Money Mindset: Formulating a Wealth Strategy in the 21st Century
Harness the power of your money with a 21st century mindset
The speed at which the world is evolving is compounding exponentially each day, leaving individual investors wondering how to appropriately plan for their financial future. The financial norms that helped prior generations retire with grace are quickly evaporating or have already been replaced with new difficult realities.
Money Mindset is an expert-led guide to growing your wealth, protecting your wealth, and transferring your wealth to future generations. Written by a third generation financial planner who is also an adjunct finance professor at the W.P. Carey School of Business at Arizona State University, Money Mindset helps readers understand important financial concepts and theories of the 21st century.
- The science and psychology of money
- The 'WHY' of personal financial management
- The rule of 72, asset allocation, dollar cost averaging, and the erosive effects of inflation
- How to manage a diverse investment portfolio to minimize macroeconomic vulnerability
- How to create a legacy through proper estate planning
Money Mindset explores the idea that money can be looked at as an energy source. In order to truly harness its powers, one must acquire and maintain a certain money mindset.
Everyone wants financial independence—having enough money to consistently fuel their everyday life. Money Mindset clears a path through the increasingly convoluted and ever-changing world to show how to finally become financially secure.
hearing Larry’s story, Earl then shared how he diligently saved, prioritizing it above spending his money frivolously. He explained how he did this. He told him that saving money quickly became a positive habit and he didn’t miss the money that he had been saving. The process of saving and seeing that balance grow in his account became a rewarding experience. Both Larry and Earl were now savers. But, “Late Larry” missed out on years of compounding, while “Early Earl” had the benefit of his money
document (or video) you create to help those you leave behind. The more someone has to give away after their passing, especially if there are businesses involved or minor children, the more they may need a living trust. A living trust can be the owner of almost all your assets. When appropriately titled in the name of the trust, assets in the trust do not have to go through the probate system. Inside of a living trust, you can lay out specific requirements regarding what conditions the trust’s
publicly traded company that has a market capitalization ranging from $2 billion to $10 billion. money market mutual fund A mutual fund that invests primarily in short‐term financial instruments such as Treasury bills and CDs. mortgage‐backed security An investment that represents pools of mortgages backed by a specific government agency. municipal bond A debt security that is issued by a municipality, state, or county to finance its capital expenditures. The interest is exempt from federal taxes
life. We all need a good amount of energy to fuel our lives— physical energy (sleep, food, and water); mental energy (education, information, conversation); spiritual energy (prayer, meditation, fellowship); energy for our homes, vehicles, and schools (electricity, heating and cooling, gasoline); and economic energy (money and investing). Everyone has the quest of having enough economic energy to fuel a desired lifestyle without getting into debt, becoming a burden on family or friends, or
politician wants to face. One of the most important goals of politicians is to get re‐elected and the largest segment of registered voters tends to be those currently receiving Social Security.5 Therefore, politicians will most likely kick the can down the road for as long as they can afford to do so. In 2013, the cochairs of President Obama’s Fiscal Responsibility Commission, Alan Simpson and Erskine Bowles, recommended three main changes to Social Security. The suggestions were to (1) increase