No Time Machine Required!

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Introduction

I tend to end my YouTube videos asking for comments and topic suggestions regarding personal finance. Every now and then, someone asks me to make a video about a topic or to go more in-depth on a particular subject. I had a viewer last week leave a comment on a Bitcoin video I made. She was very excited and appreciative to learn everything she wanted to know about Bitcoin and how it works. She asked me to follow up with a video interviewing successful bitcoin investors.

I don’t make podcast style videos, so I don’t do interviews. However, I figured I could do the next best thing. I could tell her about several people who had made millions investing in bitcoin and other cryptocurrencies. In fact, I decided to do her one better than that, and tell her simple ways that she can join their ranks and become a crypto millionaire! …


Bitcoin explained simply for 2021 and beyond

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Introduction

Crypto entrepreneur Joel McLeod once said “Cryptocurrency is absolutely here to stay. If you can’t see that at this point, it’s time to learn more about it.”

I believe that most of us in the personal finance space are looking for safe and reliable ways to grow our money. The majority of us are seeking to lower our debts, build emergency funds, make some side income, and find something to invest in.

People tend to invest in a few things when looking for ways to grow their income:

  • Themselves (through education)
  • Securities (such as stocks, bonds, and mutual funds)
  • Real…


You Definitely Shouldn’t Believe Everything You See on YouTube

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Introduction

I was watching Proactive Thinker about two weeks ago and saw a very interesting video suggesting the Stock Market will crash after the election. I enjoy the videos on Proactive Thinker a lot and usually agree with his content. But I disagreed strongly with the first half of his video. So I’ve decided to write a response article, sharing my thoughts so we can all have a clearer picture of the matter. The video asserts that corporate taxes will increase during a Biden presidency, causing a sell-off on Wall Street.

Reality

The corporate tax rate is usually just a political talking point since corporations can usually afford the best accountants to make sure they pay the absolute minimum taxes. …


Let’s At Least Pretend This Is A Normal Election Cycle

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Introduction

Normally in my blogs, we discuss personal finance topics like building an emergency fund, paying off debt, and growing wealth through investing. But today I’d like to pivot a bit to something on most American’s minds. With just 7 days until Election Day as of this writing, I’d like to discuss the fiscal policies of the nominees for the two major political parties in the United States: President Donald Trump representing the Republican Party, and former Vice President Joe Biden representing the Democratic Party.

Why is Fiscal Policy Important?

Investopedia tells us that fiscal policy allows a government to influence spending levels and tax rates in order to better direct a nation’s economy. When applied to presidential politics, a candidate’s fiscal policy may determine whether individual or corporate tax rates rise, fall, or stay the same. This is important to people interested in personal finance because a candidate’s fiscal policy may influence a corporation’s hiring practices, an individual’s net (after-tax) income, and how much wealth you get to keep from your investments after tax. This is not to be confused with monetary policy. Monetary policy governs how much money a central bank allows to flow into a nation’s economy. …


The Centuries-Old Informal Rotating Savings Club Has Gone Mobile!

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Introduction

A few weeks ago we talked about the sousou. The word sousou comes from the Yoruba word “esesu” and is an informal rotating savings club where a set group of people arranges to contribute money equally into a fund on a predetermined schedule. Some form or informal rotating savings is practiced all over the world. Sousou is practiced mainly in African and Caribbean cultures and goes by many different names. If you need a refresher on what is a sousou savings plan, be sure to check out my article going in-depth on the subject.

I am of West Indian descent. I’ve seen the amazing things sousous can do. My mother used a sousou to save enough money to make a down payment on my childhood home. More recently, my cousins have used sousou money to do the same. A sousou done well can be a powerful economic tool used to eliminate debt and generate wealth. …


A Budgeting System That Even You Can’t Mess Up

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Introduction

We’ve been talking about budgeting a lot; it’s a subject that’s very near and dear to me. I’m determined to help you find a budget that you’re comfortable with so you can start saving money and paying off your debt! I like to try to put myself in your heads and in your shoes. Some of you might be getting a little worried about your finances around now. According to Experian, September is the most common birth month in the United States. If you know many people born in September, you may be flat broke from buying birthday gifts and attending (socially distanced) birthday dinners. …


Prize-Linked Savings Has Come to America. But Is It Worthwhile?

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A New Hope

Have you ever played the lottery? I have from time to time. I like to play when the prize money gets irresistibly high. I played when the Powerball jackpot got up to $768 million. I also played when the MegaMillions Jackpot went up to $1.6 billion. As financially disciplined as I am, the opportunity to win a truckload of money was just too good to pass up.

I would usually experience a little remorse after the winning numbers were called and I discovered I lost. What was I thinking? I might as well have thrown $10 out of the window. The people who design the lottery know exactly what I was thinking. Lotteries are exciting! You start imagining what you’ll do with the money when you win! What would you buy if you won the lottery? Some might buy houses or cars. Some might start businesses. …


A Chain Letter That Can Get You Sued?

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Introduction

A few weeks ago, we talked about a sou sou. I told you what a real sou sou was, how it worked, and what it wasn’t. In my research for that article, I discovered something called the Blessing Loom. You might have heard of it before under one of many names. People have called it Blessing Loom, Blessing Circle, The Circle Game, Money Board, Mandala Game, Infinity Loom, Giving Circle, and probably a dozen other names.

Some people even have called it an online sou sou. Being Jamaican, I’m very familiar with a sou sou, but I had never heard of the blessing loom. So I decided to do some research. Unfortunately, the blessing loom, no matter what name it goes by, is a scam. …


It's Easier Than You Think!

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Introduction

Have you ever had too much month at the end of your money? I know I have. The paycheck to paycheck lifestyle is rough and stressful. You may even experience this as your financial wisdom is growing.

If you’ve read my previous articles you’ve heard me talk about the importance of building an emergency fund. The idea behind the beginner emergency fund is simple: put $1000 into a high-interest savings account and leave it there in case of a rainy day.

But what if you simply can’t come up with any part of that $1000? I know the economic situation for many people right now is difficult. …


Quite possibly the most beginner-friendly budget

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Introduction

I previously wrote an article on debt repayment methods. We discussed the advantages and disadvantages of the debt snowball and the debt avalanche.

Though many of us agreed that the debt snowball works best for most people, there were those of you who voiced your support for the debt avalanche. The discussion was truly enriching!

One of the comments really got me thinking. There was a comment from a guy we’ll call Austin. Austin mentioned that he has spending issues and experiences difficulty sticking to a budget.

I’d like to thank Austin for his honesty and bravery in mentioning that. I prefer to think of Smart Money viewers as a community. If one of us in the Smart Money community has a personal finance problem, then it’s likely that others might also. …

About

Keith McBride

Personal finance adventurer | I’ve made some mistakes on my journey. I’ve learned from them. Maybe you can too. https://linktr.ee/SmartMoneyFinance

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