The Prosperity Blog

Questions Every Investor Should Ask Wall Street

“If they can get you asking the wrong questions, they don’t have to worry about answers.”
– Thomas Pynchon, Gravity’s Rainbow

Are Investors Asking the Right Questions?

Financial and political power congregates on Wall Street… epicenter of the American financial universe, and the subject of many a movie about the ruthless and the rich. Few people question why Wall Street holds the purse strings of our nation. To the average American investor, putting your money into stocks, bonds and mutual funds is just “what you do.”

Investing (or should we say, speculating) in the stock market is exactly what approximately 120 million Americans do – often, without questioning why. There may be other options, but few search them out.

According to a 2017 Gallup Report, 54 percent of American adults have money in the stock market. For Americans with annual household incomes between $75k and $99k, the number jumps to 75 percent. For those with incomes over $100k, it rises all the way to 89 percent.

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Slash Your Taxes: Tax Reduction Tips

“If you drive a car, I’ll tax the street. If you try to sit, I’ll tax your seat.
If you get too cold I’ll tax the heat. If you take a walk, I’ll tax your feet.
Don’t ask me what I want it for—If you don’t want to pay some more.
‘Cause I’m the taxman, yeah, I’m the taxman!” (George Harrison)

Taking on the Taxman with Tom Wheelwright

If you have ever felt overwhelmed by the 6,000 pages of tax regulations or the checks you write to the IRS, you are not alone. For many Americans, taxes are the biggest bill they pay—sometimes even more than their mortgage. But it’s an area where you might have more control than you know. And with the new tax reform… there are even more ways to benefit!

“The fastest way to put money in your pocket is to reduce your taxes,” says Tom Wheelwright, one of the top tax reduction experts around. I am fortunate to have known and worked with Tom for many years, and his good thinking on taxes has profoundly affected my own approach to tax reduction for my family, business, and clients. Today, we share some of the wisdom we’ve learned from Tom’s advice for reducing your taxes.

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How to Recover from a Financial Setback

Today’s post is from Kate Phillips, founder of Total Wealth Coaching and co-author (with Kim Butler) of Financial Planning Has Failed

The truth about financial loss and the path to prosperity.

Nearly every American will experience multiple financial setbacks during their lifetimes. Incomes fluctuate. Investments fail. Emergencies strike. Life happens.

Very few people travel a straight road to financial success. Most of us encounter detours, potholes, even road blocks and dead ends along the way. 

According to a 2017 study by the National Endowment for Financial Education reported in, 96% of Americans experience four or more major life events (layoff, illness, divorce, etc.) by age 70 that cause their incomes to drop 10% or more. By age 61, three out of four workers have gone without income for a year or more at least once.

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Too Old for Life Insurance? Whole Life Insurance for Seniors

“Old age isn’t so bad when you consider the alternative.”
– Maurice Chevalier

“Am I too old for life insurance?”

We get this question a lot, surprisingly, from people who are only in their 50’s or 60’s. But the truth is that you’re probably not too old for life insurance.

Most mutual companies offering whole life insurance will insure people up to age 85. Health has more of an impact than age on whether or not you will qualify. But don’t assume that you won’t qualify just because you’re over age 60 or 70, even if there has been a health crisis in your past.

However, just because you CAN get life insurance doesn’t mean you should. In this article, we’ll examine why many seniors ARE buying life insurance, along with some of the pros and cons of doing so. If you are a grandparent or great grandparent wanting to leave an inheritance, a senior looking for greater protection and financial flexibility, or a middle-aged adult considering whole life insurance for a parent, this article is for you.

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Protecting Your Financial Privacy: Facebook, Banks, and Big Data

Is “Financial Privacy” becoming the next famous oxymoron to be added to the likes of “jumbo shrimp,” “liquid gas,” “friendly fire” and “unbiased opinion”? Very possibly, suggests a bombshell claim from the Wall Street Journal last month.

Increasingly, your personal data is being bartered and sold. In this article, we’ll examine the revelations, the response, and steps you can take to minimize the exploitation of your personal information.

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9 Mistakes Entrepreneurs Make with Money

Self-employed, entrepreneur, or small biz owner… you’ve taken the road less traveled. You are freedom-oriented and independent. You’ve traded the so-called security of a J.O.B. for the opportunity to pave your own path.

I understand. After a job in banking and several years working for a typical financial planning firm, I also got “the call” to start my own firm. I no longer felt that “typical” financial planning advice allowed me to do what was BEST for my clients. I watched people lose FORTUNES in the market, only to be told to just keep doing the same thing with their dollars! And I saw people frustrated that there were no other options.

(That’s how many people become entrepreneurs; they develop a passion to solve a problem!)

I saw that people can build wealth WITHOUT the Big Banks and Wall Street firms. An alternate path had been modeled for many decades, even centuries by SUCCESSFUL ENTREPRENEURS who had built sustainable wealth… long before “Financial Planning” even existed.

Eventually, I codified the principles and strategies that have been used by wealth-builders over time. I coined this philosophy “Prosperity Economics,” and it became the foundation for Partners for Prosperity.

Not only am I an entrepreneur myself, but I’ve worked with thousands of entrepreneurs over the last two decades. Entrepreneurs are my favorite people in the world. They’re creative, caring and passionate. And sometimes… they make BIG MISTAKES with money!

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Money and Happiness: The Surprising Research

“All I ask is the chance to prove that money can’t make me happy.”

~ Spike Milligan

Are people who make more money happier? What about people who save more? Can people be happy with very little? And how do our spending habits impact our satisfaction?

In this article, we examine how money, including income, wealth, and saving habits, relates to happiness. As you’ll see, there are many insights we can glean from various studies on the topic, including the fact that the relationship between money and happiness isn’t necessarily simple.

Table Of Contents:

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