Tag Archives: economy

Book Review: “The Automatic Millionaire” by David Bach

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“The Automatic Millionaire” by David Bach is a refreshing, easy-to-read primer on the author’s three point plan for achieving wealth: 1) Pay yourself first in tax-free income. 2) Make it automatic. 3) Become a home owner.

That’s the entire plan. Sign up for an IRA or 401K so you’re paying yourself first before any taxes are deducted and then let that money help grow your wealth with compound interest. Make the process automatic so you never have to think about it. Stop renting and start owning. Once those three steps are done, all that’s left is to do is sit back, relax, and become a millionaire.

The beauty of Bach’s plan lies in its simplicity and the knowledge that anyone – and, yes, he means anyone – can become a millionaire regardless of how much they earn. As Bach explains it, it’s not how much one earns, but how much one spends that determines their financial future.

How much should a person pay them-self first? It depends on their goal. Bach includes a chart that breaks it down thusly:

If you wish to be…

Dead Broke: Don’t pay yourself first.

Poor: Think about paying yourself first, but don’t actually do it.

Middle Class: Pay yourself first 5-10% of your gross income.

Upper Middle Class: Pay yourself first 10-15% of your gross income.

Rich: Pay yourself first 15-20% of your gross income.

Rich Enough to Retire Early: Pay yourself first at least 20% of your gross income.

Included in the book is the author’s “secret” plan for paying off a 30 year mortgage in only 20 years, and why you should.

Bach has a talent for explaining complex financial information in simple terms. If you want to become wealthy, at any age and regardless of income, this is the book for you. I highly recommend it.

Mike

Like his predecessor FDR…

Today’s article by Bob Unruh says what nobody in the main stream media is willing to say. ~TD

WND EXCLUSIVE

OBAMA LEADING NATION INTO ‘FULL-ON DEPRESSION’

Pollster: ‘I cannot remember a time when America was this despondent’

by BOB UNRUH

Barack Obama has led the nation into a “full-on depression,” according to a new poll that indicates only one in three people believes America is going in the right direction.

Depressed in America

Depressed in America

The poll shows a whopping 38 percent of Democrats believe America in general is “on the wrong track” or they are not sure.

The results are from a telephone poll conducted for WND by the public-opinion research and media consulting company Wenzel Strategies. It was taken Jan. 9-12 and carries a margin of error of plus or minus 3.22 percentage points.

On the basic question, 34 percent said the nation is going the right direction, 60 percent said America is on the wrong track and 6 percent said they were unsure.
Read more at http://www.wnd.com/2013/01/obama-leading-nation-into-full-on-depression/#a1GaTTpv2WdB48wg.99

Before we join the chorus against “Big Oil”

oil-on-water-earth

STUDY: JUST 1 THING BETWEEN MANKIND AND DISASTER

Starvation would run rampant without key substance

 
With a president who has quietly confided a plan to regulate the coal industry out of existence, Bob Unruh’s article in WND today has significance.
~Trail Dust

This Video Needs a Title

The Welfare Nation is Upon Us

“America is going to Hell in a handbasket.”

That statement, or some variation thereof, has been around long before any of us were born. Like most of you, I have heard it repeatedly uttered by my older relatives as well as my parents ever since I can remember. Now my friends and neighbors are saying it, too, and with increasing frequency – well, at least those who are actually paying attention, anyway.

Of course, asserting that something is going somewhere implies that eventually it is going to reach its destination.  In the case of our beloved America, I believe we have now reached the very edge of the smoldering abyss itself.

Via americanthinker.com (emphasis and highlights are mine):

January 24, 2012
Takers Taking Over
By Jeffrey Folks

In case anyone hasn’t noticed it yet, Europe is in crisis. Faced with violent protests and general strikes, European politicians seem unwilling to take the necessary steps of structural reform that would save their economies. With rigid labor laws, bloated government workforces, declining birthrates, and universal welfare schemes, Eurozone economies have experienced subpar performance for decades and are now sliding into recession once again. The model of the European-style welfare state simply does not work.

Unfortunately, when the percentage of those receiving government aid exceeds 50%, it is difficult to cut benefits. The threat of cutbacks in Greece has brought chaos to that country. The sight of thousands of left-wing thugs, marching in close ranks and armed with large batons and Molotov cocktails, is now a common one in central Athens. These blackshirted youths form a paramilitary force of a sort that has appeared in other European nations as well, adding a dangerous element of uncertainty to the future.

Government’s response to civil unrest has been to appease the protesters. Greek officials have dragged their feet finalizing proposals for “voluntary” write-downs of 50% on their sovereign debt since those write-downs come with stringent conditions of structural reform. From all appearances, it looks like the Greeks are angling for debt forgiveness with no substantive change in the Greek welfare state. In other words, they are asking investors to continue subsidizing their enormous deficit spending.

If all this sounds a lot like what’s happening in the U.S., it is. Like the socialists who govern Greece, Obama’s left-wing administration depends on the support of left-wing activists, unionized government workers, radicalized students, and welfare recipients. All of these groups have been pressing for more government spending, and Obama has not disappointed them.

In just three years, discretionary spending has increased by 24% (not counting an additional trillion dollars of stimulus spending plus two rounds of quantitative easing by the Federal Reserve), all of it funded with deficit spending. Obama’s 2012 budget, which was rejected by every member of the Senate, called for continued spending at 2011 levels, even as his own budget supercommittee struggled to come up with $1.5 trillion in cuts.

It is clear that Obama’s priority is not fiscal responsibility. In fact, the single-minded focus of this administration has been the expansion of government benefit programs designed to foster dependency. From the beginning, Obama’s political strategy has centered on the restoration of “welfare as we know it.” The clients of welfare are always reliable supporters of the Democratic Party.

If Democrats can expand the percentage of the population dependent on benefits above 50% of the population, they will have achieved a permanent grasp on power. If anyone doubts this, let him look to the European welfare states. In none of these countries have social welfare programs been eliminated once they’ve gained their footing.

America stands at a crossroads in 2012, for this is the year when the American people will decide irrevocably whether they wish to see their country transformed into a European-style welfare state.

[…]

Ominously, the percentage of takers, those who collect benefits and pay no federal income tax, now sits at 49%. Anything beyond that and the country is lost forever.

You will find the entire article here.

I hate to say it, but I believe 51% is the proverbial “tipping point,” and we as a nation are now staring it squarely in the face.

I have to disagree in one area with Mr. Folks, and that is I do not believe we are headed for Western European socialism, but more toward a split somewhere between Venezuela and Zimbabwe.

I am praying enough of the American sheeple will awaken from their slumber between now and November (assuming we have that long), and run Barack Hussein Obama off into the weeds, flip the Senate as well as add enough true conservatives to effect a change in the currently useless House leadership.

And even if all that happens, the battle so save the America we all grew up in will only be just beginning – as merely halting the slide is not going to be enough this time.

Not even close.

-Dave 

Georgia Employer Says It with Signs

Looman did receive some unexpected attention not long after he put up his signs and Facebook photos. He said someone, and he thinks he knows who it was, reported him to the FBI as a threat to national security. He said the accusation filtered its way through the FBI, the Department of Homeland Security and finally the Secret Service. Agents interviewed him.

“The Secret Service left here, they were in a good mood and laughing,” Looman said. “I got the feeling they thought it was kind of ridiculous, and a waste of their time.”  Full Story   ~LTG

TEA Party Congressman Rips Idiot Constituent

And he is exactly right, too. :-)

-Dave