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money for life: Question re FDIC... - 11/25/09 11:06 AM
Dave Semple asked about FDIC insurance for the money in the "banks" suggested by the EUREKONOMICS' Money for Life Model for creating wealth and managing personal finances, which recommends that each American should act as his/her own banker. (Some advisors refer to these as "family banks," "infinite banks," or "personal banks." The use of the term "banks," "banking," and "being your own banker" is analogous to how one creates wealth and manages personal finances rather than a direct reference to commercial or chartered banks.)
The answer is...
You can use any savings product - or you can also use your mattress - as your "bank." … (2 comments)
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money for life: Financial News From The Week Of July 25th, 2008... - 08/04/08 02:25 PM
August 4th, 2008
I pay close attention to the financial news. It's part of my job to know what's really going on in the general economy so I can properly train other advisors and guide my personal clients with integrity.
Below are six articles from financial news sources from last week I encourage you to skim the first five and read No. 6 carefully.
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No. 6...
March 3 2008: 3:38 AM EST
Don't expect another bull market
Stock returns may never be the same - at least for this generation of investors.
By Allan Sloan, senior editor … (4 comments)
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money for life: Basic Economics: Save First, Invest Later, Speculate Never... - 07/24/08 08:43 PM
July 24th, 2008
Americans have been bamboozled into thinking that they can get rich and retire comfortably by putting their money in the hands of people whose only aim is to move money from your pocket into some Behemoth's accounts; IRA's, mutual funds, variable annuities, variable insurance policies, ETF's, and on an on.
BUNK!
Here's a simple rule to apply to your personal economy: invest from savings, not from income; speculate only with money you expect to lose [if you win add the winnings to your savings.] If you never develop a savings program, you can't recover by ‘investing' unless you … (3 comments)
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money for life: Short Term - Money, Long Term - Investments, And Never The Twain Shall Meet... - 07/12/08 11:38 AM
July 12th, 2008
"There's no crying in Baseball!" A League of Their Own, 1992
The baseball season is long and strenuous. Players, coaches and teams have to pace themselves. They recognize that one game in a long season - win or lose - is less important than consistently winning more than they lose. More importantly, a team has to win more than the other teams in their division if they want to get to the playoffs, compete for the league championship and make it to the World Series. We'll get back to that in a paragraph or two.
The baseball … (0 comments)
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money for life: American Money, American Oil, American Innovation...Revisited - 06/21/08 08:52 AM
This is a post made on May 9, 2008 and it is more relevant now than it was then...
Friday, May 9th, 2008 "Frankly, my dear, I don't give a damn." Gone With the Wind, 1939
America is committing suicide by Congressional Cowardice!
The Congress doesn't "give a damn." It has completely abrogated its sworn responsibility to provide vision, wisdom and leadership. Some in Congress have given their votes and their minds over to the insane claims of fringe groups who really hate America. Others have relinquished their power to the Behemoths; corporations, unions, lobbyists that disguise themselves as spokespersons for some group or … (0 comments)
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money for life: "Equity harvesting" is a gamble based on a gamble... - 06/20/08 12:07 PM
June 20th, 2008
"You got to know when to hold em, know when to fold em,Know when to walk away and know when to run."
The Gambler, Kenny Rogers
Equity harveting is the practice of acquiring the highest possible mortgage on your personal home so you can "invest" the money derived from the equity that is extracted in another appreciating asset.
Don't do it.
It's true that there is NO return on equity. If you were counting on appreciation in 2008 and had to sell a property that was appraised for $500,000 in 2006 - thinking you would see an increase - you … (0 comments)
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money for life: Reverse Mortgage Money Magic... - 06/19/08 06:29 PM
June 19th, 2008
"Made it Ma! Top of the world! White Heat, 1949
Reverse mortgages are often portrayed as last-resort financial tools; reserved for widows and widowers who have outlived their liquid assets and have to tap the equity in their paid-for homes to survive a few more years.
Not so.
Meet Bob and Sally.
They live in a $1.2 million home in a stable neighborhood in Denver. The house is paid for. They have three children. All three of the children are married. Each of the children is in a professional practice in a different city; Dalla, L.A. and Chicago. … (4 comments)
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money for life: A Legacy Trust Of Money Wisdom and Wealth... - 06/09/08 12:13 PM
June 9th, 2008
"There are only two lasting bequests we can hope to give our children. One of these is roots, the other, wings." -Hodding Carter
Don and Dawn want to give their children and grandkids both roots and wings. Strong Judeo/Christian values run through their veins and promise their progeny and heirs both roots and wings. There was something mising, however. Don and Dawn knew what they wanted, but were unsure of the "how to" part of the equation. That's where Money for Life practices help.
The Money for Life Guide that Don and Dawn are working with introduced the idea … (0 comments)
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money for life: How To Buy A Car And Make Money Doing It... - 06/04/08 09:01 AM
June 4th, 2008
"I'm king of the world!" Titanic, 1997
Americans have had a love affair with automobiles for over a century. We buy them with abondon; new, used, wrecked and restored. A car inflates our ego, provides useful transport and crystalizes our status. For many reasons it makes us feel like we are royalty; in charge of our world.
Unfortunately the opposite is true. Spending thousands of dollars on a product that is worth less than we paid for it as soon as we take possesion deflates our bank accounts and our balance sheets at the same time.
There is a way, however, … (5 comments)
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Jeffrey Reeves
Denver,
CO
More about me…
EUREKONOMICS[tm]
Address: 1270 Jasmine Street, Denver, CO, 80220
Office Phone: (303) 355-0550
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