The Thousandaire Challenge

Mi first tooth - A-minor

2010-11-23T10:06:00.000-06:00

Is your money in alignment with your future?

2010-05-28T08:04:00.002-06:00

Matthew 6:21 For where your treasure is, there your heart will be also.

Are your spending habits in alignment with your long term goals?

For most the answer is NO, or I DON'T KNOW... So, how do you fix it or find out?

Step 1: make a list of your 20, 10, 5 & 1 year goals (start with the end in mind)
Step 2: prioritize the top 3 in each category
Step 3: Compare your goals to your current budget or last months bank statement

How did it turn out?

Money for college

2007-11-23T11:00:00.000-06:00

How much money will you need when it is time for little Johnny to leave home?

My intent today is to give you a resource for the college calculators that work. If you would like more personalized data, I can assist you in choosing the right vehicle to invest in.

College Financial Calculators
http://www.collegeboard.com/student/pay/add-it-up/401.html
Affordability Analyzer
https://www.collegeanswer.com/paying/est_ac/eac_index.jsp
Savings Calculators
https://www.collegeanswer.com/paying/lt_financial_planning/ltfp_index.jsp

Grants:
https://www.collegeanswer.com/paying/content/pay_grants.jsp
This site reviews, relavent grants and student qualifications

Amazon Books

2007-07-29T18:26:00.000-06:00

The thousandaire challenge is now available for sale at Amazon.com. Get your copy, today!

Walden Books

2007-07-18T21:44:00.000-06:00

The Thousandaire Challenge is now available at all major book stores to include Walden Books. Get your copy, today!

Books-A-Million

2007-04-30T14:37:00.000-06:00

The Thousandaire is now available at Books-a-Million.

Get your copy, today!

Borders

2007-04-26T14:42:00.000-06:00

The Thousandaire Challenge is now available at Borders Bookstore. Get your copy, today!

Barnes & Noble

2007-04-25T14:45:00.000-06:00

Thousandaire Challenge, now available at Barnes n Noble.

Get your copy, Today!

Powell Books

2007-04-23T14:51:00.000-06:00

We are now available at Powell Books. Get your copy, today!

My First Book Review

2007-04-22T13:12:00.000-06:00

The Thousandaire Challenge Your Blueprints to Financial Stability
Adam Rivon
AuthorHouse
102 pages, includes resource guide Softcover, $12.99
ISBN: 978-1-4259-8394-9

Four stars

Adam Rivon grew up in a single-parent household, the youngest of seven. Watching his mother work three jobs to make ends meet, he vowed that when he grew up he’d never find himself in a position of poverty. He kept the promise to himself, graduating from Prairie View A&M University of Texas debt free. Rivon became a financial coach, and the concept of the “Thousandaire Challenge” was developed shortly before his deployment to Iraq in 2003. His troops were the test case for this book.

Rivon’s principals of financial stability are built upon the pillars of self-esteem, family. Personal status, he says, is derived from financial wellbeing, and there is no “quick fix” for profligacy. Without setting unreachable goals, this is a book to change a person’s life.

The key, Rivon claims, is learning about the self. To become more than just a net worth (or debt), one has to get to the bottom of what makes one spend. To distinguish between “needs” and “wants,” Rivon uses Brandeis professor and psychologist Abraham Maslow’s Hierarchy of Human Needs diagram. At the base of the pyramid are the basic physiological necessities of food, water, sleep. Once these are met, the human can move up the pyramid, trying to meet other less powerful but more human requirements like Safety, Belonging and Esteem. Ultimately, the goal is to realize self-actualization and transcendence. As Rivon says, “Money alone doesn’t provide happiness.”

Once a person can distinguish between needs and wants, Rivon emphasises “discipline training” to change the way one handles and think about money. The first step in the training is planning. Operating without a plan inevitably leads to overspending. Without a plan, it’s too easy to make purchases based on emotions. Rivon asks the reader to consider what the purpose is for the money, what vision the reader has for his life.

