Having success is often related to avoid deadly wealth destroying mistakes.  In this ebook, I share ten of the most common mistakes I have seen people make over the past 16 years of my financial advising career.  Come lean and make sure you avoid these mistakes like the plague!

Big Mistake #1: Paying too much $$$ in fees

Big Mistake #2: Getting advice from the wrong places

Big Mistake #3: Choosing the wrong places to store wealth

Big Mistake #4: Failing to plan ahead

Big Mistake #5: Failing to properly account for inflation, taxes, and long-­term health care

Big Mistake #6: Spending more than you make

Big Mistake #7: Failing to properly understand risk

Big Mistake #8: Failing to save regularly

Big Mistake #9: Using debt to consume rather than to conserve

Big Mistake #10: Gambling with your assets instead of investing

Download the ebook here:

10 Mistakes Ebook

The Tax Relief Act of 2010 will give many of us the equivalent of a 2% raise in 2011. Employee payroll taxes have been cut from 6.2% to 4.2% this year.1 So if you pay into Social Security, you are looking at a rise in your take-home pay.  

What are your plans for that extra money?

How about directing it into your retirement account? That 2% “raise” will show up in your paychecks throughout the course of the year – it will come to you incrementally rather than as a lump sum. Still, 2% is nothing to scoff at – if you make $50,000 in 2011, you’re looking at $1,000 of found money.

What could $1,000 do for you over 20 or 30 years? Well, let’s see. If you invest $1,000 today and simply let it sit there for two decades with a 6% annual return, you end up with $3,207.14 in principal and interest. If the initial grand just sits there for 30 years at 6% interest, it turns into $5,743.49. (That’s using annual compounding – if you plug in 30 years of daily compounding, it becomes $6,048.75.)

Let’s say you take this one step further and direct an extra $1,000 into your retirement accounts for 30 straight years beginning in 2011. Let’s be reasonably optimistic and assume an 8% annual rate of return across that time. Under those conditions, your $30,000 aggregate contribution would turn into about $125,000 with compounding.

The money is significant for a couple. If you and your spouse each make $70,000, that’s an extra $2,800 coming to the two of you in 2011 (assuming you and your spouse don’t work for the government, the railroads or in some capacity where you don’t pay into Social Security). Everyone wants a little more retirement income, and directing 2% into your retirement plan for one year or multiple years could help.

While we’re on the subject of retirement income, the White House says that the payroll tax cut will have no effect on a worker’s future Social Security benefits.

Other options for the 2% tax break. Most Americans will simply spend the money resulting from this tax break. That’s not exactly a negative: the Obama administration visualized this as a way to pump up consumer spending.

Yet if you don’t devote the money to a retirement account, you have a number of alternatives besides spending it.

·               You could open a Roth IRA with the money.

·               You could create a rainy-day fund. Set up an auto-transfer of the money from your checking account to your savings account. Let that $800 or $1,000 or $1,600 or whatever accumulate during the course of the year.

·               If you have a rainy-day fund, you could put the money auto-transferred to your savings account across 2011 into a CD at the start of 2012 (when interest rates just might be higher).

·               You could use the found money to pay off credit card debt or other consumer debts.

·               You could even make an extra home loan payment at the end of 2011 (should it make financial sense to do so).

This tax holiday could even be prolonged. In recent decades, we have seen some “temporary” tax cuts stick around. If the jobless rate stays above 8% through 2011 (and it might), voices in Congress might push to extend the payroll tax cut for another year. It could happen, provided the federal government finds a way to direct more money into Social Security.

What has changed for you in 2010? Did you start a new job – or leave a job behind? Did you retire? Did you start a family? If some notable changes occurred in your personal or professional life, then you will want to review your finances before this year ends and the next one begins.

Even if your 2010 has been comparatively uneventful, the end of the year is still a good time to get cracking and see where you can plan to save some taxes and/or build a little more wealth.

Here are eight questions to review before the ball drops in 2010.

1. When was your last portfolio review?

Many investors fail to incorporate their faith and values into their financial plan. Many also take too little or too much risk. During volatile times like this, would it be great to have peace of mind knowing your portfolio is exactly where it should be – morally and financially sound.

