LET YOUR MONEY GROW

There is one simple thing that separates the rich from the poor – this one principal is the reason the rich build more and more wealth, and the poor get even poorer, and traditional streams of education fail to teach our youngsters meaning most are faced with having to figure it out for themselves… and most never do.

But first, let’s look at defining the problem in simple terms so we’re all on the same page – what’s needed is some basic definitions of common terms that are often misunderstood.

One of those big problems we face as a society in this modern age is debt. More specifically – bad debt.

There are two types of debt you can have – good debt and bad debt. The difference? Well, the simple defining difference is that bad debt is credit you obtain and then use to purchase liabilities – or several liabilities. This could be taking out a loan for a new car, or purchasing this years holiday on your credit card. Good debt is credit that you leverage in order to purchase assets – this could be taking out a mortgage to purchase a rental property that’s going to return you a second, almost passive income.

The first thing we should probably clear up is the definition of an asset and a liability – they are not what most people think they are! For example, the house that you own and live in – is it a liability or an asset? Let’s make the assumption that you’ve been lucky to pay off your mortgage and you own it outright – how would you answer that question bearing that in mind?

Most people believe their home is an asset – especially if they have no mortgage on it. How can it be a liability when I haven’t got any credit to support it’s ownership and I have a store of value in the property’s equity? Well, according to Rich Dad Poor Dad, the simple definition of a liability is something that costs you money to own, and an asset is something that you own that provides an income over and above the expenses incurred to own it.

So, in the case of your house, unless you’re renting it out and making a profit, it’s a liability – it costs you money to own it and live there! You pay water and electricity bills to keep it operational, you pay council tax for the pleasure of it existing within a certain jurisdiction, and you probably pay insurance to protect the potential downside. If you’re not charging rent to someone to live there over and above YOUR costs then it’s costing you to own it. It’s worth mentioning also that if you rent it out but don’t make enough from the rent you’re charging to cover the expenses then it’s still a liability – the defining difference is whether it achieves positive cashflow or not.

Hold on, I hear you cry, but I don’t have a mortgage and I can sell my property for hundreds of thousands of pounds if I wanted to so it’s an asset because when I sell it I’ll make lots of money! Erm, not quite. You see, you only realise the paper value stored in a property like that once you sell it… and you can only sell it for what someone is prepared to pay. For example, you might have been unfortunate in a relationship and going through divorce where you need to sell quickly – you’re a highly motivated seller, and there are no buyers in the market for your type of property who are prepared to pay what you want to sell it for. All of a sudden, the value in your assets diminishes considerably simple because of someone else’s perception of value.. which could be drastically different to yours! You only realise the value in an asset like that at the point of sale, and there’s no guarantee you’ll find any buyers at the time you’re looking to sell, and there’s no guarantee that if you find a willing buyer that they’ll want to pay what you think it’s worth. This doesn’t sound like a very reliable asset to me – especially given the potential return can so easily change based on multiple variables that are completely out of your control. Yes – you might sell and make a profit, but you might equally have to sell at a loss, and you won’t know which it’s going to be until the point of sale.

Now that we’ve clearly defined good and bad credit, and the definition of an asset and a liability, let’s have a look at the key problem most people face when it comes to finances – financial education.

The one key difference between the rich and the poor is this; the rich know how to master their money and create assets that provide multiple streams of income – more simply, they understand the art and the science of putting their money to work in a way that means their money makes them more money without the controlling person having to exchange time for more money.

But this is exactly the opposite of what we’re taught in school, where the focus is on finding a skill, becoming qualified, and then finding a position where you can exchange your time for money for the rest of your life.

Okay, but what’s wrong with that?

Well, nothing if that approach aligns with your values and allows you to achieve your goals in life. However, the key limitation with this approach is this – you only have 24 hours in a day like everyone else, so what happens when you reach a point where you’re exchanging all those hours for an hourly wage? Well, when there’s no more hours in the day to exchange, you’re not only burnt out and unfulfilled because you have no time to direct towards the things you love in life (let’s face it, most people are far from doing a job they love), but you have now hit your earnings ceiling. How do you earn more when there’s no more time to exchange? This is the key limiting problem with this approach.