Rivon writes in a friendly informal style. Each chapter contains an overview, information, summary and “spoken word” promises. Many of the chapters also contain graphs, as well as pages where the reader can fill in personal information. “I define personal finance as the process of earning, managing/allocating, controlling, and then dispensing your money.” The information is presented in a clear and accessible manner. Transaction logs, checkbooks and standardized spreadsheets for managing an annual budget are explained. He also covers what he calls The Three Pillars of Financial Security: Debt Management, Savings and Investing. The debt management section is wonderfully enlightening on the differences between good and bad debt: lots of information, for example, about cars, which are not good debt. Rivon wraps up the books with chapters on emergency funds, retirement planning, life insurance, wills and the importance of keeping track of credit history.

Ultimately, becoming a Thousandaire is more a book about wellbeing than getting rich. As Henry Ford said, and Rivon quotes, If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability.

Recommended reading.

Reviewed by Heather Shaw

The Book

2007-03-08T20:41:00.000-06:00

Hello All,

I am so excited to inform you that The Thousandaire Challenge, is now available for advanced purchase and at a discount on my publishers website.

It has been nearly a year since I finished the book, and now for you reading pleasure and personal edification, Your Building Blocks to Financial Security.

The book will also be available on Amazon.com, Barnes & Noble, and Borders, with in the next few weeks.

I want to thank you in advance for your support and you should expect see me at a book signing near you, soon!

MY FICO.com

2007-02-15T18:30:00.000-06:00

Don't use this site for a credit report. If you are looking for your FREE annual report use www.annualcreditreport.com. This is the only site that will give you the report that you are looking for with no strings attached.

The other sites are all very divisive and you are likely never to find what you are looking for. Be sure to review your records at least once a year. In this age of identity theft this will be an effective tool in combating thieves.

Your Investments

2007-02-14T06:47:00.000-06:00

What are you doing today, in order to secure your tomorrow. Many have children that are heading to school, retirement on the horizon, and debt up their eyeballs. Don't let this be you!

USA TODAY published this article "Retirees in Debt Trap," outlining current retirees that are strapped, due to debt payments and can't enjoy the best years of their lives.

Don't let this be you!

Barack for president

2007-02-11T18:09:00.000-06:00

I am excited to support Barack Obama for president in '08. I have decided to join him on the campaign trail. I will be fundraising and have started a new web site. If you would like to give money to the campaign visit Texans for Obama '08, I set-up this site and will take any amount that you will give.
Contribution limits exist at $2,300/election/person.

Thanks for your support and you can also join as a member of the group. I have never been involved in any political action, but will eventually host a formal event.

Benefits of Mentorship

2007-01-31T17:58:00.000-06:00

So, we have reviewed a number of issues concerning mentorship and to cap of the topic I would like to discuss its benefits.
If you've ever been in such a relationship, you know that an attempt to verbalize its benefits is very difficult, because so many are intangibles and the other benefits are not realized until years and at times decades down the road.
Here is my feeble attempt in motivating you to live with power. Imagine if you were to visit my home and I requested that you go to the store and get some milk. Having never been in the Allen, TX area you may have some questions, in order to accomplish this task:

1. If you are adventurous and bold you may hit the road and try to figure it out on your own.
2. You could also get on the Internet and find the closes store to my address.
3. Finally, you could ask me for specific directions to the nearest store.

All of the above methods could get you to the finish line, but only one will be most efficient. If I gave you clear directions to the nearest grocery store, informed you that it should take no longer than 20-minutes total, and then gave you the exact isle to find the product, you would have the more surety and comfort in knowing that I had been there before.

This is what a mentor can do for you. As you shift through the vicissitudes of life, a mentor can provide career direction, relationship guidance, and personal achievement. You don't have to limit yourself to just one mentor, so you could have one in every area of your life. Now, granted it is not always easy to find a mentor especially for every area of life, but your persistence and Matt 7:7 will help. You have to ASK.

Second, a mentor in many cases will be your sounding board. The voice of reason. Should I do (x) if (y), or should I concede and move on. I was upset when so and so did (m), how would you handle this situation. I am looking at starting this business and here is the plan; do you think it is realistic, etc.

I could continue with more, but I think you could best find out the remaining benefits by participation. So, go out today and either become or find a mentor, and LIVE WITH POWER!

Ultimate goal when fostering mentorship

2007-01-21T22:36:00.000-06:00

So, what is the end state? Now, we understand the benefits of having a mentor and the character requirements in evaluating mentors, but what is your goal in fostering this relationship?

1. Strategic-easiest path to success. No need to re-create the wheel. The mentor's in your life should be experts in at least one area, and willing to share with you their personal successes and failures to make it easier for you.

2. Short-term

3. Long-term

We will revisit 2 & 3 later, but now I would like you to set some personal long and short-term goals in developing your relationships...

Do so NOW!

Requirements of a Mentor?

2007-01-20T17:51:00.000-06:00

Many of you this season may be looking for a new mentor in some area of your life. For others you may be looking to become a mentor, soon. In either case the tenants of a good mentor are the same:

1. Consistency-Young mentee's in particular will require scheduled visits and defined direction. Depending on the need you wouldn't want a on-again off-again person assisting you whether at work or play. Actions and thoughts presented as a mentor should all be along the same lines, unless a recant is necessary.

2. Honesty-A mentor has no time to be shy or coy about the direction that they give. He/she must be willing to tell the truth, which is what you'll need, in all circumstances. The mentee must be willing to accept the truth, even when it hurts. With out honesty, no relationship can reach it's full potential.

3. Dedication-Again you haven't the time for a person who is unwilling to commit. Commitment to your success and persistent in their efforts (when requested). The mentee is responsible for seeking-out the mentor and following-up with status updates and information request. No one is going to hold your hand. While the mentor is busy with his/her own life, they must be available when requested.

4. Knowledgeable-May go without saying, but there is no benefit in a relationship with a person who has not proven successful in the area, pertaining to the need. A career mentor should generally not be your boss, because it is a conflict in most cases (favoritism, awkward performance evals, etc.) Look for individuals in your same career designation but whom provide a more strategic advantage, like a junior executive in another company, a senior sales rep, or even a retiree.

5. Positive-It is rare to want someone that beats you down, all along your life's progression. Look for individuals with a upward outlook on life, and those that can express themselves to you sternly but with a positive swing.

These are the traits that you should look for in a mentor, or seek to attain, when becoming a mentor. Deficiencies of character can easily be misleading and devastating.

Use these tenants to evaluate a person before and as they subscribe to being your mentor. Remember that mentors can and should be used, in more that one area in your life. (E.g. work, financial, social, spiritual, mental)

Live with Power

Benefits of having a mentor

2007-01-17T18:52:00.000-06:00

Have you ever had a person that you could go to and feedback on personal feelings, professional situations, or important decisions, in confidence? Have you ever communicated with a person that you believed to be beyond success? Did that person give you an opportunity to interview him and learn from some of his mistakes?

These are but a few of the benefits of having a mentor. The guidance and leadership that a mentor can provide in various, but specific areas of your life are endless. One of my mentors urged me to marry Misty, and another taught me how to be a personable leader. Some days I thought a mistake made was the end of the World and my mentor would tell me about the time he made the same mistake and how he overcame the situation.

It turns out that this month is National Mentoring Month, and it would be a great opportunity for you to become a big brother/sister, mentor, or seek out the mentor that you need in your life.

Why tread new tracks when successful people have already found a method that works? Finding a mentor is not always easy, but after you tap the right well it won't run dry.

Mentorship? What's that?

