Dave Ramsey Says This Is Your Most Important Wealth-Building … – The Motley Fool

This is one of Dave Ramsey’s best pieces of advice.

Key points

• Dave Ramsey has said several times that the most important wealth-building tool is your income.
• He advises getting rid of debt to free up your income for investing.
• This is sound advice, but he doesn’t mention increasing your income, which is also important.

Dave Ramsey is a popular source of financial guidance, and he recently shared advice about building wealth through his Twitter account. According to Ramsey, “Your income is your most important wealth building tool. As long as your money is tied up in monthly debt payments, you can’t build wealth.” Some of Ramsey’s tips are controversial, but this one is worth listening to.

Dave Ramsey wants you to make the most of your income

Ramsey is notoriously anti-debt. He recommends avoiding all types of debt except for mortgage debt, since it’s hard for most people to pay for a home in full upfront. Other than that, he believes in a debt-free approach, meaning no auto loans, credit cards, or buy now, pay later plans. If you can’t buy it in cash, don’t buy it.

His reasoning is that monthly debt payments tie up your income and keep you from building wealth. If you’re spending $600 per month on a car payment, $150 on credit cards, and $250 on a loan, that’s $1,000 per month of income gone. On the other hand, if you’re debt free and not spending every last dollar on bills, you can start investing your money.

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Discover: Best online stock brokers for beginners

This is good advice overall, although Ramsey takes it to an extreme. For example, he recommends that people don’t use credit cards at all. Savvy consumers earn rewards using their credit cards and avoid interest by paying the full balance every month. The key is paying in full so you don’t end up with credit card debt. If you can do that, then it’s not worth missing out just because of Ramsey’s belief that credit cards are bad.

While Ramsey goes too far with some of his tips, he’s right about the benefits of being debt free. Personal finance is far less stressful when you don’t have any debts, and this also frees up money you can use to build wealth. If you currently have any debt, especially …….

Source: https://news.google.com/__i/rss/rd/articles/CBMihQFodHRwczovL3d3dy5mb29sLmNvbS90aGUtYXNjZW50L2J1eWluZy1zdG9ja3MvYXJ0aWNsZXMvZGF2ZS1yYW1zZXktc2F5cy10aGlzLWlzLXlvdXItbW9zdC1pbXBvcnRhbnQtd2VhbHRoLWJ1aWxkaW5nLXRvb2wtaXMtaGUtcmlnaHQv0gEA?oc=5

Wealth Building Can Be Simple with Expert Advice and Life Insurance – Business Insider

Insider’s experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. Terms apply to offers listed on this page.

• Permanent life insurance can build cash value.
• Experts recommend investing in life insurance as an aggressive financial vehicle.
• Work with a tax professional to minimize or avoid taxes on life insurance.

I first dipped my toe in the proverbial life insurance waters when I was 27. My then-husband and I were newly married (without kids) and building a house. When someone offered the sage advice that we purchase a pair of term life insurance policies, ensuring peace of mind and a guaranteed death benefit should one of us die within the 30-year term of our mortgage, we dutifully obeyed. The process was easy, and our rationale was simple.

In a worst-case-scenario level catastrophe, neither of us would be on the hook for a monthly payment we could not afford alone. More importantly, our home and family would be secure. Fast forward a bunch of years (ok, two decades), and more than a few things have changed.

I’m divorced, I have two dependents, and perhaps, most importantly, I’m two decades closer to retirement. All these factors had me thinking about my big-picture financial future in a new light. Namely, should I buy life insurance? Beyond that, how do I use life insurance to build wealth? Seasoned financial planners make a few recommendations.

Anticipate Your Financial Needs

Understanding your current financial picture and envisioning a distant point down the road is integral to building a budget and planning for the future. The decision to purchase life insurance ultimately boils down to your financial goals. This is true for all, from business owners and retirees to empty nesters and singles sans kids.

Many online life insurance calculators can help you get the ball rolling. However, all calculators I’ve seen utilize a similar formula based on the following criteria:

• Age: Statistically speaking, the younger you are, the lower the annual policy premium. The Society of Actuaries researches and estimates longevity and, as of 2001, updated the CSO mortality tables to age 121. In other words, life insurers set your premiums using the total payments you would make based on …….