Yes, most of us will have to start with this inefficient exchange in order to generate our first income, but it’s what we do with the fruits of our labour that really defines where we’re going to mature into wealthy people or poor people. For those of us who have been lucky enough to have some financial education, we start to do things with our money that let it grow all on it’s own. For those who don’t, they spend all their spare money on holidays, new gadgets, and toys – aka liabilities!

This behaviour sends us into a downwards spiral that can be extremely difficult to get out of. You earn money, and use that money to buy liabilities. Those liabilities increase your monthly outgoings, meaning you have to exchange more time for money to increase your income so you can continue to service the new liabilities you have purchased. You increase your income further so you again have some surplus (but you’re now working 12 hours days and barely seeing your family), and then you use that surplus to purchase more liabilities… and so the vicious cycle continues. Can you see now why this behaviour is so destructive to people’s finances? Can you see why we have such a problem with bad debt these days? All because financial education is considered unimportant by our educational institutions. This needs to change, and this change starts with you educating yourself, so you can go on to educate others and set the next generation up for greater levels of financial success.

So, how do the wealthy grow their money?

There are multiple strategies people use, but they can all be classed as one form of investment or another. You could invest in stocks and shares that not only appreciate in value but that pay you a dividend throughout the year whilst you own them. You could invest in the wild west market of crypto-currencies and benefit for the massive bullish gains we’ve seen in those markets in recent years (I was trading Bitcoin at $900 at the start of 2017, and it’s now broken right through $10,000 – all in under 12 months). You could put your money into cash-flowing investment properties, or you could either start your own business or invest in one.

There are so many strategies you can employ to make your money work for you, rather than you working for money. All it takes is the commitment to educate yourself in whatever vehicle you choose and get started.

I’ve written several blogs on trading and investing that you can find by searching those tags so please feel free to check those out to get some more information on these strategies – there’s also loads of great resources on-line, but there’s also a lot of shit. Be careful and do thorough research from reputable sources.

You can also join my trading education group on Facebook by clicking the following link: LG Trading

You can find some of my trading and investing blogs at the links below:

• Trading: The Basics

• Understanding The Stock Market & Trading

• Financial Wealth: What, How & Why

Enjoy! Please drop me a comment if there’s additional content you’d find value in me covering on this subject!

Source: https://littlegreysays.com/2017/11/29/let-your-money-grow/ 

Managing Your Personal Finances as an Entrepreneur: 14 Tips From Leading Experts

As an entrepreneur, it's important to have your personal finances in order, because you never know what may happen with your business ventures.

There's no doubt about it that being a successful entrepreneur requires a lot of expertise in a lot of different areas. Arguably one of the most important aspects to becoming a successful business owner is having your finances in order; after all, with no money, you've got no business. So, to help aspiring entrepreneurs take their next step towards building their empire, we've asked 16 expert entrepreneurs for their best piece of advice for managing your personal finances. Here's what they had to say:

1. Diversify!

"Diversify. Diversify. Diversify. I know that's canned advice you would hear from almost every other "financial expert," but it rings especially true for entrepreneurs. Here's something you might not want to admit to yourself: your entrepreneurial venture has a greater chance of failing than succeeding (gasp!). By diversifying and placing funds into another side business, alternate investments, or just setting aside cash, you will give yourself breathing room in the event that you have to call it quits or need to pivot to another business. In my own experience, I have been able to diversify into other ventures that operate independently of each other and that has led to constant growth and more exciting opportunities."--Jeff Rose, GoodFinancialCents.com

2. Plan For Inevitable Rainy Days (Or Months)

"Since many entrepreneurs have to deal with irregular income, it's important to budget your personal finances around that to make sure that you have savings that you can draw from in the leaner months. You need to know that you can cover the essentials like housing, utilities, insurance, and food. So add up those critical expenses and put aside enough to cover at least a couple months."--Tom Drake, Canadian Finance Blog

3. Plan For Your Future

"Don't forget, you should still be saving for your retirement. Even on a fluctuating income you should aim for a small bit of savings each month. A good starting point would be to open up a Roth IRA and contribute the max each year. If you want to do more, consider a SEP IRA or Solo 401K account, which will help you shelter a lot of your business income from taxes."--Philip Taylor "PT", Founder, FinCon, PT Money: Personal Finance

4. Separate Business Funds From Personal Funds

"When you're an entrepreneur starting your own business, it can be a good idea to keep your personal finances and business finances separate. Not only will it give your business more credibility and a sense of legitimacy, but in some cases it may also help reduce your personal liability were something negative to happen down the road. It will also help you to be organized when it comes to paying your taxes, managing your bills and other payments."--Peter Anderson, Bible Money Matters

"It's simple but vital: Keep business and personal accounts separate and document profit distributions to yourself. As a one-person business, I didn't set up separate accounts soon enough. The CEO of a 10 or 100 employee business wouldn't use corporate accounts as his own; why would somebody running a company of one or five?

