My Journey to Millions https://www.myjourneytomillions.com Tue, 13 Feb 2018 02:49:55 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.4 Undervalued Dividend Portfolio Update For January 2018 https://www.myjourneytomillions.com/articles/undervalued-dividend-portfolio-update-january-2018/ https://www.myjourneytomillions.com/articles/undervalued-dividend-portfolio-update-january-2018/#respond Thu, 08 Feb 2018 05:22:34 +0000 https://www.myjourneytomillions.com/?p=16150 To say it has been a crazy freaking month would be an understatement and we are only 11 days deep! As an additional way of funding this account, I sell puts and January was an amazing month (outlined below), but I quickly learned some important lessons about maintenance requirements.  As of the writing of this [...]

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To say it has been a crazy freaking month would be an understatement and we are only 11 days deep! As an additional way of funding this account, I sell puts and January was an amazing month (outlined below), but I quickly learned some important lessons about maintenance requirements.  As of the writing of this post (and hopefully it doesn’t age well) this account, well every account, is down hard.  But let’s not focus on the bad for now, let’s talk about the moves made in January.

My January 2018 Undervalued Dividend Growth Purchase

After screening the dividend champion list for possibly undervalued stocks I ended up with the following watch list,

  • Aflac – AFL
  • Chesapeake Financial – CPKF
  • Computer Services – CSVI
  • NACCO Industries – NC
  • Target – TGT
  • Weyco Group – WEYS

But with the start of the new year I wanted to add something new and probably something a tad ‘riskier’ in terms of market cap since I just took that restriction away.  So that eliminated AFL and TGT (which I just bought some more AFL and just got out of my TGT legacy puts I sold).  That left me with CPKF, CSVI, NC and WEYS.  I eliminated CPKF because my current portfolio is pretty heavy financials (with positions in CFR and CTBI).  So down to CSVI, NC and WEYS.

First stock I looked at was NACCO:

Chart of NACCO Industries

Woah, look at that drop! I did some digging and it had to do with a sale of one of their businesses.  I decided against doing further research to determine whether this was a good thing or a bad thing unless it was a last resort (i.e. the other 2 were not good purchases)

The next one I looked at was CSVI I immediately saw how thinly it was traded.  The average volume was 3,150 shares/day.  I don’t know enough about the company to deal with that kind of lack of liquidity.

That left me with WEYS vs NC. I immediately liked WEYS when I read the description

Weyco Group, Inc. is engaged in the design and distribution of footwear. The Company designs and markets footwear for men, women and children. The Company operates through two segments: the North American wholesale segment (wholesale) and the North American retail segment (retail). The Company also has other wholesale and retail businesses overseas, which include its businesses in Australia, South Africa and Asia Pacific (collectively known as Florsheim Australia), and its wholesale and retail businesses in Europe (Florsheim Europe). Its products consist of leather dress shoes and casual footwear composed of man-made materials or leather. In addition, the Company offers outdoor boots, shoes and sandals. As of December 31, 2016, the Company’s shoes were marketed throughout the United States and Canada in over 10,000 shoe, clothing and department stores. As of December 31, 2016, the retail segment consisted of 13 Company-operated stores and an Internet business in the United States.

Then I went to the Wikipedia page

The company focuses on two business segments in North America: wholesale and retail. The business entails mid-priced leather dress shoes; synthetic and leather casual footwear; outdoor boots, shoes, and sandals. Its wholesale customers are footwear, department, and specialty stores primarily in the United States and Canada. As of June 2015, it had 16 company-owned retail stores in the United States in addition to an internet business. For 2014, the company posted overall net sales of $320.5 million of which $243.4 million came from wholesale in North America and $23.3 million from North American retail

Emphasis is mine – I have been into the idea lately that even if amazon is destroying retail businesses there are still brands that they sell at a wholesale level.

The date of purchasing my first position in WEYCO

  • P/E – 20.06 vs 20.20
  • Payout Ratio – 54%
  • ROE 8.39 vs 7.58%
  • P/B – 1.67 vs 1.76

Not a lot of wiggle room when it comes to margin of safety (when compared to industry averages) but I like the qualitative description above so, I opened up with a single lot purchase ($500) at 16 shares at $31.75.

