Become Wealthy By Being Invisible
October 22, 2009 by Erik Folgate
Filed under Spending and Saving
Last night, I read this article from Kiplinger’s about “The Invisible Rich”. This article sums up everything I believe about money and how to become wealthy. We are programmed from an early age that money comes easy, wealth can be built quickly, and that having nice things is an indication of having a lot of money. It’s simply not true. Net worth is really the only indicator of someone’s wealth. You either have money or you don’t have money. Sure, you could have a lot of stuff that added up to a large sum of money, but those assets are depreciating, so every year your net worth is decreasing because of depreciation. Here’s my favorite line:
Why Rich People Go Broke
August 19, 2009 by Erik Folgate
Filed under Insurance, Investing, Spending and Saving
I was reading Sports Illustrated, and I came across this statistic:
78% of former NFL players go bankrupt or are under major money stress due to joblessness within 2 years after retirement. 60% of NBA players are broke within 5 years after retirement.
Does that surprise you? It didn’t surprise me that a lot professional athletes end up squandering their wealth after they retire, but this number really caught my attention. How can it be that almost 4 out of 5 NFL players bo bankrupt? I think there are several reasons for this:
