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Category Archives: Growing Wealth

Why Pay Cash for a House?

03 Saturday Feb 2018

Posted by moneygooguru in Debt, Growing Wealth, House

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home, House, investment, million dollars, mortgage, pay cash, rent or buy

Or “How Not to Lose a Million Dollars Buying a House”

How often have you heard someone say “I’m sick of throwing away money on rent so I’m buying a house.” Why do people think this? After all, you can rent from a landlord with little risk or “rent” from the banker with a lot of risk. Why do people think they’ll automatically be financially ahead if they buy a home?

Our house, as an investment, has been awful.  We bought it in a great location at a time when home prices were going up, up, up in our area. How could we go wrong with that? Yet we had no idea we were nDSC02025early at the height of a housing bubble, and it was about to burst. The short story is, after the bubble popped and even with an economic rebound that continued for ten years afterward, our “investment” gained us a whopping 1% average annual return minus mortgage interest, taxes, insurance and upkeep. A terrible investment. We lost big time.

But we love our home and don’t regret buying it at all.  Why? It has to do with the advice that we often give people about buying a house: Buy a house because of the location in a great neighborhood, or the view, or proximity to your favorite people or places, or to have a big yard or grand garden, or to raise a family, or to have a bunch of animals. These “wants” for owning a house, however, will cost you big time. If you’re not okay with that, then keep renting.

All About the Math

The main reason that buying a home is not really a good investment is simple. Simple math, that is, that the banks would rather you didn’t do. If you buy a house and get a mortgage, your home will have to appreciate by up to 7% or more a year just to break even (with inflation factored in this number could be 10% or more).  Do the math: Add up the annual cost of your mortgage interest, maintenance, property taxes, and insurance. Divide it by the value of your home. Don’t forget to add the annual inflation rate on top of that.  It all adds up to a pretty hefty annual percentage rate.  Are home prices going up by that rate in your area? Even if they are, for how long can you count on that before the market has to correct?

If you want to reduce the magnitude of this poor investment choice, then the best thing you can do is pay cash for a house. Seriously, you should.

venus and marsWhy Pay Cash For A House?

Answer: Because you may lose a million dollars otherwise.

Example: If you buy a house for $250,000, put a $50,000 down payment, and get a 30 year mortgage for the remaining $200,000, the lost investment opportunity could be worth well over ONE MILLION DOLLARS! Do the math. Assume monthly interest payments made to the bank on your loan balance given an annual interest rate of 5% over 30 years, and what that same amount of monthly mortgage interest if invested elsewhere could have become if it returned 8% annually.

Bottom line is this: Buy a house because you want a home, not fooling yourself into thinking you are making some great investment when you’re really losing a million (unless you pay cash or pay it off way early!).

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Tips for Buying A Rental Property

22 Monday Feb 2016

Posted by moneygooguru in Debt, Growing Wealth, House

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income source, landlord, leverage, mortgage, rent payment, rental property, retirement income, tips for buying rental

A few years ago, my wife and I came soooo close to buying a rental property. We actually signed some of the papers, then backed out. It was an older single family “grandma” house built in the 1950’s. We saw the potential in this excellently maintained house. The exterior wood, paint, and siding were in perfect condition, as was the roof. The interior was very neat and tidy (though dated). The curb appeal and location were decent enough too. But there were the “non-code” basement bedrooms, the lack of parking on that side of the street, and no driveway. The only parking was in the rickety single detached garage off the back alley, or in a small gravel parking area off the back alley.

xx76876dWe could probably have made it work. But in the end we chickened out, telling ourselves that our personalities weren’t suited to being landlords. After all, we would really come unglued with someone trashing our place and be very unsympathetic with them being late with rent. And we definitely would not want calls and complaints all the time, or have to give up our precious spare time to go fix things at the property. Further, having debt again scared the heck out of us. So we continued on with the formula we’d started years before – keeping out of debt, and putting as much as we could into various retirement funds through work and on the side.

The no-debt formula had worked well for us. We really thought that we’d “arrived” when we first got out of debt (all except the mortgage) several years earlier. And we thought we were surely on easy street when we paid off the mortgage four years later. We were on top of the world! Can you imagine? No debt, no more student loans, no credit card debt, a paid off house, paid off cars! We could do anything we wanted. All we had to do from then on was to coast along and dump whatever we could into retirement funds, right? Retirement, no problem. It was many years off. At varying times, my wife and I both had even temporarily cut back from full-time at our jobs, thinking we could just coast and enjoy life. And we did.

Fast forward several more years and given a stock market that has been anything but impressive, we were growing tired of watching all our hard work to save and invest in various retirement funds not really materialize into the thrilling gains we thought we might see. Given the historical average stock market returns going back seventy years, your money could theoretically double every seven years, right? Right, depending what decade you’re living in! Instead, we’d seen quite the roller coaster ride, losing nearly half the value of our investments in the stock market at one point. The stock market has made some notable gains since that time, yes, but our retirement funds’ overall growth still hasn’t impressed us.

We’d gotten serious about this money thing pretty late in life. Time was not in our favor anymore, whether it be its effect on compounding interest or for improved stock market averages. So in recent years we were beginning to foresee the harsh reality of not having a big enough pile going into retirement. Company pensions are nearly a thing in the past. Our “pension” is only what we save ourselves and we weren’t nearly far enough along. “If I have to, I’ll keep working ‘till I die,” I’d jokingly tell my wife. Sure, I really would if I had to. But the thought of really having to was starting to bug me.

A friend of ours recently started working at a financial firm which pushes, among other DSC02025things, annuities. While we really didn’t have enough extra cash lying around to even consider anything like that (and we’re not convinced we would do it even if we could afford it), we agreed to attend a free seminar and dinner. Both were excellent! And although the speaker was really talking about annuities, he made some memorable points that hit home with us. “You need income streams in retirement,” he said. “Peace of mind in retirement comes from having dependable steady monthly income, not a big pile that you are slowing whittling away.”

The light bulb came on. My wife and I again started talking about how rental property could achieve the “steady monthly income” thing. We had to get over our fear of debt, and of bad renters. So we did what anyone should do if they want to invest money in something. We sought council. We read books and magazine articles and blogs. We consulted experts. We asked friends and coworkers, and were quite surprised to find out how many of them were already doing this. There were many horror stories too, about bad renters. Seems like everyone we asked had had a bad experience.

Undeterred, we researched some more. We got materials from a local group that gives presentations on the laws regarding tenants and landlords, knowing that if we were really going to do this it wasn’t just about being an investor; there was the whole other side of being an active landlord and property manager. In general, the books and articles about buying rental property all said the same thing: Do the math, make sure that the rent you will receive will cover your mortgage and expenses, and have some cash reserves. Sounded like good advice. But there was something that kept eating at me.

The rental property investment method most touted seemed to always involve multiple long term mortgages and leveraging. It was a house of cards. My wife and I had done some math years before when we almost bought that grandma house rental property. It seemed that in order to make things profitable, we would have to compromise our wish list and somehow juggle buying an older fixer-upper or other property in distress with questionable location, and go with as long a term on the mortgage as possible in order to keep our payments down.

IMG_0871 - CopyWe knew some people who were doing the landlord thing in our town back then, so we checked out several of their properties. Our conclusion was that the only way they could be making any money was if they were being slum lords – buying lower end properties, not putting a lot of money into improvements, going with thirty year mortgages, and leveraging as many properties and loans as they could since they surely could only be making a few hundred dollars a month profit on each rental. This was not the game we wanted to play, then or now.

