5 Simple Rules to Become a Millionaire
Millionaire on the Prairie
by Blue Lobster
1w ago
This week, someone asked me if I would consider writing a post about not drinking a daily coffee in order to become wealthy. I responded that I though the “daily coffee” is a red herring. By following a few simple rules up front, anyone will become a millionaire with enough time. Rule #1 – Invest Take 30% of net pay and invest it in well-diversified exchange traded fund. Do this every single time you get paid. If you get a raise, maintain that 30% proportion. If you can’t start with 30% right away, then start where you can and increase the percentage by 1% every chance you get. I didn’t start ..read more
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A Woman Always Needs Her Own Money.
Millionaire on the Prairie
by Blue Lobster
2w ago
Single or not, a woman needs her own money. Full stop. I’ll never be convinced otherwise so don’t even try. I’ve lived for a long time and I see the importance of having money in the bank. The only thing that money buys is options. The more money you have, the more choices you get to make about how to live your life. When you don’t have your own money, you’re living at the risk that someone else might take away access to shelter, food, transportation, and everything else that you need to have the life you want. International Women’s Day was celebrated on March 8, 2024. Think about yourself and ..read more
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Have You Decided How to Spend Extra Money?
Millionaire on the Prairie
by Blue Lobster
3w ago
Most of us dream of winning the lottery, but there are times when smaller lump-sums come into our lives. What should be done with that extra money? In my humble opinion, you should split that extra money in the following way: 50% to your investments 30% to your debts (if you have any) 10% to your emergency fund 10% to whatever you want Investments need to be funded. My advice is to invest money when you have money. Your Tax Free Savings Account and your Registered Retirement Savings Plan will not fund themselves. It’s up to you to put the money into both of these accounts. Once you’ve made t ..read more
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Make Money While You Sleep
Millionaire on the Prairie
by Blue Lobster
1M ago
Passive income is my favourite kind. If there’s an easier way to increase my cash flow, then I haven’t found it yet. Generating passive income takes a modicum of effort on the front end, then time does the rest. You will make money while you sleep. It can’t get any easier than that! When I first started investing in dividend-generating securities, my monthly dividends were roughly enough to buy a pack of gum. It wasn’t exciting and I didn’t tell anyone about them. Instead, I went about the business of setting up a dividend re-investment plan, aka: a DRIP, so that all those little amounts of mo ..read more
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Procrastination is the Thief of Time.
Millionaire on the Prairie
by Blue Lobster
1M ago
Truer words have never been spoken. When it comes to investing your money, procrastination is also robbing your wallet. See – it’s like this. If you invest $0 today, then you’ll definitely have $0 tomorrow. On the other hand, if you invest something, then you’ll have way more than $0. The more you invest, the more you’ll have. It’s a simple, direct relationship between the choices you make today and the outcomes that you’ll have tomorrow. First lesson – invest your money. Start with what you can and work your way up. I suggest increasing your investment contribution by 1% every year. When you ..read more
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4-Wheeled Money Pits Always Need a Sinking Fund
Millionaire on the Prairie
by Blue Lobster
2M ago
I don’t know if you’ve taken a look at the price of vehicles these days, but they’re not inexpensive. I’m showing my age with the next statement, but I want it to make an impression. Today, there are pick-up trucks that cost more that my first condo, which was $83,000! Unlike today’s trucks, my condo came with a bedroom, a fridge, and a nice view. My question to you is – have you started planning for how to pay for your next 4-wheeled money pit? Myself, I hate car payments. The idea of someone reaching into my bank account every month and taking out my money… it makes my blood boil! Nope – not ..read more
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10 Ways to Increase Your Wealth in 2024
Millionaire on the Prairie
by Blue Lobster
2M ago
I’ve been learning about wealth-building and personal finance for awhile now. Allow me to save you some time by sharing the methods that helped me to reach my own financial goals. If you want to increase your wealth, then implement as many of the following strategies as you can. Don’t be discouraged if you can’t do them all at once. Much like becoming proficient in any area of life, it takes time to get good with money. 1. Live Below Your Means This maxim is the bedrock of succeeding with money and increasing your wealth. Your “means” is your income, so never spend more money than you bring in ..read more
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I Love My Cash Machine!
Millionaire on the Prairie
by Blue Lobster
2M ago
Happy New Year! I hope that you 2024 is off to a great start for you. I’m happy to report that my cash machine hit a new milestone in 2023. After crunching all my numbers and updating all of my spreadsheets, I was quite pleased. For the first time ever, my cash machine generated more dividends in my non-registered account than the amount of contributions that were made. Woohoo! I’ve waited a very long time for this to be the case, and I can tell you that this achievement is sweet. When I first started investing in dividends, I was doing it just because my parents had been investors and they’d ..read more
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A Gift For You – A Step-By-Step Plan for Your Money in 2024!
Millionaire on the Prairie
by Blue Lobster
3M ago
There’s only 1 week left until we say “Welcome!” to 2024. My gift to you this holiday season is a step-by-step plan for your money. As always, take what you want and leave the rest. First off, I want you to open atleast 3 bank accounts. Each of these will have a very specific purpose. You can add more if you want, but you need atleast three. First Account – Your Chequing Account This is the account that will be the center of your financial life. You will deposit your paycheque money into this account. You will deposit your tax refunds into this account. If you get birthday money, it will go in ..read more
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Scared of Making Investing Mistakes? Do It Anyway.
Millionaire on the Prairie
by Blue Lobster
3M ago
You learn a lot from failure. It’s a more instructive teacher than success. Everyone makes mistakes with their investments. Warren Buffett started investing when he was 10. Do not let anyone convince you that every investment he’s made in his entire life was a winner. If I had to guess, I’m sure that he’s made a really bad investment or two in his time. No one picks a winner every single time, not even Warren Buffett. The reason he became super-rich is due in part to the fact that he never gave up investing after making his mistakes. You shouldn’t either. The fact that Mr. Buffett has been inv ..read more
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