Posted on Dec 24, 2017
The habits of the wealthy: What rich people do differently ~ Get Rich Slowly
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Posted 7 y ago
Responses: 2
SGT (Join to see) Good link and I like the concepts of long term saving.
I am a Dave Ramsey counselor and advocate for his program because money / debt (disputes over) is the #1 destroyer of relationships.
The key is setting aside money for long term in equity and assets that tax free or tax deferred are indexed or low expense and not touched for 25 to 30 year time horizon.
If you are young the single best action you can take is save for the long term.
I am a Dave Ramsey counselor and advocate for his program because money / debt (disputes over) is the #1 destroyer of relationships.
The key is setting aside money for long term in equity and assets that tax free or tax deferred are indexed or low expense and not touched for 25 to 30 year time horizon.
If you are young the single best action you can take is save for the long term.
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Saving for the TSP match only. Buy a fourplex each PCS move and let other great Americans help to build us our wealth fast and early. You win for enjoying early financial freedom, your tenant with 720 credit score win, since he gets a top notch rental due to your W2 job qualifying loans; government wins for it can never provide a top rental as efficiently as you can, and it will reward you with straight line/or accelerated depreciation and, oh, if you form an LLC, President T said you get 20% rebate on that pass through investment income;
The key is reserves. Like fighting you must have reserved cash to pay for vacancies, repair etc. I aim to pay for at least 50% off my principal on my rental investment, before I get to the next one. I have two rentals paid off now, and I can afford to choose the best tenants. Not rented out? Great, huge deductible on my Military pay!
You see, we Military with a steady paycheck and a smart financial education can own land and assets we protect with our lives and sacrifice on liberty, such as going to wherever Uncle Sam sends us; and I will prosper wherever I am.
The key is reserves. Like fighting you must have reserved cash to pay for vacancies, repair etc. I aim to pay for at least 50% off my principal on my rental investment, before I get to the next one. I have two rentals paid off now, and I can afford to choose the best tenants. Not rented out? Great, huge deductible on my Military pay!
You see, we Military with a steady paycheck and a smart financial education can own land and assets we protect with our lives and sacrifice on liberty, such as going to wherever Uncle Sam sends us; and I will prosper wherever I am.
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