  Source: https://news.google.com/__i/rss/rd/articles/CBMidGh0dHBzOi8vd3d3LmJ1c2luZXNzaW5zaWRlci5jb20vcGVyc29uYWwtZmluYW5jZS93ZWFsdGgtYnVpbGRpbmctd2l0aC1saWZlLWluc3VyYW5jZS1hY2NvcmRpbmctdG8tZmluYW5jaWFsLXBsYW5uZXJz0gF4aHR0cHM6Ly93d3cuYnVzaW5lc3NpbnNpZGVyLmNvbS9wZXJzb25hbC1maW5hbmNlL3dlYWx0aC1idWlsZGluZy13aXRoLWxpZmUtaW5zdXJhbmNlLWFjY29yZGluZy10by1maW5hbmNpYWwtcGxhbm5lcnM_YW1w?oc=5

Raoul Pal Puts Crypto Above ‘Baby Boomer Game’ To Build Wealth – Benzinga

Raoul Pal, a former Goldman Sachs executive, said that cryptocurrency with a $1 trillion market cap is only 1/200th the size of the global equity market, yet it presents one of the best chances for a young person to make any future wealth.

What Happened: Pal told his 992,000 Twitter followers to identify long-term investment themes with secular tailwinds, as well as potential opportunities that could outpace currency debasement over time.

According to Pal, with current investment equities, young investors are increasingly finding it difficult to make any real profits, and Quantitative Easing (QE) and other monetary policies have only exacerbated the situation.  

“Trying to play the Baby Boomer game (income/real estate/S&P 500) is simply unlikely to make the returns required,” said Pal. 

See More: Best Crypto Day Trading Strategies

Pal believes crypto has the potential to bridge this gap, along with “technology stocks too (The Exponential Age)  or secular trends such as India.” He added that while you can trade on these assets it rarely yields the desired result. So, the only way is through long-term investments.

This comes at a time Bitcoin BTC/USD breached the $23,000 level, and Ethereum ETH/USD is trading above $1600.

Read Next: Bitcoin, Ethereum, Dogecoin Spike Amid Risk-On Rebound: Analyst Sees Apex Crypto Breaching $24K If This Happens

Source: https://news.google.com/__i/rss/rd/articles/CBMimQFodHRwczovL3d3dy5iZW56aW5nYS5jb20vbWFya2V0cy9jcnlwdG9jdXJyZW5jeS8yMy8wMS8zMDYxNjkyOC9tYWNyby1ndXJ1LXJhb3VsLXBhbC1wdXRzLWNyeXB0by1hYm92ZS1iYWJ5LWJvb21lci1nYW1lLWZvci13ZWFsdGgtYnVpbGRpbmctdHJhZGluZy1yYXJlbHnSAS1odHRwczovL3d3dy5iZW56aW5nYS5jb20vYW1wL2NvbnRlbnQvMzA2MTY5Mjg?oc=5

10 Proven Strategies for Building Wealth and Achieving Financial … – Shoppe Black

Building wealth and achieving financial independence are two of the most important goals that anyone can set for themselves.

Whether you’re just starting out in your career or you’re well into your working years, there are a variety of strategies that you can use to build wealth and secure your financial future.

Here are 10 proven strategies for building wealth and achieving financial independence:

1. Start by setting clear financial goals

Before you can start building wealth, you need to know exactly what you’re working towards. Whether you want to save for a down payment on a house, build an emergency fund, or retire early, setting clear financial goals will help you stay focused and motivated.

2. Create a budget and stick to it

One of the most important steps in building wealth is learning to live within your means. By creating a budget and sticking to it, you’ll be able to save more money and invest more of your income.

3. Invest in your education and career

Investing in your education and career is one of the best ways to increase your earning potential over the long term. Whether you’re pursuing a higher degree or taking a class to develop a new skill, investing in yourself is an important step towards building wealth.

4. Start saving and investing early

The earlier you start saving and investing, the more time your money has to grow. Even small amounts of money invested early can grow into substantial sums over time.

5. Diversify your investments

Diversifying your investments is one of the most important steps you can take to minimize risk and maximize returns. By spreading your money across a variety of different investments, you can reduce the impact of any one investment that may not perform well.

6. Take advantage of tax-advantaged accounts

Tax-advantaged accounts like 401(k)s and IRAs can help you save money on taxes and grow your wealth more quickly. Be sure to take full advantage of these accounts and contribute as much as you can.

7. Be mindful of fees and expenses

High fees and expenses can eat away at your returns over time. Be mindful of the fees and expenses associated with your investments and try to minimize them as much as possible.

