Debt-Free Millionaire

Simplified Explanation: Having children costs money. You have to feed them, cloth them, shelter them, and do most things for them, until they grow up, and become adults. These increase your expenses, and reduce the time you can/should work outside the home. Real Life: Children are the greatest blessing in your life - better than anything (other than your spouse)! They are the source of some of you...

Simplified Explanation: Having children costs money. You have to feed them, cloth them, shelter them, and do most things for them, until they grow up, and become adults. These increase your expenses, and reduce the time you can/should work outside the home. Real Life: Children are the greatest blessing in your life - better than anything (other than your spouse)! They are the source of some of you...

Simplified Explanation: As explained before, taxes are money that is collected, by the government, from its citizens and their businesses, to pay for their operations. These are mandated payments - based on your income, property, or what you purchased - of which funds go to the operation of federal, state, county, and city government bodies. The money is used for infrastructure, salaries of their...

Simplified Explanation: Like buying a personal home, you will find opportunities to buy houses at a low price Real Life: Investments are a must learn for most people but the truth is most Americans should diversify their money into many different funds (such as mutual funds) and sit on it for 10+ years. Most advisors will tell you they can get you a better return, but you have mutual funds availab...

Simplified Explanation: Like buying a personal home, you will find opportunities to buy houses at a low price and this will provide a way for you to buy, fix and either sell or rent it to someone needing housing. If you find a house low enough and can sell it for a large profit, it frees money to buy another, larger house at equal value to the price you sold the first house and each time you can m...

Simplified Explanation: Real Estate is the buying and selling of real property, or buildings and land that have a monetary value to another party. If you can find deals and buy a piece of property, like a house, and you can fix it up or hold on to it long enough, the value almost always increases. Real Life: Real Estate is a very large subject. So large that we have multiple books being written on...

Simplified Explanation: Animals are not always the easiest thing to handle. Sometimes, they are messy, need a lot of attention, and cost a lot of money to care for. They also, bring a lot of love, interest, and are great companions to have around. So, as with being intentional in life, if you are considering having of having a pet, there are some things to consider and some things to understand. A...

Simplified Explanation: Things happen in life that we have no control over, but we do control how we will respond. The story of my heart is a fact, I have dealt with death every day of my life and now, I don’t worry about death. I won’t leave this life any faster than I am permitted. These events are to give us strength and understanding and without these opportunities, whether good or bad, we wou...

Simplified Explanation: Every two weeks or twice a month, you will receive a check or money will be deposited into your bank account based on an agreed upon amount you contracted with your employer before you started working for them. If you negotiate with them, you will be receiving an acceptable amount that both sides can work with. Real Life: Payday is not a day to collect your money and spend...

Simplified Explanation: When you have paid off your debt, built up your emergency fund, and have excess money collecting in your savings, money that you don’t need for a while or until retirement, then you can invest that and grow it. When you are debt free and these investments - including a paid off house – add up to $1,000,000, only then are you truly a millionaire. Those that have $1,000,000+...

Simplified Explanation: What is Savings? Savings is, of course, how much money you have stored to be used in the future. It can be saved in your mattress, in a box, or in your pocket, but most commonly, larger sums of money are stored in a bank. Savings is not something you grab from for any small thing you want, but rather money you accumulate over time. When you really need it, the money is ther...

Simplified Explanation: How much do you owe all together? This includes car, home, school and personal loans. Do you owe the utility company for late payments or a credit card? This, all together, is a specific number, weighing you down every minute of every day. Real Life: Debt is a type of modern-day “indentured servitude”. You work just to pay your bills, even before feeding yourself. When you...

Simplified Explanation: Owning a business gives you more freedom, more time flexibility, more satisfaction, and more opportunities to make a difference in the world. It also brings more frustrations, more hours to work, more risk, and more stress. It is not for everyone. But, when your company is making more money than you are spending to run it, you are making a profit, which is a great motivator...