2. Did you practice tax loss harvesting?

That is the art of taking capital losses (selling securities worth less than what you first paid for them) to offset your short-term capital gains. You might want to consider this move, which should be made with the guidance of a financial professional you trust.

In fact, you could even take it a step further. Consider that up to $3,000 of capital losses in excess of capital gains can be deducted from ordinary income, and and remaining capital losses above that can be carried forward to offset capital gains in upcoming years.

There is still the risk that if Congress doesn’t act soon, long-term capital gains will be taxed at 10% for those in the 15% bracket and 20% for those in the higher brackets beginning in 2011. President Obama has himself proposed a 20% top tax rate for capital gains.2 So you might think of triggering excess capital losses in 2010 and using the losses to shelter future long-term capital gains that could be taxed at a higher rate.

If you are in the 10% or 15% brackets (taxable income of $34,000 or less for an individual, $68,000 or less for a married couple), 2010 could be the final year in which you can cash in capital gains without triggering a tax.3

3. Do you itemize deductions?

If you do, great. Now would be a good time to get the receipts and assorted paperwork together. Besides a possible mortgage interest deduction, you might be able to take a state sales tax deduction, a student-loan interest deduction, a military-related deduction, a deduction for the amount of estate tax paid on inherited IRA assets, an energy-saving deduction, a homebuyer credit … there are so many deductions you can potentially claim, and now is the time to meet with your tax professional so that you can strategize to claim as many as you can.

4. Could you ramp up your 401(k) or 403(b) contributions?

If you can do this in November and December, that will lower your taxable income. Do it enough and you might be able to qualify for other tax credits or breaks available to those under certain income limits.

5. Are you thinking of gifting?

How about making a contribution to a charity or some other kind of 501(c)(3) non-profit organization before 2010 ends? In most cases, these gifts are partly tax-deductible. If you pour some money into a 529 plan on behalf of a child, you could get a deduction at the state level (depending on the state).

Of course, you can also reduce the value of your taxable estate with a gift or two. This year, the gift tax exclusion is $13,000 – so you can gift up to $13,000 to as many people as you wish this year, with the understanding that you have a $1 million lifetime limit before you are actually hit with gift taxes.

6. Have you reviewed your estate plan lately?

Take a moment to review the beneficiary designations for your IRA, your life insurance policy, and your retirement plan at work? If you haven’t reviewed them for a decade or more (which isn’t uncommon), double-check to see that these assets will go where you want them to go should you pass away. Lastly, take a look at your will to see that it remains valid and up to date.

7. Should you go Roth before 2010 ends?

The IRS has given you a little incentive to do so: if you convert a traditional IRA to a Roth in 2010, you can optionally split the income taxes stemming from the conversion across 2011 and 2012 – without increasing your 2010 taxable income. If you wait until 2011 to make the conversion, that choice won’t be there.

8. Do you have a student in college or a private K-12 school?

If you’re paying for private school with Coverdell ESA funds, here’s an alert: the annual contribution limit is dropping from $2,000 to $500 in 2011, and primary and secondary school tuition will no longer count as a qualified expense next year. In 2010, you can buy your college student computer hardware, computer software and Internet service with funds from a 529 account; you won’t be able to do that in 2011. You’ll also want to see if you can claim the American Opportunity Credit (which is as much as $2,500 per student) for qualified college expenses in 2010; it may or may not be extended for 2011.

What’s your next step?

Analyzing the Ten Key Areas of  Your Faith-Based Financial Plan

1: Ownership. God Owns 100% of everything. This i the foundation of any plan determining who is the owner of all that is entrusted to you.

Key Verses:

Haggai 2:8 “The silver is mine and the gold is mine,” declares the Lord.

Psalm 24:1 “The earth is the Lord’s, and everything in it, the world and all who live in it.”

Key Coaching Areas:

• Assess attitudes & motives in your personal financial planning.

• Rather than, “How do I protect/use my money?” the question becomes, “How can I best look after/use God’s money?”

