The Magic of Compound Interest

Albert Einstein said, "The most powerful force in the universe is compound interest."  Given enough time and patience, even modest returns can generate wealth.  The structure of compound interest is such that your money...

Lucille Tyler Baldwin
Author of "Sick and Tired of Being Broke"

http://www.thejourneytowealth.blogspot.com/

Never Sign Anything Without Reading it First!

Never, never, never, (and I do mean never) sign anything without first reading, understanding, and accepting the terms of the contract.  Asking questions is okay and is your right.  If you need to ask a hundred questions, then ask a hundred questions; the money you save may be your own.

Lucille Tyler Baldwin
author of "Sick and Tired of Being Broke"
http://thejourneytowealth.blogspot.com/

Is your Dream Car Creating Wealth?

   I met a young married couple a few days ago. The husband recently bought a brand-new $30,000 truck. The monthly payment for his dream truck is $500 for the next "eight" years. Let's take a closer look at this picture: $500 a month times 12 (one year) = $6,000 a year. Consider that $6,000 a year for "eight" years is $48,000. Also consider that in eight years the truck is no longer shinny and new with that new car smell that we all love.


     The truck will have lost its magic years before the final payment is due. If he is like most consumers, the husband will trade the truck in for a newer model (his next dream vehicle). If like most consumers the husband only makes the minimum monthly payments on the truck, he will soon "owe" more on the loan than the truck is worth.

     If the couple purchases a $500 savings bond each month instead, they would have invested $6,000 each year with a future value of $12,000. $12,000 times the "eight" years for the monthly truck payments would have given them a future value of $96,000! How much will his used truck be worth in eight years?

   What's worse is that the truck will depreciate by at least 20% the moment he pulls off the car lot.  Which means the value will go from $30,000 down to about $24,000 in minutes!  Now he owes $48,000 for a truck that is now worth $24,000 and he has not made it home yet.  Wasted wealth.

Introduction: Sick and Tired of Being Broke

Journey to Wealth for Ordinary People

About Me

Hi

     My name is Lucille Tyler Baldwin, I am not a financial advisor or an expert when it comes to money. What I am is a divorced mother of two who was Sick and Tired of living paycheck to paycheck and decided to take charge of my financial situation. My life had taken an unexpected detour. I had become a single mother raising my daughters alone. I believed in love and fairy tales and thought that love alone was enough to create a happy life. I NEVER imagined that I would be divorced and raising my daughters alone, but hey, life happens!

     At the tender age of 21 I married my high school sweetheart and moved hundreds of miles away from my family and friends. I was full of life, love and ready for new adventures as a military wife. I sometimes like to joke that I was young and dumb, but that’s not nice. What I learned on my journey is that it does not matter if you are a janitor, a server, a teacher, or even a single mom, the power to become debt free and create wealth is in your hands.

Why Did I Write a Book?

     I wanted to write a book for others like myself who grew up without the benefits of basic financial information. The sad truth is that almost 80% of Americans are in debt and struggling to make ends meet or just not getting ahead financially.

     The main cause of this problem is simple: a lack of financial information. Until recently I was one of the 80% overwhelmed with debt and struggling to make ends meet. Once I learned how to take control of my money my goal was to share this empowering information with others. I started with .25 cents, determination, and a plan. The most powerful tool that I had was the belief that living debt free was possible. If I can do it, you can do it! If you are ready to free yourself from debt and watch your bank account grow then I invite you to join me as I continue my journey to creating wealth.

Lucille Baldwin
Author of "Sick and Tired of Being Broke"
http://www.site.sickandtiredofbeingbroke.org/