Net Worth Principle Blog
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WSJ - Wealth Begets WealthThe Personal Journal of the Wall Street Journal had a great article by Jonathan Clements this past Wednesday, August 29, 2007. It was entitled The Small Ways Wealth Begets Wealth. It pointed out some key things like my book does. The rich really do get richer by simple mechanics of finance. They don't pay interest and finance charges on credit cards. They get perks and lower fees on the brokerage accounts because their balances are bigger. They can afford higher dedcutibles that save them money in insurance premiums. These are very simple things that so many younger Americans deal with. Info from the Federal Reserve's 2004 Survey of Consumer Finance on households headed by someone under 35: Median net worth is $14,500 with 55% saving money of the prior year and 40% have a retirement account. It is important to get your net worth growing. According to NWP's chapter on the Making a Million Easy anybody can very reasonably achieve a networth over $100k by your early 30's. Personal finance is not rocket science, and it really is easier to get ahead financially than it seems once you get the ball rolling in the right direction.
Last Updated: 12/9/06 7:01 am EST Created on: 12/9/06 7:01 am EST |
My Latest Endeavor is ChurchLinkThis is something that is really exciting to me. I have collaborated with Kurt Theobald and Erik Hansen to launch a new company with the mission of enabling churches to accept electronic payment by debit cards onsite and online. This has come about in a rather quick fashion, but I believe there will soon be a wave of churches and non-profit organizations that will need and want to adopt a form of payment by debit cards at their facilities. The idea came to me when I was at church and I was not able to give to a special cause that the pastor was asking people to support. I had the passion to give, but I couldn't because I do not carry much cash or a check book. I then could get the idea out of my head. Churches need to have kiosks that can enable people to walk up and give in that moment of passion. Society has rapidly changed to using plastic to pay instead of paper checks. The church needs to get in touch with this fact in order to allow people to quickly and easily give. Find out more about ChurchLink at www.churchlink.biz. I am excited to share more about this venture in the near future. Come back for future posts or email me if you have a financial topic or question that you would like me to address. Paul Ebisch, Personal Finance Advisor Tags: ChurchLink, churches, giving, debit cards, kiosks, checks, Kurt Theobald, Erik Hansen Last Updated: 12/8/06 11:00 pm EST Created on: 12/8/06 11:00 pm EST |
Trip to General Council of the Assemblies of God in IndyRecently, we made the trip to Indianapolis to the be meeting of the ministers of the Assemblies of God. I had fun with a book signing and seeing lots of old friends and acquaintences. Several pastors were very interested in the Net Worth Principle for their small groups and getting their own finances in order. I think NWP will work great for small group discussion to get people addressing issues that are important. Net Worth Principle shared a booth with Marriages by Design which is a great program for couples to invigorate and strengthen their marriages. Their website is at www.marriagesbydesign.com. They are using NWP for their financial piece in their program. General Council Convention was the launch of their 40 day program to build marriages. Though finances are a touchy subject I think that more people are starting to get real with where they are and small groups can be a great encouragement to get on track with your money. Come back for future posts or email me if you have a financial topic or question that you would like me to address. Paul Ebisch, Personal Finance Advisor Tags: Marriages by Design, Assemlies of God, General Council, small groups Last Updated: 12/8/06 11:00 pm EST Created on: 12/8/06 11:00 pm EST |
Student Loans Out of ControlWhat is going on in the realm of student loans is atrocious. Many colleges (and other higher education centers) are taking gross advantages of naïve and ignorant young people. The Wall Street Journal has been doing a good job of reporting the scandal as it unfold in relation to schools getting kickbacks for steering students to particular banks loan programs.
Students unsuspectingly take the Financial Aid Office’s short list of recommendations with no idea they can look elsewhere, and many times the list of lenders may have all kinds of fees and higher rates that alternative options might not. However, the loan officer and school may be getting vacations and other kickbacks to push students to them.
It is a shame because students will live with this debt for years to come, and they could most likely use all the breaks they can get.
In addition to pure scandal, there is the fact that many schools have no true regard for the student”s future. The only real regard is for getting enough money in the door to meet the institution’s budget. I know this is important, but students appear to be taking on far more debt than is necessary.
I even saw a counselor direct a student to add more classed to her major for a “double major” rather than finish and start her MBA. Doing this knowing that her goal was to get an MBA. It was a needless addition of courses to bring more revenue to the school rather than giving good counsel to help the student succeed in life. (Double/triple-majors appear to mean nothing once you have a graduate degree so don’t waste your money if you have true graduate degree plans.) If you are a student, then buy my book and read the chapter “Your Greatest Investment: You.” It will be very worthwhile. The amount of debt you get yourself into early on will greatly affect how quickly your net worth takes off in the future. Come back for future posts or email me if you have a financial topic or question that you would like me to address. Paul Ebisch, Personal Finance Advisor Tags: College loans, Student debt, Financial Aid, budget, Wall Street Journal
Last Updated: 12/5/06 1:01 pm EST Created on: 12/5/06 1:01 pm EST |
Net Worth Principle Press ReleaseWell, the press release for my book will be going out soon. I am anxious to see if it creates any kind of personal finance buzz among the financial magazines out there. I have a book sigining in Waxahachie, TX on May 1 at Southwestern Assemblies of God University (SAGU). The branch manage of AGCU really did a great job of getting me some publicity on campus and in the local paper. The Net Worth Principle really does work best the younger someone starts implementing it so hopefully the college students will buy a copy. Plus, the chapter, "Your Greatest Investment: You" is perfect while they are in school. A copy of the press release is available for download on my Resources page if anyone needs it. Come back for future posts or email me if you have a financial topic or question that you would like me to address. Paul Ebisch, Personal Finance Advisor Tags: Press Release, personal finance, SAGU, AGCU Last Updated: 12/5/06 1:00 am EST Created on: 12/5/06 1:00 am EST |
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