8. Stay informed and keep learning

Building wealth is an ongoing process that requires a commitment to learning and staying informed about the markets and the economy. Stay informed by reading financial news and books, and consulting with financial experts.

9. Take calculated risks

Building wealth often involves taking calculated risks. Carefully evaluate the …….

Source: https://news.google.com/__i/rss/rd/articles/CBMiJ2h0dHBzOi8vc2hvcHBlYmxhY2sudXMvYnVpbGRpbmctd2VhbHRoL9IBAA?oc=5

Raoul Pal Puts Crypto Above ‘Baby Boomer Game’ To Build Wealth – Benzinga

Raoul Pal, a former Goldman Sachs executive, said that cryptocurrency with a $1 trillion market cap is only 1/200th the size of the global equity market, yet it presents one of the best chances for a young person to make any future wealth.

What Happened: Pal told his 992,000 Twitter followers to identify long-term investment themes with secular tailwinds, as well as potential opportunities that could outpace currency debasement over time.

According to Pal, with current investment equities, young investors are increasingly finding it difficult to make any real profits, and Quantitative Easing (QE) and other monetary policies have only exacerbated the situation.  

“Trying to play the Baby Boomer game (income/real estate/S&P 500) is simply unlikely to make the returns required,” said Pal. 

See More: Best Crypto Day Trading Strategies

Pal believes crypto has the potential to bridge this gap, along with “technology stocks too (The Exponential Age)  or secular trends such as India.” He added that while you can trade on these assets it rarely yields the desired result. So, the only way is through long-term investments.

This comes at a time Bitcoin BTC/USD breached the $23,000 level, and Ethereum ETH/USD is trading above $1600.

Read Next: Bitcoin, Ethereum, Dogecoin Spike Amid Risk-On Rebound: Analyst Sees Apex Crypto Breaching $24K If This Happens

Source: https://news.google.com/__i/rss/rd/articles/CBMimQFodHRwczovL3d3dy5iZW56aW5nYS5jb20vbWFya2V0cy9jcnlwdG9jdXJyZW5jeS8yMy8wMS8zMDYxNjkyOC9tYWNyby1ndXJ1LXJhb3VsLXBhbC1wdXRzLWNyeXB0by1hYm92ZS1iYWJ5LWJvb21lci1nYW1lLWZvci13ZWFsdGgtYnVpbGRpbmctdHJhZGluZy1yYXJlbHnSAS1odHRwczovL3d3dy5iZW56aW5nYS5jb20vYW1wL2NvbnRlbnQvMzA2MTY5Mjg?oc=5

10 Proven Strategies for Building Wealth and Achieving Financial … – Shoppe Black

Building wealth and achieving financial independence are two of the most important goals that anyone can set for themselves.

Whether you’re just starting out in your career or you’re well into your working years, there are a variety of strategies that you can use to build wealth and secure your financial future.

Here are 10 proven strategies for building wealth and achieving financial independence:

1. Start by setting clear financial goals

Before you can start building wealth, you need to know exactly what you’re working towards. Whether you want to save for a down payment on a house, build an emergency fund, or retire early, setting clear financial goals will help you stay focused and motivated.

2. Create a budget and stick to it

One of the most important steps in building wealth is learning to live within your means. By creating a budget and sticking to it, you’ll be able to save more money and invest more of your income.

3. Invest in your education and career

Investing in your education and career is one of the best ways to increase your earning potential over the long term. Whether you’re pursuing a higher degree or taking a class to develop a new skill, investing in yourself is an important step towards building wealth.

4. Start saving and investing early

The earlier you start saving and investing, the more time your money has to grow. Even small amounts of money invested early can grow into substantial sums over time.

5. Diversify your investments

Diversifying your investments is one of the most important steps you can take to minimize risk and maximize returns. By spreading your money across a variety of different investments, you can reduce the impact of any one investment that may not perform well.

6. Take advantage of tax-advantaged accounts

Tax-advantaged accounts like 401(k)s and IRAs can help you save money on taxes and grow your wealth more quickly. Be sure to take full advantage of these accounts and contribute as much as you can.

7. Be mindful of fees and expenses

High fees and expenses can eat away at your returns over time. Be mindful of the fees and expenses associated with your investments and try to minimize them as much as possible.

8. Stay informed and keep learning

Building wealth is an ongoing process that requires a commitment to learning and staying informed about the markets and the economy. Stay informed by reading financial news and books, and consulting with financial experts.

