Term life insurance policy (2 policies) Whole life insurance policy Medical/healthcare insurance Vision care insurance Dental health insurance Motor vehicle insurance (4 cars…dang kids) Homeowner’s insurance Personal articles policy Umbrella insurance policy Medical malpractice insurance Disability Insurance Business overhead insurance Business interruption insurance Trip insurance Reinsurance (yep, I didn’t make this one up) (What IContinue reading “For years, these insurance premiums became my/ my family’s biggest single category expense…”
Tag Archives: income
It’s fantastic if what we were trained to perform (or were educated to know) aligns very well with what we are good at performing, which, in turn, aligns well with what gives us joy when performing, which, in turn, makes us a good income, gives us financial stability, and helps grow our wealth.
Too often the subjects of our training and education are not necessarily what we are good at performing, nor do they give us joy. Even if our training, education, performing, and joy all align, such qualities do not necessarily, or automatically, translate into a good income, financial stability, or help us to become wealthy. VeryContinue reading “It’s fantastic if what we were trained to perform (or were educated to know) aligns very well with what we are good at performing, which, in turn, aligns well with what gives us joy when performing, which, in turn, makes us a good income, gives us financial stability, and helps grow our wealth.”
To maximize your value, and your income…
see and think broadly like a generalist; get paid to know and to do as a specialist. Charles Tadros, M.D. January 29, 2023 Saint Louis, Missouri
Your FICO score (a credit score that assesses your credit worthiness) does not know your income, your net worth, your living paycheck to paycheck, who is paying your bills, or how you are paying your bills.
https://www.myfico.com/credit-education/whats-in-your-credit-score Charles Tadros, M.D. January 10, 2023 Saint Louis, Missouri
ANY DEBT, “GOOD DEBT,” OR “BAD DEBT,” LONG-TERM DEBT OR SHORT-TERM DEBT, SHOULD BE USED TO PURCHASE AN ASSET OR SERVICE WHICH WILL, IN TURN, GENERATE REVENUE OR AN INCOME THAT WILL BE USED TO PAY OFF THAT DEBT, PAY ASSOCIATED OPERATING EXPENSES, AND GENERATE A REVENUE STREAM.
Everything we purchase can be construed as helping us to make more revenue and income. For instance, buying lunch gives us energy to go back and do 4 more hours of work. However, should lunch be paid for with debt? If the answer is, “No,” then pay cash for lunch. If a car is primarilyContinue reading “ANY DEBT, “GOOD DEBT,” OR “BAD DEBT,” LONG-TERM DEBT OR SHORT-TERM DEBT, SHOULD BE USED TO PURCHASE AN ASSET OR SERVICE WHICH WILL, IN TURN, GENERATE REVENUE OR AN INCOME THAT WILL BE USED TO PAY OFF THAT DEBT, PAY ASSOCIATED OPERATING EXPENSES, AND GENERATE A REVENUE STREAM.”
WE HAVE BEEN TOLD DRAMATICALLY INCOMPLETE, IF NOT INCORRECT, INFORMATION ALL THESE YEARS. IN ORDER TO RETIRE COMFORTABLY, WE DO NOT NEED TO SAVE, THEN INVEST, JUST 10-20% OF OUR PRE-TAX INCOME DURING OUR 30-40 YEARS OF EMPLOYMENT. WE REALLY NEED TO SAVE AND INVEST 75% OF OUR INCOME FOR THE FIRST 10 OR 15 YEARS WHEN WE START MAKING MONEY (“Ma, I’m moving back into the basement!). THIS AMOUNT IS INVESTED INTO A PRE-TAX, LOW COST S&P INDEX FUND UNTIL WE RETIRE. I CALL THIS FRONT-LOADING OUR SAVINGS AND INVESTMENTS.
What we actually SAVE, even if our cost of living is much less when we retire, will not be even close to what we need in order to retire for the typical 20-30 years of retirement. We need the additional money brought in by LONG-TERM INVESTMENTS. During our working years, we will be adding fundsContinue reading “WE HAVE BEEN TOLD DRAMATICALLY INCOMPLETE, IF NOT INCORRECT, INFORMATION ALL THESE YEARS. IN ORDER TO RETIRE COMFORTABLY, WE DO NOT NEED TO SAVE, THEN INVEST, JUST 10-20% OF OUR PRE-TAX INCOME DURING OUR 30-40 YEARS OF EMPLOYMENT. WE REALLY NEED TO SAVE AND INVEST 75% OF OUR INCOME FOR THE FIRST 10 OR 15 YEARS WHEN WE START MAKING MONEY (“Ma, I’m moving back into the basement!). THIS AMOUNT IS INVESTED INTO A PRE-TAX, LOW COST S&P INDEX FUND UNTIL WE RETIRE. I CALL THIS FRONT-LOADING OUR SAVINGS AND INVESTMENTS.”
WE CAN LEARN FROM SALESPEOPLE, MANY OF WHOM ARE PAID 100% ON COMMISSION, HOW THEY BUDGET AND SPEND WHEN THEIR INCOME IS SO OFTEN UNSTABLE.
Charles Tadros, MD September 22, 2021 Saint Louis, Missouri
THE TRUTH IS THAT A CERTAIN LEVEL OF SOCIAL STABILITY (decreased stress), INCOME (cash flow), AND WEALTH (assets) DO MORE FOR QUALITY OF LIFE, PUBLIC HEALTH AND LONGEVITY THAN OUR NEWEST AND MOST EXPENSIVE MEDICINES OR OUR FANCIEST MEDICAL PROCEDURES.
Charles Tadros, M.D. September 12, 2021 Saint Louis, Missouri
UNLESS ONE INHERITS MONEY OR RECEIVES A MONETARY GIFT, ALL CURRENT AND FUTURE PERSONAL FINANCES ARE DEPENDENT ON YOUR CURRENT INCOME.
A portion of current income generates cash flow used to pay current bills. A portion of current income is saved to pay for emergencies. A portion of current income is used to pay insurance premiums, which in turn, are used to prevent catastrophic loss of income and wealth. A portion of current income is investedContinue reading “UNLESS ONE INHERITS MONEY OR RECEIVES A MONETARY GIFT, ALL CURRENT AND FUTURE PERSONAL FINANCES ARE DEPENDENT ON YOUR CURRENT INCOME.”