As we continue building our financial plan, this month, we will go deeper into building a budget for success. Creating a budget for your financial success is the most important element in wealth building. Always start with the foundation. When you build a house, the most essential and critical element is the foundation. Building upon a solid financial foundation will enable you to create good habits to build wealth. When you set out to build wealth, the foundation is your budget. Without a … [Read more...] about How to Create a Budget for Success
Steven Calabrese
Creating a Winning Financial Plan, Part II
In May’s Quad Cities Business News, we discussed the foundation of a winning financial plan, including creating a budget and managing debt. In Part II, we will continue to build on that foundation. Education Being qualified for employment is essential. What is it you have a passion for? Can you gain skills on the job? Do you need a college degree or some special training for IT? What is your pleasure? How about a trade? Are you considering being a plumber, electrician or handyman? Perhaps … [Read more...] about Creating a Winning Financial Plan, Part II
Creating a Winning Financial Plan, Part I
Many people wonder why they do not win from a financial aspect in life. The number one reason is they lack a winning financial plan. The saying goes, “If you fail to plan, you plan to fail.” The following will help you begin to develop a winning plan. When you have a plan, you have a goal. With a goal, you will begin to develop methods to arrive at your goal. I always like to develop several ways to achieve my goals. How about you? Wealth Management So you say that a financial plan is … [Read more...] about Creating a Winning Financial Plan, Part I
Is the American Dream Possible?
To answer the question: Is the American Dream possible, many will say no, but based on what set of facts? What if I told you it is possible and there are more than 22 million millionaires in the United States? You may be living next door to one and not even know it. Certainly, it may feel impossible to believe this in today’s economic environment. Let’s dig into this. Currently, inflation is running hot. The price of everything is up. Have you bought gas recently? It’s a sore point with many, … [Read more...] about Is the American Dream Possible?
Cashless Society Pros and Cons
What would a cashless society look like? How long until we have a cashless society? Are we already in one? How often do you use cash? Let’s explore the cashless society’s pros and cons. With the COVID-19 pandemic, are we accelerating to a cashless society? How Often Do You Use Cash? Approximately 19% of all transactions were made with cash in 2021. This is down from 26% in 2019. Are we headed to a cashless society? With the use of debit cards, the dreaded credit cards, and such other … [Read more...] about Cashless Society Pros and Cons
Considering a New Type of Credit Card
First off, I want to state upfront that I do not condone the use of credit cards but felt that some folks might be interested in a new type of card. Generally, I do not support the use of credit cards because it causes people to get into debt and hampers them from becoming wealthy. Statistics show that staying out of debt is the best way to become wealthy. A Carbon Footprint Card There is a new credit card available that not only allows you to charge things on a handy card but it tracks … [Read more...] about Considering a New Type of Credit Card
How to Recognize a Scam
Let’s say you receive a call like this: “Hello, I am Agent Smith from the IRS. You owe $2,368 plus interest. If you don’t pay immediately, we will issue a warrant for your arrest!” Then the caller proceeds to tell you to go get prepaid gift cards and send them to some P.O. Box. Well, if you have gotten a call like this, there is good news! It is not the IRS and you are not in any trouble. The bad news is that it is a scam. I hope you did not fall for it! Have you ever received a call … [Read more...] about How to Recognize a Scam
Follow a Budget, Increase Your Financial Knowledge
To grow your wealth, you need to become knowledgeable in a number of different financial areas. To not be educated in the basics will cost you in the long run. It is not that you need to be an expert, but one must understand the simple concepts in personal finance. The following is a high-level education to put you on the path to master basic finance. Begin with these concepts and grow from there. Learning should be a lifelong endeavor. If you stop learning, you will fall behind as the … [Read more...] about Follow a Budget, Increase Your Financial Knowledge
Following a Budget Formula to Achieve Financial Success
Who likes to budget? Why should you budget? Budgets are for chumps. Budgets are restrictive. It’s my money, I earned it. Are these all the things that come to mind when you hear about budgeting? If so, you need to rethink those preconceived notions. Budgets actually set you free. A budget is a plan – a plan for your money! You have a plan for vacation, your kids’ college and other major life events. So, let’s discuss a plan for your money. In this article, we will look at a budgeting … [Read more...] about Following a Budget Formula to Achieve Financial Success
How to Create a Personal Investment Plan for Financial Independence
As we begin this journey – and yes, it is a journey – we ask the question: Is it possible to develop an investment plan to achieve financial independence? The immediate answer is yes, it is possible. In this article, we shall explore the necessary steps to make it a reality. What is Financial Independence? How do you define financial independence? Is it having all the money you need or want? Or is it something else? Does money have anything to do with it? How about doing anything you … [Read more...] about How to Create a Personal Investment Plan for Financial Independence