How Do Millionaires Spend Their Money?

Not all of the wealthy spend like they’re wealthy. September 13, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town busts some of the myths associated with millionaires, including their spending habits. The two most signicant myths Town describes are the following: Millionaires are irresponsible with their money and/or spend it frivilously. Warren Buffet lives in the same five-bedroom home in Nebraska that he bought in the mid-1950s. Bill Gates, the founder of Microsoft, and Sam Walton, the CEO of Wal-Mart, both drive relatively humble cars. These big-name execs prove that you don’t need to spend like you’re a millionaire when you do reach millionaire status.  Millionaires take a lot of risks. Though the running assumption is that millionaires consistently take big swings. In reality, millionaires are often the best at taking calculated risks. What is surprisingly common is how millionaires […]

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How to Know When a Change in Stock Price Means You Should Invest in or Avoid a Company

Exercise critical thinking before jumping at the chance to invest. September 6, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town discusses the impact of certain events on a stock price, and whether those events can be helpful or destructive.  There is a definite difference between an event and a downfall. Events are triggered by fear when investors fail to consider long-term consequences. Stocks typically go on sale, explains Town, because something inspires fear in the marketplace.  A company on sale is a great investment opportunity only when it shows promise after an event — and not because it is in jeopardy of crashing and burning. An intelligent investor thinks about how recent events and geo-political moments affect and dip the value of stocks.  Though popular knowledge likes to think that a stock’s price is equal to its value, smart investors realize this […]

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The Main Reasons Recessions Happen

The fluctuations of the economy are not completely random. August 30, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. Recessions come and go. A typical, open cycle of borrowing eventually can come up against limitations. In this video, Entrepreneur Network partner Phil Town describes the recent good fortunes of the economy and why recessions happen.  Town describes a credit cycle where one person’s income eventually becomes another’s. When this cycle gets out of hand, the Federal Reserve steps in by raising interest rates. Raising interest rates affects indivduals’ abilities to make payments on items they’ve already bought, which further affects this cycle of credit. If one person who previously took out a large amount of credit enters into bakruptcy, this affects the level of credit extended to others. If people have less credit, they’ll have more limited ability to take out loans, and if people have less money, they will cut down […]

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The Myths About Baby Boomers and Retirement Savings

August 23, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town details a handful of myths about Baby Boomers and the misconception that everyone in this cohort, born between 1946 and 1964, is prepared for retirement. Also, Town dives into some tips to help the Baby Boomers better prepare for life after a career of full-time work.   Town details the first myth that Baby Boomers all have plenty of money in retirement funds. Town says this is not true, citing a recent survey of Baby Boomers, which says that 30 percent of the group have zero dollars saved for retirement. Though many Baby Boomers have pensions and benefit from Social Security, these forms of retirement can be difficult to live on, as they are meant to supplement a larger pot of retirement savings.  Click the video to hear more.  Related: How to Determine If a […]

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How to Determine If a New IPO Is Worth the Risk

Phil Town advises to pump the breaks a bit before investing. August 16, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town explains the pros and cons of investing in an initial public offering (IPO). In order to determine if you should invest in an IPO, consider the following: Is it worth the price?  Will the price plummet? Uber and Lyft’s stock prices took extreme dips after they went public in 2019.  Are you prepared to bet on the unknown, considering there is no background information on the new company? At the end of the day, Town says there is no harm in keeping a new IPO on your watchlist, but you should exercise logic and reason before you invest in it.  Click the video to hear more.  Related: Why Millionaires Don’t Invest in These Things Entrepreneur Network is a premium video network providing entertainment, ewitducation […]

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Why Millionaires Don’t Invest in These 4 Things

Phil Town describes some tactics rich people don’t use to grow their fortunes. August 9, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town explains how the rich often grow their wealth differently from others. Here are some of the common investments wealthy people avoid: Bonds. These investors are just interesting in maintaing their capital and not interested in compounding their money.  Prepaid plans. Gold. Investing into something that you cannot immediately turn into cash is a risk. Gold, inevitably, is not an asset that earns money over time.  Trends. Town references a modern-day phenomenon, cryptocurrency, as a trend that is taking off. Town personally knows a lot of people who invested in cryptopccurency and lost it.  To hear what methods Town recommends, and the method millionaires swear by, click to watch the full video.  Related: Adopt These Smart Money Habits When […]

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Are You Wasting Money on Your 401(k)?