• To rely on God and his provision not on our wealth or our ability to create wealth.

2: Integrity.  Business, Personal, and Financial Life Coaching. I find many people who do not have passion in their lives.  They lack the motivation and drive to succeed because their dreams and goals may be out of alignment.

Key Verses:

Colossians 3:22-24 “Slaves obey your earthly masters in everything; and do it not only when their eye is on you and to win their favor, but with sincerity of heart and reverence for the Lord”

1 Timothy 6:20 “Timothy, guard what has been entrusted to your care.”

Key Coaching Areas:

In Personal life:

• Tax minimizing is fine – response to “cash” deal?

• Responsibilities as a Christ-Follower

• How do you grow spiritually?

In Business life:

• Responsible employer – what are your measures of success?

• Honorable accounting & management practices.

• Fair treatment of employees.

In Financial Life:

• Parable of the Talents:  how do you maximize all God entrusts to you?

• Moral & Ethical investments?

3: Generosity: How do you get more so you can give more? As Christ followers, we should be known for what we stand for.  How can we be more generous and help more of God’s people?

Key Verses:

Leviticus 27:30 “A tithe (10%) of everything from the land whether grain from the soil or fruit from the trees belongs to the Lord; it is holy to the Lord.”

2 Corinthians 9:7 “Each man should give what he has decided to give, not reluctantly or under compulsion, for God loves a cheerful giver.”

Key Coaching Areas:

• What should I give? To whom should I give? When should I give?

• Planning the budget after deciding on giving not before. Give first, then decide on other  spending.

• Giving without guilt, generously and with grace.

4: Planning:  Creating your roadmap – where are you heading? Without a plan, it is nearly impossible to reach your desired destination.

Key Verses:

Proverbs 6:6&8 – “Go to the ant you sluggard; consider its ways and be wise! .. it stores its provisions in summer and gathers its food at harvest.”

Proverbs 21:20 – “In the house of the wise are stores of choice food and oil, but a foolish man devours all he has.”

Luke 14:28-30 – Building a tower.

Key Coaching Areas:

• Knowing what God has called you to do with your life and your money. Do your current practices help or hinder?

• Setting goals for (e.g.):

* Giving

* Budgeting/spending plan

* Paying off debt

* Saving, financial independence

* Providing for dependents

* Funding your calling

5: Budgeting:  Getting your money to work for you instead of you working for your money. No matter how little or how much you make, without a spending plan, you could spend more than you make.  This is one of the biggest financial mistakes.

Key Verses:

Proverbs 25:28 “Like a city whose walls are broken down is a man who lacks self control.”

1 Timothy 6:6-8 “But godliness with contentment is great gain…But if we have food and clothing we will be content with that. People who want to get rich fall into temptation and a trap…”

Key Coaching Areas:

• Know how much (a) income there is. Know how much (b) spending there is. Keep (b) less than (a).

• Run a spending plan – think future not past, “What shall I spend my money on next  week/month/year?”

• Avoid a consumptive lifestyle, living beyond your means.

• Avoid the compulsion to spend, spend, spend; keeping up with the Jones’.

6: Borrowing: Getting and staying out of debt. This focuses on being a cautious debtor and only using debt as a last resort.

Key Verses:

Proverbs 22:7 “The rich rule over the poor, and the borrower is servant to the lender”

Romans 13:8 “Let no debt remain outstanding.”

Key Coaching Areas:

• Poor budgeting & spending more than you earn leads to debt.

• Debt restricts flexibility and choice.

• Debt presumes upon and mortgages the future.

• How much should we borrow and for how long?

7: Saving for a rainy day: Creating and maintaining emergency funds and funding your future. Those who save and have emergency funds are better prepared for difficult times.  The past few years have shown us the importance of having a proper savings strategy.

Key Verses:

Proverbs 28:19 “He who works his land will have abundant food, but the one who chases fantasies will have his fill of poverty.”

Proverbs 21:20 “… a foolish man devours all he has.”

Key Coaching Areas:

• Save to build an emergency fund (equivalent of 3 months of income).

• Save for major purchases to avoid debt (water heater, automobile repairs, home entertainment system, vacation, etc.).

