Be Wealthy & Smart

Learn why it's the big mistakes that keep you from financial success, not the small ones. Here's another article about giving up coffee or cigarettes and how it will make you rich. Business Insider: "Why your daily coffee is stopping you from becoming a millionaire." There are sayings like, "Watch your pennies and the dollars will take care of themselves." "A penny saved is a penny earned." Just give up lattes and invest that money instead…and eventually you'll become a millionaire. "The Latte Factor" was invented by author David Bach, whom I really respect. I believe it was a demonstration of compounding more than selling the idea of skipping coffee. Over a long enough time, compounding even a small amount will grow into millions. What the purchasing power will be is another question. I disagree with this frugal focus. It's not the small stuff that gets ya, it's the BIG mistakes. Moving costs/interest/commissions/remodeling costs from moving often will cost you a lot more than a few dollars. Buying cars every 3 to 4 years is a mistake that will cost you thousands. Invest that and over 25 years it can be $250k. Where people go wrong is not learning how to invest. A friend has had success with real estate, which is great, but in 2008 almost lost everything because a luxury spec home they build which they thought would sell for $3 million at the peak, they had to let go for a $1.5 million, below their breakeven. Instead of investing, I noticed their house it full to the brim - drawers in the guest room are full, guest closets are all full, the garage is too full for 2 cars, the basement is packed full of stuff! That tells me there are no investing goals that are being followed, there's a lot of spending that's extraneous and things aren't being used. It's not for me to judge, but I do notice that there's no money for anything because there's so much clutter! How many people are surrounded by clutter from small purchases that make you feel good or volume purchases at COSTCO that accumulates a lot of stuff you don't use. These are the reasons you haven't reached your financial goals. That - and an investment plan that will help you compound at a higher rate (Step 5 of the 6 Steps to Wealth). The reason why a home is the largest asset for a lot of people is not just because home prices has been one of the best performing asset classes for the last 20 years, but because of the "forced savings" that a mortgage causes you to have. Paying a payment for 30 years, is a forced discipline that is paying off your interest and principal monthly. As you pay down your debt, the equity in your home increases, thereby giving you more net worth every month. Disciplined investing (in this case by borrowing), is a secret that will help you build wealth. Regular deductions into a 401k or IRA or mutual fund or brokerage account will provide systematic payments into investments that can compound at 8 to 10% over the long run, if history repeats. So let's not sweat the coffee. Watch the hundreds and thousands you spend, not the pennies. I'll post the article on my website. Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect with me on social media at Twitter and IG @Lindapjones and Facebook @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn why what has happened to you in the past is important to your present self. I'm traveling and visiting with friends who have mentioned money stories from their past, without any consciousness about how it is connected to their present. One mentioned money was so important to her Mom that she wouldn't give her garage sale items. She had to buy them from Mom. She ended up buying back a gift she gave to her dad and her brother wanted it so she gave it to him. She paid for it twice and didn't get what she wanted. Although she is affluent, she sees herself as "poor" and without discretionary income, though her closets and house are jammed with things. She mentions she "wishes" she could retire, but resists being responsible with money due to her underlying pain. Another owns 3 homes and carries no cash, so she always is "broke". Her father had his own business and it was very up and down, so he put tight reigns on the money. They are real estate rich but cash poor due to 2 kids in college and lots of expenses from the homes, traveling, and a horse. I talked with her about the fact her net worth is over $4 million, but she compares herself to Bill Gates and says she's poor. Another mentioned her dad lost himself in stocks. All conversations had to lead to stocks. She and her sister felt ignored and resentful. They don't like talking about stocks today. What is going on here? Why are these well off women choosing to feel poor? Why is their self-talk about being poor? Do you realize the majority of the world exists on $2 a day? They can't see the underlying money blocks. For clues to your money blocks, think about your upbringing. - What do you remember your parents saying or acting like with money? Pretend you won the lottery. What is your next thought after Yay? -Is it what do I do now?, How do I not lose it?, It feels like a burden? Your history with money effects your present money. Spend some time with this and find where your money pain is. Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect with me on social media at Twitter and IG @Lindapjones and Facebook @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn the one habit that helped Tom's shoe founder get rich and how it can help you too. Find the article on my website at http://lindapjones.com, podcast 288. My Wealth Journal is available on Amazon.com. There is a live link on my website at http://lindapjones.com, podcast 288. Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect with me on social media at Twitter and IG @Lindapjones and Facebook @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn the world's 13 best cities for renters based on percentage of income to pay rent. Really interesting article from CNBC's, Kathleen Elkins. Selected this article for you because I realized it hits a lot of different possibilities. Maybe you're a young person who wants to travel the world or you're a retiree wondering how to make your money go farther. Perhaps you love to travel, can work from anywhere and are thinking of what city to have as a hub for a while. Typically the deals are in the emerging market countries, known as BRICS. Article is posted on my website at http://lindapjones.com, podcast 287. Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect with me on social media at Twitter and IG @Lindapjones and Facebook @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn how much money Americans think it takes to be considered wealthy. From CNBC.com, Kathleen Elkins: According to a Schwab survey on wealth, Americans say it takes an average of $2.4 million to be considered "wealthy." As for how much it takes to be "financially comfortable," survey respondents say it's an average of $1.1 million. By that standard, less than 10 percent of American households qualify as "comfortable," since less than 10 percent have over a million dollars. Americans are split on their definitions of wealth, with some describing wealth as a specific sum of money and others describing it more as a state of mind. When asked to define wealth, the top five sentiments among 1,000 Americans are: 1. Having a lot of money (27 percent) 2. Enjoying life's experiences (24 percent) 3. Being able to afford anything they want (22 percent) 4. Living stress-free and having peace of mind (19 percent) 5. Having loving relationships with family and friends (12 percent) However, when asked to compare two opposing ideas of wealth at a more personal level, Americans lean into things that money can't buy: •Sixty-five percent equate wealth with having good physical health vs. having lots of money (35 percent) •Fifty-eight percent say wealth is about having gratitude vs. having money (42 percent) This one surprised me because I think it's a big departure from past generations of parents and grandparents: •Fifty-six percent believe wealth is about building community vs. working on one's career (44 percent) Article is on my website at http://lindapjones.com, podcast 288. Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect with me on social media at Twitter and IG @Lindapjones and Facebook @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn what listeners have to say about the podcast. Thank you for 800,000 downloads! When I started the podcast, I really had no idea how it would do. I can't be more pleased that we've found a great following of the most amazing listeners. I appreciate each and every one of you for listening and loving the show. It's for you and I'm loving that we are listened to in over 171 countries. Thank you!!! I'd like to say a special thank you to people who have written reviews of the show. It means a lot to me and I love to get to know you by hearing your thoughts. Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect with me on social media at Twitter and IG @Lindapjones and Facebook @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn the most common financial mistakes women make and how to solve them. Great for men too! Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect with me on social media at Twitter and IG @Lindapjones and Facebook @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn why you need a will and what to do if you might be inheriting money from parents. The article is posted on my website at http://lindapjones.com, podcast 283. Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect on social media on Twitter and IG @Lindapjones and FB @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn how to analyze a stock like SNAP. Today is listener question Friday! Here is today's question: Linda, I see SNAP went back to its IPO price. Do you recommend buying it? Nancy Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect on social media at Twitter and Instagram @Lindapjones and Facebook @lindapjonesfanpage. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.

Learn how an 18 year old became a millionaire in Bitcoin. The article is posted on my website at http://lindapjones.com, podcast 281. Please subscribe and leave me a review on iTunes or Stitcher Radio. Connect on social media on Twitter and Instagram @Lindapjones and @ lindapjonesfanpage on Facebook. Move your net worth in the right direction by getting "11 Quick Financial Tips to Boost Your Wealth" at www.lindapjones.com.