Finance is a multifaceted subject. It cuts across various aspects of human life and at certain times knocks the wind right out of us. For instance, today as I met with a client, we considered how to calculate liquid net worth. Yeah, I know liquid net worth doesn’t garner the attention that net worth alone does. However, both calculations have their place in your finances. So I’m going to share a little about why liquid net worth matters and how you can figure yours out. If you’ve never heard the term liquid net worth, then perhaps you are wondering what the difference between the two is anyway. The difference is probably simpler than you think. Liquid net worth is more in depth than just net worth. With so many of us struggling to keep up with money as it is, let me explain in a little more detail. Imagine you walk into a bank, and the teller asks, “ What is your liquid net worth ?” Perhaps you look at the teller like a calf looks at a new gate?! (a little farming humor) You’ve never took the time to figure it all up because you know liquid net worth is […]
An Epic Financial Battle Hey, guys! It’s Justin Goodbread with Financially Simple. I’m in the conference room today and we’re going to have an epic financial battle. Dave Ramsey vs. Robert Kiyosaki. Dave Ramsey is famous for his Financial Peace series and Robert Kiyosaki is known for his book “Rich Dad, Poor Dad.” Which strategy is right for you? Is one right and the other wrong? Not necessarily. They’re just different. Let’s look at the differences in how they approach finances! They have completely opposing views when it comes to some aspects of finances. We’re going to take their top seven strategies and dissect them. How closely should you follow either plan? Will either plan make you rich? What exactly do they offer that you can incorporate into your own financial strategy? Many consider both well known financial “experts” that offer advice to move your finances in the right direction. After we break down both trains of thought, I’ll tell you exactly where I stand when it comes to both of camps. The answer may surprise you! Always remember, no system or financial planning strategy can guarantee future results. Therefore, no current or prospective client should assume that future performance or any specific […]
Debt reduction isn’t just something the Federal Government needs to wok on. We all wonder if we’ll ever pay off the debt we amass and if we do how can we do it quickly? If you’re looking for the fastest way to get out of debt too, here’s a short video. Justin Goodbread, CFP®, Financial Advisor and Wealth Manager with HeritageInvestor.com and FinanciallySimple.com offers some tips to simplify the process. Debt Reduction: Fastest way to get out of debt?
So this article is about a very interesting question and which is Should I pay off my mortgage or invest? Let’s find out. Recently, I was having coffee at Starbucks with a client when I asked him this question, “Should I pay off my mortgage or invest?” I told him that I personally was struggling with planning in this matter (YES!! Even a planner questions their decisions occasionally!!). After generically discussing the subject, I decided to research the topic in greater detail to see if I could come up with a definitive answer to the age-old question: Should excess funds within my budget pay off my mortgage or go toward investments? Should I pay off my mortgage or invest? You’ll find an array of answers on this matter from a variety of financial gurus; with some of the top names in the industry disagreeing! Professionals and laypeople alike all weigh in with their opinions. Forbes, The Fool, and even Clark Howard have all chimed in recently. So is there really a conclusive answer? Here’s what I came up with after much research. I boiled the answer to this conundrum down to two main points. One is a black and white answer, while […]