My Dividend Income for January 2018

It was a pretty quiet month for dividends:

  • CB – $3.55
  • BEN – $5.18
  • CTBI – $14.89
  • PPL – $6.11

$29.73 in total.

My Put Option Income for January 2018

I absolutely killed it this month! I don’t think I’ll be able to keep up this type of output/income month in and month out.  Hell, 8 days into February and even the slightest hint of a bear market and I took a tumble.  Had I been a tad less aggressive at the end of January I probably could have a made a killing the past few days instead of just trying to keep my head of water.

My Put Option Income totaled $1,101.86! I am extremely proud of that number as it is active investing on my part and gives me hope that I could maybe one day have a system in place that could provide that type of income month in and month out.

 

 

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Are You At Risk? Here are 4 Steps to Protect Your Small Online Business https://www.myjourneytomillions.com/articles/risk-4-steps-protect-small-online-business/ https://www.myjourneytomillions.com/articles/risk-4-steps-protect-small-online-business/#respond Tue, 06 Feb 2018 13:49:38 +0000 https://www.myjourneytomillions.com/?p=16146 That you run a small online business does not mean you are not open to cyber attack. As long as you do business on the internet, there are many ways your business can be compromised. It is therefore important that you take proactive steps to mitigate these risks and make sure you and your business [...]

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That you run a small online business does not mean you are not open to cyber attack. As long as you do business on the internet, there are many ways your business can be compromised. It is therefore important that you take proactive steps to mitigate these risks and make sure you and your business are safe on the internet.

Steps to Protect Your Small Online Business

The follow steps will help you reduce the vulnerability of your system and help you make your business safe.

Monitor and protect the use of computer equipment and systems

The first place to begin is with your computer security. To protect yourself from computer and data breach, it is important that your computer systems, operating systems and browsers are well secure. Ensure that you have the most recent updates for your systems as these will automatically detect and secure security loopholes.

Protect important information

To safeguard your business from vulnerability, certain information should be protected as best as possible. Use encryption for customer information, financial details and other sensitive information sent and received over your website. Encryption helps reduce the risk of your data being stolen or tampered with.

Manage administrative passwords

Attackers can gain access to your infrastructure with the aid of an administrative password. Ensure that you change your systems’ default passwords to something unique and consider completely disabling unnecessary administrative access to avoid intrusion. These should be used across all resources you use for your business.

Choose strong passwords

A strong password will significantly improve your digital security. This is why you should consider using a CLU strategy when creating your passwords as these are more secure and can prevent your system from being hacked.

Another good idea is to change your system regularly. You can use a password manager to securely store your passwords for easy use.

Use spam filters

While spam messages may not put your out of business, it can make it difficult for you to get work done. You will spend time filtering between legitimate business emails and spam. Use a spam filter to reduce the amount of phishing and spam emails that passes in through your network. This will reduce the chances of you or your employee opening a phishing email by mistake.

Educate your staff to be safe online

One of the most common reasons for vulnerability in a company’s computer system is employee error. Sometime, plugging in an infected USB flash drive can open up your business to security exploits. It is therefore best to keep your employees updated on potential risks and train them on ways to avoid them.

Put security measures in place

In the event that you are a victim of a cyber attack, there is the possibility that you can lose all your important data, everything you have worked hard for could go away in a blink. It is therefore advisable to have other options for securing your information, such as constant backup to cloud storage.

Protect your customers

It is essential that you protect your customers from identity theft, fraud and every other kind of online vulnerability. If you accept any form of payment on your website, make sure it meets Payment Card Industry Data Security Standard (PCIDSS) by using an SSL encryption.

Protect yourself -Keep yourself informed about the latest cyber security risks

Even after implementing the above steps, you still need a way to secure yourself and your business from any liability that might occur as a result of a cyber attack. Cyber insurance will help you deal with the fallout of a security breach and get your business back on track.

Online fraud and data security are major problems with online businesses. It is important that you stay informed on the latest security breaches and ways to avoid them.

