The Prosperity Blog

Dave Ramsey Review: The Pros and Cons of His Financial Advice

“Ramsey is the pro bono financial adviser to millions of Americans who otherwise could never afford one.”

dave ramsey reviewThere’s a gap in financial advice. Financial advisors, planners and money managers don’t typically do a good job of serving the working class. Many people are buried in consumer debt, living paycheck to paycheck. Many may never meet with a financial professional. After all—they lack funds to invest and it doesn’t make sense in their case to pay a fee for advice. These are people who have been largely neglected and forgotten by a financial industry that isn’t compensated to help them.

Enter Dave Ramsey. His Total Money Makeover is one of the best-selling personal books of all time. His radio program and podcast are heard by 14 million weekly. And over 5 million people have gone through his Financial Peace University program.

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The Truth about Financial Stress (and How to Solve It)

Today’s article is a guest post from Kate Phillips of Total Wealth. Kate is co-author with Kim Butler of Financial Planning Has Failed and Perpetual Wealth.

By any measure, financial stress is an enormous problem. About 7 out of 10 of all Americans say they are financially stressed, according to a recent Prudential American Workers survey and a John Hancock Financial stress survey.

The majority of Americans live paycheck-to-paycheck, say multiple surveys. 40% of Americans can’t cover an unexpected $400 expense without using a credit card, according to a 2018 Federal Reserve Economic Well-Being Report. Money worries also typically top the list of reasons for marriage conflicts and divorce.

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The Beneficiary Checklist: 7 Mistakes to Avoid!

The Beneficiary ChecklistDo you intend to leave a legacy? Utilizing life insurance and selecting policy beneficiaries for your policies and/or other accounts makes leaving legacy gifts simple, keeping them out of probate or the state courts. That is… unless you make a critical mistake. We wrote this beneficiary checklist so you won’t!

You’ve put a legacy into place that assures loved ones and/or your favorite charities will receive monetary gifts according to your wishes. But there are a handful of mistakes we see people make when it comes to naming beneficiaries or keeping them up-to-date.

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5 Financial Mistakes Even “Wealthy” People Make

We hate to see people make costly financial mistakes—especially when those mistakes are preventable, and when those making the mistakes have the means to do better. In today’s article, we explore the surprising results of a new study—and common financial mistakes to avoid!

It is no surprise that many Americans struggle with money and getting their financial ducks in a row. What may come as a surprise is the level to which even six-figure earners and millionaires grapple with financial basics, too. It’s not uncommon for comparatively “wealthy” Americans to find themselves living paycheck to paycheck, chronically underinsured, and unprepared for a financial emergency.

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The 4 Cornerstones of Generational Wealth

This article is adapted from Perpetual Wealth: How to Use “Family Financing” to Build Prosperity and Leave a Legacy for Generations. This new book from Kim D. H. Butler and Kate Phillips is available for a limited time as a download—on us! Scroll down to find out more and sign up for your copy… or click here to download it right now!

The statistics about generational wealth are not encouraging. Studies quoted by the Wall Street Journal confirm that as much as 70% of family wealth is lost by the second generation, and 90% by the third. Another study based on survey data from the Federal Reserve and a National Longitudinal Survey found that one-third of heirs had negative savings within two years of the gift. For these beneficiaries—one in three—every penny is lost or spent.

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Book Release: Perpetual Wealth is Out!

Quite some time ago, we offered a book we were working on to our clients and subscribers. At that time, we called it “The Family Banking Book.” It was going to be a short ebook showing people how to use life insurance to save and build multi-generational legacies.

Time has passed and some things have changed. It’s now called: Perpetual Wealth: How to Use “Family Financing” to Build Prosperity and Leave a a Legacy for Generations. And it’s no longer a “short ebook”!

It is still about using life insurance to save and build multi-generational legacies. And so much more!

The Definitive Book on Generational Wealth!

Perpetual Wealth may be THE definitive book about using life insurance as your family’s financial foundation. It details the advantages of using whole life as a powerful savings strategy, lending method, and legacy vehicle. It also gives the “how to” of multi-generational life insurance strategies… how to insure children, grandchildren, even parents.

And it’s not “just” a book about life insurance strategies. Perpetual Wealth also covers:

  • Thirteen strategies for raising financially responsible children.
  • Why “typical” financial advice actually sabotages generational wealth.
  • Wisdom from the Rockefellers, Rothschilds, Gates, Buffets, and others about family wealth.
  • Lessons and warnings from affluent families on what NOT to do if you want the inheritance you leave to be wisely used, not wasted.
  • A step-by-step Prosperity Economics “financial blueprint” for each stage of life.
  • Wills, trusts, wealth protection and wealth transfers.
  • Ideas for family retreats, mission statements, a family finance “council” and more.
  • The impact of long-term thinking on your finances… and how to nurture that in your family.

It is a meaty 320-ish pages, chock full of useful information. And for a short time only, we are GIVING it to you—at no cost—in PDF form.

If you have already signed up for the book, it should be in your email box now! (Check your spam folder if you don’t see it.)

If you have not signed up for the book, you can do so below:

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Comparing Mortgage Options: The Good, Bad, and Ugly

Comparing Mortgage OptionsWhat’s the best type of mortgage to obtain? What should you avoid? What are your mortgage options, exactly?

We find that clients have certain assumptions about mortgages. “The lowest rate mortgage is always the best option.” “Always put down 20%.” “A 15-year mortgage is better than a 30-year.”

However, these assumptions are not always correct.

Let’s examine some mortgage options through the lens of Prosperity Economics—an alternative to typical financial planning. Prosperity Economics uses certain principles of prosperity to deliver better, more reliable results than typical financial advice. (Find out more here.)

When it comes to getting a home mortgage, you don’t want buyer’s regret! After all, it is the funding mechanism tied to your home AND a financial product you may have for years or decades to come. Some common mortgage options include:

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