Not only do separate accounts make tax-time easier, they're essential if you want to sell your business or you face litigation or bankruptcy. In the worst case, intermingling personal and business accounts may negate the protections offered by your business structure."--David Weliver, Publisher, MoneyUnder30.com

5. Keep Your Expenses Below Your Income

"Never forget that expenses rise to meet income. This is the gist of Parkinson's law. This is the reason that a couple months after most people get a raise, it feels just as tight financially as it did before the raise.

Without an intentional effort, houses, desks, kitchen sinks naturally get messy and cluttered. We have to take action ON PURPOSE to keep things clean and organized. The same ON PURPOSE effort needs to be made to keep our expenses BELOW our income."--Bob Lotich, ChristianPF.com

"Since you probably have a budget for your small business, make sure one is in place for your personal finances as well. It can be easy to let managing your own money fall through the cracks while trying to grow and expand your endeavor. Use a website like Mint (it's free) and enter in accurate amounts for your monthly bills. You'll probably need to estimate your income unless it is consistent. Then, work on reducing all monthly bills. Your ultimate goal is to get your spending under your estimated income. Once you have a surplus, use it to pay down your credit card debts, start or improve your emergency fund, or set it aside for your retirement."--Andrew Schrage, moneycrashers.com

6. Automate Your Bill Payments

"When you're spending every waking minute on building a business or releasing a product it's easy to overlook personal bill payments. Automated payment services that let you setup specific rules for each bill and alerts for exceptions allow you to put your bills on auto-pilot and focus on your business. If you use a credit card you can help avoid leaking money via fees and interest by setting up spending limit, payment due, and late payment alerts."--Ben Edwards, Money Smart Life

7. You Get What You Pay For

"Hire the best people, not the cheapest. If someone is willing to work for free, say no. You want someone devoted to the project, not someone who regards it as a passing hobby that they can tackle in-between episodes of Dancing with the Stars."-- Paula Pant, Founder, AffordAnything.com

8. Protect Your Most Valuable Asset

"Many entrepreneurs overlook their need for disability insurance even though their ability to earn an income is their most valuable asset. Stop thinking "it won't happen to me" and know that it could. (The Council for Disability Awareness has some great stats here). Ask yourself how your family would live without your income or what you would do for income if something happened to you. What are your options? Are you protected? (Note: Life insurance is also very important if there are other's dependent on your income)."--Mary Beth, www.workablewealth.com

9. Maximize Retirement Savings Options

"Those that are self-employed have significantly more options when it comes to retirement savings. Beyond traditional 401k and IRA plans, the self-employed should consider SEP IRAs, individual 401k plans, and even defined benefit plans. These alternatives enable entrepreneurs to save significantly more for retirement in tax-sheltered accounts. For example, a SEP IRA enables a self-employed individual to sock away up to $52,000 this year for retirement. With a defined benefit plan, some are able to save more than $100,000 a year in a tax-deferred account.

Some of these options can become quite complex. As a result, it's best for entrepreneurs to contact a tax or retirement specialist to understand which alternative is best for them."--Robert Berger, doughroller.net

10. Take Your Business On A Money Date

"Check in with your business budget often by establishing a money date ritual. Each week I take myself and my business out to lunch where I review my accounts, create reports, and update my financial goals. It makes doing mundane financial tasks like paying quarterly taxes, or putting together monthly reports, a lot more fun and less of a drag. I actually look forward to getting out of the office (and indulging in a sweet treat afterwards), where I list out positive business accomplishments that have occurred over the past week or so. A money date is the perfect opportunity to reflect on what you've accomplished, where your business is now, and where you're headed."--Carrie Smith, carefulcents.com

