Wealth Without Wall Street by Don McNay, Common Sense approach to money management.
Financial Planning Can Be Based Purely on Common Sense.
Today, one information industry has emerged, which has as it’s backbone, common sense, money management to give the average person information about these types of strategies.
Wealth Without Wall Street by Don McNay, award winning financial columnist, Huffington Post contributor and founder of McNay Settlement Group which is a structured settlement firm that provides to injury victims and lottery winners, financial services. This is a service that many who have come in to large settlements need to help manage and conserve their money. “It’s about taking control of your finances and your life.” McNay said.
Structured settlement money, if the recipient has sold their settlement for a lump sum, can, and does, for many, disappear quickly.
“McNay said he has learned how to explain things simply after years of working with accident victims, many of whom have little education and many financial problems. Plus, he and his own family have made a lot of mistakes over the years.
For example, McNay said, he became a successful broker in the 1980s and splurged on all the trappings — a Mercedes-Benz, a big house and a fancy office in downtown Lexington. Then he lost it all through a complicated real estate investment he didn’t understand. He had to dig himself out of debt.
The book tells several other painful stories that taught McNay lessons. “It’s embarrassing,” he said, “but it’s real life.”
Here is a sample of McNay’s advice:
Avoid credit cards: McNay said most of the pushback to his book has come from readers who say credit cards can be great tools when managed properly. But he avoids them because he doesn’t want to be like too many Americans and let credit cards become a debt trap. McNay, who said he has always struggled with his weight, compares credit cards to keeping fattening food out of his house; if it’s there, he will eat it.
Work for yourself: Not everyone is cut out to own their own business, but if you are, do it. It’s hard work, but it gives you more control over your life and future.
Get rich slowly: To McNay, that means don’t spend more money than you make. Avoid debt. Save through conservative investments. Consult an attorney when necessary. Have a will and life insurance to protect your assets. Not only does this make you richer, it will remove a lot of stress. “It takes power away from those who can control you,” he said.
Move your money from a big bank to a small one: Wall Street has so much power, McNay said, because so much of Americans’ money is invested in big banks. They were behind most of the risky activities that tanked the economy. Big banks also make only 28 percent of small-business loans, while small banks, defined as those with less than $1 billion in assets, make 34 percent.”
“A lot of this really is common sense, and it’s about balancing power in your favor,” McNay said. “These are things that could spark a revolution.”