9. Take calculated risks

Building wealth often involves taking calculated risks. Carefully evaluate the …….

Source: https://news.google.com/__i/rss/rd/articles/CBMiJ2h0dHBzOi8vc2hvcHBlYmxhY2sudXMvYnVpbGRpbmctd2VhbHRoL9IBAA?oc=5

Raoul Pal Puts Crypto Above ‘Baby Boomer Game’ To Build Wealth – Benzinga

Raoul Pal, a former Goldman Sachs executive, said that cryptocurrency with a $1 trillion market cap is only 1/200th the size of the global equity market, yet it presents one of the best chances for a young person to make any future wealth.

What Happened: Pal told his 992,000 Twitter followers to identify long-term investment themes with secular tailwinds, as well as potential opportunities that could outpace currency debasement over time.

According to Pal, with current investment equities, young investors are increasingly finding it difficult to make any real profits, and Quantitative Easing (QE) and other monetary policies have only exacerbated the situation.  

“Trying to play the Baby Boomer game (income/real estate/S&P 500) is simply unlikely to make the returns required,” said Pal. 

See More: Best Crypto Day Trading Strategies

Pal believes crypto has the potential to bridge this gap, along with “technology stocks too (The Exponential Age)  or secular trends such as India.” He added that while you can trade on these assets it rarely yields the desired result. So, the only way is through long-term investments.

This comes at a time Bitcoin BTC/USD breached the $23,000 level, and Ethereum ETH/USD is trading above $1600.

Read Next: Bitcoin, Ethereum, Dogecoin Spike Amid Risk-On Rebound: Analyst Sees Apex Crypto Breaching $24K If This Happens

Source: https://news.google.com/__i/rss/rd/articles/CBMimQFodHRwczovL3d3dy5iZW56aW5nYS5jb20vbWFya2V0cy9jcnlwdG9jdXJyZW5jeS8yMy8wMS8zMDYxNjkyOC9tYWNyby1ndXJ1LXJhb3VsLXBhbC1wdXRzLWNyeXB0by1hYm92ZS1iYWJ5LWJvb21lci1nYW1lLWZvci13ZWFsdGgtYnVpbGRpbmctdHJhZGluZy1yYXJlbHnSAS1odHRwczovL3d3dy5iZW56aW5nYS5jb20vYW1wL2NvbnRlbnQvMzA2MTY5Mjg?oc=5

10 Proven Strategies for Building Wealth and Achieving Financial … – Shoppe Black

Building wealth and achieving financial independence are two of the most important goals that anyone can set for themselves.

Whether you’re just starting out in your career or you’re well into your working years, there are a variety of strategies that you can use to build wealth and secure your financial future.

Here are 10 proven strategies for building wealth and achieving financial independence:

1. Start by setting clear financial goals

Before you can start building wealth, you need to know exactly what you’re working towards. Whether you want to save for a down payment on a house, build an emergency fund, or retire early, setting clear financial goals will help you stay focused and motivated.

2. Create a budget and stick to it

One of the most important steps in building wealth is learning to live within your means. By creating a budget and sticking to it, you’ll be able to save more money and invest more of your income.

3. Invest in your education and career

Investing in your education and career is one of the best ways to increase your earning potential over the long term. Whether you’re pursuing a higher degree or taking a class to develop a new skill, investing in yourself is an important step towards building wealth.

4. Start saving and investing early

The earlier you start saving and investing, the more time your money has to grow. Even small amounts of money invested early can grow into substantial sums over time.

5. Diversify your investments

Diversifying your investments is one of the most important steps you can take to minimize risk and maximize returns. By spreading your money across a variety of different investments, you can reduce the impact of any one investment that may not perform well.

6. Take advantage of tax-advantaged accounts

Tax-advantaged accounts like 401(k)s and IRAs can help you save money on taxes and grow your wealth more quickly. Be sure to take full advantage of these accounts and contribute as much as you can.

7. Be mindful of fees and expenses

High fees and expenses can eat away at your returns over time. Be mindful of the fees and expenses associated with your investments and try to minimize them as much as possible.

8. Stay informed and keep learning

Building wealth is an ongoing process that requires a commitment to learning and staying informed about the markets and the economy. Stay informed by reading financial news and books, and consulting with financial experts.

9. Take calculated risks

Building wealth often involves taking calculated risks. Carefully evaluate the …….

