Can you believe we might actually have a President Donald Trump? It’s true – Trump is going to be the nominee for the Republicans. To hear the media and professional pollsters tell it, he doesn’t stand a chance against Hillary. Then again, these are the same so called professionals who said he wouldn’t last a week in the primaries. But just who is The Donald and how did actually become rich anyway? The Really Old Fashioned Way Many people may not know this but The Donald became rich initially through the really old fashioned way – he inherited it. His … Read More >

Sorry to burst your bubble but the answer to this question is a big fat no. It’s a common trope amongst the Occupy Wall Street crowd that the rich are able to get away without paying taxes but it’s a myth. The fact is that the so called 1% do indeed pay taxes and many (though not all) pay a very high percentage of their income in taxes. But there are people who do pay zero taxes, just not those you think. The Difference between the Merely Rich and the Ultra-Rich Let’s start by pointing out that there are a … Read More >

You know what’s downright pathetic? I mean really, really pu-thetic? 63% of Americans can’t handle a surprise bill for five hundred bucks. I’m sorry, but that is just not right. I’m sorry if you are one of those people but if you are, listen up because all that is about to change. Americans are terrible savers and we need to do a better job of saving for emergencies. The Bush Doctrine – Spend ‘Til You Drop We can’t really lay the blame for this on the American people. We’ve been trained for years to spend every penny we have coming … Read More >

One of my favorite films when I was growing up was called The Toy. It was about a spoiled super rich kid named Eric (hey, he’s my namesake, of course I like him already). In the movie, the kid ‘buys’ a black man, Richard Pryor as a ‘toy.’ No, this isn’t a movie about slavery – it’s a movie about the question of what does wealth mean? Pryor is a poor writer who is behind on his mortgage and is about to lose his house but who for some crazy reason thinks that playing hoops with his buddies and dreaming … Read More >

One of my favorite movie lines comes from the move Fiddler on the Roof. Perchick, a revolutionary who wants to overthrow the Russian Tsar meets Tevya, a poor milkman. Perchik tells Tevya that money is the world’s curse. Tevya reacts perfectly by saying, “may the Lord smite me with it! And may I never recover!” But the fact is that there are problems that only rich people have. And Alexander Wept for There Were No More Worlds to Conquer Hey, what do you know? That fru-fru MA I got in the Humanities is good for something after all. It reminded … Read More > Buying a car shouldn’t have to be super complicated but for some reason it seems to be. I remember years ago when I bought my first car – it was a little Hyundai Accent which today I would never dream of buying. I thought I’d done my homework though – I went online and found average pricing for the car and came prepared to haggle. Of course, I didn’t think about other details. Stupid I know, but I was young once too. Financing or Paying Outright I’m not a real big fan of financing a car. I get that … Read More >

You might think that after everything I say here that keeping money in a bank account would be the last thing I’d recommend. After all – bank accounts typically can’t even keep up with inflation and that’s when they do offer you interest at all. But I’ve got to tell you – I do keep some money in a bank account and as dumb as it may sound at first, so should you. It’s Not an Investment Okay, let’s get this out of the way: Don’t think of a bank account as a place to make money. It’s not. Bank … Read More >

  The audience here tends to skew younger I think so this may not interest all of our readers. But I say, too dam* bad. There are people in crisis here and they need to know what to do! Never mind that all you 20 and 30 somethings are likely to have a midlife crisis at some point in your lives. So let’s get this on – what the heck is a midlife crisis anyway and why do you need to plan for it? The Midlife Crisis is Ready to Have Its Own Midlife Crisis The whole idea of a … Read More >

Ah…the dream. To retire at 35 years old and have your whole life ahead of you instead of being a geriatric trying to recapture his or her youth. Many people think it’s simply not possible. How can you amass enough money in such a short period of time to live off of for the rest of your life? It is possible and not even all that hard. You just have to change your thinking. You’re Not Winning the Lottery First things first, this isn’t about some ridiculous fantasy where you win the lottery or you somehow magically get in on … Read More >

Regular readers of Wealth Kept know that we’re big fans of people like Robert Kyosaki. This is a man who came from very modest beginnings and built a wealth empire for himself. His detractors would have you believe that he came to this wealth through the old Amway network. But you know what? There’s a whole lot more to it than that. To Be Fair… Okay, let’s be fair and admit that a chunk of Robert’s wealth does indeed come from selling the proverbial shovel. During the Gold Rush of 1848, millions of people raced to California to dig for … Read More >