| 3/22/2010 |
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Millionaire By Thirty Chapter Excerpt: Wake Up and Step Out of the Financial Darkness Stop Feeling Confused, Isolated, and Powerless About Your Finances
DO YOU FEEL LIKE YOU'RE IN A fog when it comes to your finances? Awhile back when we were visiting San Francisco, we woke up to one of the murkiest fogs we had ever seen. We had been hoping to enjoy the view of the bay from our downtown hotel, but the mists were so thick, we were lucky to see down the street. By afternoon, however, something wonderful happened. The fog had lifted, and we could see the deep blue bay shining in the sunlight. In the same way, many young men and women in their early twenties who are smart, capable, and well-educated may not have clarity about their financial vision until they reach their thirties or forties. This book is designed to help lift that fog right now so you can see your way clearly—so you can buy your first house, start accumulating assets, and get past the mist that clouds your financial future. You don't have to wait thirty years?with the principles this book teaches, you can be on your way toward a net worth of $1 million by the time you are in your thirties. My sons, Emron and Aaron, have applied these principles in their twenties and are already seeing success. As explained in the preface, they have learned these powerful strategies from myself and my wonderful wife of thirty-four years, Sharee. They now have clients nationwide whom they advise for asset optimization, equity management, and wealth empowerment. They are part of my instructional staff, which teaches advanced curriculum monthly at the Missed Fortune UniversityTM. They have written and designed sophisticated asset optimization software used by hundreds of financial advisors nationwide. My sons are living, personal examples of the Missed FortuneTM concepts. They have not been given anything except the proper education. Starting from scratch with relatively no financial assets and beginning incomes of $30,000 a year at the age of twenty-two, they have used the strategies that will be disclosed in this book to each accumulate assets totaling more than $1.5 million by the ages of twenty-six (Aaron) and twenty-eight (Emron). And their individual financial net worth (the worth of everything they own minus what they owe) just surpassed the $1 million mark. In addition to their active income from monthly earnings, they each enjoy passive income in excess of $3,500 a month and portfolio income in excess of $1,000 per month from their personal investments. Their assets are increasing in value about $70,000 per year. By age thirty, their money at work should be earning more than they do at work. As you are about to see, throughout this book I offer my "fatherly advice" to readers, just as I did to my sons. In addition Emron and Aaron will speak directly to you, often using insights from their own experiences to demonstrate how you can accomplish similar dynamic results with your own money. Together we'll take realworld examples drawn from Emron, Aaron, and their friends* to illustrate how you, too, can stop feeling confused, isolated, or powerless about wealth. * We have changed their names to protect their privacy and in some cases created composite examples based on several people. What Obstacles Are Facing You as You Start Out? One time Emron was talking to his friend Michael about money. He could tell Michael wasn't quite following along, even though they weren't discussing anything too deep?just the basics of personal finance like budgeting, savings, credit cards, debt, and home buying. But then Emron realized it wasn't entirely Michael's fault. There was a good reason why Michael didn't have a grasp of the fundamentals. While many American high schools offer advanced calculus and honors classes in various subjects, very few give students a chance to learn simple financial literacy. In fact, only fourteen states require schools to offer a consumer education program that includes personal finance. Not surprisingly, the result is that, according to one report, "high school seniors' basic financial literacy is declining."?
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 | Finance Topic of the Month: Why Is It So Hard To Get Out Of Debt? | ||||||
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