Doug Wright’s Post

My thoughts on the current economic/investment landscape. Broadcasting LIVE on Thursday @ 4PM - join me and Richard Bell Jr as we discuss our market outlook for 2024.

Don't get angry at billionaires Study FIVE things they do differently: 1. They focus on action > perfection 2. They hire expert advisors and coaches 3. They take advantage > fear the tax laws 4. They buy high-quality appreciating assets 5. They have defined goals + financial plan Sure, millionaires are trust fund babies. But many of them are normal people who figured out a few things early in life. →How to earn →How to save & invest →How to minimize their taxes →How to protect their downside →How to make money while they sleep You'll be much better off financially in 10 years if you study > scoff at millionaires. Would you agree with that?

I remember growing up hearing “six figures” a lot. Everybody was climbing the ladder of success to get to $100,000. As I came into adulthood and eventually crossed that income I quickly understood the “six figures” of yesteryear and today were vastly different. 😳 I’ve crunched these numbers and while I agree you can have a decent quality of life with the figures here, you really need to be at $365,000+ to be comparable to what 100k was like in the 80s. 🤯 There are some circles that even throw $500,000 as the new “six figures” 😬 Inflation is a Mutha‼️ #moneytalk #personalfinance #financialliteracy #smartmoney #financialservices #moneymanagement #financialfreedom #investing #wealthbuilding #financialplanning #budgeting #savemoney #investmenttips #retirementplanning #passiveincome #debtfree #moneymindset #financialgoals #financialeducation #cashflow #financialwellness #thechicagochamp #lifestyleandlegacygroup

I like to keep Profitability and what happens to the profits separately. If you're making a profit then I hope your Agency Performance Doughnut looks something like the first Doughnut chart. What you then do with that margin is a separate question. There will, almost inevitably, be a tax bill. But after that you have some choices. You might want to reward staff with a bonus. You might have a need to build your Balance Sheet strength up. You should certainly be thinking about dividends/pension to build up your own finances. They might be an investment or purpose driven cost/donation. But first of all comes profit. I find it helps to keep them separate and focus on the operational profits. The fun stuff of deciding what/how much to distribute comes later. #agencylife

Do you find it hard to get ahead financially? #lifestyle creep is the primary culprit & is easily dealt with by having a plan & sticking to it. #financialliteracy #personalfinance #budgeting #saving #expensemanagement #inflation #debt #creditcards #payyourselffirst

I see the not so subtle shade thrown at millionaires on social media all the time. Here are a few tips from millionaires to help you get your finances in a good spot for the long run. Feeling financially secure is something everyone wants, and everyone takes a different journey to reach their end goals. *Planning and Progress, 2024.

I want to save you time and money. I'm sure you want that too. But you'll have to accept this: money directly reflects who you are a person.  Let's break this down: 1. Your money is a mirror of your spending habits, savings and investments. 2. And I'm not trying to be negative or point my finger at you. 3. But understanding simplicity and reality of this is paramount for your entire life. 4. This is because money has the power to transform lives - not ruin lives. 5. Becoming accountable for what you do with your money ultimately puts you in leadership position where you can decide to take back control of your money and use it to transform your life is a positive way. 6. Think about what you do with your money; if you save, if you invest, where you invest, if you spend all your income, what you spend it on. 7. De-clutter your finances and be honest with yourself; the receipts won't lie. 8. See money as a mirror that reflects who you are, and use this to transform into who you want to become. #money #LynnTwist #financialplanning

🚨 Exciting Event Alert! 🚨 Join us this evening, July 23, 2024, at 6pm for the Barbershop Real Talk Special Financial Wellness Series. Our YM$ VP of Administration, Genesia Doreus-Brinson, will be speaking on the crucial topic of ‘Budgeting’. Don’t miss out—join us in person or virtually! Check out the flyer below for all the details. See you there! 🎥🎥⬆️⬆️💰💰👇🏾👇🏾 #FinancialWellness #Budgeting #YM$ #money #finance #financialliteracy #budget #moneymindset

Good Morning! Welcome to the beginning of a great week and month to be. And the one thing we will not allow to frustrate us and keep us from achieving our goals is our personal finances. It can not be overstated, the peace of mind that comes from knowing that you are controlling the steering wheel, brakes and the gas pedal of your money vehicle. Here are some 4 simple tips that will help demystify the world of budgeting and keep you in the drivers seat and feeling safe while on your journey to financial stability. 1.Track your expenses for a month to understand your spending habits. 2. Categorize expenses into needs and wants. 3. Allocate a specific amount for each category in your budget. 4. Ensure you live within your means while working towards financial goals. Have a Wonder Filled Day! 💯 #financialfreedom #goals #budgets #income #expenses #wants #needs #spendinghabits #success #moneymanagement #budgettips #track #money #savings #vacation #retirementplanning #purposedriven #leadership #mondaymotivation #mondaymindset #bahamas

MYTH: Budgeting is only for those living from paycheck to paycheck. FACT: Even the rich spend their way into debt when they do not practice budgeting. Everybody needs to learn how to budget. #MYhives #budgeting