How to Make Your First Million

Investopedia lists ten steps to making your first million as follows: Stop Senseless Spending Prune Your Purchases Target Your Taxes Crafty Compounding Build Through Your Boss Ramp-Up Your Retirement Savings Incremental Investing Dare To Diversify Reconsider Real Estate Increase Your Income Why do I get the idea that this list was written by a professional writer rather tha […]

Developing Multiple Streams of Income

A pep talk for those mulling over the idea of developing alternative streams of income. How many people do you know who have more than one source of income? The chances are, since the recession, you might know more than a few people who’ve gone entrepreneurial recently (more so now than a few years ago, when most people were focused on the real estate market). […]

Help a Reader: What to Do with Leftover Money

Here's an email I recently received from a reader: Background:  Married, Age: Mid 20-s, combined take home income is around $4,300/mth, No kids Question:  With no debt now (Have finished paying off $25k student loans, $20k in car loans) except our $110k mortgage I need to get some guidance and feedback on where to go now with our leftover money. We have about $3,100k in expenditures a month o […]

How to Recover From a Lost Wallet

In this inaugural post to the Financial Contingency Plan series, I want to discuss one of the most common financial disasters – losing your wallet. Whether you carry a money clip, an actual wallet, or an entire purse, losing it is one of the most demoralizing financial events that can happen to a person. […]

Three Traits That Can Make You Wealthy

Investopedia lists six millionaire traits that you can adopt as follows: Independent Thinking Vision Skills Passion Investment Salesmanship I agree that these are great traits and that if you have any of them (and the more you have, generally the better) you will improve your chances of becoming a millionaire. […]

Download My Free eBook: Invest Like a Pro

Are you tired of all the investing gimmicks out there? Invest in gold, buy commodities, short stocks, trade Forex, and all of that garbage? You’re not alone. Companies are targeting investors and trying to lure them into more uncommon investments in part thanks to the weak economy and stock market performance over the last few years. […]

Best of Money Carnival

The Best of Money Carnival is now live. Congrats to all participants and especially the winning post, Creating Wealth With What You Already Have. Enjoy! […]

Reader Mailbag: Abraham Lincoln

What’s inside? Here are the questions answered in today’s reader mailbag, boiled down to five word summaries. Click on the number to jump straight down to the question. 1. What is a callable CD? 2. Frugal laptop questions 3. Reducing budgeting stress 4. Adequate insurance for single folks 5. Minimizing post-college debt 6. Rent or sell old house? 7. Retirement calculations 8. […]

5 Ways to Make Money with Amazon Mechanical Turk

The Amazon Mechanical Turk or MTurk is a service that was created so that those who need work done can hire thousands of human workers for much less than minimum wage. Each task is called a HIT and it can be as simple as clicking a link and as complex as writing an entire computer program. […]

P/E Ratios

I’m not a skilled investor, particularly when it comes to short-term prognostication, and my long-term track record has yet to be established considering my first investing decision was less than ten years ago. I don’t invest in many individual stocks. […]

Lending Club: One Year Later

It’s been a bit over a year since I started investing with Lending Club, so I thought I’d put together an overview of my experiences. For those that haven’t been following along, I first set up two test portfolios focusing on low risk vs. high risk loans. For these test portfolios, I let Lending Club auto-select the loans. […]

Financial Contingency Plan Series

I’m sure you’ll agree – the best time to plan for a disaster is before it strikes. That’s why, during the Cold War, people built bomb shelters before the bombs actually struck. […]

Downshifting: The First Day of the Rest of My Life

“This is it,” I told my wife last Monday. “This is what?” Kris asked. “This is the first day of the rest of my life,” I said. She knew what I meant. For the past few years, I’ve been living in a self-created whirlwind of busy-ness. […]

The 12 Most Important Decisions You Must Make Before You Retire

How to Retire Happy: The 12 Most Important Decisions You Must Make Before You Retire, Third Edition lists, as you may have guessed from the title, the 12 most important decisions you must make before you retire. Here's their list (stated as questions): Am I ready to retire? Can I afford to retire? When should I apply for Social Security? How should I take my pension payments? […]

Review: Power of 2

Every Sunday, The Simple Dollar reviews a personal finance book or other book of interest. One of the most powerful things you can do in the path towards building the career you want, the social connections you want, and the financial path you want is simply work on improving your ability to build and sustain relationships with other people. […]

Roundup: Electric and Hybrid Cars

GM announced this week that the Chevrolet Volt’s battery will be guaranteed for 100,000 miles or eight years. That’s a long time to warranty anything, let alone a lithium-ion battery that is expected to power the car for up to 40 miles (more than other gas/electric hybrids). […]