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February 2018 Net Worth Update https://www.myjourneytomillions.com/articles/february-2018-net-worth-update/ https://www.myjourneytomillions.com/articles/february-2018-net-worth-update/#comments Thu, 01 Feb 2018 11:00:52 +0000 https://www.myjourneytomillions.com/?p=16129 With the first month done in 2018 it is time to update my net worth spreadsheet.  Writing this introduction prior to updating the spreadsheet, my gut is telling me that it is not going to be a good month for a few reasons.  The first is because The Wife's new business is now underway with [...]

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With the first month done in 2018 it is time to update my net worth spreadsheet.  Writing this introduction prior to updating the spreadsheet, my gut is telling me that it is not going to be a good month for a few reasons.  The first is because The Wife’s new business is now underway with payments going out, but few payments coming in (yet).  The second reason is that The Wife and I stepped up our travel game – going up to ski in Vermont with really good friends, booking Mexico for our family and Ireland just for us two for our 10 year anniversary. Most of the payments came from our vacation fund, but nonetheless there were incidentals that put pressure on the net worth for the month (not that I would make any other decisions).  The last reason, is that I paid my January mortgage payment in December to get the interest deduction in 2017 so that forced reduction in debt won’t appear herein.

My Net Worth Calculation

Creating a net worth statement is pretty simple.  All one has to do is honestly add up your assets and minus your liabilities.  If you build your net worth calculation on lies, what’s the point of even doing the exercise?  I know calculating my net worth helps me keep track of my decreasing liabilities while seeing if my investments are growing like they should be.

My Assets

My assets are pretty simple:

  • Emergency Fund – It is a little less than where I would like it, but I don’t calculate it in terms of monthly expenditures.  Rather I think to myself how much cash would I really need if an emergency happens.
  • My Dividend Growth Account – I am finally back into undervalued dividend growth investing and I am very excited to share my screens and purchases!
  • My Wife’s Roth IRA – Nothing special – just a mixture of cheap index funds and individual companies that capture my attention.  I have started to sell covered calls within this account.  Just boosts my investment capital – small (read: very tiny) droplets of capital I wouldn’t have had otherwise.
  • My 401(k) – My 401(k) is terrible with high fees for garbage mutual funds, but where else am I getting a match on my money.  I am not one to turn down free cash.  I decided earlier this year that I was going to change my allocation to brace for the inevitable bear market, I am going to continue to accumulate cash for at least a month or two in 2018.
  • Wife’s Mutual Funds – This was an amount that was given to my wife from her deceased grandparents.  They were horribly mismanaged until I stepped in, putting them in low expense vanguard mutual funds.  She and I both look at this account as a super emergency fund.
  • My House – This is the first year after buying the house for 4 years where I increased the value of the home.  I increased it a nominal 3% in 4 years.  I don’t plan on reviewing this dead money asset for another year or two.  I also just took out a HELOC but haven’t used any of it.
  • My Traditional IRA – Just a few stocks that have captured my attention. Similar to my wife’s Roth IRA I will often sell covered calls on holdings to generate nominal amounts of cash flow.
  • Investment Account with my Brother – The Wife and my brother invested a nominal amount ($1,200 each) to try and give my brother confidence with his stock picking ability.  This was shut down in December.  It was an interesting experiment.
  • Wife’s Business – NEW – Just going to value this at the cash that is on the books at the end of every month.  There won’t be a distribution for quite sometime, so hopefully, there is a nice trend upwards.
  • Physical Gold – I decided that I would buy a small amount of physical gold every month or two from basically now on.
  • Crytocurrency Account – I recently bought a tiny amount of Bitcoin.  By the time my initial payment cleared bitcoin had dropped 40%.  I am not exactly sure what I am going to do with this account just yet.  Right now I am going to ignore it.

My Liabilities

  • My Law School Loans – Despite being almost 35 years old I have a significant amount of law school loans left. They are locked in at 3.5%, so what’s the rush to pay them off?
  • My Mortgage – I live on Long Island (and it’s on, not in) so the odds of me ever prepaying this down, especially with a 3.375% 30yr fixed is unrealistic.
  • Credit Cards – My favorite card is my American Express Premier Gold Card, whose fee I fight every year.  I also have some minor outstanding balances that I’ll just pay down slowly.
  • My HELOC – A good portion of it was to capitalize The Wife’s Business.  I hope to create a realistic payback schedule in a few months when we get use to running the business.