• Save for future needs and giving (missionaries, charitable gifts, friends in need, etc.).

• Save for retirement.

8: Investing with a Purpose: Using your Blessings to Bless Others. Many invest without a purpose – just to accumulate. Additionally many invest in companies that are far removed from their faith and values. Let’s look at what values are important to you and create an investment plan around those values.

Key Verses:

Proverbs 13:11 – Dishonest money dwindles away, but he who gathers money little by little  makes it grow.

Ecclesiastes 11:2 “Give portions to seven, yes to eight, for you do not know what disaster may come upon the land.”

Key Coaching Areas:

• Get rich slow/don’t try to get rich quick – risk?

• Don’t hoard but invest for a purpose.

• Invest with the/an end in mind & work out a realistic target.

• Faith-based investing – choosing your investments

• Asset allocation and diversification

9:  Protecting All God Places in Your Care:  Prudent Strategies. Having proper insurance plans in place are critical.  This includes health, life, disability, long-term care, and property insurances.

Key Verses:

1 Timothy 5:8 “if anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever”

Ecclesiastes 5:13 “wealth lost through some misfortune so that when he has a son there is nothing left for him…”

Key Coaching Areas:

• God protects us but we should provide.

• How much insurance is wise? Can you over insure or under insure?

• Looking at proper amounts and if you should carry life, health, disability, home & auto, liability, and long-term care insurance

10: Legacy Planning – How will you be remembered? This involves setting up an estate plan – wills, trusts, health care directions, and powers of attorney.  This also includes charitable gifting strategies.

Key Verses:

Proverbs 13:22 “A good man leaves an inheritance to his children’s children, And the wealth of the sinner is stored up for the righteous.”

Proverbs 17:2 “A servant who acts wisely will rule over a son who acts shamefully, And will share in the inheritance among brothers.”

Key Coaching Areas:

• Analyzing your wills, trusts, and beneficiary designations

• Making sure you have all the proper legal documents and organizing your affairs to make it easier on your beneficiaries

• Legacy planning tools

• Getting your wishes on paper

“Certified Financial Planner” – what does that title really mean?

Today, the financial world is full of credentials and designations. Some are respected, some aren’t. The CFP^® designation is easily the most respected. You really have to earn it. (There are some financial credentials simply conveyed to people after the completion of a glorified sales course. The CFP^® designation is not one of them.)

It denotes education. To become a Certified Financial Planner™ practitioner, you have to study financial planning at a college or university (or at the very least, through an educational program) that offers a comprehensive financial planning curriculum. You also have to pass a 10-hour exam administered over two days (kind of like a bar exam) which covers financial planning, tax planning, employee benefits and retirement planning, estate planning, investment management and insurance topics.

It reflects ethical and experiential standards. Before you can be certified as a CFP^®, you must pass a strict ethics review and agree to work by the CFP Board’s Code of Ethics and Professional Responsibility. As a CFP^® practitioner, you must put the interests of the client first, and act “fairly and diligently” when providing financial planning advice and services. Those services must be based on the client’s needs, and delivered with objectivity and integrity. You must also have at least three years of experience working within the financial planning field before you can even earn the CFP^® certification.

You must maintain these standards. As a CFP^® certificant, you have to be recertified every two years. That requires at least 30 hours of continuing education, so that you may stay informed of the latest developments affecting the financial planning profession. Two of those 30+ hours must be spent studying the CFP Board’s Code of Ethics and Professional Responsibility or Financial Planning Practice Standards.

This is why the CFP^® designation is so respected. Knowing all this, would you settle for any less qualified financial advisor? I doubt it.

The critical difference. Many people today call themselves “financial planners” without having this kind of experience and knowledge. Many of them work with a sales-based mentality. Often, they will suggest an investment product as a financial solution. Quite often, they get a nice commission off the sale of that product.

On the other hand, CFP^® practitioners know that investments are simply components in an overall financial plan, not financial solutions in themselves. We have the education and experience to create integrated financial plans using not only investments, but also strategies for tax reduction, wealth accumulation, wealth preservation and tax-efficient wealth transfer. We have the knowledge to plan for the long-term goals of our clients, and the experience to implement, oversee and revise these plans through the years.