Source: https://news.google.com/__i/rss/rd/articles/CBMiJ2h0dHBzOi8vc2hvcHBlYmxhY2sudXMvYnVpbGRpbmctd2VhbHRoL9IBAA?oc=5

Raoul Pal Puts Crypto Above ‘Baby Boomer Game’ To Build Wealth – Benzinga

Raoul Pal, a former Goldman Sachs executive, said that cryptocurrency with a $1 trillion market cap is only 1/200th the size of the global equity market, yet it presents one of the best chances for a young person to make any future wealth.

What Happened: Pal told his 992,000 Twitter followers to identify long-term investment themes with secular tailwinds, as well as potential opportunities that could outpace currency debasement over time.

According to Pal, with current investment equities, young investors are increasingly finding it difficult to make any real profits, and Quantitative Easing (QE) and other monetary policies have only exacerbated the situation.  

“Trying to play the Baby Boomer game (income/real estate/S&P 500) is simply unlikely to make the returns required,” said Pal. 

See More: Best Crypto Day Trading Strategies

Pal believes crypto has the potential to bridge this gap, along with “technology stocks too (The Exponential Age)  or secular trends such as India.” He added that while you can trade on these assets it rarely yields the desired result. So, the only way is through long-term investments.

This comes at a time Bitcoin BTC/USD breached the $23,000 level, and Ethereum ETH/USD is trading above $1600.

Read Next: Bitcoin, Ethereum, Dogecoin Spike Amid Risk-On Rebound: Analyst Sees Apex Crypto Breaching $24K If This Happens

Source: https://news.google.com/__i/rss/rd/articles/CBMimQFodHRwczovL3d3dy5iZW56aW5nYS5jb20vbWFya2V0cy9jcnlwdG9jdXJyZW5jeS8yMy8wMS8zMDYxNjkyOC9tYWNyby1ndXJ1LXJhb3VsLXBhbC1wdXRzLWNyeXB0by1hYm92ZS1iYWJ5LWJvb21lci1nYW1lLWZvci13ZWFsdGgtYnVpbGRpbmctdHJhZGluZy1yYXJlbHnSAS1odHRwczovL3d3dy5iZW56aW5nYS5jb20vYW1wL2NvbnRlbnQvMzA2MTY5Mjg?oc=5

10 Proven Strategies for Building Wealth and Achieving Financial … – Shoppe Black

Building wealth and achieving financial independence are two of the most important goals that anyone can set for themselves.

Whether you’re just starting out in your career or you’re well into your working years, there are a variety of strategies that you can use to build wealth and secure your financial future.

Here are 10 proven strategies for building wealth and achieving financial independence:

1. Start by setting clear financial goals

Before you can start building wealth, you need to know exactly what you’re working towards. Whether you want to save for a down payment on a house, build an emergency fund, or retire early, setting clear financial goals will help you stay focused and motivated.

2. Create a budget and stick to it

One of the most important steps in building wealth is learning to live within your means. By creating a budget and sticking to it, you’ll be able to save more money and invest more of your income.

3. Invest in your education and career

Investing in your education and career is one of the best ways to increase your earning potential over the long term. Whether you’re pursuing a higher degree or taking a class to develop a new skill, investing in yourself is an important step towards building wealth.

4. Start saving and investing early

The earlier you start saving and investing, the more time your money has to grow. Even small amounts of money invested early can grow into substantial sums over time.

5. Diversify your investments

Diversifying your investments is one of the most important steps you can take to minimize risk and maximize returns. By spreading your money across a variety of different investments, you can reduce the impact of any one investment that may not perform well.

6. Take advantage of tax-advantaged accounts

Tax-advantaged accounts like 401(k)s and IRAs can help you save money on taxes and grow your wealth more quickly. Be sure to take full advantage of these accounts and contribute as much as you can.

7. Be mindful of fees and expenses

High fees and expenses can eat away at your returns over time. Be mindful of the fees and expenses associated with your investments and try to minimize them as much as possible.

8. Stay informed and keep learning

Building wealth is an ongoing process that requires a commitment to learning and staying informed about the markets and the economy. Stay informed by reading financial news and books, and consulting with financial experts.

9. Take calculated risks

Building wealth often involves taking calculated risks. Carefully evaluate the …….

Source: https://news.google.com/__i/rss/rd/articles/CBMiJ2h0dHBzOi8vc2hvcHBlYmxhY2sudXMvYnVpbGRpbmctd2VhbHRoL9IBAA?oc=5