It’s great that you’ve reached a point where your debt is mostly under control and you’re saving money for the future. And when you move up to the Red Wealth Belt level, you’ll discover even more ways to diversify your investment portfolio and keep that money working for you. But you should pause for a moment to answer this important … [Read more...]
The Financial Dojo Yellow Wealth Belt™ is the next level up from the entry-level White Wealth Belt™. As the holder of a Yellow Wealth Belt you are like a seed that is experiencing the warmth and energy of sunlight for the first time. You can now feel the rays of useful financial knowledge seeping into your consciousness. Yellow Wealth … [Read more...]
Believe it or not, it’s not very difficult to identify the components that affect your FICO credit score. This information is widely available. In addition, it shouldn’t surprise you that some components carry more weight than others. But what matters most is what you do with this knowledge. You have to apply it. Below are the elements that make up … [Read more...]
In the White Wealth Belt course, you learned the basics of disputing incorrect/inaccurate items contained in your credit file. Unfortunately, a credit bureau may not honor your first polite request to resolve the problem. The 8-step credit dispute strategy is a ninja technique that you can use to turn up the heat on them. The key to this technique … [Read more...]
When it comes to reducing your spending and keeping your debt under control, it first starts with the recognition that there is a problem. Then, you should identify the sources that are zapping your wallet the hardest and the deepest. I’ll cover the areas that deserve the greatest attention. Yellow Wealth Belt (YWB) Jumpstart Training … [Read more...]
One of the best saving and investment vehicles that you can and should establish is a Roth IRA. I just wish it was around when I graduated from university many moons ago. The Roth IRA has only been around since 1997. It’s called “Roth” simply because that’s the name of the U.S. senator (William Roth) who sponsored the bill that created … [Read more...]
In this article, we’re going to dig a little deeper into the Roth IRA. Now that you know what a Roth IRA is, the next step is to determine if it’s right for you and, if so, how to make investments and contribution into it. Specifically, you’ll learn about the advantages and disadvantages of a Roth IRA, including tax implications. Yellow … [Read more...]
The White Wealth Belt™ is our lowest or entry level belt. If you are seeking knowledge to transform your personal finances and enhance your financial self-defense skills through our dojo, you are hereby granted a White Wealth Belt. But it also means that your finances are probably taking a severe beating and you need to learn some of the basic … [Read more...]
There are two phases to regaining control of your credit. The first phase is to review your credit reports and make sure they don’t contain incorrect or inaccurate information about you or your credit history. This is the area that we will focus on in this section of the mini-course. White Wealth Belt (WWB) Jumpstart Training … [Read more...]
When you obtain your credit reports, they will probably confirm what you already know about your finances. You may see large outstanding balances that seem insurmountable. The monthly payments may exceed your take home pay. So what can you do when you’re drowning, but don’t want to deal with the long term effects of bankruptcy? White … [Read more...]
The next component needed to get your finances under control is to create a household budget. This is an extension of the work that you should have completed under the Know Thy Finances section of the Puzzle Box Paradigm. White Wealth Belt (WWB) Jumpstart Training Mini-Course White Wealth Belt: Introduction Cleaning Up Your … [Read more...]
You will eventually find that your household budgeting program will free up extra cash. Hooray!! If it were me, I would use that money to pay off debts. As I mentioned at the beginning of this mini-course, your goal is to get your total debt (excluding your home mortgage) below 50% of your total annual gross income. White Wealth Belt … [Read more...]
As the holder of a White Wealth Belt, socking away a lot of money for the future should not be a significant priority right now. Your main objective is to get your total outstanding debt down to an easily manageable level. When you reach that point, then you should start contributing to savings and investment accounts. White Wealth Belt … [Read more...]
One of the most frequently asked questions among those who are trying to plan for their futures is, “How much do I need to save for retirement?” No doubt, this is an extremely important question because the answer will provide a foundation on which all aspects of your financial life can then be worked out. If you know the total amount you’ll … [Read more...]
Every dojo offers a system, focus, and set of techniques for teaching students to protect themselves and achieve their goals. In martial arts, the systems go by names such as Jiu-jitsu, Taekwondo, Karate, Judo, etc. Here at Financial Dojo, we teach the CALM Approach™ or System. That’s why our tagline is, “Take the C.A.L.M. Approach to Building … [Read more...]
Disclaimer: The entire contents of this personal finance and wealth building web site represent the thoughts, ideas, and opinions of Michael Holland, unless otherwise stated. You may also come across articles, videos, reports, and other content provided by (or associated with) various authors. In all of these cases, the opinions of each respective author is there's alone, and they shall retain copyright of the material as marked. There are also links that might earn us a commission. Nevertheless, the information on this web site is in no way intended to replace a one-on-one relationship or consultation with a qualified or certified financial or investment professional. Our intent is not to give you financial advice because every individual's financial situation is unique. The intent is to share knowledge and information based on the experience and research of Michael Holland and his community. Michael encourages you to make your own financial decisions based upon your research and in partnership with a qualified financial or investment professional. |