Phil Town discusses the pros and cons of using this popular workplace investment method. August 2, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. Is it a wise investment decision to put your money in a 401(k)? In this video, Entrepreneur Network partner Phil Town discusses the advantages and disadvantages of investing in a 401(k). And is it really worth it? According to Town, investing is always worth more than not investing at all, especially if your employer is matching your financial contributions.  However, Town explains there are many shortcomings to a 401(k), such as limited options in terms of where your money is invested and high fees paid to managers. To hear all the advantages and disadvantages, watch the full video. Related: Adopt These Smart Money Habits When Stock Prices Skyrocket Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities […]

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Can Investing Make You a Millionaire Overnight?

Phil Town breaks down some misconceptions about investing. July 26, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town describes the difference between the expectations and the realities of investing. Town explains that many financial advisors often do not have a personal interest in how well their clients’ investments perform.   Town notes that one of the best strategies you can adopt when investing is to be patient. Patience is a key investor trait, one that is more integral to successful investing than natural intelligence. In order to make your best investing decisions for real life, Town lists a few misplaced expectations surrounding investing.  Investing will make you rich overnight. Though investing can make you rich, you must be patient. Overnight successes, Town says, make for terrific stories but are extremely rare. Effective investing will not make you a millionaire overnight, but it can make you a millionaire […]

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Adopt These Smart Money Habits When Stock Prices Skyrocket

Patience is a virtue in life and investing. July 19, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. Entrepreneur Network partner Phil Town says that the higher the stock market capitalization-to-GDP ratio is, the more confident you can be in saying that the market is overpriced, which can make it difficult to find value. To find success in pricey times, Phil Town recommends a few tips. To start, stay patient. Make sure you are staying alert to good value and good opportunities. Use the time you don’t spend investing to research promising companies and build up your savings, so you can strike when the time is right. Click the video to hear more.  Related: How Warren Buffett Got Rich by Following What Makes Him Happy Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and […]

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How Warren Buffet Got Rich by Following What Makes Him Happy

If you’re actively investing in companies that stoke your interests and follow your values, you’ll see great returns. July 12, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town explains how passion can simplify the entire investment process. For example, Town points out how the Oracle of Omaha Warren Buffett invests in Coca-Cola and drinks a Coke every day. Buffett also famously starts each day by eating a McDonald’s breakfast, another company in which he has invested. While Buffett’s investments in McDonald’s, Coca-Cola and See’s Candies might not be very health-conscious, it’s important that Buffett maintains a connection to each one. He also creates connections through his rabid reading habits. Town shares that Buffett is known to read about 300 pages a day, including multiple newspapers.  Click the video to hear more about how Buffett manages his investments while staying true to himself. Related: The […]

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The Right (and Wrong) Times to Sell Your Long-Held Stock

If you’re looking to sell, do a review of this convenient list to confirm you’re making the right decision. July 5, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Phil Town details a few instances where it is a good — or bad — idea to sell a long-held stock.  According to Warren Buffet, the most ideal investment is one which you can hold onto and watch grow for an infinite amount of time, building your money over long durations of time. However, if you are considering selling a stock — these are a few times where it is very wise to sell. For one, if a company has changed its company story, especially one that seemed to be the crux of its identity, it could be time to move on. Town also recommends selling when you are presented with a better opportunity. Even if your […]

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Why You Should Spend More Money and Avoid Savings Accounts

Practice good judgment as to whether spending money may actually be more conducive to your ultimate goals. June 28, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town describes some of the ways that saving can actually be detrimental to long-term financial health. Nobody wants to lose money, but that impulse can be destructive if it means sacrificing important life experiences and opportunities. Town mentions there is a difference between establishing a safety cushion and saving every dime for fear of losing your money. According to Town, putting your money in a traditional savings account can also be a mistake, in part because the value of your money kept in them will decrease over time. Click play to hear more from Phil Town. Related: Break Bad Investing Habits by Adopting These Tried-and-True Tips Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We […]

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Break Bad Investing Habits by Adopting These Tried-and-True Tips

Phil Town describes a few traits of smart investors. June 21, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. Many investors unwittingly follow a slew of bad habits that prevent them from making money. Thankfully, if you are one of these people, you can change your course by following these tips from Entrepreneur Network partner, Phil Town. First off, stop trying to get rich fast. Get-rich-quick schemes often blow up and backfire. A good investor knows that to make money, you should commit to investing in a company for an extended period of time. Exiting an investment too soon directly cuts into your ability to build up wealth, and practicing patience can lead to a big payoff down the road.  Town says that most people who are willing to take your money and invest it are not great at it. that’s why you should dive into companies on your own and figure out the strategies […]

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Want to Improve Your Investing Habits? Try Warren Buffett’s Circle of Confidence.