My Net Worth Increase/Decrease

Despite all the spending above and The Wife’s business growing pains my investment gains in my 401(k) and dividend growth portfolio completely covered the negatives plus some obviously.  I am extremely happy with this number!

 

How was your month?

 

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6 Strategies For Buying A Car When You Have A Poor Credit Rating https://www.myjourneytomillions.com/articles/6-strategies-buying-car-poor-credit-rating/ https://www.myjourneytomillions.com/articles/6-strategies-buying-car-poor-credit-rating/#respond Thu, 01 Feb 2018 08:00:51 +0000 https://www.myjourneytomillions.com/?p=16128 So you need a new car, but your credit rating is less than stellar. There are all sorts of reasons that your credit score might be struggling, some of which might not be your fault at all. But to get the best deal and to not be taken advantage of, you need to know how [...]

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So you need a new car, but your credit rating is less than stellar. There are all sorts of reasons that your credit score might be struggling, some of which might not be your fault at all. But to get the best deal and to not be taken advantage of, you need to know how to play the game and get what you want for the price you deserve without taking your credit rating or score into consideration.

Just because you might not have the best credit rating out there, that does not mean that you should allow yourself to take out a super high-risk loan or pay for used vehicles far more than they’re  worth. These six strategies are the best way to get yourself the car you want – at a price you can afford – without putting yourself in a bad financial position.

Don’t let someone take advantage of you

A poor credit rating may or may not be your fault. Sometimes just not having any established credit history can negatively impact your score. But that does not mean that you have to take whatever it is that someone is offering you. Before you sign on the dotted line for your car,  make sure to check out all of your financing options. What one auto financier will offer might be totally different from another. If you don’t check around, you won’t ever know.

Try different avenues

There are many different ways to finance a car. If you have a rapport with your traditional lending institution, then it makes sense to see what they will offer you. But they are by no means your only option in town. If you go the dealership financing route, they will have a plethora of financing options to explore, so don’t get caught up on just one offer without shopping around and comparing all of your other financing options.

Stay familiar

If you do have a relationship with your banking institution, then it might behoove you to try them first. If you have an employer or someone else who will take a chance on lending you money, don’t discount other people who might be willing to lend you the money to get the car that you want or need to be successful and to get to and from work. Explore more avenues than just the traditional ones.

Try them all

Don’t stop with your local bank – or even the dealership – once you have found the car you want. There are many resources online to help you finance your loan. If you research enough, you would be amazed at how many different places you can find to get you the money you need, with an interest rate you can be happy about and repayment terms that won’t put you into the red.

Find other people who will invest in you

Sometimes if you don’t have established credit, you can have other people help to carry your loan. If you know that you can make the payments and are a credible person, then consider asking a more economically-established person in your life to cosign a loan for you. As long as you make the payments they bear no responsibility, but they might be able to help you get the opportunity to drive away in the car you want without putting any hardship on anyone.

Consider all your options

Sometimes getting financing is about being open to different repayment terms and time limits. As long as you ensure that there aren’t any penalties for paying early, then you can take out longer terms to fit your budget and just pay more when you can. If you are able to negotiate the amount you can pay monthly, you might find someone to finance your car purchase over time and take a chance on you. The best-case scenario is that you can pay it off way faster than they thought.

If you have no credit or poor credit, there is still the possibility that you can finance a car if you do your research and are willing to think outside the box. If you can adjust your payment schedule to fit into what a finance company will lend you, that might be another option. Fear not – where there is a will, there is almost always a way to purchase a new or used car.

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4 Trends That Will Shape the Marketing Industry in 2018 https://www.myjourneytomillions.com/articles/4-trends-will-shape-marketing-industry-2018/ https://www.myjourneytomillions.com/articles/4-trends-will-shape-marketing-industry-2018/#respond Thu, 01 Feb 2018 03:32:54 +0000 https://www.myjourneytomillions.com/?p=16127 Doesn’t it feel like a new marketing trend emerges every day? The truth is that they’re changing almost at the same rate as technology and online user behavior evolves, and it’s your job as a marketer to keep pace with them. Staying on top of these shifts is paramount if you want to remain successful [...]

