Note: There is a poll embedded within this post, please visit the site to participate in this post's poll. A few days ago, in a discussion about the merits (or otherwise) of financial advisors, I made an admission: I’m having a hard time finding advisors and mentors who can move me to Making Money 301 (protecting my wealth) … If you read the article, you’ll begin the see why … in the meantime, Rick kindly offered a suggestion: Yes! I suspect that there are few people that have $7... Read Full Story

There are so many myths holding us back from making significant chunks of money – the sort of money that can carry you from $30k in debt to $7 million in the bank in just 7 years – that I feel that it is my solemn duty to break as many of them as possible … But, why do these myths exist? I think for two reasons: 1. They may work for the lower required annual compound growth rates i.e. smaller Numbers / later Dates that most personal finance bloggers and authors have persona... Read Full Story

… well not exactly a new measure, more a new definition. Let’s think about some stages of wealth: 1. Debt Wealthy At some stage, after half a lifetime of struggle, you will most likely have a mortgage, a partially paid off car loan, some residual student loans, and probably a few credit card bills hanging around. If you’ve come to this blog via the other personal finance blogs floating around, then this probably bothers you enough to want to do something about it … ... Read Full Story

Watch this video to the end to see how a smart marketing strategy can make any shlubb rich(er) quick(er) … … look and learn Read Full Story

Motley Fool tells us about Lou Eisenberg who just seems like another Global Financial Crisis statistic: broke and living in a mobile home, supported by $250 per week in Social Security and pension payments … … except that in 1981 Lou “won what was, at the time, the largest-ever lottery payout”, valued at $5 Million. Now, with the 25 year inflation rate averaging around 3.25% (at least, according to my calculations), I put that at something approaching $9.5 million 2009... Read Full Story

Lots of people trusted this man with their money, but more on that later … First, I want to tell you about The Finance Buff who wants to offer you personal finance advice … he also wants to know how much you’re prepared to pay, claiming that there’s an under-serviced market here for inexpensive, unbiased personal finance advice: Usually an under-served market exists when there is a big gap between what customers are willing to pay and what it costs to produce what the... Read Full Story

I was really impressed with the quality of our readers’ analysis of last week’s video post (from ABC’s excellent show, the Shark Tank, which is about a group of entrepreneurs who listen to various pitches before deciding whether to invest their own money), so I thought that I should do this follow-up piece, while the video is still reasonably fresh in our minds. In case you didn’t see the video, or need a refresher, here is the link: http://7million7years.com/2009/11/... Read Full Story

Forget the “banks make money from thin air” assertions at the beginning of this video, but watch the cartoon rendition of the creation of the modern-day banking system for an understanding of how banks really work. While it is true that the dollar is no longer backed by gold (in 1933, President Franklin D Roosevelt suspended the standard and revoked gold as universal legal tender for debts), just remember that each George Washington is still backed by “the full faith and credit o... Read Full Story

Note: There is a poll embedded within this post, please visit the site to participate in this post's poll. Watch this video – remember, these are real investors, preparing to invest their OWN MONEY if the right idea(s) comes along – then answer the poll (and, please make a comment if you can … it would be great to be able to share WHY you feel that way): Read Full Story

Albert Einstein was wrong … the financial experts are wrong … and, we’re about to debunk perhaps the greatest – and, most misleading – of all finanical ‘truisms’ … … and, you’ll be able to say that you read it here first You see, the cornerstone of almost all personal finance books and philosophies is the so-called ‘Power of Compounding Interest’ … if you need a primer, check out this little video that I ran last ... Read Full Story