11. Seek Out Professional Tax Advice

"Spend some time and money on getting professional tax advice from someone who works with small businesses and entrepreneurs. There are many tax savings to be had if you know what to look for. On the flip side, you can get yourself into trouble very quickly if you don't know what you're doing. Critical areas to look out for include reporting income and expenses, home office deductions, hiring employees vs. contractors, and more. It's money well spent (and will often pay for itself!)."--Ryan Guina, Cash Money Life

12. Strive To Smooth Out Cash Flow

"Consider your personal finances like you would a business. A business has access to credit in order to smooth cash flow for various operations. As an entrepreneur, your income might be variable, so having some sort of mechanism in place to smooth cash flow in your personal finances makes sense. I have a low-interest personal line of credit connected to my checking account. If a client pays late, or if there are other problems, all of my automatic payments are made smoothly. Usually, when the money does come, I can then pay off the line of credit immediately--without ever paying interest. Smoothing out cash flow in your personal finances is just as important as smoothing it out in your business."--Miranda Marquit, www.MirandaMarquit.com

13. Keep Your Business Expenses In Line

"Don't go overboard with your expenses! There's this myth that expensing something magically moves the expense to a tax-free wonderland but the truth is you are still paying for the expense. With income coming in and a company credit card it's easy to let your profits slip away with small expenses. Run your venture lean and only spend on what you need for the business."--Glen Craig, Free From Broke

14. Negotiate Everything

"When it comes to business, make sure you negotiate everything. Contact your credit card processors, your suppliers...contact everyone and renegotiate your terms on a regular basis. Everyday, our business is constantly bombarded with new vendors offering their services at competitive rates. Make sure you strike a conversation and pit your existing vendors against the new ones and you can save tens of thousands of dollars a year."--Steve Chou, mywifequitherjob.com

There you have it--personal finance tips from the pros that will help you build the businessof your dreams. Remember, as most of these experts explained, success is all about striking a balance with your finances. If you are cheap, you're not going to get quality results, but if you're too extravagant, you're likely to end up in the red and ultimately fail. Be smart, be frugal, and put money into things that will grow and you will be well on your way to success.

Source: https://www.inc.com/murray-newlands/managing-your-personal-finances-as-an-entrepreneur-14-tips-from-leading-experts.html

3 Secrets the Wealthy Don’t Tell You

In order to run you have to first learn to walk. To make a million dollars, you’ll first have to make 100K. I didn’t build my wealth overnight, but I did get rich rather quickly. There is a big difference between being wealthy and being rich by the way—more on that later. Right now, let me ask you, do you know the basic building blocks of money? Without the basic building blocks, you will never have mastery. I’m a hecto-millionaire and believe me, nobody that inherited their money has ever become a hecto-millionaire without straight up mastering money. I want to give you three secrets today that the wealthy know that the rest of society doesn't. These things are basic building blocks of money. 

#1 Income is King—If you don’t have new income, you’re dead. You have to be getting new income. I know this sounds basic—because it is—but a lot of people have this confused. People are out there trying to save money, talking about how debt is bad and save, save, save. Look, if you don’t have income then there is no money to save, no money to retire, and no money to invest. There is no chance of wealth without income first. You might hear people say, “Income is not what you want—wealth is what you want.” But you can’t get to wealth without income. You need income. I’ve said that a JOB means just over broke, but a job=income. The reason people get a job is to get income. Now the question becomes, how much income can you protect? How much can you incrementally increase that income? Understand this—don’t let anybody ever tell you that income isn’t king. Saving is not king, spending is not king. Income is KING. And that is the number one most basic building block you need. Yes, it’s taxed at a high-rate—it’s not the best thing, it’s not the thing I ultimately want to be at—which is wealth—but, I have got to have income to get to wealth. 

#2 Income Increments—You aren’t going to go from 4K a month to millionaire. There is going to be incremental growth. Now I’d certainly like to explode and go 10X but understand that there are going to be increments. At 25 years old, I was making 4K a month and all I could focus on was increments. I thought about how I could take that 4K and control it by going up to $4400. Could I increase it by 10%? That would be $400 more per month. That’s $100 a week, $80 a day. Who do I need to see, who do I need to call to get that $80? At 35 years old it wasn’t going from $4,000 to $4400 but going from $15,000 to $20,000. That doesn’t mean I’m not thinking about how to explode with growth, but every day, every week I’m thinking about how to increase in increments. Think about it this way—do you want more or less? There is no same. Same always falls to less. You’ll get what you focus on. If you focus on anything else other than more, you’ll get less. You’ll end up with less money, less income, less ability to save and invest money. 

