Untapped Riches: Never Pay off Your Mortgage--and Other Surprising Secrets for Building Wealth

Untapped Riches: Never Pay off Your Mortgage--and Other Surprising Secrets for Building Wealth

Untapped Riches: Never Pay off Your Mortgage--and Other Surprising Secrets for Building Wealth

Untapped Riches: Never Pay off Your Mortgage--and Other Surprising Secrets for Building Wealth

Synopsis

Like most people, you've probably dreamt about making smart investments that would eventually allow you to do things like take one extra vacation a year... or own a nicer home... or even just rest a little more comfortably knowing that there's money in the bank. Maybe you even have a specific investment opportunity you'd like to take advantage of and know would pay off... but don't have the cash at your disposal to even get started. Now you can stop being frustrated, because if you own a home, you're sitting on usable equity you didn't even know you had! Untapped Riches is an eye-opening book that dispels longstanding myths and misconceptions about financial health, showing you that there is both good and bad debt, and that the key to building wealth is leveraging the capital you already have... money that would otherwise be tied up, giving you significantly less return than you could otherwise acquire by making smart investment decisions. Untapped Riches shows you how to use new mortgage instruments and flexible loans, with sound information on ""smart loans,"" interest-only mortgages, 1031 exchanges, and negative amortization. The book proves that you don't need a raise, a second job, or a get-rich-quick scheme to increase your net worth. You already have everything you need right now. This book provides you with 40 wealth-building and wealth-protection strategies you can use immediately to achieve your financial goals. Flying in the face of conventional wisdom - and backing it up with proven techniques and hard-won wisdom - Untapped Riches will change the way you think about money, mortgages, and investing, and help you get the cash you need, and really put it to work." "

Excerpt

At the age of 21 in the early 1970s I joined Edwards and Hanley in New York City, entering their training program to learn to become a stockbroker. I chose to be proactive from the very start. I did not want to just sit around, as others were doing, and wait for a great stock to leap out at me. That hardly seemed the right approach. Instead, I decided that I would learn as much as I could on my own so that I could show people what some of the better investment vehicles were.

Yet, even that approach turned out to be haphazard and chancy. I needed to develop a financial planning strategy. Along the way I grew to appreciate the concept of the “timeliness of money.” What did that phrase mean? It meant that there was a good time to make a move on the financial front as well as a bad time. and I had better learn the difference as early as possible.

A Conservative in Finances

I began my career as something of a conservative when it came to finances, believing that simply by conserving cash in accounts that provided compound interest one possessed a very powerful tool in building wealth. I still believe in these principles today, 30 years later, only now I am pushing it to the next level.

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