The G.D. Herring Journal

Expert advice and information from our team!

new house
money

Five Effective Debt Management Strategies to Prepare for Buying a Home

Have your sights set on a new home purchase? If you’ll be moving in the next six to 12 months, two of the most important things that you can do is getting your debt under control and understanding conventional loan requirements. Whether you have student loans, credit cards, or a car loan, anyone can improve their financial standing by using strategies that work best for their unique situation.

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too little risk
investing

Too Little Risk

”If you don’t have any defaults, you’re taking too little risk.” The quote is about buying debt as an investment. Managing the risk in this kind of investment involves trying to make sure that there are never any defaults on the debts – or in more general terms, that everyone who has a loan that you own pays on that loan. Minimize the non-payments, minimize the risk. Simple.

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decision making
investing

Decision Making

It’s easy (and perhaps wise) to argue that collecting is not investing, but I’d like to flip that on its head and say that, in some way, everything we do in life is investing. The reason I’d make this argument, is that everything we do – from jumping out of bed first thing in the morning vs lazing the morning away with a snooze, to choosing an index fund over a rental property for our portfolio, to going with conventional vs grass-fed beef at the grocery – involves a choice. A decision with consequences. Making these decisions involves risk.

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infinite banking
life insurance

Trying To Understand Infinite Banking

We’ve talked a bit about Whole Life Insurance and, while it’s seemingly not as glamorous as Classic Cars, Oriental Rugs or Luxury Watches, it’s actually a very exciting subject. Primarily because it’s a suitable product to create an Infinite Banking System.

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overcoming distraction
investing

The Danger of Distraction

We love the email newsletter Weekly Thoughts from Chenmark. This family-run business has a beautiful philosophy/strategy and their musings are always compelling and sometimes so

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budget rolex
watches

Luxury Watch Investing on a Budget

For many of us, the words “luxury” and “budget” seem antithetical. They did for me until I realized that “budget” can mean “what I want to spend” just as much as it can mean “what I can afford.” If you’re wanting to purchase a beautiful luxury timepiece but think you can’t afford it, here’s a great article from Crown & Caliber about acquiring a luxury watch within your means.

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whole life wealth building
life insurance

A Little More About (the Benefits of) Whole Life Insurance

Last week’s article was about that poor misunderstood financial creature the whole life insurance policy. This is absolutely one of our favorite wealth management and creation tools and it gets a really bad rap, so we thought we’d share another article from Modest Money that explains 10 reasons the rich use these policies to build wealth (otherwise known as “getting richer!”).

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infinite banking
life insurance

The Whole Life Policy Loan

While yours truly, who is a woman (and was just yesterday paid the high compliment of being called “young lady”), has been known to sport a more masculine wrist clock from time to time, just a quick read through this excellent ladies’ watch buying guide from Bob’s Watches Blog illustrates how much a watch that is crafted for a lady will suit her.

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watches

The Rolex to Invest in for 2021

With summer officially over, and the holidays approaching faster than we might want to believe, now is a great time to peruse this excellent article from Bob’s Watches Blog on investing in 2021 Rolex watches.

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investing in classic cars
classic cars

Classic Cars – Investment or Collector’s Item?

Once you decide to start your car collection you have a choice to make; are you collecting or are you investing? This is actually a trick question. You can’t invest in classic cars or collectibles. Investing is done for cash flow, and unless you plan to make a business renting out your classic cars (a topic for another book), they are going to cost money to keep up. Collectibles, like cars, Persian rugs, whiskey and wine, paintings, gemstones, gold and classic cars don’t have cash flows in the present or the future.

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oriental rugs

Collecting Oriental Rugs – Why?

…An example of this mindset comes from one of my favorite stories illustrating the nature of wealth and how we work in the present to secure the future, both for ourselves and for the next generations. Tony Deden, of Edelweiss Holdings, believes his job as managing family assets means, first and foremost protecting capital. He has a brilliantly illustrative story about meeting a date farmer who inherited an orchard of nearly a thousand trees. As they’re touring the grounds, Mr. Deden sees a hundred new trees that have recently been planted.  He asks the owner how long it will take for the newly planted trees to bear fruit.

