Index

401(k) accounts, 40, 41, 44, 106

403(b) accounts, 41, 106

A

AirBnB, 77

annuities, 93–94

assets, 44

B

Baby Boomers, 79, 113

Berknell Financial Group, 39, 128

Betterment, 65

Blavity, 78

bonds, 92–94

budgets and budgeting, 38

applications for, 38–39

Buffett, Warren, 110

C

cash flow, 39, 42, 46–47, 79, 82

management of, 43, 52, 54–61, 99–100

Certified Public Accountants (CPAs), 105

Churchill, Winston, 70, 75

comparison with peers, 33–34

compounding of interest, 4, 60

consultants, 101–2

consumer mindset, 44

contractor employment status, 101

counterintuitive thinking, 15–17, 22, 32, 34

credit cards, 42, 45, 47, 61–64

D

DeBaun, Morgan, 78

debt reduction, 33, 43, 44, 52

strategies for, 61–64, 80

dental insurance, 40

E

education savings, 52

emergency funds, 42, 47, 59–61

entrepreneurship, 76–78

business structures, 101

employee vs. contractor status, 101

envisioning success, 26–27

estate planning, 52, 67, 112–16

exchange-traded funds (ETFs), 92

F

financial crisis of 2008, 16–17

financial pitfalls, 32–36

financial planning, 32

day-to-day habits, 37–38

pitfalls, 34–35

Fiverr, 77

flexible spending accounts (FSAs), 40, 44

Ford, Henry, 30

G

Gen X, 35, 65, 113

generational perspectives, 35–36

gig economy, 77–78

Gould, Ron, 20–22

Great Depression (1930s), 16

H

health savings accounts (HSAs), 40, 44

herd mentality, avoiding, 89

Hill, Napoleon

Think and Grow Rich, 10, 47

Holyfield, Evander, 71–73

home purchases, 41, 52–54, 79–80

I

impatience, 35–36

income

tools for protecting, 73–76

types of, 39–40, 44

individual retirement accounts (IRAs), 64, 65, 94

inflation, 53, 93

insurance, 52, 66, 93–94

term vs. whole life policies, 66

Internal Revenue Service (IRS), 100–101, 105

investing and investments, 52

401(k) plans, 40, 106

403(b) plans, 106

asset allocation, 87–89

diversifying portfolios, 89–90

dollar-cost averaging, 64–65

real estate, 79–83

rebalancing portfolios, 88

required minimums, 32, 65

stocks, 85–87

K

“keeping up with the Joneses,” 34

L

learning as a continuous process, 26

liabilities, balance sheet, 44–45

lifestyle inflation, 33–34

Lyft, 77

M

Master Budgets, 37–39, 44–47

debt reduction and, 62–64

goals and priorities, 47–48, 51, 54, 67

reviewing, 48–49, 54, 57, 58

Master Wealth-Builders

4 a.m. faith and, 20–22

approach of, 5–6

goals, 47–48, 52

influence of, 114–16

key habits of, 22–27

mental mindset of, 14–15, 17, 44–45

medical insurance, 40

Medicare, 64, 101

Millennials, 35, 55, 65, 78, 113

money market accounts, 61

N

net worth, 44–46

P

patience, importance of, 35–36

Pew Research Center, 55

process focus, 23–25

productivity, emphasis on, 25–26

R

real estate, 79–83

home equity, 80

rental properties, 80–81

real estate investment trusts (REITs), 82

relationships, 26

retirement, 52, 85, 94

tax-deferred accounts, 33, 105–6

RIITE Planning Worksheet, 39–48

risk, assessing and managing, 87–88

inflation, 93

Rogers, Will, 98

Roth IRAs, 33, 44, 64

S

savings, 45, 47, 48, 53, 59–61, 66, 105

Social Security, 64, 101, 105

spending, controlling, 54–60, 99–100

stocks

analyzing, 90–92

charitable donations of, 106–7

student loans, 42, 45, 62

T

Task Rabbit, 77

tax-free/municipal bonds, 93–94

taxes, 44, 100–101

capital gains taxes, 106

charitable deductions, 106–7

tax-deferred accounts, 105–6

tax loss harvesting, 104–5

Think and Grow Rich (Hill), 10, 47

time value of money, 4

Tyson, Mike, 71–73

U

Uber, 77

W

wealth and wealth-building

building wealth as a marathon, 14–15, 113

designing, 4, 87–89

four-step plan, 5, 75–76

generational transfers of, 13–14

Wealthfront, 65

Y

Yarnway, Lonbaye, Sr., 117–18

Yarnway, Moses, 118–19

youth, 6

as an asset, 15, 17, 35–36, 73–74