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Doesn’t it feel like a new marketing trend emerges every day? The truth is that they’re changing almost at the same rate as technology and online user behavior evolves, and it’s your job as a marketer to keep pace with them.

Staying on top of these shifts is paramount if you want to remain successful and relevant. Twitter, Instagram, Facebook, VR, voice search – which of these tools can you use to your advantage in 2018? Almot every digital channel is bound to get a makeover this year, and you must be ready to embrace the change and adapt to it.

The beginning of the new year is the perfect time to analyze some of the upcoming marketing and reputation management trends to determine what you need to do to make your business successful in 2018. So, here’s a list that you should bookmark.

  1. Social Media, But Not in the Way You’d Expect

You already know at least one person who casually admits they get their news on Facebook. Well, that’s not a solitary case. 67% of sAmerican adults said they get at least some of their news on social media, and if you think that has nothing to do with marketing, think again.

Users now prefer sharing news content on social media rather than on other channels, or at least news connected to a social issue they’re interested in. While Instagram remains less news-centric and more focused on #foodporn and #goals, other networks like Twitter and Facebook will be changing a lot in 2018.

For marketers, it means they’ll have to use these platforms differently if they expect any engagement. Don’t necessarily think to market your ads as pieces of news, but the content you share in 2018 could use at least some informative value to hit their target.

  1. Influencers Are Stronger Than Ever

If you’ve been on the fence about social media influencers in 2017, now’s the time to strike a deal with one.

But, here’s the twist: instead of choosing someone just for their online influence, you should find someone who is truly representative of your brand. That’s right, 2018 is all about influencer authenticity, and you need to market your endorsement without them being overtly endorsed.

Make sure to create a relationship with your influencer before going public. The posts need to reflect that friendship and not be solely promotional, so look for someone who genuinely likes your products.

  1.               Video Is the King

Consumers carry a screen with them in their pocket everywhere they go. Not to mention that most jobs today require them being glued to one for a couple of hours.

It’s why you need content that will take advantage of the hyper-connected world. But since you’re also competing for your audience’s attention with other companies, you may wonder what it will take to catch their eye?

The answer is simple: videos.

You can use this medium to get your brand directly to potential customers, as long as you understand that not every moving picture will do the trick. Video has the unique ability not only to send a message but to convey specific emotions as well. Get your audience to feel something when they watch your content, and you’ll see an increase in engagement.

  1. Chatbots Are Taking Over

You’ve seen them around for years, and no matter what your personal feelings about chatbots are, your sales team isn’t the only one who’ll be using them in 2018.

AI technology is improving, and you’ll witness chatbots being a lot more present in company’s marketing strategy. For one thing, some brands have already started integrating them into customer support. In fact, in just a couple of years, most of your customer interactions may be managed by them. They are available 24/7, don’t need to take a break, and can collect and use data to keep your customers happy.

Start Planning Now

Chances are you’ve planned your 2018 calendar since last year, but if you only stick with what you’ve learned so far, you might see numbers go down.

Of course, there’s no telling exactly how this year will take shape, but you can count on these four points to be a lot more widespread than they might have been thus far.

 

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Effective Strategies for Improving Your Credit Habits https://www.myjourneytomillions.com/articles/effective-strategies-improving-credit-habits/ https://www.myjourneytomillions.com/articles/effective-strategies-improving-credit-habits/#respond Wed, 31 Jan 2018 00:51:26 +0000 https://www.myjourneytomillions.com/?p=16119 If you ordered a free credit report recently and it reflects a financial history that is less than sterling, it is important to remember that it is never too late to improve your spending habits. Even if you find yourself carrying a substantial amount of debt, there are ways to pay off your loans and [...]

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If you ordered a free credit report recently and it reflects a financial history that is less than sterling, it is important to remember that it is never too late to improve your spending habits. Even if you find yourself carrying a substantial amount of debt, there are ways to pay off your loans and credit cards more efficiently. From opening new lines of credit wisely to communicating with your lenders when times get tough, committing to new and improved financial habits can boost your credit score, earning power, and ease the worry you may feel over your current debt.

