wealth http://www.wisebread.com/taxonomy/term/475/all en-US How to Retire Rich http://www.wisebread.com/how-to-retire-rich <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-retire-rich" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/rich_man_money_000026485996.jpg" alt="Man learning how to retire rich" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Here at Wise Bread, we've told you a lot about how to <a href="http://www.wisebread.com/one-smart-thing-you-can-do-for-your-retirement-today" target="_blank">grow a retirement fund</a> that will allow you to live comfortably after you stop working. Usually, this means saving enough to be able to maintain your current lifestyle and prepare for your long-term care.</p> <p>But what if you want to really live it up in retirement? How can you accumulate enough wealth to be considered among the truly rich? There's no magic bean to help you get super-wealthy. But smart and disciplined investors <em>can </em>amass retirement accounts in the tens of millions of dollars, simply by earning a bit more, investing more aggressively, and for a longer period of time.</p> <p>Let's take a look at these strategies for building serious wealth in retirement.</p> <h2>Earn More</h2> <p>While it's certainly possible to build a very nice retirement fund even if you earn a modest salary, the path to top-tier wealth usually comes from having a high income. So get to work!</p> <p>Those with very large retirement accounts often have the ability to max out their 401K plans each year ($18,000 annually) and likely a Roth IRA, as well ($5,500 per year). Earning more money also helps you avoid debt, and it expands your ability to move into other great investments, such as real estate. Even an extra few thousand dollars a year will give you the ability to invest more aggressively in order to accumulate more over the long haul.</p> <p>&quot;I think people would be surprised to learn how hard the 1% work,&quot; said David Schneider of Schneider Wealth Strategies in New York. &quot;You've got to work long and you've got to work hard.&quot;</p> <h2>Start Investing Early and Stay in the Game</h2> <p>One of the most important tools for building wealth is time. We've written a lot about the power of compound interest, and time is arguably more important than the rate of investment return and contributions.</p> <p>Let's say you start with $50,000 and contribute another $5,500 each year. Assuming a 7% annual return, you'll have $280,000 in 20 years. In 30 years, you'll have $631,000. In 40 years, you'll have $1.3 million. In 50 years, it's $2.6 million. So you can imagine how important it is to begin saving for retirement right when you begin earning money.</p> <h2>Own Your Own Company</h2> <p>It's nice to own shares of companies and see their value grow over time. But if you want to get super rich, you will want to own the whole business. If you work for a company and take a salary, there's a ceiling to how much you can earn and invest.</p> <p>Most of the wealthiest people on Earth are people who started their own companies and watched them grow into huge enterprises.</p> <p>&quot;By building something, that's where you see the biggest successes,&quot; said Andrew Rafal of Bayntree Wealth Advisors in Scottsdale, AZ.</p> <h2>Don't Do Stupid Stuff</h2> <p>While all investing comes with risk, there are certain things that every person should avoid if they plan to retire rich. Financial advisers say it's imperative that investors avoid major mistakes that wipe out large portions of their savings. This means staying away from more complicated and risky things like options, or trading on margin (which Rafal called &quot;a recipe for disaster&quot;).</p> <p>Don't place all of your money with one investment, and stay away from get-rich-quick schemes or products that claim to be able to time the market.</p> <p>&quot;You have to sort of put a garbage detector on,&quot; Schneider said.</p> <h2>Invest in Small Cap and Value Stocks</h2> <p>Conventional investment wisdom suggests that people invest in a mix of equities from varying industries, often weighted toward stable, large-cap stocks. This is good advice, but those who are willing to take on a little more risk may be able to supercharge their returns.</p> <p>Investing more heavily in smaller companies and looking for undervalued stocks will help lead to longer returns over time, financial advisers said.</p> <p>Schneider noted that between 1972 and 2015, small cap value stocks generated an average return of 12.9%, compared to 10% for large cap. That 3% gap may not seem like much, but if you started with $10,000, it was the difference between $600,000 and nearly $2 million.</p> <p>&quot;Over time, smaller companies do better than large stocks, and if you combine that with value stocks, you get more bang for your buck,&quot; Schneider said.</p> <p>He acknowledged that there is more volatility with small cap stocks, but said the higher returns were &quot;compensation for taking the bigger risk.&quot;</p> <h2>Live Within Your Means</h2> <p>In order to retire rich, you will need to live modestly in your younger years. Maxing out retirement accounts requires the discipline to put money aside rather than spend it. It means avoiding debt, especially high-interest debt from credit cards.</p> <p>Financial advisers said that some of their best and most successful clients were those that lived humble, non-flashy lives, but ended up with massive retirement funds because of their disciplined spending habits.