Great opportunities, my epic journey and whats next in the economy!!
Budgeting, maximizing gains and overcoming investment fear
👋 Hello Everyone.
I wanted to start off and thank all of you for your patience. For those that were unaware I did a cross country move last week and to say the least it did not go as planned. We did a caravan of sorts following each other (a close friend and his wife) across the country with 3 vehicles and the moving truck. It started with trailer issues then 10 hours in my friends wife’s car got a flat and so on. Then after 32 hours of driving we arrived at their new home to no water and not internet. And now after 7 days they are still working on the internet. So as beautiful as the area is finding good internet has been rough but I am in the home stretch and almost back to the wonderful grind that is my life. So thank you.
The week ahead should be a great one. Now that I am settled back in I can really dig in and work to find us all the good stuff. Remember one of the main goals in the Money Mindset community to to optimize our lives and financial goals. And that happens with constant research, updates and learning. And boy oh boy do I love to research and find the good stuff.
Repeat: (I feel this section is worth displaying again) As scary as it sounds I feel it is still business as usual, although with a heightened awareness. There is money to be made all around us, even with so many uncertainties. So where to start? In my opinion its starts with a well-rounded portfolio (index funds, ETFs, stocks, crypto, precious metals, real estate, art) that helps all of us hedge against the broader market issues. So what do I like and what is working right now:
High Yield savings accounts. I like Marcus, Wealthfront and UFB direct. But do your own research and pick one that you are comfortable with. This is free money and better than leaving your funds parked making nothing.
Having a portion of your portfolio in cryptocurrency. I think everyone should have exposure to crypto as the adoption and disruption continue to grow. So many people equate the volatility of crypto to it being a scam and that is just not the reality. Like any growth sector there are bad apples but if crypto wasn’t here to stay the largest hedge funds, investors and companies in the world would not be adopting it. For purchasing I like Coinbase, Crypto.com and Public.com. I recommend sticking with the blue chip players such as Bitcoin, Etherium, Ripple, Stellar and Quant.
Treasury Bills. This is a great product to integrate into your portfolio. Paying a yield of over 5% right now treasury bills are a great way to make passive income while also having tax benefits. Check it out at Public.com (use my link in bio to get FREE stock. The affiliate code is richhabits!
The key takeaway is to make sure you are simple not leaving your money parked. Inflation rates are too high to not have your money working for you.
📣 3 things to know and consider after the recent rate hikes!!!!!!
Credit card rates are breaking all time highs. The easy fix is don’t use them. But that is not always easy. With rates hitting 20.2% you just have to always remember- You cant out invest high interest debt. So stay on top of this and try to lower or rid yourself of usage.
30 year fixed rate mortgages have continued to climb and are currently sitting at 7.17% more than doubling rates from a year ago. How do we combat that? Should you still be looking at buying a primary home or investment property? I say YES. The reasons are countless but lets start with - 1) rental income 2) long-term appreciation 3) hedge against inflation.
The chance of a full blown recession in Q4 of 2023 has risen by 64%. So keep your eye on Treasury Bills, High Yield Savings always solid Index Funds/ETFs. Be wary of high yield bonds and other speculative investments. And remember that all of your investments need to be watched over and changes made more frequently than when in a good economic environment.
Keep in mind that with population pressures in many markets there are still good opportunities for your real estate needs. With renting on the rise and these proven shortages I just don’t see how buying for personal, investment or long term wealth goals can be a bad strategy even with the current economic conditions.
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🎙️ I am also really excited about how quickly the podcast has grown. So thank all of you that have downloaded and given it a listen. For those of you that have not stopped by it is the Rich Habits podcast on Spotify and Apple. And please feel free to DM me or message on any platforms and let me know your thoughts and takeaways. For all PAID community members please note that the private livestream is up and running and I am so excited for what we will be covering this week. It is scheduled every Thursday @ 7pm EST.
💸 This is for all of you. The landscape is bumpy but we have solutions. We will not sit idly by and not find the key investments needed to thrive through any economic conditions! Are you ready?
Banks are failing, layoffs are on the rise and interest rates continue to climb - so what does this mean and how does it affect us? First off the assumption would be that the general population would consider save vs spend yet that doesn’t seem to be the case. People continue to spend and spend a lot. Is it confidence or avoidance? By confidence does it mean that people simply believe that the ship will right itself or have they given up on the American Dream? I think its a mix of both - whereas people are so tired of the setbacks and struggles and truly believe that financial freedom is just not for them.