We wanted a game with lower risk. So we did some more math, this time some different math. And the results surprised us. It turns out that the lowest risk and highest return approach for us (and perhaps you, the “average Joe” landlord wannabe) is this:

  1. Buy a modestly sized three bedroom, two bathroom house, which is more desirable for the average family whether you are renting or selling. The trend is going towards smaller homes because they are more efficient (lower purchase price, lower taxes, lower utility bills, lower maintenance costs). Don’t buy a mansion.
  2. Buy a house in a neighborhood where you would want to live (location, location, location). A bargain in a seedy part of town will cost you in how much you can get for rent. So it’s not really a bargain.
  3. Buy a house that is newer or a recent total remodel so that constant surprises and repairs won’t be a concern. The last thing you want to have to deal with is lead paint, asbestos, or knob and tube wiring. If you are in the business of remodeling homes, then ignore this piece of advice.
  4. Plan to keep your properties long term. The longer the better. This is why you can afford to buy the nicer rental house you really want in the decent neighborhood and pay full price for it if need be, instead of a fixer in a bad neighborhood. In the long haul, you come out ahead.
  5. Do not overpay. Yet at the same time you really shouldn’t be apprehensive about paying fair market value if the above criteria are met (size, location, condition) since you will be keeping this property a long time. Foreclosures may be an option if they weren’t neglected or trashed, assuming they meet the above criteria as well.
  6. Buy only one rental property at a time.
  7. Have only one mortgage at a time (which means paying off your own home mortgage before you even do this rental property thing).
  8. Get a ten year mortgage (maximum) with aggressive plans to pay it off much sooner.
  9. Take a deep breath for this one: Have sufficient income and/or cash reserves to cover the delta between the rent you will receive and your monthly mortgage payment/expenses (which will likely be higher than the rent since you are getting a ten year mortgage). You will be subsidizing this first venture until your mortgage is paid off. Having this temporary negative cash flow flies in the face of what nearly every “rental property for dummies” book will tell you. Ignore any criticisms. You’ll likely only have to subsidize your first rental property anyway. And, there is minimal risk if you have only one mortgage yet two properties (your personal home, and the rental).
  10. Be diligent in developing tenant selection criteria and a legally protective rental/lease agreement. There are many available resources, often free, to help you.
  11. As soon as you pay off the mortgage, buy another property.

This is a “slow brew” approach, conservative in risk. By not stretching out the mortgage, you are saving a boatload in interest. This is money you will put into your own pocket! By not having a leveraged house of cards (that is, you will have just one mortgage at a time) you are minimizing your risks should something hit the fan.

If, on the other hand, you don’t want to rent out your first rental property for less than the mortgage payment (as well as paying off the mortgage in ten years or less), and you instead want to use the “rental property for dummies” house of cards method of long IMG_0232drawn out mortgages, then you should question why you would help the banks get richer faster than yourself. Don’t do it. Here’s why.

With a paid off mortgage, you will reap the most profit on your rental property with the lowest risk. Then when you buy your second rental property, you’ll have two renters helping to pay off just one mortgage. See the pattern? When you buy the third rental property you will have three renters kicking the one mortgage to the curb in no time. And your property snowball will grow larger and larger depending on how many years you have to work at this.

Contrary to popular belief: Start slow, and you will greatly increase your chances of winning.

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Buying A House As A Short Term Investment

28 Thursday Jan 2016

Posted by moneygooguru in Debt, Growing Wealth, House

≈ Leave a comment

Tags

buy house, home, investment, mortgage, short term

house frontRecently a co-worker asked me about buying a house if they didn’t plan to stay there but three years or so. I do have an opinion about buying a house if you’re not going to be living there a long time – don’t do it.

The math may seem to work but there are unknowns you can’t control, like the market.  If the market has dived when you want to sell the house, you’ll surely lose money. Yet get this: you may lose money even if the market remains steady because there are many costs in buying, owning, and selling that rob you of potential profit.

  1. There are buyer-pay closing costs. My wife and I just bought a house and forked over thousands in loan and other service fees.
  2. While you own your house there are insurance, taxes and maintenance costs.
  3. There is interest shoveled to the bank if you have a mortgage.
  4. The seller (which would be you in a few years) typically has to pay closing costs and realtor commissions. On the house my wife and I just bought, of the money we handed over, the seller paid $10,000 of it to the realtors.  Ouch.

So the problem is, when you add up all the above costs, your house would have to rise in value up to 7% or more per year just to break even (and that assumes today’s low interest rates). Yet historically, home values appreciate by about the same amount as the inflation rate (which has been 3%-4% annually on average).  How could you possibly come out ahead given this situation? This is exactly why buying a house short term is a good recipe for losing money.

