How is your own portfolio and income flow doing in today’s climate?

And yes, I do share in your skepticism regarding Obama’s current so-called liberal agendas. I think he means well, but I am afraid of how far he will go in pushing his wealth redistribution style policies. But politics aside, he is probably the best man for the job and the only one who can really inspire sufficient confidence and optimism to captain this American ship through rough waters.

But even during tough economic times, opportunities abound and there are long term bets to be made. I am eyeing the markets extremely closely. I am sooo tempted to jump in but I fear greatly that this is the ultimate sucker’s rally in the making. Your thoughts?

Congrats on your success. I enjoy reading about how your evaluating your own financial goals and enjoy seeing somebody else not complaining about a ‘bad economy’. Politically I believe the doom and gloom is being used as a scapegoat to push liberal agendas, hence ‘Never let a crisis go to waste’, but all those who are pessimistic about the big picture, I point them to your blog and tell them to let it sink in… look at this guy, and emulate how he manages money… so in up times and down times, you can be confident that you arent alone.

Cheers,
E.Newton

This gentleman fellow gave you very generic financial advice. Using Charles Schwab for investing is neither good nor bad. They are a very popular choice for large portfolio holders as they offer very extensive services, however they are probably more of a higher end brokerage firm in my opinion…with much higher fees than the more stripped down discount brokers. I’d recommend something like a TradeKing, Sharebuilder, or TD Ameritrade for starters.

Thanks

Yes I am constantly eying the stock market and licking my chops. Prices are certainly quite attractive, but I’ve been badly burned before. I have grown extremely paranoid and super suspicious of anything that even whiffs of a bear market rally – and I think this current situation is a classic bear market rally….so I’ll be staying on the sidelines and resisting the temptation to jump in for a while longer. It’s not easy though…my cash savings yearns for risky bets…..

Of course, I’m no stock market prognosticator and truly have no idea what the market will do from here on. I urge caution for all those looking at current market conditions….don’t be swayed by short term swings in prices and pure speculation by so-called financial experts, such as the pundits from CNBC

I hate taxes with a passion as well. I have actually even contemplated moving some of my business operations to another state to minimize my overall tax burden – legally of course. Tax avoidance is always perfectly legal….it’s tax evasion that’s illegal.

I am very, very wary about President Obama’s plans for a tax hike. I know he thinks this will ultimately help the economy weather this recession, but I think it’s punishing small businesses like mine. I really don’t think there is a patriotic duty to pay more taxes….

One of these days, I may include a more detailed breakdown of my complete income and cash flow statements along with my current balance sheet. Currently my income is somewhat diverse and includes a variety of projects I’ve been involved in for some time – along with my regular legal practice part time day job. But I’ll give some thought to such a future public disclosure..

I’m still slowly getting used to sharing so much info online. Sharing personal finance ideas is one thing, but revealing actual personal numbers is always something altogether.

Running a baby business at the early stages and balancing debt is tough. Been there, done that – and it certainly wasn’t easy. But at some point in one’s life, you have to take a leap of faith…and trust that your business gut instincts will ultimately pay off.

In my case, there was a time in my life when I had mounting debts to pay, but instead of continuing to wallow in the same, depressing job that I had been holding for some time, I decided to leave for greener pastures and strike it out on my own. I applied for some 0% balance transfer credit cards (I don’t necessarily recommend this strategy for everyone however), paid off all of my immediate bills, and gambled that my self implemented business plan would ultimately take off….eventually it did in a matter of weeks…and in the nick of time too.

I guess in life there is always a measure of calculated risk that has to be taken to take your business life to the next level. But if you are absolutely drowning in pressing massive debt, even dreams may have to succumb to a little bit of immediate reality that may demand some postponing until ones situation can accommodate.

“It’s just ten percent luck
Twenty percent skill
Fifteen percent concentrated power of will
Five percent pleasure
Fifty percent pain
And a hundred percent reason to remember the name”

But yes, step by step and forced self motivation wins the race and the long term benefits of self run businesses are tremendous. Just keep your eyes on the prize and work towards the future.