Be Conservative About Your Available Credit

One way to improve how you use credit is to be conservative in using your credit cards. Think about the balances you currently carry on one or more cards and consider how close you are to reaching the maximum allowed. If you are only a few hundred dollars away from your max, then you may want to think about pulling these cards out of your wallet and leaving them at home, out of sight, until you carry a lower balance. Using all your available credit can reduce the chances of you securing an auto or home loan, and a credit refusal can negatively impact your credit score.

Leaving your credit cards at home when you go shopping can help you lower the overall balance you owe. When you avoid using your credit card for impulse purchases, you also duck interest charges on any purchases you fail to pay off by the end of the month. Use cash or debit cards to pay for everyday purchases, such as fuel and groceries, and pay more toward your credit card’s principal to lower the balance faster.

Work to Live Within Your Means

Many Americans find themselves in over their heads with credit because they use credit cards and loans to live beyond their means. Spending the limit on credit cards, taking out auto loans that have high interest rates and inflated monthly payments, and spending before monthly debts are paid can all ruin your credit in less than a year. Revising your budget can help you see where most of your money is going; however, this may not help if you do not work to change your spending habits first.

As you revise your budget, note what you spend on loans and credit card payments each month, then compare the total cost of these payments to your monthly net pay. If the former exceeds the latter, then you might want to work to change how you spend your money. Use cash or apps that debit money directly from your checking account, move loans to a lender that reduce your payments and interest rates, and track payment due dates carefully to avoid causing late payments that can lower your credit rating.

Understand Hard vs. Soft Credit Inquiries

When you apply for a loan, check your credit score, or are turned down for credit, all these actions can affect your credit in different ways. You may not even be aware of the consequences until you view your credit score and are surprised to find it is not as high as you thought. Understanding what might lower your credit score or hurt your chances of securing loans or a line of credit in the future may help you change bad habits before you take any further action.

An important factor in understanding what affects your credit is understanding the difference between hard and soft credit inquiries. Hard inquiries are usually reported when you apply for credit, no matter whether you qualify. Soft inquiries are usually caused by other people or companies who investigate your credit past, such as a prospective landlord or employer. While these inquiries might be reported, they usually have no effect on your credit score. Be aware of causing hard credit inquiries and only apply for credit when necessary.

Communicate With Your Lenders

The loss of a job, a death in the family, and other unexpected events can derail even the most financially-responsible individual. Should this happen and you fall behind on loan or credit card payments, take a cue from Don Gayhardt, the CEO of CURO Financial Technologies Corp, who fosters open communication as a part of his management style. Contact your lenders and discuss your situation instead of ducking phone calls and ignoring warning letters, as this may make the problem more difficult to repair once collection agencies get involved.

Being honest with your lenders can help them realize your willingness to pay what you owe, and they may even work with you to revise your current payment plan. Others may be willing to waive late fees, especially if you have a positive payment history with them. Keeping lines of communication open can prevent your credit from crumbling.

Establishing or developing new positive credit habits can help you raise your credit score and help ease financial stress. It may take some effort, but the rewards of staying on track with these habits may well be worth it the next time you need to use credit.

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Why are Some Financial Topics Off Limits? https://www.myjourneytomillions.com/articles/financial-topics-off-limits/ https://www.myjourneytomillions.com/articles/financial-topics-off-limits/#comments Tue, 30 Jan 2018 10:00:09 +0000 https://www.myjourneytomillions.com/?p=16116 I was on twitter today when I came across an interesting article about people actually bragging about their 401(k) balances  and it got me to thinking about those financial topics that are fair game to discuss publicly, and those that are still taboo except behind a moniker online. My experience may be a bit different [...]

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I was on twitter today when I came across an interesting article about people actually bragging about their 401(k) balances  and it got me to thinking about those financial topics that are fair game to discuss publicly, and those that are still taboo except behind a moniker online.

My experience may be a bit different than most since I work in a financial planning office, so I am surrounded by the market, investments, estate planning and the balance sheets of high net worth individuals daily (if not hourly).

Financial Topics that Almost No One Wants to Talk About

Absolutely no one wants to talk about how much they make.  I cringe at the very thought of talking about how much I make with friends and family.  For some reason compensation seems like a taboo topic for almost everyone – even public employees where you can literally look up everything (in New York the site is – http://seethroughny.net/payrolls/). What I find very interesting is that most people are comfortable talking about how much they don’t make.  Of course there are levels, if someone makes $50k they are very comfortable saying, “it isn’t like I make $120k” and if someone makes $200k they seem to be very comfortable saying it isn’t like they make $400k…all the way up.

