Black Crypto Millionaires

Wealth Development Strategy

Our Philosophy  //  01

A sound wealth development strategy provides a road map for regular self-assessment and a plan for protecting and preserving your assets, helping you meet your financial objectives.

Note - We are not licensed tax professionals, financial planners or stock brokers.  However, we have researched and compiled helpful information in the financial markets including cryptocurrencies and are sharing our philosophy with the group.  Each individual is expected to do their own due diligence in these matters.

 

We have developed a philosophy for building a sound financial future anchored in some of the best tried and true advice. Here are some tips and strategies to consider:

  • “Have a Plan”. Generate a roadmap for getting out of debt and building a strong financial future.

  • Never invest what you can't afford to loose

  • Money is a tool, not a goal. Before you begin planning, think about what you want to accomplish with your money. Do you want to travel, start your own business, or champion an important social cause? If those are priorities in your life, be sure to factor them into the equation.

  • You are your greatest asset. The amount of money you will earn over the next 20-30 years—is most likely your greatest asset. To protect this valuable asset, make sure you have good health, disability, and life insurance plans.

  • A little can lead to a lot. Plan to put aside small amounts—$50-100 a month—if invested early, can amount to substantial sums given enough time. The key: get started early and stick with it.

  • Determine a baseline budget and build from there. While we all understand the importance of living beneath our means, few people take the time to build a monthly budget—let alone stick to one. For millennials who do, however, the benefits can add up quickly. This is especially true if, as your salary grows over time, you are able to bank or invest the difference.  If you’re older and established or trying to get there, the same standard holds.  Stick to a realistic budget and as your income and expenses, as well as your needs, wants and dreams, change from year to year, update your budget to accommodate those changes keeping your goals in mind.

  • Put your unused mortgage payments to work. Develop an aggressive mortgage payment strategy utilizing tax benefits.  This can be an effective way to free up extra cash—money that can be invested, saved, or used to meet other pressing financial needs.

  • Take responsibility for your retirement. While the retirement landscape has changed with the decline of traditional pensions, there are lots of ways to prepare for it. If your company offers a 401(k), be sure to take advantage of it. If not, look into traditional IRAs, Roth IRAs, and—given your long-term time horizon—tax-deferred annuities. 

  • Diversification is the key to a solid financial future.  We like that strategy of diversifying your cryptocurrency holdings.  Additionally sticking with mutual funds and exchange-traded funds is a good idea. They offer much-needed diversification with relatively low costs. When you get enough liquidity, adding real estate, gold, silver and precious metals to your portfolio can be beneficial. 

  •  Increase your emergency fund balance. Remember, your goal is to maintain three to six months' worth of living expenses in your emergency fund. As your income and expenses go up, so should the amount in your emergency fund.

  • Seal the leaks.  Take a look at your monthly and annual recurring expenses: gym membership, phone, cable, Internet, Netflix and media subscriptions, bank fees, credit card annual fees, car insurance, homeowner’s/renter’s insurance, etc. Which of these do you no longer use much? Cut the subscription and invest the freed up cash in your financial future.

  • Remind yourself what you’re saving for.

  • Set up a regular transfer and purchase of investments.

  • Set up a foolproof system for paying your bills.

  • Schedule regular check-ins to get your free credit report.

  • Invest in Your Financial Education

  • Make Your Money Hard to Access

  • Risk Management Is Essential

    • The mathematics of compounding wealth prove that avoiding large losses is equally as important to growing your wealth as pursuing large gains. They are mathematical flip-sides to the same coin.

    • For that reason, a smart investment strategy manages risk of loss and volatility risk using a variety of tools. These include diversification, careful asset selection, valuation, and a sell discipline to create a defensive investment plan.

  • Use Your Common Sense

  • Complete Basic Estate Planning

  • Get A Life

    • There’s more to retirement planning than just money.

    • What about relationships? What about your health? What activities engage your interest?

Put Your Wealth Building on Auto-Pilot//  02
  • Own Your Home: Purchasing your personal residence has several advantages. A portion of each monthly payment pays down debt which builds equity, automatically.

  • Rental Real Estate: If owning your own home is a great idea, then owning even more homes where someone else makes the payments for you is an even greater idea.  In this era, multi-unit residential properties are the best bet.

  • Tax Deferred Retirement Plans: Maximize your contributions to your tax-deferred retirement plans so that the money comes out of your paycheck automatically before you ever see it. This is a relatively pain-free way to save because you seldom miss what you never had. Additionally, if your employer offers a savings match program make sure to save enough to maximize this free money. It is the easiest savings you will ever put away.  Also, consider including the Infinite Banking Concept to help you become wealthier in an accelerated time period while remaining protected. 

  • Invest in a good cryptocurrency coin or technology.

  • Join An Investment Club: While group decisions are probably not the smartest way to invest, the social support, regular learning, and forced savings will put your wealth building and financial intelligence on auto-pilot.

  • Subscribe to Educational Investment Newsletters: The The internet is a treasure trove of investment education, and much of it is freely available. Newsletter issues come regularly causing you to grow your financial intelligence over time and automatically.

Monitor and Improve Your Credit//  03
  • You should check your credit report every year. You can do this free by visiting AnnualCreditReport.com (not the site with all those catchy commercials, mind you, which can wind up costing you money) and viewing a free report from each of the three credit bureaus every year. Regular reviews of your report could help you fix errors quickly, catch an identity thief at work or get on top of a potentially delinquent account. To dispute an error in your report, contact the credit bureau directly. If you notice a problem in one report, check reports from the other two bureaus as well. 

  • Note that your free credit report does not get you a peek at your actual credit score. You'll usually have to pay a fee to see your FICO score. At myfico.com, you can get your credit report and FICO score from each of the three credit bureaus for about $20 a pop. (Your score can vary from bureau to bureau.​)

Work Smart . . . only work hard if necessary//  04

Over the last few years, it's become apparent that robots and trading signal software hold the key to consistent successful trades.  These artificial intelligence (A.I.) algorithms out pace human performance in the stock market.  In the cryptocurrency space, these kinds of bots are just coming online. 

 

We believe it's more important to "work smart" first to even determine if you have to "work hard" in order to achieve your goal. Truth be told, hard work doesn't always yield financial success.  Its better to work smart consistently then to work hard.  It's the savvy foresight and actionable information that make all the difference.  That's why we chose to secure a membership in an investment group that affords access to a unique A.I. program and other resources that we are sharing with this membership.  These "leveling of the playing field" programs and tools give us a special edge over other investors and better help us protect our money and maximize our ROI.