Choose a CFP^®. If you are searching for financial planning advice, you should first see a Certified Financial Planner™ practitioner. Talk to a CFP^® practitioner today, and enjoy the confidence that comes from meeting with a truly educated and qualified financial advisor.

As you begin your life together, it’s important for you to start planning your financial future together and putting your finances on the same page. Here are some priorities you might want to write down on your financial to-do list …

Step one: Manage debt. Many of us go through life shouldering five-figure or even six-figure debts. When couples marry, the danger is that one spouse’s debt will be seen as “his debt” or “her debt”. Arguments may start because “your debt” is hurting “us”.

Debt management should be a priority for any newly married couple. There are good debts which we assume on the way to a positive result (such as a mortgage), but there are also bad ones we assume through our credit cards and other channels.

Step two: Live within your means. An established, mutually-agreed-upon budget can be very helpful in this regard. Different people have different levels of thrift, and different perceptions of what a “bargain” looks like. This perception gap can result in some interesting financial moments in your life – your spouse may pick up a “bargain” that you would call an extravagance.

Step three: Save for college. If you plan to raise children, it’s never too soon to start. You can do it a little at a time, a little per month. You can open a college savings account using different investment vehicles – stocks, funds, or investments with lower risks. 529 plans in particular offer you some fine tax breaks.

Step four: Insure yourself. If you are under 40, you may not have any kind of disability or life insurance. You may feel you don’t need it yet. However, getting a policy early can be cost-efficient: if you buy a term life policy (or even a permanent life policy) when you are young and healthy, chances are you will pay less expensive premiums than people in their 40s and 50s who may be obese, diabetic, heavy smokers or drinkers.

Step five: Communicate to avoid surprises. No matter how much of a “we” a couple becomes, there is always the need for some private space, some individual pursuits and “me time”. That’s great, but that’s probably not the best approach when it comes to your shared financial life. When a spouse starts to hide a money-related matter or omit it from conversations, it may open the door to troubles. Open, frank conversations about money may be the best way to avoid problems in your finances (as well as your relationship.)

Step six: Build an emergency fund. You’ve probably watched or read a number of stories about couples who were hit hard by the downturn – nice, once-affluent people who suddenly had to live in their car or a motel. When things got rough, many had no emergency fund to sustain them and ended up homeless. Consider building up a cash reserve (gradually, if necessary) that you could tap into should something go wrong. You won’t regret having it around.

Step seven: Plan for retirement. There is a chance that decades from now, many of us who are currently saving and investing for the future might end up millionaires. Actually, we may all need to become millionaires.

Consider this: according to current Social Security Administration projections, the average 63-year-old in 2010 is projected to live until age 84.  So today’s typical retiree is looking at a retirement of approximately 20 years. Some of these people will live past 100 – many more than in previous generations.

Given ongoing advances in health care, how long might you live? Living to be 90 or 100 might become commonplace for the members of Gen X and Gen Y. Factor in inflation’s effect on the cost of goods and services, and you can see a possible scenario ahead where you might need, say, $100,000 or more a year for 30 years to have a nice retirement in which you don’t outlive your money.  This (strong) possibility means you may want to make saving for retirement NOW a higher priority.

In a typical couple, one spouse is more risk-averse than the other (sometimes dramatically so). So you need to agree on the investment approach you take, preferably with the help of a financial consultant who can help you determine how much money you might need for certain life goals or financial objectives.

Many wished that money grew on trees.  Just seed, plant, and let it grow!  Having a never-ending supply of cash may be a dream. Wouldn’t you love to do whatever you want whenever you want? The truth is, if you plan properly, this day of true financial freedom can occur.

It is far better than the alternative—incurring debt. In order to pursue true wealth, you need to understand the difference between “good” and “bad” debt.

So how can you tell the good from the bad?

Here are the working definitions of what I am talking about:

Good debt: Good debt involves purchasing something that will gain, retain, or create value. A home mortgage is a prime example of good debt.

