FINAL Flashcards
Avg care note length
6.5 yrs
your car note
3 MAX
Market growth
7%
Credit card IR
18%
emergency fund
3-6 months expenses
make money from appreciation?
Yes
Avg. car pmt in America
$523 - all time high
Last year - $478
significance of 20’s
financial, professional, biological
401k vs Roth
401k - pay taxes at retirement
ROTH - pay taxes now
1 objective of job search
multiple offers
steps in prenup
disclose everything, don’t mix funds, can’t surprise person, both people look out for their own attorney
steps to Halo Affect
talk to manager - how to wow Google Alerts Network leverage Visible tasks SHUT UP!
% of Americans that live paycheck to paycheck
78%
Filter of 5
compare different offers
growing or exploding market where you can learn resume panache stepping stones earn \$\$$
Debt snowball
pay off smallest debts first, regardless of IR
Umbrella policy
cheap insurance policy that goes beyond regular insurance
6 steps to financial independence
emergency fund (2% start) start 401K (6% - 15%) Don't be like your dumbass friends set initial % and goal % (6-15%) Hold lifestyle flat until goal % reached never put long term assets to short term expenses
formula for jobs
Brant+network+high activity job search = multiple offers
avg. amount of non mortgage debt
20%
Avg. mortgage lend
28%
Latee factor
David Boch - eliminate recurring expenses
Earn/Burn ratio
how much your investments give you without working vs. how much it costs to be you
Get punched - phases
Day-of, after, day one, subsequent days, prospecting
Avg. American salary
$46,641
Median - $30,533
only 10% of workers make over 100K
rich dad to poor dad
poor stay poor because all money goes to expenses. Rich stay rich because the have income producing assets that pay their bills
Avg. car note IR
4.5%
how to find broker
the best won’t take you at first, best by referral, never by cold call, long term vs. churning, interview them
Asset allocation by age
110 - your age (% that goes to stock)
rule of 72
estimate number of ears it takes to double money
72/IR = # of years to double
4 ways to make money on real estate
appreciation, tax advantage, wealth creation, cash flow
what you need for real estate
big picture, amass funding, strong credit, bookkeeping, maintenance, keep your job, don’t talk about it at work.
Pro-forma
Revenue (rents) -mortgage (50% of rent income goes to mortgage) -expenses -upgrades -insurance -taxes =net (aim for 7-8%, if none, walk away)
Cap rate
real estate measure used to compare different real estate investments
multi-family
seek 2-8 plex that’s broken in god location, move into one, enhance curb appeal, upgrade your unit then move into others and upgrade all, then buy first house
What kind of car can you afford?
Max 15% of pre-tax-earnings
four planning estates
living , disability, retirement, and death
