Financial Transformation Resources
It is mid-2024. On the surface, the economy looks great, jobs are relatively easy to
come by and the stock market keeps rising. The forecasters I respect the most believe
there will be a "blow off top" to the stock market in late 2024 or early 2025 meaning
that it keep rising quickly until we reach a long-term top. They believe there will be a severe
downturn in the stock market, housing prices and job avaialbility.
I believe it is important to take a common sense approach to be prepared for a downturn,
not out of fear, but to help live life in a more relaxed and carefree way. The resources
below are extremely useful whether there is an economic downturn or not.
- Ken Honda: His courses can help you change your relationship with money
to attract more abundance and live life in a more care-free way. The 21 lesson "Money EQ" course available for free when joining
Mindvalley is particularly good.
- The Minority Mindset: Jaspreet Singh. His courses are more on the practical side
of becoming financially abundant. The 14 lesson "Smart Money: Your Roadmap to Financial Success" course available for free when joining
Mindvalley is particularly good.
Editorial: Many people are signing up for various High Interest Savings Accounts. It is true that there are smaller
banks offering 5+% interest (in June 2024). Beware the smaller banks. Don't rely on web pages that rate these banks based on what they
offer on their web pages. Read the real human reviews on Desposit Accounts
and Trust Pilot. It is true that the reviews will skew more negatively as a negative
experience will cause a person to write the review (but not always). Still, this will help you be aware of some customers' experiences.
There are news reports of people being locked out of accounts in smaller banks. I opened an
American Express High Yield Savings Account.
While the interest rate is only 4.25% (as of June 2024), it is a much bigger entity than the small banks and the bank side of American Express got
reasonable reviews on Desposit Accounts. I also have their
American Express Blue (3%-6% cash back) Card so I could keep both accounts in one place.
The same is true with brokerage firms. There are some small firms that got amazing reviews (such as
Trade Zero for example). I almost moved my investing money to these firms due to
their great customer support. However, in order to be safe, I have my investment money primarily with
Fidelity even though their customer
service got mixed to poor reviews (something I haven't experienced yet).
Finally, I don't "marry" my investments. If there is a blow-off top to the stock market in late 2024 or early 2025 and it seems that everyone
is excited about stocks, that is when I will sell and stay in cash. While real estate prices continue to go up, I will not buy until there is
at least a major correction in the market. That is my philosophy on investing.
Books