Bad debt: To put it simply, bad debt is any debt you incur when buying something that will lose value.

Ugly debt: Ugly debt is debt incurred when purchasing something consumable (meaning it will have no further value). This seems logical, right? Spending does not equal happiness

Many spend more than they make going deeper and deeper into debt. Before you consider debt, ask yourself:

• Is this adding to my wealth or subtracting from it?
• Do I really need this now?
• Do I have enough in savings to pay for this?
• If I borrow, how much interest will I pay?
• Does this make financial sense?

Over the past 15 years as a financial advisor, I have seen  four habits that constantly trip people up financially.  Many of these mistakes are avoidable.  Being aware of past mistakes, looking at your current behaviors, and making changes is critical to your success.  Take a look at these behaviors and see if any of these describe you:

BAD HABIT #1: Discontentment

“Content makes poor men rich; discontentment makes rich men poor.” – Benjamin Franklin

This is by far one of the worst habits.  Buying more than you can afford and endless spending destroy wealth in a heartbeat.  It doesn’t matter how much you make, if you spend more than you make, you’ll go broke!

Instead:

• Analyze your needs versus wants
• What you think about you become!  Solomon said it best: “For as he thinks in his heart, so is he.” (Proverbs 23:7)
• Are you preparing your finances to be blessed?
• God talks a lot about being faithful with small things before He will bless you with more
• Likewise, He cannot bless steps you never take

BAD HABIT #2: No Budget/ No Plan

Far too many people “wing” and “fly by the seat of their pants”.  What about you?  Do you have a plan or better yet are you following it?

• In Matthew 25, the master gave each servant something to manage according to their ability.  Those who were faithful were rewarded with more.  The servant who buried his talent in the ground was considered lazy and gave his talent to the one more obedient.
• People who lack money often fail to handle the basics (set up a budget, spend less than you make, save for a rainy day, and planning for the future).
• Look at our Federal government.  You can’t spend more than you make. Our government chooses to spend more than it makes and is making up the difference with debt (borrowing from U.S. citizens and companies, and other national governments, etc.).

BAD HABIT #3: Failure to understand basic economics

Far too many people are financially illiterate.  They fail to understand the stock market, basic economics, and budgeting to name a few.   This leads to heartache and an empty bank account.

• What about our economy?  Our economy was built on a house of cards – a mirage.  With easy credit and ability to use our homes as a piggy bank.  Now the debt is catching up with America.  How will you get back on course?
• We will go through more economic ups and downs.  How you respond to the ups and downs is most important.

BAD HABIT #4: Too much debt

This is a hard lesson learned.  You can delay payments, pay interest only, refinance, etc but eventually the bills become due and will you be able to keep up? Borrowing too much will impose on your future.

• Over-consumption leads to debt (spending from credit cards, loans, etc.).
• You get deeper into debt the longer you spend more than you make.  The longer you spend more than you make the more debt becomes a habit, and habits (especially lifestyle habits) are hard to break.

These four habits will surely get you off track.  Do any of these habits trip you up? I’d love to hear your story…

I have been advising and counseling others on how to build true wealth for the past fifteen years. I have seen my personal share of ups and downs and witnessed thousands of others. The 2008-2009 financial crises was sure a wake-up call for many investors as they watched the financial system they trusted for their future collapse in a few short months.

It got me thinking about how many people, Christians included, built and continue to build their financial houses on sand. I am reminded of Matthew 7:24-26:

“Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. But everyone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand.”

Five steps to help you build a solid foundation

Early this year I set out on a journey to see who thrived in 2009 and who barely survived. I conducted nearly 600 interviews to determine if there was a solid difference between those who did well in difficult times and those who fell apart. The numbers were alarming! Only 5% thrived and moved forward financially during the difficult times in 2009 while 95% of those I interviewed took major setbacks and fell deeper into debt or lost major ground.

