Lecture 32 - 11.17.2008 - Paying off debts Home equity...

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AEM 1200 Introduction to Business Management – 11.17.08 Personal Finance Who wants to be a millionaire? Getting a hold of yourself The equity building cycle Affluent people Live well below their means Allocate their time, energy and money efficiently, in ways conducive to building wealth Believe that financial independence is more important than the display of high social  status Were not afforded  economic outpatient care  by their parents Have economically self-sufficient adult children Are proficient in targeting market opportunities Have chosen the “right” occupations Controlling assets 1. Take inventory 2. Track expenses 3. Prepare budget 4. Payoff debts 5. Start saving 6. Borrow only to increase value Where should you invest? Your own business Yourself Education Housing Insurance Investments Stocks Real Estate Retirement Stages of Capital Formation
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Unformatted text preview: Paying off debts Home equity Retirement funds Indirect business investment Direct business investment Building a capital account Create/Apply Strategy Real Estate- Safe Taxes & Home Ownership Savings Manage Credit Life Insurance Health Insurance Homeowners or Renters Insurance Founding stones of financial success Integrity being honest with all people Discipline applying self control Social skills getting along with people A supportive spouse Hard work more than most people Amassing wealth requires considerable skill and discipline; Some golden rules Always pay your debts first and foremost Use credit sparingly, if at all Use your job as your R&R Cultivate courage You are your own boss and entrepreneur....
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Lecture 32 - 11.17.2008 - Paying off debts Home equity...

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