In the past year I have studied, among many other subjects, on how to manage my money.
Therefore, I attended seminars like Unleash the Power Within by Tony Robbins, The Millionaire Mind by Harv T. Eker, The Power to Achieve by Andy Harrington and read books like Money Master the Game and Unshakeable by Tony Robbins, The Path by Tony Robbins and Peter Mallouk, Investing for Dummies, Rich Dad Poor Dad by Robert Kiyosaki, The Psychology of Money by Morgan Housel, Think and Grow Rich by Napoleon Hill, Millionaire Succes Habits by Dean Graziosi and many hundreds of Youtube and Instagram clips of experts like Ray Dalio, Peter Schiff, George Gammon, Warren Buffett, Jim Rogers and Harry Dent.
While I am certainly not poor, I have come to the conclusion that I did not know very much about money. And that probably applies to many people, especially the young. If I had known all this earlier in my life I would have handled money differently and reached a stable financial position earlier in life.
I have 4 sons and 2 daughters-in-law. I wanted to share my knowledge with them. But there is usually too little time for that. When we are together we do different things than talk about money.
Hence the idea to take my children through e-mails in what I have learned. And that's how this series of mails came about. In the beginning three mails a week, later two a week, meanwhile more than hundred in total.
I called it "the Secret of Money Management", the kids call it "the Money Mails".
M
If you think education is expensive, try ignorance. BEN FRANKLIN
This part is about a method of dividing the money you earn and spend into 6 jars. This gives structure and direction to the management of your money.
A number of special topics are also discussed such as mortgage, insurance, car, etc.
Finally, the 4 different forms of income are defined, whereby the concepts of active and passive income are introduced.
In this part your financial dreams are classified from financial security to absolute financial freedom. The financial life stages are also defined.
A financial plan for the coming years is made based on the 6 jars, your financial dreams and your life stages. With the Freedom Calculator you calculate how much capital you need and when to be financially free.
In this part you will be introduced into the 'jungle of investing'. We discuss the many myths surrounding investing, the core principles and the most common mistakes.
We then look at what we can invest in, how you structure an investment portfolio and how you determine such a portfolio. The instruments you need to invest are also discussed.
This is a planned part in the future where we will discuss entrepreneurship in its various forms.
One thing we know for sure; your plan will not work out exactly as you intended. Therefore you have to regularly revisit your plan.
You have to verify whether your goals, projections and plans are still valid or that they need an update.
You master the Secrets of Money Management and you are realizing your financial dreams.
How do you ensure that you actually enjoy life and that you do not make major mistakes along the way.
All mails I have written to my children under the heading 'the Secret of Money Management'.
Stan Migchels
Thank you for all your wise words and advice. It has opened our eyes to our financial future and how to influence it. Thanks for that!
Now it's a matter of doing it, but looking back on it later it might be a life-changing event.
Dreamchasers
Nice man, genuinely interesting. Can't get enough of this stuff.
For me, you may add a few lessons.
Yvonne & Thijs
The money mails were very pleasant to read, super educational and made the impenetrable forest of "setting up a financial plan for the future" very accessible. They have been a great help in understanding future housing costs when buying our first home and our retirement plans.
