Comments on: The Financial Empowerment Game™

By: J. Money

J. Money — Tue, 04 Oct 2016 18:34:19 +0000

In reply to Ten Factorial Rocks. It's just nice to have an outlet for these crazy ideas as my wife is tired of hearing about them :)

By: Ten Factorial Rocks

Ten Factorial Rocks — Tue, 04 Oct 2016 17:43:10 +0000

Good one J. Don’t know what it takes to get to ‘Baller baller’ or ‘master baller’ status, but sounds naughty! I like to think I am somewhere there. You always make these topics interesting.

By: J. Money

J. Money — Mon, 26 Sep 2016 20:57:36 +0000

In reply to Warren Franklin. Fo sho.

By: J. Money

J. Money — Mon, 26 Sep 2016 20:41:39 +0000

In reply to Beth. If only adults were entertained so easily :)

By: J. Money

J. Money — Mon, 26 Sep 2016 20:41:16 +0000

In reply to stillatwork. Fascinating! Would be a helluva title to achieve for sure - even if you never end up harnessing it!

By: J. Money

J. Money — Mon, 26 Sep 2016 20:38:18 +0000

In reply to jennydecki. GOOD!!!! We need all the motivation we can get! :)

By: J. Money

J. Money — Mon, 26 Sep 2016 20:37:14 +0000

In reply to Pengepugeren. I'll take five, please!

By: Warren Franklin

Warren Franklin — Sat, 24 Sep 2016 11:44:44 +0000

We used to take our son to the pet store, it was a great form of Free entertainment. It’s so funny to recall those times and great memories.

I agree with you J, being able to afford something and not buying it is a great feeling. Part of the self control and awareness more people need. The purchase is short term satisfying and immediately gratifying but long term empty.

Practicing patience, temperance, and moderation with personal finance are not qualities that are SEXY these days. You can’t make a reality TV show about someone not buying something and being financially prudent…or can you??? In one of your book recommendations – “Millionaire next door” these qualities were continuously highlighted – everyone can learn a lot from this blog.

By: Beth

Beth — Fri, 23 Sep 2016 14:54:16 +0000

(And btw – pet stores? One of the best ways to entertain your kids! Not only FREE, but super convenient! Where else could you hit up a Zoo-quarium every time you run errands?)

HAHA! Love it! My son BEGS me to go to the pet store EVERY time he is out shopping with me!!!!

By: stillatwork

stillatwork — Fri, 23 Sep 2016 14:17:17 +0000

I work in finance, so I like to play this game by considering how long it will be until I will be eligible under the SEC rules to invest in private equity or hedge funds like the big dogs. Here are the rules:

You are an accredited investor if:
You have an individual net worth, or you and your spouse have a combined net worth, in excess of $1 million.
You had individual income, excluding any income attributable to your spouse, of more than $200,000 in the previous two years, and you reasonably expect to do the same this calendar year.
You and your spouse had joint income of more than $300,000 in the previous two years and reasonably expect to do the same in this calendar year. Institutions and pension accounts are subject to more complex criteria, and should consult an accountant.

You are a qualified client if:

You have an individual net worth, or you and your spouse have a combined net worth of $1.5 million
You have at least $750,000 in assets under management

Generally, a hedge fund manager would much rather solicit to a qualified client than an accredited investor. Why? Because managers may only charge their 20% performance fee to qualified clients. While an accredited investor may still invest in the fund, they will only be charged a 2% management fee.

A Qualified Purchaser (or super-credited investor) is one or more of the following:

– an individual who own $5 million or more in investments, including investments held jointly with a spouse.
– a family-held business that owns $5 million or more in investments.
– a business that has discretion over $25 million or more in investments.
– trust sponsored by qualified purchasers.