The Thought For The Day: Buyologist
Thursday May 13, 2010
Inspiration: “Many a man thinks he is buying pleasure, when he is really selling himself to it.” Benjamin Franklin
Be: (positive Confession) I am a Buy-ologist.
Do: (first steps) Today, buy assets not liabilities. Most of us know that liabilities are typically consumables and would include things like most automobiles, food, sporting goods, food, and furniture. But are you sure if what you think are assets are not just liabilities in disguise? We’ve been taught that assets are anything that go up in value over time or are they. Take for example a US Saving bond or a Certificate of Deposit (CD). In today’s economy a CD that pays you 3% interest will actually cost you about $10 dollars on a $1000 “investment” if you factor in taxes on your return (assuming a 15% tax bracket) and the rate of inflation. Now more than ever you need to do your due diligence to make sure the vehicles you place your money in, be it stocks, mutual funds, real estate, or collectibles are bringing you a real, profitable return.
Have: (making dreams reality) As I invest in items that progressively increase in worth my net worth will increase as well.
Be, Do, and Have the Best Day of Your Life! God Bless You!
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