#3 Spend 95% of your time on income, 5% on expenses—Take out your household income statement. Everyone has one, money that comes in and money that goes out. The line for incomes is thin, the line for expenses is thick. Income is powerful. You need enough income to overwhelm the expenses. Most people have this in reverse—they spend most of their time on expenses and little time on income. How much time do you spend on the income side? If you are anything like the average American, you are spending all of your time on the expenses. 

Would you like to know the difference between being wealthy and being rich? People can get rich quick, but nobody gets wealthy quick. I figured out how to create wealth—I’ve become a millionaire over a hundred times over. Having wealth is having so much money it can never all be spent or destroyed. In order to get wealthy, you have to first get rich. Trust me, it’s easier to get rich once than stay poor forever. Income is king, so keep increasing your income by increments, and keep yourself focused on your income—not your expenses. If you have the dream of getting wealthy, and you WANT to improve your situation or condition, sign up here. GC

Source: https://grantcardone.com/blogs/grantcardone/3-secrets-the-wealthy-don-t-tell-you

7 Wealth Secrets

Money is power; it can be a vital source of happiness and a paramount entity for some people. The gurus can give you hundreds of secrets to becoming wealthy. But, the catch to the "get rich soon" equation is simply a law of attraction. On the contrary, some people ruin their lives by becoming hungry for money that results in destroying and harming themselves and others.

Although, a healthy monetary asset is essential to survive in the world, which also demands a comprehensive understanding of how the money game operates. We leave you with 7 wealth secrets that will enhance your income:

Acceptance:

Firstly, to understand the game, it is vital that you acknowledge the universal truth, which is to acquire heaps of money. Once the mindset changes, you can strive to make your first million. Setting smaller and achievable goals can help you get focused.

Don't be Negative about it:

Secondly, try not to utter phrases like "I am poor". Picturing yourself to be rich can attract a lot of resources. It is vital to have an empowering mindset, which says; through my mental capacity and hard work I can achieve any task. The first person to convince in this situation would be you.

Taking your own wealth as a responsibility:

For instance, by creating wealth and jobs for others, you would create some for yourself. Not only that, you are also responsible for your family, stakeholders, and employers. A positive contribution to the society is only possible when you simultaneously have more than one income stream.

Find a mentor:

Stick to like-minded friends and family members who are equally passionate about wealth. Searching for an industry mentor is probably the best thing you could do. By far some of the best teachers of life lessons are these mentors. Making excellent friends allows you to create an aura of success around you.

Make an outstanding use of all the resources that you have:

Time is a virtually the best resource, it is an incalculable asset. Time is everywhere, you have a lot of it, but how do you spend it?

Financial resources are secondary when we talk about time, therefore we must not waste it. You can make principles for smart time management. If you work well in the morning, then allocate it to time-consuming tasks.

Make a habit of saving:

Rest assured, the money that you earn will not last, so it is better to start investing in stocks, property, and gold. Hiring a team of financial advisors can be an option later on.

Make money flow through various sources:

Further, having more than one source of income would be a preeminent task. Once you have started to pay you bills and taxes, then you can focus on reinvesting the money into investment schemes. Opportunities would start to flow in your direction, with plenty of options as a back up.

By applying the rules mentioned above, you can achieve a sound financial independence. The law of attraction only works if you do. It clearly states that you can bring positivity in your life by focusing on positive thoughts. Likewise, remember, "What you seek is seeking you".

E-Content: http://www.geniuses.online/wp/

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Robert Kiyosaki talks about Financial IQ

This is a snippet of what Robert Kiyosaki was teaching at a symposium, interesting stuff. For anyone interested you really should go and read that book called 'Finanical IQ). How high is your financial IQ?

Differences Between The Rich And The Poor

Have you ever wondered what the difference is between the rich and the poor? Why are some people wallowing in the abyss of poverty while some are swimming in the ocean of stupendous wealth?

Sometimes it may come across to you to say that some people are rich because they were born with a silver spoon in their mouth. Well, that is not conclusive because there are many people out there that were not born under any silver linen whatsoever, yet they are millionaires today. What happened? What made the difference? Now here is what i have realized.

The difference between the rich and the poor is the mindset. The rich and the poor think in different frequency. The poor do not have that kind of mindset that the rich individuals have. They approach the same issue from a different perspective and stance.

