Welcome to Love the Loot

The home where I talk about all things bread, chips, coin, and cash.

You see, I like money. Actually, I love money. I think most people misunderstand my love for finance and think I’m just a cheap ass. It’s partly true, but I prefer the term ‘frugal’ as there is more meaning behind what I do than just having some Benjamins in my bank account. I have hit a time in my life where I want to be different. I don’t want to struggle or become a victim of circumstance. I want out of the rat race, and I’m sure you want out too.

Over the last decade, I’m sure you’ve seen articles and news segments on the economic expansion that has showered the U.S. with new wealth, driven by the stock market and rising house prices. Unfortunately, most of this wealth generation has passed by many of us. Actually, the bottom half of households here in the U.S. have only recently regained the wealth lost in 2007 thru 2009, and have less wealth after adjusting for inflation, than they did in 2003. Meanwhile, the top 1% of households have twice as much today as they did in 2003. What gives?

Behind this trend: More than 85% of the assets of the wealthiest 1% are in financial assets such as stocks, bonds or stakes in private companies. By contrast, slightly more than half of all assets owned by the bottom 50% of households come from real estate, such as the family home.

I see so many get confused and tripped up by the term wealth. Wealth or net worth is the value of all your assets — houses, savings, stocks, minus any debt such as mortgages, credit cards, or auto loans. Wealth is vastly different than income which is the cash a household receives each month from wages, dividends or government benefits. So many of my peers associate income with wealth, while the two are different. I see them as a cycle.

Income can generate wealth, and wealth can generate more income.

I read a lot of books — biographies on individuals that have acquired wealth, books on budgeting, saving, investing, and various other finance topics. It has become a passion of mine.

So, I’ve created this platform, blog, whatever you want to call it, to help myself and others with money. I want to be able to pass the knowledge and help I gain from these readings and practices to pass on to you. I’ve started this journey a little later in my life than I should have (I’m 34) but, I think with some hard work and discipline my wife and I will be in the millionaire club by the time I’m 42. It’s an audacious goal, yes, but I aim to be transparent in sharing and showing everything I am planning and currently doing to reach this target.

I want all of you to learn from my mistakes, and get insights from my wins. To be free from having to work for a living and to start living the life you really want. I want more of us to be in that wealth-generating category. I think anyone can do it.

While the challenges and opportunities are uniquely our own, we can figure out how to manage them together.

I realize some of what I talk about may upset you or feel impossible, however, I am aiming to make you question what you know about money. I not only want to be the person that helps and cheers you on, but I also want to be the person that cares enough to let you know when you’re off track with your money.