The $7 Million 7 Years Wealth System

Making Money 201? I now realize that I was a little premature running the photo of the space shuttle actually launching off the pad; where we’ve really been until now is back at the Launch Control Center making sure that we are all prepared for the flight: suits [check]; oxygen [check]; flight training [check]; flight [...]

Where Did All the Money Go? OK Scott is off the hook for not doing this exercise … … but only because he actually already has a pretty strict budgeting system in place: I love the idea of withdrawing a certain set amount from the ATM each week for things like personal spending and entertainment [...]

The ‘No Budget Budget’ [private] I asked our 7MITs to try the little ‘expense recording’ experiment that I just wrote about today on 7million7years.com … I’ll let you click this link to read it over there … Suffice it to say, that I really found this process to be ‘eye opening’ when I stumbled upon [...]

The Recap! I think if there’s one of our 7 Millionaires … In Training! who’s course seems to already be set, it’s Scott … the only question that I would have will be answered in the next part of our journey – stay tuned! In the meantime, what questions / advice do YOU have? _____________________________ [...]

Making Money 101? Of course, what we’ve been doing over the last few weeks is quietly reviewing the ‘financial picture’ for each of our 7MITs … I hope that you have taken the opportunity to do the same? Perhaps your financial picture overlaps in part with one or more of the 7 Millionaires … In [...]

The True Liability – Not Reaching Your Number! 27 1/2 years left on a fixed rate 2.85% (student) loan … sweeeeet [AJC: queue Homer Simpson drooling] … It seems that Scott is the poster-child for ‘big debt boy made good’ … what do you think? __________________ In this next exercise, our main topic is to [...]

Are you an optimist or a pessimist (I’m already on record on this subject)? It might depend upon how well your assets outweigh your liabilities … … this diagram shows quite nicely how the cash flows – out! – for each liability …. does that mean that a liability = bad? Not necessarily, it depends [...]

401K? No way! First cab off the rank – Scott – weighs in with a barrage of reasons why he does NOT have a 401k, or the ‘doctor equivalent’ thereof … … I can’t judge Scott badly because: a) He has a strong saving ethic and a positive and – apparently – rapidly improving net [...]

My Chevy’s got a 401k block … I couldn’t think of a way to both wrap up the previous week’s set of posts on cars and begin this week’s series on retirement savings, hence the ‘punny’ title! And, it wouldn’t be fair for me to lecture the 7MITs on their cars if I didn’t recount [...]

Driving Into Wealth Scott and [BMW steering wheel] leather go together like birds of a feather … … so, I knew that he would be the first in on this post (and it would be full of all the right ‘brands’) Sounds like Scott’s on to a good deal with his employer’s largess, right?! ________________________________ [...]