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Posted in: Warren Buffett MBA Talk11/19/2009
How to make yourself rich
I was just sitting here reading a book called "Why We Want You To Be Rich" By Donald Trump and Robert Kiyosaki and boy has this book become a motivation to me. If you have read my profile then you know that one of my goals is to become a billionaire. I like to study those that are already there so I can learn what they are doing and incorporate some of those things into my life. We all know that Donald Trump is a billionaire and though Robert Kiyosaki is not there quite yet he is well on his way. Here is what these two brilliant men say you need to do to make yourself rich
1
Solve Problems
People have problems. Actually people have alot of problems. Find out what some of these problems are and solve them. People are willing to pay for...
ways 4 to be rich
1
et rich quick by inventing something that people need. This can be a piece of information that they need, an invention that solves a problem they have or it can be something that gives them the image they want. Of course, "quick" is a relative term. If you want to get rich quick through an invention or book, this may take four years or more to happen. But in
the scheme of things, that is still a very fast timetable
2
Get rich slowly by investing in real estate. This often take decades of planning and watching for opportunities. Most people can achieve some wealth by living on a budget so that they can buy the nicest home they can afford and then trading upward as they build equity. This can lead to a great deal of wealth in the form...
11/17/2009
The 10 Best Money Moves You Can Make
If you'd like to learn more about how to grow your net worth, you can subscribe to Free Money Finance's RSS feed for free by clicking this link.
I've been pondering (Yes, I used "pondering". I am, after all, getting older) what the 10 best money moves are, so I thought I'd take a stab at listing what I think are the top ten, then have everyone comment on them and adjust as needed. Note that these aren't listed in sequential order (which you would do first, second, etc.), but rather listed in order of importance (which has the biggest impact on your net worth).
Before we begin, I'd like to start with some perspective. There are plenty of things worth more than money (like your health, time, your mind, and your kids). So while this is an...
My Best Financial Advice: Spend Less than You Earn
I'm participating in a group writing project with some other money bloggers. Each of us is going to be listing our best piece of financial advice. The host asked that we also make our posts creative. Here's my attempt at some good, creative financial advice:
S P E N D
L E S S
T H A N
Y O U
E A R N...
Move, Save Money, Become a Multiple Millionaire -- All in One Step
Last month I wrote several posts on what I consider to be a great money saving tip: moving to a lower cost-of-living city. My thoughts were detailed on the following posts:
•Yes, Moving to a Cheaper Cost-of-Living City Can Make You Rich
•How Moving to a Cheaper Cost-of-Living City Can Make You Rich
•8 Cheap Places You'd Want to Live (And How to Find More)
•Top Jobs: Where the 6-Figure Jobs Are
Now, I'm fine with people living in higher-priced cities. Really, I am. That's a choice those people make for various reasons (what the city has to offer, family/friends live there too, specific occupation that can ONLY be done in that city -- which I don't buy, BTW, etc.) The net is, people make their own money decisions and have to live with them,...
Maximizing Your Greatest Asset: Why Your Career is So Important
I've written a lot about the importance of managing your career and how it's your single-biggest asset (see Investing Versus Your Career and Experience versus Education: Which Counts More in Career Success? as examples). But I wanted to have one post where I listed the main reasons I think it's so important to your financial health, so here goes:
•It pays all your living expenses. Without it, you couldn't survive.
•It is the source of all of your investments -- retirement, college for your kids, and so on.
•It helps you acquire other big assets like your home and cars.
•In short, it's the source of everything you have financially -- unless you inherited a ton of money -- the source of your net worth. Even though spending less than...
Make Sure Your Financial Advisor is Not a Loser
I am usually at work fairly early every day (by 7 am) and as such I usually leave around 5 pm. A few nights each week I get home at 5:20 pm or so and go to the basement to exercise before dinner. When I do this, I often turn on the TV for something to watch while I sweat off 1,000 calories or so.
In case you don't know it, there's not much on at 5:20 pm (I don't have cable). However, I have found one saving grace during this timeframe...Judge Judy.
Ok, now that you've stopped laughing, let me say that Judge Judy is quite entertaining. I especially like how she blasts people who are clearly in the wrong, trying to lie about a situation, or just plain shady. She dishes it out and doesn't take it from anyone!!!!
So I was watching...