Simplified Explanation: The government needs revenue to run itself and govern the country, and decided that income tax was the best way to accomplish this. They are demanding you pay your share of the expense of the government’s existence, by giving them a percentage of your income in each paycheck, and at the end of the year, whether you work full-time, part-time, or in a gig job. Real Life: How...

Here are the articles that were mentioned during the podcast and the source of the graphs we used: Economic News Release Schedule: https://www.marketwatch.com/economy-politics/calendar Leading Indicator News: https://www.conference-board.org/topics/us-leading-indicators DXY News: https://www.nasdaq.com/articles/us-dollar-dxy-index-news:-strengthens-amid-treasury-yields-surge Existing Home Sales: h...

NEW DEBT (TRANSPORTATION) (W5:D4) First, before you buy a car, think about where you live. Do you need to buy a car, or would public transportation be more economical for you, at this time? Not everyone needs a car. Is your business far away from the subway? Most people in New York either walk or take the train to work each day. Is it crammed and an inconvenience? Yes, but a car costs at least a f...

Being Intentional: If you are intentional, you can make $100,000 off the next house you own. Here are some tips when buying a home. Buy in an area that is just about to take off. We bought our fourth house in an area that, unbeknownst to us, was about to take off. The city had just passed a bill that paid the business storefront owners to renovate their building exteriors, and had new construction...

The American dream has always been to own a house; but is it the wisest investment? The way most people buy a home is like a Savings Account, and you pay very large fees. Some financial gurus will tell you it’s a bad investment, and you would be better off renting a house. Consider this though, when you buy a house, let’s say for $200,000, you will most likely get a loan for that entire amount, wi...

NEW DEBT (HOME OWNERSHIP) (W5:D1) Let's try some vocabulary today. Do you know these words? Before we teach you about homeownership, let’s talk about a few vocabulary words having to do with real estate, both for personal and commercial use: Closing – This is the day that you sign the contract to buy the house, the previous owners are paid by the lender, and around that date, you will receive the...

Because graphs are impossible to see on a podcast, also check out our YouTube channel with Xogos Gaming: https://www.youtube.com/watch?v=Lbv7aCOkba4   Get these numbers from Zero Hedge ( https://www.zerohedge.com/political/millions-new-illegal-immigrants-mask-true-state-us-economy ) For the last few years, the headline employment figure has been impressive. The country has recovered the lost jobs...

Simplified Explanation: How easy is it to stay out of debt? That depends on you. Will you borrow from another credit card, after you just paid it off? Statistics show that the more effort someone puts into something they really want, the more likely it will be permanent. If your parents paid off your debt, you would be right back into debt within months, or years. If you did the work, and felt the...

Simplified Explanation: It is always best to track saving and budgeting, throughout the year. At the year’s end, it is good to see how you stuck with your goals and/or budget. Consider this your annual review. Real Life: How much do you spend each year? How much do you save? Would you like to save more? And lastly, why would you like to save more money? These are questions everyone should ask. The...

Simplified Explanation: To become debt free, and then to become a millionaire, you need to live your life in a way in which you are fully in control - not allowing those trying to get you to spend your money to control you. Real-Life Explanation: There are many more ways to save on your expenses than we’ve mentioned, but as we talked about in this unit - you must be intentional in life to save mon...

Simplified Explanation: What are your needs in life? Housing, utilities, food, and transportation. These are the essentials. We have already gone over fixed and variable rate expenses. Now, for those things that are essential, here are ways to lower how much you spend each month (on things other than your debt). Real Life: Now, what happens when you have so many expenses that what goes into your w...

Simplified Explanation: Based on the information we just looked at, how much you owe plus how much your monthly expenses are, this is the least you will need to make to survive. Now it is time to talk about getting a full-time job to make that money you need and want. Real Life: Just because you work a 9AM–5PM job does not mean you are bringing in that amount of money you need. Every time you make...