not having money leads to an employee mindset. A mindset of working for someone else for a secure salary and not rocking the boat. This mindset is a danger to financial independence. 

Let’s dig into the above statement with regard to the security of a salary position. A salary position is not a secure income source. With a salary position, you are giving your boss complete control over your financial life. The classical, putting all your eggs in one basket. Further, most employees are at-will employees and as such your company can fire you for any reason. Does that sound secure to you?

Embrace money and use money as a tool. Instead of  having one salary position, invest in yourself and secure multiple income streams. Stop fearing not having money and take back control of your financial life from your boss.

Conclusion

Money is a difficult topic to talk about. Not because money is inherently bad, but because money is an instant mark by which we compare ourselves to others. To the few, money is viewed as a tool to get what they desire. To the masses, money is a scarce resource that must be guarded. Most have a conscious or unconscious fear of money. Get over the fear of money, have confidence in yourself and take calculated risk and journey to financial independence.

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Family and money

Family Finance: Talking To Your Family About Money

Money Maroon

Money is a difficult subject to discuss. Some would rather discuss their weight instead of talking about money. When you have to share financial information with family members, the money talk is taken to another level of pain. When you are discussing money with your parents, the money talk may be excruciating. While painful, family finance discussions are important. Do not avoid or delay talking to your family about money. Talking to your family about money may alter not only their financial future, but also yours.

History Of Retirement

Retirement, generally, was not made for the masses. German Chancellor Otto von Bismarck invented the idea of retirement in 1889. At the time, retirement was essentially to force older workers out of the work force and make way for younger workers. However, in Chancellor Otto von Bismarck’s 1889 Germany, the retirement age was 70, but most importantly, the average life span was 70 years of age. 

As health care and medicines improved and we began to live longer, retirement and our understanding of retirement has evolved. Now, retirement is not only for those close to death, but for anyone who have achieved financial independence and want to escape the rat race.

The Three Legs

Generally, in the United States, with the advent of social security, previous generations were somewhat secure in retirement. Previous generations had the now acclaimed three legs to their retirement stool: (1) personal savings, (2) social security and (3) a company pension. However, the three legs have been significantly weakened or are completely non existent for many.

The baby boomer generation will be the first generation since world war II to enter retirement without all three legs. 

First, many have very little to no personal savings; second, as it currently stands, the social security program is teetering on the edge of insolvency; and  third, for the most part, company pensions are a thing of the past. Taken together, the baby boomer generation have little saved for retirement, no pension plan and are dependent on social security.

Are your family members, prepared? A more direct question, is your mother and father prepared? If they are prepared, lucky you. If they are not, who will be taking care of your parents in retirement? Look into a mirror and the answer will be looking at you.

How will this impact your financial future? With this in mind, have you had the talk? This is the reason family finance discussions are so important.

Family Finance: Talking To Your Family About Money

– The First Talk

I have personally tried to have the talk with my parents, the first attempt did not go very well. However, I understood that family finance discussions were important, so I tried again.

Imagine your child asking you personal details about your financial situation and questions with regard to end of life planing? Imagine your child then critiquing your choices and then showing you that you have not saved enough, imploring you to cut back on spending and put more money away? Your child then warning of the dangers of running out of money in retirement, the high costs of healthcare as you get older, and the importance of being debt free prior to retirement?

Would you be defensive, would you hide information? Of course you would. 

– The Problem

First, this represents a huge roll reversal that not many parents can handle. Your child is now being the parent. If your parents are from the camp where they speak and the child listens, such questions will evoke anger and a feeling of being disrespected.

Second, based on answers or lack thereof to the questions asked, both parent and child now know that in the finance department, the parent is not as all knowing as they may have represented to be over the years. These questions will expose financial mistakes and missteps. Acknowledging these errors of judgement and missteps to a child can be very difficult for some parents to handle.

The above are only two of the many reasons why it is so difficult to talk to your family about money.

– Perseverance Is The Key

Did I stop talking to my parents about their finances when I was rebuffed? No. Did we have yelling matches when points were not getting across, yes.

To ensure that your relationship is not destroyed because of your discussions, spread out your discussions. Continue to ask questions that were not previously answered. Over time, a funny thing will happen. Instead of having to ask questions, your parents will begin providing updates on their financial progress.  I am not saying that you will have a miraculous breakthough and your parents will become the most responsible with their money and make all the right financial choices. Instead, they will become more aware of their financial situation and start thinking more about their financial futures.

We cannot control what another person does, especially our parents. However, if we can make them aware of potential issues that may be on the horizon, maybe they can and will take action to change course. 

The fact is, you as the child may be responsible for your parents during retirement. Begin taking steps to mitigate the impact on your financial future by talking to your family about money. Have the family finance discussions.

Conclusion

Money is a difficult subject to discuss. Some would rather discuss their weight instead of talking about money. When you have to share financial information with family, the money talk can lead to an unbearable amount of pain. When you are discussing money with your parents, the money talk may be excruciating. While painful, family finance discussions are important. Do not avoid or delay talking to your family about money. Talking to your family about money may alter not only their financial future, but also yours.

Talking to your family about money is one of many stops on your journey to financial independence. Have the talk.

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