Daily Meeting - Personal Finance 16: You & Your Money Mind

• Antonio will be teaching how to build Twitter, PHP, and SQL for the tech side of the Mexit Special Internship
• When you are the majority, act like it
• When it comes to you, your money, and your mind, adopt a different attitude

Rich Dad, Poor Dad - Ch. 2: Why Teach Financial Literacy?

• An asset is anything that puts money in your pocket
• A liability is anything that takes money out of your pocket
• Anything that you’re spending money on
• The unemployment rate is not a real rate nor is it a real number
• The number is accurate for who your government decides is working class
• "Know what an asset is, acquire them and become rich."
• Your government doesn’t included everyone as middle class
• It’s not a metric for everyone

How Much You Need to Live Comfortably in 50 Major US Cities

https://www.gobankingrates.com/money/economy/cost-to-live-comfortably-biggest-cities-us/

• Middle class is judged by net worth, not income
• There is no middle class
• The global class has replaced the upper class
• There are 4 classes:

1. Poor
2. Middle
3. Upper
4. Global 

• The middle and upper classes have combined 
• You need to find some assets
• Go find $50,000 that you do not trade your time for

1. This is a state of emergency 
2. This is not a game

• That's it! Easy, huh? The trouble is that people are not properly taught how to spend their money. Many do not know the difference between an asset, something which puts money in your pocket, and a liability, something which takes money out of your pocket. Kiyosaki's main point is that the only way to become financially independent is to accumulate income generating assets which can pay for your expenses. However, many people rather buy a new car or an iPad (liabilities) instead of investing that money in stocks or real estate (assets). I recently posted an infographic which shows the difference in returns if you would have bought Apple stocks instead of one of their products.
• The fear of straying from the generally accepted life path plays a big role in the financial decision making process. However, if you do not want money to control you like it does most people, then you will have to do things differently from the crowd. Investing legend John Templeton seems to agree on this point.

2021 Poverty Guidelines

https://aspe.hhs.gov/topics/poverty-economic-mobility/poverty-guidelines/prior-hhs-poverty-guidelines-federal-register-references/2021-poverty-guidelines 

• If you own a business and have a job, that’s a family member
• Most people are in poverty despite how the government has classified them
• The 10X Rule will be the next book covered in the Personal Finance class
• Don’t spend your money
• Account for where you are and where your money is now
• All your money needs to funneled into real estate or something that acts like real estate
• Be where the government is protecting (stocks, real estate)

Betterment

https://www.betterment.com/ 

• Invest in betterment for 10 years

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