The rich seek out opportunities. The rich are always seeking for opportunity that will grow their wealth while the poor man wallows in self-pity and he is consumed with seeking for sympathy. He engages in the blame syndrome; blaming his relatives, friends, the government, even the rats in his house are not left out, as been responsible for his predicament. Instead of thinking how he could break out of the cocoon of his abject poverty he feeds it by consistently looking for a scapegoat. With such mindset you can't recognize opportunity for wealth when you see one.

The rich acts but the poor just passes along. When the rich sees an opportunity that will accelerate his wealth, he grabs it. Not the man with a poor mindset. He had a thousand and one reasons why what he sees is not an opportunity for getting rich and so his circle of poverty continues, as he will let go of that opportunity. Sorry to say this; it is like casting a gold before a swine, it will not value it.

The rich are ready to take risk and make sacrifices, either it is of time, effort, money etc. The poor mindset considers some risk as being outrageous. They lack the motivation to dare into the world of the unknown. They are satisfied with the world they have come to know. So they keep maintaining the same status throughout their lifetime.

Have you ever wondered why businesses are called ventures? A business man takes risks. I am sure you know about venture capital: that is the money invested in a new company to help it develop, which may involve a lot of risk. But you will find those who have rich mindset take the risk all the same.

A man who does not take risks will end up paying for another man's risk. When you take the risk, others will pay you for it. That is what the rich man knows that Mr Poor mindset does not know.

You need to understand that being wealthy does not mean you lack nothing and being poor does not have to do with the fact that you lack the basic amenities of life. It has everything to do with the mentality you have.

If you are born poor that does not mean you cannot rise to become a millionaire. To achieve financial success you have to change your pattern of thinking. If a poor man thinks the way the rich does and do what they do, he will have the same result and even more.

Fred E. Egba

http://wealthruler.blogspot.com

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Keep Track of Your Total Net Worth

Business and professional practice owners know they cannot effectively run their company without understanding its financial position. In the same way, when it comes to making a comprehensive wealth plan, they also need a framework to assess their overall financial status.

A "Life Balance Sheet"[1] provides a complete view of the owner's assets, liabilities and net-worth. Though similar to the more traditional balance sheet used to monitor their company, the Life Balance Sheet includes both real and implied assets and liabilities.

The left side of the sheet lists the owner's assets and includes the traditional financial assets (cash, stocks, bonds, alternative assets, etc.) and other tangible assets (real estate, precious metals, art collections, etc.). It also includes implied but expected assets.

Implied assets are non-liquid assets that are often non-tradable yet have value. In a previous article, this was referred to as, "Human Capital." Though often overlooked, Human Capital represents the present value of the owner's expected earnings.

Liabilities, on the right side of the sheet, should be viewed in the same manner. Mortgages, business loans and other debt secured by property are explicit liabilities. Additionally, business and practice owners should include their succession goals as an implied liability and career professionals and non-business owners will include the estimated costs of their retirement.

For example, if you want to maintain a certain standard of living after leaving your business or retiring from your career you are creating an implied liability that must be funded by the assets on the left side of the Life Balance Sheet. Aspirations to purchase a vacation home, start another business or fulfill a charitable commitment represent implied liabilities as well.

Think about a Balance Sheet with Assets Listed on the left side and Liabilities on the right. The combined assets include a house, retirement plans, and the family business. Taken together, these are worth $2,000,000. To this we are going to add $800,000, the amount of money the owner expects to earn as income from the business. This increases the value of the Total Assets to $2,800.000/

Under Liabilities we will list three common assets including a mortgage, college expenses and estimated retirement costs. These total $1,800,000. This leaves $1,000,000 as Discretioinary Wealth; an amount the person can use as he/she desires, but that will make a signiticant impact on their net worth, their retirement, even their legacy.

Using the Life Balance Sheet helps owners, professionals and others place a value (present value) on their implied assets (their projected earnings) as well as their implied liabilities (retirement and other costs). This information should cause owners to review all their tangible and real assets - including the value of their business - to make certain they are on track to meet their long-term goals.

[1] Wilcox, Jarrod, Jeffrey E. Horvitz and Dan diBartolomeo, 2006. Investment Management for Taxable Private Investors, Charlottsville, VA: Research Foundation of CFA Institute.

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