169 Askia Davis, Sr, Investing Expert Provides End Of Year Financial Expertise On Finishing 2021 Financially Strong

Stock Investor and real estate investor Askia Davis, Sr. provides a masterful review of what people should consider financially as 2021 comes to a close. One of the most important things people should consider is who they are as managers of their own personal finances.

Askia is the most interviewed guest expert on Wealth Academy Podcast. He completed a doctoral degree at Teacher's College from Columbia University. Over the course of his professional career, he has been a teacher, counselor, administrator, and senior assistant to three successive chancellors of the New York City Public Schools. Askia Davis, Sr was superintendent of schools in Harlem, and deputy regional superintendent for 140 schools serving 99,000 students in the Bronx.

Askia discusses the importance of budgeting and getting control of any and all credit card debts, personal loans, and more. 

Additional financial areas to focus on at the end of 2021:

1.  Pass on generational wealth
2. Start learning about financial success, self-knowledge
3. You have to know finances for yourself
4. invest in the stock market, discover what your employer is invested in low return bonds, etc.
5. Discover what your employer is investing in
6. Focus on how much you are contributing to your investments, try to invest as much as possible (compound interest over time)
7. For young people working for a company, invest early and often
8. Roth IRA, work to invest as much as possible - Fidelity, Vanguard are examples of types of investments
9. Properly align your deductions, don't pay too much in your effort to get a larger return, use the money to invest instead
10. Social security, decide when you want to receive it
11. Get a subscription to Morning Star and the Motley Fool to educate yourself financially.
12. Never invest in things you don't understand
13. Don't invest in crypto unless you are willing to lose some of your money
14. Stay out of the casinos, avoid losing your money, don't spend money on Draft King, etc.
15. Housing, assess your mortgage rate, refinance for a lower fixed rate
16. Mortgage PMI, when you get to 20% down payment contact your mortgage insurer and save money
17. Set up a living will and a trust, don't allow probate court to control your wealth, create generational wealth for your survivors
18. Working with a lawyer is the path to follow, get an accountant and set up a trust, set up a living will, and set up a way to donate valuable artwork, deductions, and more
19. Max out your retirement account with contributions, purchase property
20. Defined benefit account based on your years of service as a federal, state, city, or local government employee, this allows employees to recapture the years, buy back the years to stay on track with one's pension plan, this impacts total retirement years
21. Take advantage of stock options where you are employed, for example, Amazon, Walmart, and other big box stores
22. Know your risk tolerance for investing, think in terms of the long term

Enjoy this episode and encourage your family, friends, and colleagues to listen to this episode with Askia Davis, Sr., go to Apple Podcasts and rate and review episode 169. Thank you for your wonderful support and have a wonderful Christmas.

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