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vintage ladies rolex
watches

The Rolex Befitting a Lady

While yours truly, who is a woman (and was just yesterday paid the high compliment of being called “young lady”), has been known to sport a more masculine wrist clock from time to time, just a quick read through this excellent ladies’ watch buying guide from Bob’s Watches Blog illustrates how much a watch that is crafted for a lady will suit her.

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inspection
classic cars

Inspecting a Classic Car for Purchase

As the summer rolls on, we wanted to talk a little about classic car inspection, for those who might be considering a purchase. While I think using an appraiser is a great way to go, it’s only one component of the purchase process, and every purchase starts with your own inspection. Here are a few things that I do when I’m considering adding a new classic to my collection.

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holiday

We’re On Vacation!

We’re hoping you’re having an excellent summer. The team at G.D. Herring is taking a break this week, and brining you three of our favorite

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clean a rolex
watches

How to Clean a (Rolex) Watch

I’ll admit, being new to watch collecting, I’d not really considered the cleaning of them, but when your possessions go from expendable to collectible, you get very interested in preservation.

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selling classic car
classic cars

Selling Your Classic Car

So the time has come to sell one of your beloved cars. Your reasons may be multiple and everyone’s reason is different. You ran out of space, you want or need your capital for other things, you’ve really seen a lot of appreciation on one car and want to see what the market will bring. The only thing I’m sure of is you aren’t selling because you’ve given up collecting, right? Whatever the reason, sometimes it’s time to say goodbye and sell. When the time comes, here are some things you can do in order to have a successful sale and get top dollar for your car.

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oriental rug insurance
oriental rugs

Oriental Rug Collecting – Appraisal

There are different reasons to have an appraisal of your oriental rugs done, and there are different kinds of appraisals. Taking a look at these will help understand when and how to use professional appraisers.

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holiday

4th Of July

In honor of our Nation’s holiday, no post today, as we take time to give thanks and be with family. Just a quick missive to

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watches

Investing in Vintage Watches

We’re always on the lookout for an intriguing idea for alternative investments. Today we’re sharing an extensive article from Bob’s Watches (a great source for purchasing preowned timepieces, we’ve used them ourselves!) about luxury watches and which brands hold their value.

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business finance
money

Organizing Company Finances: Tips for Business Owners

If you run a small business, you might feel like you always have money on your mind. Learning to organize and manage your finances as an entrepreneur can be challenging. But with the help of the tactics outlined in the following tips, you’ll be able to ensure that your personal finances and company accounts are stable.

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classic car storage
classic cars

Classic Car Storage

How do you store a classic car? As with anything of value, carefully. If you’re like me, you’ve put a lot of resources into your collection, including money, attention and time. Classic cars are special, and while you can certainly use these guidelines in storing any car, these are my non-negotiable storage requirements for my personal collection.

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comic book brubaker
investing

(Comic) Collecting for Love

I’ve come across two works that have changed my perspective, and not just a little. The first is an HBO documentary about collecting modern art. Called “The Price of Everything,” it’s truly worth watching whether you’re a collector or not.

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oriental rugs

Investing in Oriental Rugs – the Upside

When you buy a handmade rug from an original rug weaving country, you know you’re going to be able to enjoy it all your life. Your children are going to enjoy it. When you need to downsize in retirement, you may give the rug to a member of your family, your children, or your grandchildren and what they have will be worth a lot more than what you originally paid for it. That increase in value only comes from rugs made in original weaving countries.

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classic cars

6 Easy and Low-cost Maintenance Tricks to Keep Your Classic Car in Top Shape

Just yesterday, a good friend of mine came across a 1942 Chevrolet owner’s manual. Being a classic car nut, I have to admit to reading all 59 pages in about a half hour. The simplicity of this period in time, especially at a mechanical level, is what makes these cars so fun and honestly, novel, in today’s high-tech world. This led me to thinking about servicing these old treasures and I wanted to share some simple things I do regularly to help maintain my classic car collection.

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classic cars

A Car Slogans Quiz For Some Start of Summer Fun

Our favorite car crazed classic car enthusiast Jason Paynter has created a car slogan’s quiz for all you classics fans. This post first appeared [TK date] and we thought it would be fun to bring it back as we head into the warm months of summer driving. Good luck!