But you say, “The market is hot in my area right now!” Beware. The market was hot when we bought our last house too. But when that housing bubble burst, home values dropped like a rock in a lot of places.  In our Pacific Northwest small town, home values held steady.  Our house value never dropped.  But because it was overvalued when we bought it, it has not increased in value much since the bubble burst. In fact, after owning it for ten years, even though we’ve done some great upgrades and have maintained it in perfect condition, it is now only worth about 10% more than what we paid for it. That is a very crappy growth rate (about 1% per year). As far as investments go, we’ve lost our shirts! If we would have had to sell our house within the past ten years, or even now, we would lose money.

The main reason to buy a home is for long term, non-tangible reasons. Like to raise a family. We love our house and have no regrets. And we plan to continue living there for many more years. We’ll probably come out okay financially in the long haul.

In my opinion, buying a house short term is not worth the gamble.  I would rent. All that said, as long as you know the risks going in and are willing to take them…go ahead, lose your shirt!

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Stay In It For The Long Haul

30 Sunday Nov 2014

Posted by moneygooguru in Debt, Growing Wealth, House

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beat the system, buying stocks, easy money, get rich quick, house flip, house flop, house investment, leasing a car, selling stocks, stock trading, vehicle trading

The longer you hold onto things the better off you are.  This should be a no-brainer.  But get-rich-quick impulses drive people to seek the so-called easy money goomoney.  Too many people think they can “beat the system” and win.  Probably because they started saving way too late in life and have too much time to try to make up for.  But better a few years of slow and steady saving, than a quick flash in the pan to see what little you have go up in flames.  Here are a few time-tested tips.

Tip #1

Statistically, if you keep doing the daily stock trading, trying to outguess the market, you will lose (unless you are genius and even then some of your success may just be luck).  You are better off buying some Index Funds and keeping them until after you retire.  Don’t sell them when the market dips or tanks.  Keep buying when the market dips and tanks.  The rebounds from these market corrections can be huge.  But you’ll miss them if you’ve sold everything out of panic and then are too much of a Nancy to get back into the market.

Tip #2

Doing constant vehicle hopping will rob you of your retirement faster than the angry grizzly bear mother whose cubs’ path you just crossed.  If you are one of these bozos who keeps buying (or worse yet, leasing) a new rig every few years, then I sure hope you are rich already and have plenty of money to blow – because if you aren’t rich you’ll never get there at this rate.  I can assure you that many of my friends, coworkers, and neighbors are giving their retirement away to the auto makers and their whore finance partners.  Don’t do it.

Tip #3

And if you are doing the house flip-flopping thing, thinking you are slowly climbing the property ladder on your way to easy street as you trade up houses, you may just be disappointed.  In very few markets is a house ever a good investment.  Beyond repairDo the math.  I have.  With mortgage interest, taxes, insurance, and maintenance, your house better be in a double-digit bubble or you are losing money big time.  You are much better off to buy a modestly sized house and stay it in forever, like our grandparents did.

Just Do It

Don’t panic and sell all your Index Funds when the stock market tanks.  Drive that old rig until she bites the dust completely.  Stay in that more modest, nearly paid-for house.  The road to riches is a slow simmer.  Quick speculation is always more risky.  The trick is to buy quality and keep it for the long haul.

Do you think you can do smart things with your money?  You can.  But if you say you can’t, you probably won’t.  If you say you will, then you’ll surely find a way.