Make your financial strategy sleeker and more customized to your passion with this concept. June 14, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. According to Entrepreneur Network partner Phil Town, if you want to become a successful investor, you should develop a circle of competence. A circle of competence is an aggregation of all the things you have expertise in, and Town says you should focus on making investment decisions on topics, businesses and industries that fit within the circle. To further narrow your search and identify possible investments, you should look at the companies within your circle that match your values.  Click play to learn more about how you can define your circle of competence and make better investments.  Related: The Pros and Cons of Investing in a Stock Index Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise […]

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The Pros and Cons of Investing in a Stock Index

If you lack the time and resources to research individual companies, then investing in a stock index could provide a substitute. June 7, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town about the benefits of investing with an index.  As always, Town stresses the importance of doing research before your start investing. However, if you’re strapped for time and resources, you can turn to index investing. Individual stock investing triumphs over index investing, since individual investments can fluctuate but are not reliant on the market’s movements. Town points out that an especially solid company can weather even the worst financial recessions. Indices tend to perform, in the long-term, as well as the overall market. That said, there can still be benefits to investing in an index. Click the video to hear more from Phil Town.  Related: These Tips Can Help You Discover Which Stocks to […]

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These Tips Can Help You Discover Which Stocks to Buy

Don’t just go with your gut when it comes to your finances. May 31, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town explains what to do when researching a company you might want to invest in. There are tons of resources you can turn to, including specialty reports and tipsters. Town recalls an old saying that “very smart people can do very dumb things.” So, take a step back from all the noise, stop listening to others and do your own research.  Town also recommends avoiding companies that fail to demonstrate consistent growth, and that you should always buy stocks with a margin of safety attached. That way, you will have a cushion to make mistakes in case your chosen companies don’t perform as expected. Click play to hear more from Phil Town.  Related: 6 Bad Habits That Can Cut Into Your Retirement Savings Entrepreneur Network is […]

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6 Bad Habits That Can Cut Into Your Retirement Savings

If you’re close to retirement, keep an eye out for these bad habits and save more for retirement. May 24, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town discusses some traps 40-year-olds should be wary of before retirement. In your 40s, you are ideally at a state where are actively earning more, saving more and also perhaps traveling more. But as you are circulating through these activities, you have to be wary of certain habits that will dip into your savings. They include: Spending too much on your children, especially if you start dipping into your retirement savings to support your children. Leave your nest egg alone if at all possible.  Failing to take care of yourself. Keep tabs on your fitness, your diet and your wellness. You may just be able to avoid some medical bills and pocket the savings.  […]

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Want to Save $10,000 This Year? These Tips Can Help.

Here’s how to end the year with some extra cash in your bank account. May 10, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town talks about strategies you can use to improve your annual savings like compound interest. Town also recommends that you should pay yourself first with each check — that is, putting money into a savings account that you won’t touct before you’re tempted to spend it. Then, you can live on what is left to stay the course of your savings goal. Even if you’re only able to put away a little each paycheck, it can still make a big difference by the end of the year. Click the video to hear all of Phil Town’s tips for building your savings this year.   Related: Red Flags You Should Look for in Quarterly Earnings Reports Entrepreneur Network is […]

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Red Flags You Should Look for in Quarterly Earnings Reports

Phil Town explains the key areas to watch out for when reviewing this financial info. May 3, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town discusses how to approach listening to quarterly earnings calls, which can be a gold mine of information for investors.  In terms of general information, Phil Town points out that these calls usually take place on the same day that the quarterly earnings report comes out. It may also be a good idea to review the annual report, the 10k, as well. If a company is worthwhile, these reports will be extremely enlightening, since the document will provide accurate and honest information.  Town also recommends being overly critical when listening to calls, such as evaluating if you even believe what you’re hearing. You want to make sure your money is going into a trustworthy company […]

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These Tips Can Help You Invest More Confidently

Here’s why investing is like public speaking. April 26, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town breaks down a few tips that can help you be more confident while investing.  To start, remember that investing is a learning process, one that takes multiple efforts. Town likens it to public speaking because both require a lot of practice and confidence comes over time. As a rule, the more you try and the more experience you have, the more confident you will become. You should also focus on research and being rational. Don’t judge your investments off emotions, which will only serve to cloud your judgment. Make sure you have a general idea where the company will be in a decade. Take a long-term view, and you will be able to make more of an informed decision about whether a stock is right for […]

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