No one wants to talk about the amount of debt they have.  People have debt, like a lot of it.  Credit card debt just hit another record high,

The average American has a credit card balance of $6,375, up nearly 3 percent from last year, according to Experian’s annual study on the state of credit and debt in America. Total credit card debt has reached its highest point ever, surpassing $1 trillion in 2017, according to a separate report by the Federal Reserve.

I am sure those with revolving debt skew the average, but that means you know someone that is likely skewing the average!

No one wants to talk about how much help they  may receive from family and/or trusts.  This one at least makes sense, but it is still something no one seems to talk about.  Again, it is a topic people that people are very comfortable in saying that they don’t get outside help.  I live in a particular area of the country where the help has to be rampant (either that or they are the ones skewing the above debt).

The big one – Net Worth!  My guess is that most people don’t actually know their net worth, but even if they did it would not be a topic to share.

Should These Topics Be Open for Discussion?

I am not advocating that any of the above topics should be discussed at your next dinner party.  I just find it odd in a world where people share almost everything online these topics are still so taboo.

What is my list missing?

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Is Your Family Ready for a Dog? https://www.myjourneytomillions.com/articles/family-ready-dog/ https://www.myjourneytomillions.com/articles/family-ready-dog/#respond Tue, 30 Jan 2018 01:31:41 +0000 https://www.myjourneytomillions.com/?p=16114 Dogs are truly man's best friend and are often treasured members of a family. However, with this gift of lifelong companionship, there also comes a lot of responsibility. Below we explore some questions you can ask yourself and your family before making the commitment to purchasing a pup. Are you Financial Ready? Dogs are a [...]

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Dogs are truly man’s best friend and are often treasured members of a family. However, with this gift of lifelong companionship, there also comes a lot of responsibility. Below we explore some questions you can ask yourself and your family before making the commitment to purchasing a pup.

Are you Financial Ready?

Dogs are a huge financial commitment. Not only are you purchasing the dog for a large sum of money, you also have to pay for its maintenance and every day living. To purchase a puppy you are looking at spending anywhere from $500- $2,000 typically. You have to purchase every day living essentials for them such as collars, leashes, toys, beds and gates to keep them safe and happy. Dogs require frequent medical attention for vaccines and flea/tick prevention. This can add up each month. There are insurance companies that offer pet insurance to help with this expense, but this is an added monthly expense to your budget. These types of financial burdens should be considered before committing to purchasing your puppy. Unless you think you will win the lottery or have good luck on games like live casino, this financial commitment needs to be considered. Obviously most are happy to spend it for their companions but the question as to if you have the money is what you should really consider.

Do you have the right Family dynamic?

Dogs are family members too and it needs to be considered if they will fit in. Do you have young children that could become an issue? Is the dog a breed that works well with children? Are you away from your home often? Dogs need a lot of attention and love so if you are not home enough for them, they may become more of a burden than a welcomed member of the family. Is everyone on board with getting the dog? Every family member needs to help to make sure they are a good fit for you. There are many questions to consider when trying to examine if a puppy will work with your family dynamic, but the most important is to just make sure both you and the puppy will be happy with him being there.

Do you have support from others?

As previously stated, it takes a village to own a dog. It is important that you have others who support you in your decision and can help you with the dog from time to time. There will be times that you will need help. Especially if  you are going out of town, you will need someone to watch them. Or if you have a long day planned and need someone to stop in or watch the puppy for a bit. These situations will occur so it is important you have the support.

Please be sure to ask yourself these questions before getting a dog for you and your family. They are a huge commitment and deserve the thoughtful consideration.

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Advantages of Bitcoin https://www.myjourneytomillions.com/articles/advantages-of-bitcoin/ https://www.myjourneytomillions.com/articles/advantages-of-bitcoin/#comments Sun, 28 Jan 2018 18:13:22 +0000 https://www.myjourneytomillions.com/?p=16110 With the popularity and value of the Bitcoin on the rise, it is causing many individuals to want to learn more about it. What is it? Bitcoin is a virtual currency which came into existence in 2009. It is a decentralized, peer to peer cryptocurrency system which allows investors to process transactions through digital units. [...]