Of the 5% who thrived, there were some major common threads:

• They identified what they valued most in life. They had spent time finding what they loved to do and how to get paid generously for it.
• They discovered their meaningful purpose in life. They concentrated on using their key strengths and abilities to add value to the world and bless others.
• They designed their compelling vision for their future. Most had three, five, and ten year goals almost memorized! They knew where they were heading and had a good idea on how they were going to get there.
• They had a real personal mission statement. Though many of them did not call it a “mission statement”, they lived their life like they were on a mission. Their financial and business lives had clarity and purpose; they created a sense of urgency, and were persistent in their attempts to succeed. If your personal goals and dreams have deep meaning to you then you are far more likely to succeed financially.
• They not only set goals, they created an action plan. This helped them implement their mission, live their values, and work toward achieving their vision. They hired a good team of advisors and had great council and accountability to set their paths straight.

Because of my key learning and my desire to help others see how they can thrive and not just survive, I just finished an eBook called “Thrive in Your Life – Creating the life you were meant to live”. It describes the Five to Thrive Principles I uncovered as I interviewed those who were succeeding financially.

Thrive Principle One: Become a passionate income earner

Of those who become wealthy, very few become wealthy from the stock market itself. By far, the number one way to becoming wealthy is through finding a way to get paid doing something you absolutely love.

Thrive Principle Two: Become a generous giver

Many fail to give back to our society because they insist they have the lack of two precious resources – time and money. However, those who are most successful often give more than 10% of their income away and spend countless hours volunteering and sharing their time and talents to bless others.

Thrive Principle Three: Become a wise investor

Investing does not just mean haphazardly investing in a mutual fund. Most investors hand over their hard earned dollars to let someone else handle their investments. This can often be the worst thing you can do. Those who are successful invest rather than gamble. Warren Buffet, for example, does not invest a dime in anything unless he is quite certain it will go up in value. That is investing. Gambling, on the other hand, is committing money to a stock, a mutual fund, or something else without a clue as to whether it will go up or down. Too many people gamble rather than invest.

Thrive Principle Four: Become a cautious debtor

If 2008-2009 didn’t teach us anything, debt can be a huge deterrent from gaining wealth. There are good, bad, and ugly uses of debt. Far too many American use debt foolishly and it keeps them enslaved rather than reaching the desired destination – financial freedom!

Thrive Principle Five: become a prudent spender

Those who succeed financially evaluate each spending decision from a variety of angles. They look at price, value, durability, and how it lines up with their life purpose. Just because you have more money doesn’t mean you can or should spend more, especially if your spending doesn’t line up with you life’s values. Those who are successful, despite having wealth, still carefully analyze. Want to the results of being wealthy and missing this principle? How many lottery winners, sports stars, actors and actresses, and other celebrities go bankrupt after earning millions of dollars?

READ THE EBOOK

After 6 years, Tiger Woods recently made a major change.  Before you start with the infidelity jokes, I’m talking about major changes in his career – professional golf.    Tiger got to the top of his golf game with a little help from his coach.  However after six years of coaching, Tiger called it quits.

Why is Tiger Woods parting ways with his golf coach?  The reality is Tiger needed to make a move.  When something isn’t working, it is really frustrating – for everyone involved!

I talk with hundreds of people each month via the telephone, email, and in person. Money always seems to be a hot topic!  With the stock market back on a roller coaster course – people are more dazed and confused!  Many coaches, financial advisors, and stock brokers are asset gatherers not asset managers.  They have a vested interest to keep you invested in the markets even when it may not be the best choice for you.   Is your coach part of your team or do they have a hidden agenda?  Why not find an advisor who help bring light to your situation?

It may be time for you to change coaches too

Just like Tiger, it may be time for you to change coaches. The sharp ups and downs recently in the markets are a shocking reminder of what we saw in 2008 and 2009.  Don’t go back down that path! If you have found that you are not where you need to be financially or not getting the help you desire, it may be time for a coaching change! Take control of your future today.  Email me at jay@jayperoni.com for a FREE 30 minute evaluation of your financial situation!

With over 15 years of experience, I can look at your:

• Investment strategies
• Retirement plans
• Business ideas and ways to grow business
• Estate and legacy plans
• Tax efficiency (or lack thereof)
• Savings and spending
• Debt management
• And how all these tie together with your faith and values