The Millionaire Janitor I read the story of Ronald Read just recently in ‘The Psychology of Money’ by Morgan Housel. His story can be viewed as a shining example of the power of determination, frugality, and long-term investing. This is the story of the janitor who became a millionaire. Ronald Read was an unassuming janitor […]
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Hi there, young entrepreneurs, investors, financial enthusiasts and future wealth builders! Welcome to the teenager’s blueprint for wealth creation. In this blog post, we’ll look at the exciting world of building wealth as a teenager. It’s never too early to embark on your financial journey, and with the right strategies, you can set yourself up
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The Financial Roadmap for High School Graduates Navigating Money Matters with Confidence Congratulations, recent high school graduates! As you step into the next chapter of your lives, there’s an exciting world of opportunities. By mastering the art of financial management early on, you can set a solid foundation for a prosperous future. This is for
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The Great Retirement Withdrawal Rate Debate : And why Dave Ramsey Is Wrong Many people dream of the day when they will retire. There aren’t many topics as polarising in the personal finance world as that of retirement. This week a Dave Ramsey video got the whole Finance Twiitter world in a spin. When should
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It’s Never Too Early To Start The teenage years are a time of growth, self-discovery, and laying the foundation for the future. While it may seem early to think about building wealth and happiness, the truth is that the habits and choices you make now can have a significant impact on your long-term success. Let’s
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Budget or ‘Pay Yourself First’? This post will question whether a budget is the best solution for increased savings Traditional money advice often starts with telling you that you need to create a budget. It says that you should analyse your current spending and identify areas that can be cut back, create a plan of
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Knowledge Is Power And Reading Books Gives You Knowledge It is fair to say that there have been quite a few personal finance books written over the years. Many preach the same messages as this top 10 list again shows. However, there still seems a need for this advice as most people continue to follow
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Our Relationship With Money Our relationship with money can be simple or we can make it complicated. The world tends to complicate things and it is sometimes useful to just step back and think of simpler times and simpler ways of looking at life. If your goal is ‘financial freedom’ then you should really consider
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Understanding Opportunity Costs ‘The cost of the next best alternative forgone’ That’s the definition of opportunity cost that I teach my students. But the important addition is to include ‘… when making a decision’. Decisions are everywhere, therefore economics is everywhere. Opportunity cost is the cost of the next best alternative forgone when making a
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Bankruptcy We have all seen examples of financial failures. For some it comes down to unavoidale factors; bad luck, poor timing or a poor economy. The concept of bankruptcy – seeking legal relief for one’s debts, whether personal or in business – dates back at least to the 1500s if not earlier. The term comes
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