2007-01-16T12:55:00.000-06:00

A product of a failing society, is the under-utilization of mentors. Many of our children are being raised by single mothers. I have no issue with that I was, too, but I've found that I missed out on a tremendous amount of information and lessons learned. This issue is even greater than just black men. For my female readers when was the last time you took guidance from someone that you would like to emulate. Magazines only give you a two-dimensional feel of the real flavors of life.

Now, I was fortunate enough to learn about mentorship at a young age. In fact, I was a mentor to at-risk youth while in high school. This really allowed me to see that I didn't have to be perfect to make a difference. I could share my experiences with another and if nothing else show them which path, not to take. Because of this relatively early exposure, I have always sought-out mentors for every major area in my life.

This week I would like to focus on mentorship. What are the benefits, requirements, goals, and returns?

If you've had any experiences with a mentor, I would love for you to share them with the collective group.

Take Control of Credit Card Debt

2007-01-14T21:49:00.000-06:00

Many people may choose to ignore how much they're throwing away in credit card interest and how long it will actually take to pay off their debt.
But committing yourself to getting out of debt can save you a lot of money over time.

The following example shows how much you can save by upping your monthly payments. Of course, this assumes that you don't rack up more debt along the way.

Take a moment to think about all the things you could buy if you had an extra $1,900 in your pocket right now:

Debt INT PMT TIME TOT
$10,000 9.9% $200 5 years $2,947

$10,000 9.9% $500 <2>

Amount you could save=$1,973

Here are some tips to get your debt under control from USAA financial planner, June Walbert:

1. Know how much you're spending. Creating and sticking to a budget takes discipline, but it's the best way to watch what you're spending and still set something aside for savings.

2. Stop racking up more debt.

3. Save for a rainy day If you don't have an emergency fund to cover at least three months of basic expenses, you should save and pay off your debt at the same time.

4. Consolidate to lower interest Transfer your high-interest rate debt to a low-rate card.

College prep for parents

2007-01-12T20:48:00.000-06:00

Your children will inevitably be inundated with test and pre-test, so what are you doing to help?

Not only should you be aware of the test and prep, but you should also prepare for the financial requirements. How can you do so today?

1. Educational IRA's
2. Traditional IRA's
3. Coverdall's
4. Roth IRA'S
5. UGMA gifts to minors

There are benefits to each of the various means of savings and they can all benefit you in preparing for your child's secondary education.

Understand that your retirement is more important than you children's education savings. Your kids always have an option for loans, but if you can afford the cost I always recommend planning ahead.

Marcus Rivon

2007-01-07T19:35:00.000-06:00

This is my brother. We buried him this past weekend. His passing brought together to families that had grown apart, and I pray that we continue to stay together.

The Funeral

2007-01-04T16:51:00.000-06:00

Today, I will be going back home to bury my brother. I hope to return on Sunday in order to continue posting. Thank you all of your continuing support.

If you are interested in sending flowers or attending the funeral, it will be held on Saturday 1/6/07:

Proctor Mortuary

3522 Washington Blvd.

Beaumont, TX 77709

Vacation (what is that?)

2007-01-02T22:12:00.000-06:00

Have you ever spent time outside of the Contiguous United States of America?

It really is a great experience. Being in the military I had the opportunity to experience many other countries; Germany, Holland, Saudi Arabia, Kuwait, and of course Iraq. Spending time in these places I truly learned to appreciate all that I had. We often time take for granted many of the blessing that come with America, like:

Clean drinking water- if you've ever ventured to even Mexico you know what I mean..

Insulation: most hotels and homes in other countries are adobe like, Less moisture block and no insulation

Landscaping: In Iraq there is none only old concrete and sand

Controlled Temperatures: A/C and heating that is accurate and available

I hope that as you planned your budgets this year that there was available room/cash for a vacation. Even if it is just the weekend some where you should always leave room for enjoyment. Here are some pictures from Misty and My most recent vacations.

Adam

2007-01-02T08:14:00.000-06:00