Is it moral to be wealthy? Abso-freaking-lutely. In fact, given the financial opportunities that still exist in America today, despite our political and economic leaders best attempts to eradicate, there’s no better place on earth to start from nowhere and get really stinkin’ rich. So what are Swankonomics™? These are the principles Jake Swank lives by. Why pay attention to him? Well, he has a swanky penthouse a stone’s throw from the Arizona State university campus for one.
But never mind all that. We’re getting distracted again. Without further ado, behold the miracle of Swankonomics™.
1. Stop investing in Junk Debt and Profit from Inflation Instead: If you’re income barely keeps pace with your high interest credit card debt lifestyle, it’s time to re-evaluate the plan. Consumer debt gets you nothing but poor and stressed out. Properly structured mortgages, on the other hand, defined as a long-term, fixed-rate loan tied to an income producing property, can make you quite wealthy indeed.
2. Take Direct Control of Your Investments: One of the best financial decisions you’ll ever make is to cut out the Wall Street brokers and advisers with their administrative fees and transaction costs. One of the reasons we LOVE real estate investing is it gets rid of the middleman and his associated costs, leaving you in the driver’s seat and enjoying all your profits.
3. Crave Capitalism: If you truly believe that a Marxist, socialist, communist, or fascist approach is better for America, please follow Alec Baldwin up to Canada. Wait a second – he never actually went to Canada, did he? He decided to stay here in the USA, terrorizing airplanes, New York voters, and paparazzi instead. Seriously though. If you don’t automatically crave capitalism, you don’t deserve to be wealthy. Soup line forms to the right.
4. Thou Shalt be Self Sufficient: Here’s a little story related to the government’s (in)ability to successfully run anything. Back in the day (around 1998) a legal house of prostitution called the Mustang Ranch, located outside Reno, Nevada, was taken over by the IRS for non-payment of about $700,000 in taxes. The government decided to continue running the establishment whilst seeking a buyer, hoping to recoup some of the money owed in the process. Apparently, the Storey County Board of Supervisors decided the IRS was morally unfit to run a whorehouse and declined to issue a business license. True story? Who cares? The point is dead on target. Trust no one with your financial survival but yourself!
5. Live a Life of Old-Fashioned Ethics: Does this mean you have to be boring and never have any fun? Of course not! What it does mean is that traditional families are the core of America. Always have been. The moment they are pushed aside completely is the moment we cease to exist in the image of our Founding Fathers. Families built America. They cleared the land, planted the farms, and started the businesses that made this country great. To abandon them to “modern” ideas of political correctness is a serious mistake from which we might not recover.
6. Prefer Optimism: It’s easy to be a pessimist. Pessimism is boring and doesn’t accomplish much. That’s no way to live. As far as we have drifted as a nation from our roots, world travelers realize that America still beckons as a beacon of light in a dark world. If you live here, be glad of it, and don’t waste your opportunity to do something, REALLY do something, positive with your life. We’re not encouraging you to adopt a Pollyanna approach. An optimist realizes that bad things can happen, sometimes without rhyme or reason, but it’s better to have a hopeful heart towards the future than give in to despair. Life isn’t easy. No one promised us it would be, but without optimism, you’ve got nothing.
If you find yourself interested in learning the nuts and bolts of how to implement Swankonomics™ in your life, a good first step is to visit our affiliate website at JasonHartman.com. Jason provides a wealth of free information related to income property investing and financial independence. Check out his Creating Wealth Show, a globally popular podcast which is rapidly approaching 300 episodes. If it seems like too much information to process all at once, we suggest you start with the Speed of Money episodes. They’re short, sweet, and full of actionable information.
Once you wrap your mind around the idea that properly structured mortgage debt actually increases your wealth during inflationary times, the rest is a piece of cake.
The Jake Swank Team
Flickr / Adam Jones, Ph. D.