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Your Mind is Completely Trainable

29 Wednesday Oct 2014

Posted by moneygooguru in Growing Wealth

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mind control, power of the mind, success planning, think and grow rich


bIMG_0232“Mind control is the result of self-discipline and habit. You either control your mind or it controls you. There is no half-way compromise. The most practical of all methods for controlling the mind is the habit of keeping it busy with a definite purpose, backed by a definite plan. Study the record of any man who achieves noteworthy success, and you will observe that he has control over his own mind, moreover, that he exercises that control and directs it toward the attainment of definite objectives. Without this control, success is not possible.”  –
– Napoleon Hill, Think and Grow Rich

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Babylon’s Secret

27 Tuesday May 2014

Posted by moneygooguru in Debt, Growing Wealth, House, saving money

≈ 1 Comment

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accumulating weath, babylon's secret, formula for riches, gaining wealth, how do I get rich, how to get rich, richest man in babylon

Beyond repairHave you ever read about the great ancient city of Babylon and its wealth?  It seems that the city’s great wealth was in part the result of the successful accumulation of wealth by many ordinary individuals, not just the ruling powers.  How did the average person go about creating wealth?  What was Babylon’s secret?  Perhaps that centuries-old wisdom can still apply today.

Although how they actually did it may remain much of a mystery, curious suggestions thrive to this day.  As George S. Clason wrote about in The Richest Man In Babylon, it would be plausible that it included some timeless yet very simple personal finance principles.  Perhaps it was common sense then, yet so uncommon today.  What’s at the core of this wisdom?  Let’s review some pivotal bits from The Richest Man In Babylon.

Keep ten percent of all you earn.  That means pay yourself right off the top, before you pay anyone else.  And this is not to be spending money, but saving and investing money.  So make yourself survive on ninety percent to pay for everything else.  Control and reduce your expenses if necessary.  You won’t miss the ten percent.

Before investing the savings from your ten percent accumulations, get advice from experts.  Don’t fall for advice from family or friends unless they are rich (and not just looking rich).  Don’t fall for get-rich-quick schemes – that only works for the schemer selling you out.  And don’t let other idiots lose your money (or then you join the crowd).

Invest to make your money work for you – make it your slave.  Your investments have to earn children and grandchildren.  The power of compounding interest is the key.  Keep in mind that “a small return and a safe one is far more desirable than risk” (quote from The Richest Man In Babylon).venus and mars

Own your home.  Plan to pay it off sooner rather than later.  Make your refuge a great investment as well.  Buy location, location, location.  Think it through before plunging into buying a home.  Get council from experts (not real estate agents, bankers, loan officers, or family and friends who aren’t rich).

Be quick to take opportunities to earn more.  But get council from experts (or you become the expert) in whatever the opportunity/investment field is before plugging in.  The more of wisdom we know, the more we earn.

Do not take on others’ burdens (for lack of them trying and working).  You won’t win by bailing out friends or family who don’t want to make it on their own.  If you want to give them money for an absolute necessity, as in charity, that’s no problem.  Just don’t loan them money, be partners in their grand schemes, or otherwise support their lack of motivation.  But loaning can be good to some, so be a wise gold lender.

Work hard.  If you’re not willing to sacrifice and work your ass off for it, then you don’t deserve it and you probably won’t achieve it anyway.  There is no such thing as lady luck or free handouts.  “Wealth grows whenever men exert energy” (quote from The Richest Man In Babylon).

All, so true.  Thanks master Clason.

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Your Financial Success

14 Wednesday May 2014

Posted by moneygooguru in Debt, Growing Wealth, Help is out there, saving money

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daniel murphy, free book, the success essentials, your financial success

Limited Time Free Kindle Book Offer

For the next five days only (May 14 – May 18, 2014) you can download Daniel R. Murphy’s new book, Your Financial Success – The Seven Essential Steps for Free on Kindle.

Your Financial Success“Your Financial Success” is right on the mark and highly recommended for anyone wanting to get their financial act together. This to-the-point and easy to understand book is full of the time-tested guidelines to help anyone, at any age, start making wise steps towards their financial freedom. I loved it and know from personal experience that these principles really work.

And if this good advice wasn’t enough, Murphy will send you “financial coach” email reminders for an entire year to review the key concepts of this book and supply you with continual encouragement to help motivate you to put these ideas into practice. Seriously, what do you have to lose?

If you do not have a Kindle you can learn how to download a free Kindle reader for your PC or Mac and learn about the features of this great new book at http://danielrmurphy.com/your-financial-success/

Don’t miss this great opportunity to get this book for free for a limited time.