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classic cars

What to Look For When Buying Your First Classic Car

There are a few things to consider when selecting a classic. I think the analogy of a funnel works well for this. Start by throwing all your ideas and concerns into the funnel. When you do this, you’ll find your decision making gets easier. Throw in your price point, how you want to pay for your car, where to obtain classic car insurance and where you will park or store it. Also, decide if this car will be held long-term, or a short flip. Once these parameters have been decided, let the excitement of choosing your new classic begin!

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oriental rugs

Oriental Rugs – Importance of Dyes and Coloring

Fundamentally there are two kinds of dyes for handmade rugs, “vegetable” and “chemical.” Vegetable dyes are made from plants and animals. Rather than being definitively “vegetable,” they are more accurately described as “non-chemical.” At one time, vegetable dye was the only option available. These kinds of dyes are highly variable and require a simple yet precise and almost intuitive process, by which the yarn is plunged into boiling vegetable dye and is left to simmer for a certain amount of time.

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investing

Collecting & Investing (with Comics)

The original title of this post was “Collecting vs. Investing.” I thought better of it while getting ready to publish. Like most things in this world, while we humans prefer black and white, collecting and investing have more overlap than they don’t.

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classic cars

Classic, Antique or Vintage?

So what is the difference between “classic,” “antique,” and “vintage” cars? This can be a little confusing, but here we go. There are differences, and important ones, but it all kind of depends on whom you’re talking to. Some people use the terms interchangeably, and there are others who think standardization is really important.

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oriental rugs

Oriental Rugs – The Four Rug Making Countries, part two

Hello again, and thank you for joining me as we finish up the discussion on the four authentic handmade rug countries. While there are many countries that make rugs, to my mind there are only four that produce rugs of a caliber that make them collectible. Today we’ll cover the last two countries.

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classic cars

What Makes a Classic Car “Classic?”

In the most basic of terms, “classic” means “aged and unmodified,” which means – you guessed it… the beater you’re driving around could technically be called a “classic.” And to you it might be a classic. But that’s not what we’re talking about here.

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collectibles

What Is an NFT?

…an excellent article from Dycrypt about NFTs (non-fungible tokens). Is this the future of collectibles?

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health

Breaking Up Life’s Daily Grind

The COVID-19 pandemic is causing financial stress for a lot of people. Creating and maintaining a livable budget can help ensure you’re using your money wisely, tracking your income, cutting costs, and looking for ways to supplement cash flow as needed. It’s also a good time to perform an insurance check-up for your home, life, and business, to prepare in the event the unexpected happens.

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investing

Crypto Insurance: What Is It?

Happy Valentine’s Day from G.D. Herring! Today we’re sharing the last in Real Vision’s “alternative assets” mini series, which focuses on our favorite spirit, rum.

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money

Making Your Money Matter

The COVID-19 pandemic is causing financial stress for a lot of people. Creating and maintaining a livable budget can help ensure you’re using your money wisely, tracking your income, cutting costs, and looking for ways to supplement cash flow as needed. It’s also a good time to perform an insurance check-up for your home, life, and business, to prepare in the event the unexpected happens.

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classic cars

Attending a Car Show

Spring is knocking on our doors and, naturally our thoughts turn to Car Shows! We are hoping to see a few more this year, hopefully starting within the next couple of weeks. In my area around Louisville, KY, every year brings countless opportunities to attend…

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investing

Alternative Assets – Rum

Happy Valentine’s Day from G.D. Herring! Today we’re sharing the last in Real Vision’s “alternative assets” mini series, which focuses on our favorite spirit, rum.

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solar

A Solar Powered Car

Then I thought, “WOW! What would it be like to get an electric car and not have to pay for gas or electricity to power it?” I could literally drive around town at zero charge per mile.

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holiday

Merry Christmas

From all of us at G.D. Herring, every blessing to you and your family this Christmas and in the year to come. Merry Christmas!

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classic cars

Are Classic Cars an Investment?

Once you decide to start your car collection you have a choice to make; are you collecting or are you investing? This is actually a trick question. You can’t invest in classic cars or collectibles.

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