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"Winning the Money Game" Identifies Financial Myths(June 06, 2012)
ATLANTA, GA -- (Marketwire) -- 06/06/12 -- Investment adviser and financial planner Ike Ikokwu's new book, "Winning the Money Game: Separating the Myths from the Truth" (www.winningthemoneygame.net), takes readers through the lessons he learned in rebuilding his fortune following bankruptcy.
"I worked for two of what used to be the 'Big 6' accounting firms and serving as an advisor to other advisors in the field," he says. "I invested a good chunk of my earnings in real estate, then channeled those profits into domestic, offshore and international investments."
By the time he learned these were Ponzi schemes, it was too late. He was forced to declare personal bankruptcy in 2003.
He rebuilt his wealth by changing his approach to finances, he says.
"There are a lot of myths about spending, saving and debt that prevent Americans from ever building substantial wealth," he says. "But anyone can, no matter what their starting point. For instance, there's good debt and there's bad debt. People need to learn how to leverage good debt to maximize their wealth."
The three most common ways Americans get rich involve using debt, he says: They launch businesses, invest in real estate, or pay for advanced degrees in order to become high-income earners.
Some myths born from the idea that all debt is bad include:
- Paying off your home mortgage provides financial security.
- A 15-year mortgage is always the quickest way to pay off your home.
- Putting money in your 401K or other qualified plan saves you taxes.
"Good debt can save you money on taxes, increase your investment gains and allow you to take advantage of wealth-building opportunities," Ikokwu says.
"Ike is extremely gifted in the financial world and brings a comprehensive understanding to smart financial planning and decision making," writes James Dodd, president and owner of AGR International, Inc., in Alpharetta, Ga.
About Ike Ikokwu
Ike Ikokwu, "The Financial Independence Coach," is a CPA, CFP and registered investment adviser. He holds a bachelor's in accounting and a master's in personal financial planning. Ikokwu is president and CEO of Winning the Money Game with Ike, a tax and financial advisory firm. Tune into Atlanta's WGUN-1010 (AM) at 11 a.m. Saturdays for his weekly show.
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