Q&A: $10MM Net Worth, Recasting a Mortgage & Expense Ratios

27 snips

Jan 30, 2025

Explore market volatility caused by stock sell-offs, especially around AI stocks. Dive into smart investing strategies for 2025, including dollar-cost averaging and expense ratios. Discover the benefits of a Roth 401k and the pros and cons of mortgage recasting for retirement planning. Hear about a young investor's success story and the importance of embracing calculated risks. Finally, learn how to communicate about wealth transfer and investment concepts effectively within families.

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INSIGHT

ETF Fees

ETF fees are automatically deducted from price performance, not billed separately.
This deduction is reflected in the total return of the ETF.

ADVICE

Fractional Shares

Switch to a brokerage that offers fractional shares.
Don't wait to buy whole shares; invest small amounts regularly.

ADVICE

Investment Tracking

Track investments with spreadsheets or apps like ROI (getroi.app) or Wealth 2 Plus Tracker.
Consider where your assets are held when choosing a tracking method.

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The Little Book of Common Sense Investing

John Bogle

Think and Grow Rich

Napoleon Hill

Published in 1937, 'Think and Grow Rich' is a seminal work in the self-help genre. The book is the result of over twenty years of research by Napoleon Hill, who studied the habits and achievements of more than 500 successful individuals, including Andrew Carnegie, Thomas Edison, and Henry Ford. Hill distills their wisdom into thirteen principles that, when practiced with persistence and faith, can transform dreams into reality. These principles include the power of desire, faith, specialized knowledge, organized planning, and the role of the subconscious mind. The book emphasizes the importance of maintaining a positive mental attitude, setting clear and specific goals, and taking consistent action to achieve success. It also explores the concept of the 'Master Mind' alliance and the need to overcome fears and doubts to achieve one's objectives.

One Up On Wall Street

Peter Lynch

In 'One Up On Wall Street,' Peter Lynch explains how average investors can outperform professionals by leveraging their everyday experiences and knowledge. Lynch advocates for investing in companies and products that are familiar and understandable, rather than following trendy or complex investments. He provides easy-to-follow advice on analyzing financial statements, identifying different types of companies (such as cyclical, turnaround, and fast-growing companies), and maintaining a long-term investment strategy. The book emphasizes the importance of simplicity, patience, and fundamental analysis in achieving successful investments.

Die with Zero

Bill Perkins

Die with Zero presents a provocative philosophy and practical guide on how to get the most out of your money and your life. Bill Perkins argues against over-saving and under-living, advocating for investing in experiences early and maximizing positive life experiences. The book introduces concepts like 'time-bucketing,' 'net worth curve,' and 'fulfillment curve' to help readers optimize their life stages and make the most of their resources. Drawing from his own life experiences and insights from psychological science and behavioral finance, Perkins makes a compelling case for living large and accumulating memorable experiences rather than wealth.