How to Get Rich in Three Easy Steps
People don't believe how simple it is to accumulate a significant amount of wealth, but it really is quite easy. All you need is a bit of discipline and to know the three steps necessary anyone can take to grow a significant net worth. The steps are:
1. Spend less than you earn. This is THE key to getting rich. Said another way, save a portion of all you make.
To spend less than you earn, you may need to earn more or spend less.
2. Invest your savings regularly in good, solid investments. I like index funds.
3. Do this for a long time, letting the power of time and compounding work for you.
That's it.
Yes, it's that eas...
How You Can Become Wealthy
Wouldn't you like to know the secret of becoming wealthy? Well, thanks to Money Central, we now have some scientific information on this subject (see the bottom part of the article).
First, some key findings:
•There’s a huge variation in wealth at every income level. Many low-income families have almost nothing. But the same is true of many high-income families.
•Income alone doesn’t explain wealth disparities. Some of the lowest-earning households had managed to accumulate significant wealth.
•In fact, income differences explain just 5% of the wealth dispersion the researchers found.
•What the researchers called “chance events” -- inheritances, medical bills, marital status, number of children -- explained about 4% of the dispersion.
•Investment...
Even a Small Leak Can Empty Your Money Bucket Quickly
Small bits of money can add up over time and become significant chunks of cash. This is a big benefit when it's small bits that we save, but hurts when it's small bits that we spend. This piece from Marketwatch demonstrates how these little bits can add up.
For instance, take the small costs associated with using cash machines that aren't a part of your bank's network:
The Fall 2005 Checking Study released last week by Bankrate.com showed that the cost for using the "wrong" bank machine has reached an all-time record, with the average total fee now standing at $2.91.
That figure covers the $1.54 average fee assessed by the banks that own the ATM you are using, and the $1.37 average fee that banks charge customers who use a foreign...
Eight Secrets of Financial Happiness
Here is a simply great article from Market Watch that lists the eight secrets of financial happiness. It starts by describing the relationship between money and happiness:
The psychology of money, now known as behavioral finance, has a positive side. It turns out you can use psychology to increase your financial happiness by reducing your money stress.
Fortunately, this psychological formula is simple: Stress down equals happiness up. So how do you cut the stress? Try a new mindset: Stop blaming "them," take responsibility and then take positive actions. What's happening "out there" is no excuse for whining. You can't change them, but you can control you.
The piece then lists their eight secrets of financial happiness:
1. Learn to...
Becoming a Millionaire -- A Real-Life Example
Here's a real-life example of how an average person can become a millionaire from personal finance author Ric Edelman:
There’s a fella you probably never heard of. His name is Karl Hagen. Karl recently passed away at the age of 89. For 36 years, Karl worked at the Potomac Electric Power Company (PEPCO) near Washington, D.C.
He lived a modest, solitary life. Although he was known for being frugal, he did indulge in a few passions. He liked to travel. He painted watercolors. He read a lot. He engaged in ballroom dancing. And he invested in stocks and bonds.
When he died, Karl left a total of $3 million to Johns Hopkins University, the National Air and Space Museum, and the National Geographic Society. How was a PEPCO sign and equipment...
How to Become a Millionaire (How to Become Rich)
If you'd like to learn more about how to grow your net worth, you can subscribe to Free Money Finance's RSS feed for free by clicking this link
Yeah, yeah, a million dollars ain't what it used to be. But it's more than 90%+ of all U.S. households have. So who wouldn't want to be a millionaire
This article from Money Central is written by a millionaire and in it she shares her tips on how to become a millionaire. The key tips
•Make financial security a priority
•Spend less than you earn
•Save and invest regularly
•Pay down debt
•Own a home
Good, simple, basic, effective tips. I'll come back to these in a minute, but let's first review a few other tidbits from the piece
•If you haven't got a plan, it's way too easy to lose your way:...
How to Become Rich
by:Neil Patel
If you haven’t already made millions of dollars but want to, there are only 4 ways you can do so
1
Inheritance – this is the easiest way to make money, but also one that usually isn’t in your control. If your parents or someone in your family doesn’t have tons of money, you probably will not be inheriting it
2
Stunning physical attributes – if you are good looking or athletic you can usually make a good living through modeling or sports. If you are not athletic there isn’t much you can do to change that, but as for the modeling part you can always get plastic surgery if you aren’t attractive
3
Knowledge – if you have knowledge that others don’t have it could be worth a lot of money. The thing with becoming...
