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Elon Musk has a cool new weapon for sale and TBH we should all be deeply, deeply concerned.
On Saturday the tech genius (who may or may not be evil) posted photographs and video of The Boring Company's brand new flamethrower, which is apparently now for sale to the general public, and can already be pre-ordered for $500.00.
Cool cool, not terrifying at all.
"Buy an overpriced Boring Company fire extinguisher! You can definitely buy one for less elsewhere, but this one comes with a cool sticker and the button is conveniently riiight above," the flamethrower's description jokingly reads. Read more...
More about Tech, Gadgets, Elon Musk, The Simpsons, and Flamethrower more on Geo altComElon Musk has a cool new weapon for sale and TBH we should all be deeply, deeply concerned.
On Saturday the tech genius (who may or may not be evil) posted photographs and video of The Boring Company's brand new flamethrower, which is apparently now for sale to the general public, and can already be pre-ordered for $500.00.
Cool cool, not terrifying at all.
"Buy an overpriced Boring Company fire extinguisher! You can definitely buy one for less elsewhere, but this one comes with a cool sticker and the button is conveniently riiight above," the flamethrower's description jokingly reads. Read more...
More about Tech, Gadgets, Elon Musk, The Simpsons, and Flamethrower
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Each week on a podcast called "Millionaires Unveiled," Clark Sheffield and Jace Mattinson, both certified public accountants, interview a millionaire — someone with a current net worth of over $1 million. They ask them to share their story, investment strategies, and current portfolio allocation.
We've interviewed nearly 50 millionaires from diverse backgrounds. Their jobs vary from plumber to doctor to business owner, and their net worths range from $1 million to $8 million.
Each millionaire has a unique investment portfolio and their own investing strategy, but there are many similarities. From all the interviews we've conducted, here are five investing strategies anyone, regardless of net worth, can implement:
The millionaires we've interviewed look for passive income opportunities and consistently earn income from sources other than their primary job. They don't rely solely on a W-2 paycheck to fulfill both their lifestyle dreams and investment goals. They invest in rental real estate, small business ventures, vending machine routes, blogging, and coin operated laundromats, to name a few.
If and when financial trouble arises, most millionaires have cash flow from several different sources. As T. Harv Eker wrote in his popular book "Secrets of the Millionaire Mind," "without passive income you can never be free."
Invest 15% to 20% of your income for the long term and don't keep more than 15% to 20% of your net worth in your primary residence. Many of the millionaires we've interviewed keep their mortgage or rent payment below 25% of their take-home pay. Being too heavily allocated in one's primary residence ties up cash and hinders investing goals. Most millionaires we've interviewed don't have a large primary residence or a second home.
In fact, several interviewees don't count the equity in their home(s) as part of their net worth. This thinking is consistent with the teaching in Robert Kiyosaki's book, "Rich Dad Poor Dad," where he explains that home ownership is a liability due to continued costs and lack of contribution to investment growth. Home appreciation is likely, but not guaranteed.
As Warren Buffett once alluded, and Dave Ramsey often quotes, "when the tide goes out you can see who was skinny dipping." Don't get caught skinny dipping with unwise investments, but don't be caught sitting on the shore either. Get started early with your investments, and while you're young, take a few risks as well. The early years are often the most critical time to invest.
Courtesy of Clark Sheffield
As Albert Einstein is credited in saying, "Compound interest is the eighth wonder of the world… he who understands it, earns it … he who doesn't … pays it." If you start at the age of 30, investing $1,000 a month for 30 years at an annualized 8% return, you would end up with almost $1.5 million by age 60.
However, if you start at 35 with the contribution amount and growth rate, that number drastically drops more than 35% to $950,000 by the age of 60.
The majority of the millionaires we've interviewed have started early, taken risks, and increased their investment contributions more rapidly than their discretionary spending.
The millionaires we've interviewed take advantage of easy opportunities to grow their wealth. They invest in employer sponsored retirement plans, Roth IRAs, and Health Savings Accounts (HSAs), to name just a few. It's simple to many, but an extraordinarily large number of W-2 employees don't contribute to their employer-sponsored retirement plans.
HSAs are underutilized and under-discussed. They provide significant investing benefits, tax planning opportunities, and there's no income limit to be eligible for contributions. They are often referred to as the investment option with a triple tax benefit. First, the money contributed is tax deductible (or pre-tax if contributed through an employer). Second, the money grows tax free in invested securities, and third, the withdrawals are tax free if used for qualified medical expenses.
A few millionaires from our show shared that they pay for medical expenses out of pocket while keeping the receipts. Years later, they take a lump sum reimbursement for the medical expenses. This triple tax benefit is a unique addition to one's investment portfolio.
Not all income, investment accounts, and retirement vehicles are taxed equally. Our guests pay close attention to their asset, investment, and tax allocation. They're aware of what money is invested in tax deferred versus Roth retirement accounts and they strategically plan how business and real estate income is received.
The retired millionaires we've interviewed were well-prepared for retirement because they were intentional with their investment and tax planning. While tax deferral can be a great option for many, required minimum distributions from traditional retirement accounts may lead to a big win for Uncle Sam and an unexpected loss for the taxpayer.
Our guests create a healthy allocation of tax deferred, Roth, and other assets all while spending the time to understand the advantages and disadvantages of each.
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