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What’s Poppin’,

This is the Master Money Newsletter. The Money Newsletter teaches you to cut out the things that matter so you can blow all your money on things you care about. Like Taylor Swift Tickets or that new driver, you will shank into the water.

I’m not here to judge this is your values-driven life.

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Here’s what we have on deck today:

📰Read: 7 Factors of a Typical Millionaire

📺Watch: 9 Middle-Class Money Traps That You NEED to AVOID that Keep You Poor

🎧Listen: How to Find Your Freedom Number With Real Estate Investing!

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💸 7 Factors of a Typical Millionaire

The Millionaire Next Door changed the way I see wealthy people. The book has 7 factors of a typical millionaire. Here there are with my take on them:

Time to demystify the Millionaire’s Club! This is not about secret handshakes or passwords. It's about seven crucial habits that millionaires swear by. Simple? Yes. Effective? Absolutely. Ready to unpack these habits? Here we go!

1. They live well below their means

Living frugally is the name of the game for our millionaire friends. Their winning formula is all about "The Gap" (Income - Expenses = Investments/Savings). They keep an eagle eye on major expenses, resist splurging on luxury items, and focus on ramping up their income. Talk about financial discipline!

2. They allocate their time, energy, and money efficiently, in ways conducive to building wealth

Millionaires know how to max out their working hours. No aimless scrolling or procrastinating. Their days are packed with personal development: reading, studying, podcasting – you name it! They spend time learning about investment strategies, tax-saving hacks, and most importantly, they hustle to build multiple income streams. Time management? They've got it down to a science.

3. They believe that financial independence is more important than displaying high social status

Millionaires understand the trade-off between financial independence and living large. Early retirement doesn't come without sacrifices. So, when you see your friend flaunting their new ride or swanky house, remember that millionaires would rather invest in time and financial freedom.

4. Their parents did not provide economic outpatient care

Ironically, getting financial help from affluent parents can become a hindrance in the wealth accumulation process. More often than not, such "help" leads to higher consumption levels because, let's face it, it's just too easy to spend money you didn't earn.

5. Their adult children are economically self-sufficient

Newsflash: 80% of millionaires didn't inherit their wealth! Adult children who earn their money rather than receiving or expecting it from their parents tend to be more successful in the long run. Self-made wealth, it turns out, creates self-made millionaires.

6. They are proficient in targeting market opportunities

Millionaires always have their fingers on the pulse of potential market opportunities. But here's the catch - to seize these opportunities, you need liquid cash on hand. So, they stay prepared, maintaining a good financial cushion to invest in promising stocks, real estate, or small businesses.

7. They chose the right occupation

Finally, the cherry on the millionaire cake: they love their work! Millionaires understand that enthusiasm and dedication fuel wealth generation. They believe in doing something they can't wait to wake up to every morning.

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📈 Quick Tip Of The Week - How to Check Your Expense Ratios

Step 1: Identify Your Investments

This step is all about knowing where your investments are. You might have mutual funds with one company, some individual stocks with another, and a retirement plan somewhere else. So, list them all down.

Step 2: Find the Expense Ratios

Expense ratios are the cost of owning a mutual fund or ETF. You should be able to find this in the fund's prospectus or on the company's website. It will be listed as a percentage.

Step 3: Understand the Impact

An expense ratio of 1% might sound small, but on a $10,000 investment, that's $100 each year that's going to fees rather than staying in your investment and growing over time. So, even a small percentage can have a big impact over the long term.

Step 4: Decide What to Do

Now that you know what your expense ratios are, it's time to make some decisions. If a fund has a high expense ratio but is delivering fantastic returns, maybe you're okay with that. But if a fund's expense ratio is taking a big chunk out of mediocre returns, you might want to consider moving your money elsewhere.

By being mindful of expense ratios, you can make more informed decisions and potentially save a lot on investment costs over time.

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News You Can Actually Use

Car Maintenance Costs 🚘

​Bankrate's article provides an insightful overview of average car maintenance costs. It explains that these costs can vary widely based on factors such as the vehicle's age, make, and model, as well as how well it's been maintained over the years. The report encourages car owners to factor in these costs while planning their finances, highlighting the importance of regular maintenance in preventing more expensive repairs down the line.

Student Loan Restart 😰

​This piece from CNBC alerts that student loan payments, which were paused due to the pandemic, are set to restart soon. Many borrowers, however, aren't prepared for this financial shift. The article discusses the potential impacts on the economy and individual borrowers, particularly those who are still grappling with job loss or reduced income due to the pandemic.

Automated IRA 💼

​Money's report covers an emerging trend in retirement savings: state-sponsored automatic IRAs. These programs aim to address the retirement savings shortfall by automatically enrolling eligible employees who don't have access to a workplace retirement plan. With automatic contributions and the potential for a large-scale impact, these programs could significantly enhance retirement security for many American workers.

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High-Performance Book Club 📚

I get a ton of questions from listeners and readers as to what I am reading. So we decided to let you know via the newsletter. The High-Performance Book Club will be a way to share this. If you want to be Elite in your career, business, or with your wealth, then welcome to the club. If you would like to see our previous picks, you can find them here.
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​Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple​

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The Personal Finance Podcast 🎙️ ​ ​

​How to Find Your Freedom Number (with Real Estate Investing!)​

​How Much You Need to Have Saved and Invested for FIRE (BY Decade!)​

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Youtube

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9 Middle-Class Money Traps That You NEED to AVOID that Keep You Poor

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