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With the popularity and value of the Bitcoin on the rise, it is causing many individuals to want to learn more about it. What is it? Bitcoin is a virtual currency which came into existence in 2009. It is a decentralized, peer to peer cryptocurrency system which allows investors to process transactions through digital units. It does not use a third party regulator to process its transactions or back it. This is the third type of currency to exist besides standard currency and commodities. With the currency being relatively new and on the rise, there are some disadvantages but there are also many advantages which is causing it to become so popular.

User Anonymity

Each transaction using Bitcoin creates a new address and does not require individuals to use their name. This keeps each transaction anonymous if the user shall choose. Some users could find this convenient because you can make purchases not with their personal identity. The Bitcoin is popular with many online gaming sites. Sites like this British Casino may potentially use this function in the future.

No Third-party Interruptions

The Bitcoin system is purely based on a peer-to-peer system. This means there is not a third party financial institution, government, regulatory body that can intervene. This gives users the feeling of more freedom than with standard currencies.

 

Low Transaction Fees

Most standard bank transactions require the wiring of money. Since Bitcoin is a virtual currency, there are no wire transfers. This cuts down the costs of transactions. Besides the cost, it also is quick. Being virtual allows the currency to be transferred instantaneously.

Mobile Payments

Online payment system users can use the system anywhere they can access the internet. This cuts out the need to go to a physical bank, atm, or store. It also helps with identity theft because personal information is not required for transactions.

We have explored the concepts of Bitcoin and its benefits. Be sure to do your research and examine both the advantages and disadvantages. This currency and ones similar may be the future.

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What is Bitcoin? https://www.myjourneytomillions.com/articles/what-is-bitcoin/ https://www.myjourneytomillions.com/articles/what-is-bitcoin/#respond Sat, 27 Jan 2018 17:57:30 +0000 https://www.myjourneytomillions.com/?p=16111 The term Bitcoin has been used a lot recently in the news, even I bought some recently. You may be unaware of its existence and rise in popularity, but it should be something you are familiar with. To help in your research, below is a synopsis of the digital currency. Definition and Details A bitcoin [...]

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The term Bitcoin has been used a lot recently in the news, even I bought some recently. You may be unaware of its existence and rise in popularity, but it should be something you are familiar with. To help in your research, below is a synopsis of the digital currency.

Definition and Details

A bitcoin is a digital currency and payment system that was created in 2009. The idea behind the currency is that Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. It uses peer to peer technology to facilitate instant processing. The system works without a central bank or single administrator so it is the first decentralized digital currency of its kind. The balance sheet or shared public ledger known as the “block chain” is what the currency relies on. All transactions can be found on this ledger, transactions are referred to as “private keys”. Bitcoin mining is the act of releasing bitcoin into circulation. Many online businesses are currently offering the bitcoin as currency, like online casino bitcoin.

These are the basic fundamentals of bitcoin. The system is very complex and technical.

The Beginning of Bitcoin

The phenomenon started in 2008 when the original domain name is registered (bitcoin.org).  In the same year, an anonymous individual known as Satoshi Nakamoto released the start of bitcoin and the first bitcoin was “mined” in the beginning of 2009. Many believe the creator is anonymous because of their wealth and value. They do not want to be in the public eye.

Risks

The idea of the Bitcoin seems very promising but there are also many risks involved that have many concerned. The first, and most obvious, is the regulatory risk. The foundation of the Bitcoin is that there is not a central bank or single administrator regulating the whole operation which could lead to problems. Black market transactions, tax evasion, money laundering and other illegal activities could form in an unregulated market which is concerning. Also, with the entire exchange being digital, it could lead to security risks. Anything digital runs the risk of being hacked. Since it isn’t regulated and does not have a governing body, it also runs the risk of not being insured. Financial institutions where our money is typically held are required to be insured so nothing happens to our investments. With Bitcoin not being insured, it  means you can lose its value and you would end up with nothing.

Regardless of the risks involved, it seems like digital currency is becoming the way of the future. It is very complicated and complex to grasp but it is something all of us need to research and learn a little about to understand what our possible future could hold.

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