In today’s episode, I will discuss and share a piece that Mark Ford wrote that I found very insightful and valuable. I have found Mark Ford's advice and insights on personal finance, business, real estate, investing and building wealth in general extremely interesting.
I subscribe to his Palm Beach Letter, a monthly financial newsletter publication that provides fantastic information on building wealth.
Please let me know your thoughts on today's episode on Twitter @mclaubscher.
Bestselfco., Make Success a Habit! Use the Self Journal to organize and align tactical day to day tasks with larger life goals.
Key Take Aways:
- You can’t truly trust anybody but yourself with your money.
- The harder someone tries to convince you to trust him, the less you should.
- However good a track record someone has, never believe that he/she can’t suddenly start losing your money. In fact, if you are like me, the moment you invest will be the moment his/her track record starts falling apart.
- All markets rise and fall. Don’t ever believe anyone who assures you that they can predict the future.
- If you don’t learn to spend less than you make, you will never have peace of mind.
- Most of what you buy when your income is above $100,000 is discretionary. Don’t fool yourself into thinking you need a big house or a fancy car.
- In making financial projections for yourself or a business, always create three scenarios: one that shows what things will look like if everything goes as hoped; one that shows what will happen if things are mediocre; and one that shows what will happen if things fall apart.
- Know that the third scenario is optimistic.
“The only way to be truly financially independent is to have multiple streams of income, each one of them sufficient to pay for the lifestyle you want to live.” – Mark Ford
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