Can this be fixed? YES a resounding yes!! And I will make sure of it for anyone that follows me and takes part in my community. We have to believe and put trust back into our daily mindset that financial freedom is for us and make that shift to investor over consumer mindset. This can be as easy as changing a few daily habits and simply just getting started on our individual financial journey. My 3 key tasks to make this happen 1) Get a budget in order (link in my bio for the free budget tool). By having a budget you can really know where you are and get money set aside every month to invest with. Remember it can be as little as $20 a month as long and you get started. 2) Cut frivolous expenses. If you are getting Starbucks twice a day or eating out for lunch every day at work this is an easy one. Cut this down and take those funds and invest them monthly. 3) Start a side hustle. This can be just nights or weekends. Even if you do it super part-time and take the extra $500-600 per month and start paying down high interest debt and then start investing those funds it will be magical at how fast you can build up your portfolio.
🚨 CRYPTO updates and new information related to Ledger Nano X (hardware wallets)!
The age old question of hardware wallet vs leaving your crypto on exchanges is now really up for debate. I use both the Ledger and exchanges (Coinbase, Public, Crypto) but Ledger is under fire for the recent announcement of the recovery feature. What does this mean and what are my takeaways? Through my research I believe your crypto is still safe using the Ledger Nano X but the public outcry has been centered around whether Ledger has always had this feature built in and therefore creating a breach mechanism within the Ledger device.
Ledger has always maintained the stance the the keys (seed phrases) were completely safe and we had no concerns and that is why this new feature has brought so much backlash. So my opinion to all of you is - DO NOT opt in for this new feature. Simply protect your seed phrases and make sure your paper versions are laminated and safe. Opting in simply open the door for security risks. If you have further questions feel free to reach out for help.
Just getting started in crypto? It’s not as scary as one would think. You can open an account and attach your bank account pretty quickly and easily. I like Public.com (there is a link in my bio - use the affiliate code “richhabits” for a FREE $10 in stock when you fund the account).
🤔What is real?
Sam Altman the Founder of Open AI is a busy busy man and coming after Elon Musk as #1 in the technology-innovator category. Altman has just secured $100 million for iris-scanning global currency that will be the gateway for universal basic income. Does this sound eerily sci-fi or just the next iteration of how we deal with the huge disparity between the haves and the have nots. The crpyto-currency is called Worldcoin and as presented all you have to do is allow for your iris to be scanned and you can qualify for said universal basic income.
My initial thoughts: I definitely agree that a universal income is necessary and I don’t mean just for the white collar jobs being displaced by AI. I mean in my opinion it would be better than welfare and other programs that have been exploited for decades. What are your thoughts? I don’t think for a minute it will be that simple and with any privacy blurring offer I believe there will be many more strings attached along the way. So as crazy as all of this sound how does it affect us and how do we turn this into an opportunity - Out of the gate it looks like the WorldCoin operator program could be very promising (small businesses can qualify to onboard new customers for profit) and I will stay on top of this so we can make sure to flush out the best investment opportunities for all of us.
Weekly Book Excerpt (Benjamin Franklin)
“An investment in knowledge pays the best interest” So simple and yet so accurate. I preach all the time to anyone that will listen that - you have to have your money work as hard for you as you worked to get it. And that starts with gaining more and more financial literacy as you move through your wealth building journey. It also means that you have to find solid financial help along your journey. An NO I don’t mean hiring the guy on the corner that you just met through a friend at the bar. I mean find real, authentic help that can guide you and optimize your investment strategies along the way. You wouldn’t trust your heart surgery to the first person you find and meet would you? This is very important and why I love what I do. Regardless of working with you for decades or days I know that I can shed some light on your financial goals and help you find the way.
Money Mindset - Weekly insights
Wow what a week!!!!! You guys knocked it out of the park for the FREEPORT.App launch. The feedback I received was incredible and I am so excited for all of us that invested in the initial launch portfolio. I look forward to some great returns and I am excited for the next offering.
I am also so proud to announce my affiliation with Acorns. I know you all have heard me talk about this awesome platform for years but now I am officially working with them and I couldn’t be more excited. If you haven’t used Acorns yet its a must in your wealth building journey. Even if you use it just for the roundup feature. How it works - You simply attach your bank account and set the rate of risk you want in your portfolio and Acorns does the rest by rounding up your daily purchases and investing those funds. It’s such a great investment tool because it is automated and just a few cents at a time. It’s like found money.
I talk about finding nuggets to invest in during the bear and bull markets and lately I am finding more and more stocks, funds and crypto projects that I really like for the long term. One of those opportunities I want you all to take a look at is Napco Securities (NSSC). I really like this sector and this is one of Austins favorites! I am also looking to pick up on some Cube Smart (CUBE) is the ticker. You know I like storage space stocks and I have help Life Storage for years. So check these out as well and let me know what you think.
Brand of the month - Dun & Bradstreet
I am excited to add Dun & Bradstreet to my portfolio of companies that I proudly represent. A DUNS number is so important to the success of your small business. So if you have not applied for one please read up so you can understand the importance of it. Please use the provided link so you can check out all the amazing benefits for your company -
D&B link
Thanks for following along. See you soon!