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Three Steps to Millionaire Status

14 Friday Mar 2014

Posted by moneygooguru in Growing Wealth, Help is out there

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Achieve Anything in Just One Year, books2wealth, daniel murphy, Jason harvey, millionaire status, steps to success, steps to wealth

Dream HomeDo you want to be a success with money?  Understanding and applying these three concepts will help you get there, wherever that is.

1. Your privilege of free choice determines your potential more than your abilities.

2. Missing an opportunity is worse than failing.

3. You have to climb up the steep hill before you can glide.

There, now you know how to become a millionaire.  For more information on this topic, including a synopsis of how you can “Achieve Anything in Just One Year,” go to books2wealth.com and read this intriguing article by Daniel Murphy (Newsletter 279, 3/7/2014):

Click to access 127-Achieve_Anything_in_Just_One_Year_-_Harvey-web.pdf

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The Minefield of Tax Write Offs

08 Wednesday Jan 2014

Posted by moneygooguru in Growing Wealth, House, saving money

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mortgage, mortgage interest, tax write off, taxes

A lot of people brag about their “great tax write-off.” We snicker. Don’t get us wrong, if you are buying something because you need it and get a tax deduction on the side, that’s great. But when your decision to buy something is swayed because you’ll get the tax advantage, well, that’s laughable…and sad. Why? You’re spending a dollar to save a quarter.Beachy Peachy

One of the most common and largest tax write-offs for the average person or family is associated with the home mortgage. The interest is usually tax deductable. No one seems to do the math, though. We know of too many people who won’t pay off their house early because of the tax deduction, or just as bad, buy too much house because of the tax deduction. And because of not crunching the numbers, they will pay the bank a dollar just to save a quarter on taxes. They will lose seventy-five cents of every dollar they pay in interest! So why would anyone justify keeping a mortgage any longer than necessary or buying more house than they need just because they can write off the interest? The answer is, we’ve been duped.

As if paying a dollar to save a quarter isn’t bad enough, if you have a mortgage you’ll have to pay quite a bit in interest (and/or other deductions) before you even exceed the “standard” tax deduction to make it worth the bother. Did you get this? You have a choice every year to either take the standard tax deduction or itemize your deductions (basically just adding up mortgage interest, property tax, giving to dead presidentscharities, etc.). You can take the standard deduction even if you have no mortgage or any other deductions but if you itemize you’ll have to exceed this amount before it does any good. Unless your mortgage interest and other deductions exceed the standard deduction, you get nothing for all the pain. Why would anyone want to pay that much in interest when you already get a free standard deduction? The answer is, we’ve been duped again. Don’t even get us started on houses and the fact that they’re rarely a good investment when you have a mortgage… (we’re not against houses, just against buying them foolishly).

Tax write-offs are just an incentive to buy (and quite often using credit). They were not created with you in mind, but were created with “others getting your money” in mind. We don’t just fall for this in buying houses either. We may buy all kinds of stuff for our businesses too (vehicles, furniture, electronics, appliances, tools, etc.), thinking that the tax savings make it a good bargain. On the surface it does look like a bargain. But buying a bargain you don’t really need isn’t saving you anything.

Don’t let your tax write-offs be the reason you buy anything. Get stuff you need, charityyes, and take the tax deduction if it’s there. But if you can, avoid even being eligible for tax write offs. If you simply don’t want to take this advice and “have to” have a tax deduction, here’s the best one – give to charity! You’ll get the same tax deduction. You’ll still spend a dollar to save a quarter. But this time the dollar goes for something of a worthy cause, not to increase the bank’s profit. And you get paid back a quarter in tax savings for being so nice. Now there is a good incentive.

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Two Free Kindle eBooks

30 Monday Sep 2013

Posted by moneygooguru in Debt, Growing Wealth, Help is out there, House, saving money

≈ Leave a comment

Thanks for being part of the Boiled Down Money Goo experience.  We thought you might enjoy these humorous tales of money woes and triumphs by our friend Taylor Young.  These are free on Kindle, September 29 & 30, October 1!

Cover How I lost a Million Dollars Twice

Money Prick Cover (Vila 01)

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