Good afternoon, it's Tuesday May 14. We're covering how to save money on digital storage, what personal cash flow looks like for the rich, transforming real estate success, and much more. | First time reading? Sign up here. | Stock Market Update | | | | | Market Performance: May 13, 2024.
GameStop stock (GME) rose nearly 60%, adding to a meme-fueled rally that sent shares of the video game retailer up 74% in the prior session.
The rise in GameStop was also accompanied by a spike in AMC (AMC) stock. Shares of the theater chain operator rose about 30% after gaining as much as 120% earlier. In an SEC filing, AMC disclosed it issued approximately 72.5 million new shares in the prior session, raising some $250 million for the company.
Other heavily shorted stocks rallying included SunPower (SPWR), up 63%; Beyond Meat (BYND), up 25%, and the Children's Place (PLCE), up around 6%. |
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| | Financial Maverick Insights | | | | | Richard Branson's Take on Success: "Why Money Isn't the Answer, Focus on This Instead" | Richard Branson, the founder of the Virgin Group, which today controls more than 400 companies in various fields, says that he doesn't want to be defined by his money. He finds it quite insulting when he is introduced as "the billionaire Richard Branson," rather than the co-founder of Virgin Group, he told CNBC Make It.
Per him, nobody should view their net worth as an ultimate measure of success, and says that it's unfortunate when making money is the sole focus of a person's life, he says.
"Your reputation is [whether] your team of people who work with you are proud of what they've created," Branson says. "Paying the bills at the end of the year is important, but what entrepreneurs are doing all over the world today — and the only reason they're succeeding — is that they're making a difference in other people's lives. And that's all that matters," he said.
Branson stresses how money has never been his "chief motivating force", as per the publication. Having said that, he does want to have "enough advertising to pay the printers and the paper manufacturers," but it has still not been a motivation for running the business.
Branson is known for his unconventional leadership style and has gained a large following over the years for his ideas and advice. In 2017, in an interview with Forbes' Dan Schawbel, Branson talked about how he didn't come from money and struggled during his teenage years, which equipped him with the ability to cut through and get things done.
"I've become a bit of a serial philanthropist like I've been a serial entrepreneur, trying to take on some of the bigger problems of the world and see whether I can help resolve them," he said.
He further emphasized the importance of becoming a good listener. "I was with someone this morning and they called in several employees. There was no question that the leader was not letting them do the talking and was not listening enough. You've got to be a good listener and a wonderful motivator. You've just got to create a happy atmosphere," he says. |
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| | | | | | What Personal Cash Flow Looks Like for the Rich | Robert Kiyosaki, best known for his "Rich Dad, Poor Dad" book series, offers personal finance lessons that challenge conventional advice about saving money, investing for the long term and diversifying investments. These insights involve understanding your cash flow and what you can do to gain financial freedom.
Keep reading for Kiyosaki's insights on the differences between how most of us handle our money and how the wealthy approach their finances, along with some strategies that lead to increased personal wealth.
Understanding Cash Flow Patterns
In "Rich Dad, Poor Dad," Kiyosaki encourages people to examine their finances through a personal financial statement. This consists of an income statement and a balance sheet. On the income statement, you list income, such as paychecks and earned interest and expenses, such as rent, transportation costs, utilities and anything else you spend on each month.
On the balance sheet, you list your assets, such as investments or savings, and liabilities, such as debt or a mortgage.
How Most of Us Manage Our Money
Kiyosaki says most of us live "paycheck to paycheck," meaning we have to spend money as fast as we earn it to cover our day-to-day expenses. While working-class people struggle more and often barely make enough to survive, the pattern isn't much different among the middle class. While most middle-class people typically have higher-paying jobs, they have increased costs in the form of more expensive mortgages or higher car payments.
Finance and Lifestyle
According to Kiyosaki, another common middle-class trap is relying on credit to pay for these expenses. Instead of paying for their expenses with on-hand cash, they'll delay the payments, only to owe more in the form of interest paid over time. Kiyosaki says this results in a "vicious cycle" of credit card debt that keeps the middle class living every bit as much "paycheck to paycheck" as those with lower-paying jobs.
How the Wealthy Generate Cash Flow
While most people earn income through regular paychecks or other forms of "on-demand" income, the wealthy spend their money to acquire assets that generate passive income, freeing them up from the necessity of a daily nine-to-five job or hustling side gigs to make ends meet. Kiyosaki says the rich make their money work for them.
Instead of relying on jobs, the wealthy build assets that sustain or increase their cash flow without needing constant work.
Changing Your Personal Cash Flow Pattern
In essence, Kiyosaki says that to break free from the "rat race," you need to pursue passive income by acquiring assets such as real estate or dividend-paying stocks that don't require constant effort. Though this may be easier said than done for most, it does give some guidance on how to maximize your personal potential and highlights some pitfalls to avoid, notably increasing consumption of more expensive goods and services as your personal spending power increases. |
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| Real Estate News |  | Former Colorado real estate agent must repay more than $1 million stolen from investors | A Berthoud man was sentenced last month in Weld County after taking more than a million dollars in investors' money meant for a new condominium complex and spending it on his own overseas vacation and sporting events. |
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|  | The kindness collective: How authenticity, generosity, and giving back transform real estate success | From small gestures to community-focused giving, Janine Prinsloo, Matt Plunkett, and Moira Verheijen aren't just succeeding in real estate—they're redefining it. |
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|  | Housing prices in Florida, Texas will become 'more affordable': Redfin CEO | Redfin CEO Glenn Kelman details the challenges in the housing industry but doesn't see the current situation worsening in certain states. |
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| | Personal Finance Tips |  | Retirement Budgeting: 4 Frugal Tips Boomers Can Use for Cheaper Comprehensive Car Insurance | Transitioning to retirement often requires many financial adjustments. Indeed, switching to a fixed income often means living on a more restricted budget. And with inflation and soaring rates,... |
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|  | Cash Flow Kings: 3 Stocks Sitting on Mountains of Money | Xerox, Precision Drilling, and Alphabet are three cash flow stocks with strong metrics, positioned as leaders in generating value. |
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|  | Best Personal Finance Management Software in 2024 | The best personal finance management software offers a simple user interface, a wide range of features, and a focus on specific financial objectives. |
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| | Alternative Investing |  | The SF Bay Area Has Become The Undisputed Leader In AI Tech And Funding Dollars | There's been much talk of a resurgent San Francisco with the new technology wave of artificial intelligence washing over the software world. |
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|  | Why bitcoin hasn't joined the latest meme stock craze this week | Bitcoin isn't running alongside meme stocks as it did three years ago, although this week's stock market action might indicate a big crypto rally is on its way. |
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|  | Tokenized Money: Fiat's Cool, Tech-Savvy Sibling | For anyone still juggling physical cash instead of using that snazzy piece of plastic or even sleeker digital wallets, buckle up. Things are about to get more exciting in the world of finance, as tokenized money takes the front seat, knocking out fiat. |
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| | Do you think tokenized money will take the front seat? | | | Reach Over 100,000 Financial Mavericks | Advertise with Financial Maverick to get your brand in front of the Financial Gurus in the world. The Mavericks are high-income and highly knowledge people who are always looking for an interesting product or tool. | | | Share Financial Maverick | Calling all Financial Mavericks! To help out a family and friend in need by sharing this newsletter. Tell you what if you ever wanted to be a Hero, Financial Guru, or a Nice Person this is your time! | | | DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. |
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