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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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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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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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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The Psychology of Money and Wealth with Ramit Sethi

Pat Flynn: So I like to mix things up here on the Smart Passive Income Podcast. This is a very different kind of episode, you’re going to be transported to the city of New York. I actually conducted a walking interview, through the city of New York, with a good friend of mine, Ramit Sethi. I was in New York for some interviews and to meet some people and some retailers, related to the SwitchPod. And I was there with Caleb and he said, why don’t we just try this thing? And so we did it, it’s a learning process. You’ll hear at the beginning of the episode, my mic was a little bit hot because I was holding it close to me. You’ll also probably hear how cold I was. I was losing my breath a little bit, because it was twenty-five degrees Fahrenheit. Which for me, being from […]

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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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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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These Simple Tactics Will Help You Become More Mindful With Your Money

Modern technology can help you spend your money, not save. April 12, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town says we can all benefit from being more mindful with our money. Destructive habits like using our credit cards and failing to balance our budgets can deplete your savings.  Before you make big purchases, you should probably wait a week to really consider all of the pros and cons. You will come to realize that your impulse buys are mostly empty in the long run and investing your money is ultimately more lucrative.  Click the video to hear more from Phil Town. Related: Is Your Side Hustle Actually Making You Money? 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 effectively monetize video and audio content distributed […]

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How You Spend Your Money Sends a Message to the World

Put your money behind businesses that actually make a difference. March 29, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town explains that you send a message to the rest of the world when you put your money behind certain causes. That’s why it’s important to do the research. You should know where your money will end up and whether or not it will align with your values. Take ownership of your investments, so that you are making decisions — not your financial advisor. To hear more about how your investments speak to others, click the video. Related: If You Want to Break Out of the Middle Class, Avoid These Money Habits 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 effectively monetize video and audio content distributed across […]

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The Biggest Risks (and Rewards) of Investing

Always make sure you know a company’s pros and cons before you invest. March 15, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town explains a few of the most significant risks and rewards of investing.  It can be risky to invest in companies without sufficient research or businesses that lack a proven track record, and you probably shouldn’t trust companies with unreliable leadership.  Town recommends practicing discernment with the efficient market theory and always keeping an eye out for stocks that are price wildly below their value.  In the words of star investor Ben Graham: In the short-run, the stock market is a voting machine in the short term, but in the long-run, it’s a weighing machine. This means that underpriced stocks today will often produce rewards later on. Click the vieo to hear more from Phil Town.  Related: Set Clear Financial Goals by Making Unbreakable Promises Entrepreneur Network is […]

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How to Ensure You Are Always Making Money (Even If You Lose Your Job)

To consistently make income, you should have multiple channels. January 30, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Jeff Rose asks what would happen if you lost your job today. Can you securely say if you would be prepared for the shortage of income? Rose discussed the benefit of having a second source (or even a third, a fourth, and more), which can essentially offer you a means of insurance to continue affording and sustaining your regular living costs.  When brainstorming a means to secure another income source, consider regular routes to pay increases, like a traditional raise or learning a new skill to start a business.  Click play to hear more setting up diversified streams of income.  Related: Struggling to Save? Here Is the No. 1 Way People Waste Their Money.How to Start a Business With One Customer and Make It Popular […]

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4 Simple Steps to Reaching Financial Independence and Retiring Early

Retire earlier than you ever thought possible. January 25, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Would you like to retire early? Imagine a life where working was optional because you had enough money to support your everyday living expenses. Escaping the rat race allows you to take control of your time. Time spent is time you will never get back, so why spend it working for someone else when you can spend it doing the things you love? Now, being able to retire early doesn’t require you to win the lottery or receive a big inheritance, and it isn’t some get-rich-quick scheme. This is something that many people have been able to achieve because, truth be told, it’s just simple math: What you earn minus what you spend is equal to the gap between you and financial independence. Your goal should be to optimize […]

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How to Invest in International Companies

Looking to invest in international companies can be both similar — and very different — from investing in U.S. companies. January 18, 2019 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town talks about how to invest internationally. When investing internationally, make sure you are aware of the integrity of the business.  Similar to investing in companies inside the U.S., look to put your money behind companies you know. This means that you should be looking into individual businesses and studying the markets in which they operate.  From there, you should also consider that investing in companies outside of the U.S. is not like investing in the United States. This can mean that regulators will not be as eagle-eyed. Moreover, U.S. companies may also have an international presence, which you may want to invest in.  To hear Phil Town’s full list of how to […]

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5 Steps to Setting Achievable Financial Goals

Think big, start small. December 17, 2018 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Brian Tracy offers five steps you can use to set achievable financial goals. The first step is to realize your core values. That is, what really matters the most to you? More importantly, what is your plan to consistently approach the goals related to your core values? Tracy wants you to think big but to start small. That way, you’ll be able to see success early on and be able to reach your larger goals by making consistent progress.  Click play to learn more of Tracy’s tips on how to achieve your financial goals this year.  Related: The Stress-Free Process of Publishing an Amazon Ebook Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate […]

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Make Quicker Progress Towards Your Savings Goals With These 3 Tips

Do more and save more by setting a definitive, final value. October 25, 2018 2 min read Opinions expressed by Entrepreneur contributors are their own. With the relative ease that anyone can spend money nowadays, there are many reasons to keep a close eye on what money you are putting aside. In this video, Entrepreneur Network partner Brittney Castro is here to offer a few simple tips to help you meet your money-saving goals.  The first method Castro recommends is streamlining all your financial accounts. For instance, if you have several accounts set up for your retirement saving, you may need to consolidate the accounts into one. This way, you can form a better idea of the progress you are making towards your financial goals.  To add to that, another step you can take is to set clear goals. By putting a definite monetary number on what amount you are hoping to save, you […]

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Why Positive Thinking Can Lead to Life-Long Positive Money Habits

With the right attitude towards money, you can start moving down a healthy financial path. October 22, 2018 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Jack Canfield talks about how our early attitudes and opinions about money can skew how we think of it later. If early on in life we hear our parents complaining about their personal finances, we make associations that money is tedious and difficult to handle.   Canfield recommends a few affirmations and mantras to promote positive thinking you can say to yourself before making any big money decisions. Before these make-or-break choices, picture yourself making positive decisions that will effectiely and intelligently grow your bank account. Simply shifting your mindset can help you achieve your goals and rid yourself of the harmful thoughts standing in the way of healthy money habits.  From simply reciting these affirmations, Canfield says you will be able make […]

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These Apps Can Help You Grow Your Wealth From Your Smartphone

Here are some helpful apps that can help you manage your investments, earn a good credit score and more. October 5, 2018 2 min read Opinions expressed by Entrepreneur contributors are their own. In this video, Entrepreneur Network partner Phil Town shares some of the best applications he likes to use for smart investing.  Town enjoys Acorn, an app that rounds up every purchase made with a credit card to the nearest dollar and invests the spare change into a diversified fund.  For seeking out brokerage accounts, Town recommends TradeStation as one tool that allows you to stay up-to-date on the securities you hold. This app is great for new and seasoned investors alike. Another alternative is Interactive Brokers.  Add to these a few more tools that can help you stay up-to-date on news (Yahoo Finance app) and track your spending habits (Credit Karma app), and you’ll be better equipped to meet your financial […]

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