</p> <h2>Be Born Into It</h2> <p>There are plenty of stories of wealthy people who started with nothing and grew their fortune on their own. But the truth is that many of the world's ultra-rich started off with a certain level of financial comfort, thanks to the success of the generations who came before them. Presidential candidate Donald Trump likes to boast of his wealth, but his father was a successful businessman and loaned him money early on in his career. While he's become a successful businessman in his own right, it didn't hurt to have early loans from wealthy family. Billionaires like the Koch brothers, members of the Walton family, and Lilliane Betancourt all inherited much of their wealth.</p> <p>A 2013 report researchers at the University of California and London School of economics concluded that entrepreneurs are more likely to be born into privilege. And Global Entrepreneurship Monitor reports that 80% of funding for new businesses comes from savings or from friends and family.</p> <h2>Use Debt Intelligently</h2> <p>Most financial advisers will say that staying out of debt is a key part of building wealth. After all, you can't put money into the stock market if you're too busy paying off high-interest credit cards or auto loans. But there are several instances in which borrowing money may help you build wealth over the long term.</p> <p>Rafal said using leverage to acquire real estate can be a sound wealth-building strategy, especially with interest rates at historic lows. He also said that if interest rates are lower than stock market returns, most people will be better off in the long run investing their money than paying off debt early.</p> <p><em>How do you plan to retire rich?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tim-lemke">Tim Lemke</a> of <a href="http://www.wisebread.com/how-to-retire-rich">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-8"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-one-woman-retired-at-60-and-traveled-the-world">How One Woman Retired at 60 and Traveled the World</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/money-resolutions-6-ways-to-take-control-in-2013">Money Resolutions: 6 Ways to Take Control in 2013</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/this-is-why-you-cant-postpone-planning-for-your-retirement-and-how-to-start">This Is Why You Can&#039;t Postpone Planning for Your Retirement (And How to Start)</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/one-smart-thing-you-can-do-for-your-retirement-today">One Smart Thing You Can Do for Your Retirement Today</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-much-should-you-have-saved-for-retirement-by-30-40-50">How Much Should You Have Saved for Retirement by 30? 40? 50?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Retirement getting rich investing millionaires one percent savings wealth Wed, 25 May 2016 10:00:06 +0000 Tim Lemke 1715215 at http://www.wisebread.com 5 Ways Good Manners Make You Wealthier http://www.wisebread.com/5-ways-good-manners-make-you-wealthier <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-ways-good-manners-make-you-wealthier" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/iStock_000045065236_Largew.jpg" alt="her good manners make her wealthier" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Manners maketh the man. They're one of those things in life that cost you nothing, but can bring you great benefits &mdash; like respect. Or a smile from a stranger. And, in some cases, money. Here's how manners can lead you to a wealthier life. (See also: <a href="http://www.wisebread.com/12-lessons-in-manners-from-around-the-world?ref=seealso">12 Lessons in Manners From Around the World</a>)</p> <h2>1. They Can Get You Hired</h2> <p>Good manners can help you score a great job. Politeness is a sign of professionalism, which is something every employer wants from their workers. Of course, manners won't compensate for a lack of job qualifications or a negative personal reference. But they can give you that boost you may need to clinch the gig. Likewise, a lack of manners can oust you from the running.</p> <p>According to Tom Keene, editor-at-large at Bloomberg Television and Radio, <a href="https://www.linkedin.com/pulse/20130319181847-205519992-lady-mary-would-you-please-pass-the-salt-and-pepper?goback=%2Empd2_*1_*1_*1_%2F20130319181847*5205519992*5lady*5mary*5would*5you*5please*5pass*5the*5salt*5and*5pepper&amp;trk=prof-post">illiteracy in the table manners</a> department can quickly make a job interview go south. &quot;Memo to all seeking gainful employment: Nothing kills the wine-and-dine interview like not knowing where the knife goes after you cut into the expense account New York strip steak,&quot; writes Keene, who has interviewed his fair share of job candidates. &quot;I have personally seen too many qualified and unfortunate people that will never get ahead because, for whatever reason, they never learned the basics of fork, fork, knife, spoon, spoon.&quot;</p> <h2>2. They Can Help You Move Up the Ladder</h2> <p>If you're after a raise or promotion, don't discount manners as a means of getting you there. All told, 85% of respondents in a recent survey from the staffing firm Accountemps said being <a href="https://www.roberthalf.com/accountemps/blog/top-5-workplace-etiquette-breaches-in-an-open-office-space-infographic">courteous to co-workers</a> has an impact on a person's career prospects. On the flipside, just 14% of participants said that having poor manners at work has no influence on an employee's career success. The study is based on surveys completed by more than 450 employees ages 18 years and older who worked in office culture in the U.S.</p> <p>&quot;Time constraints and external pressures aren't excuses for bad behavior,&quot; says Max Messmer, chairman of Accountemps. &quot;While it takes more than just good manners to rise through the ranks, displaying professional courtesy will only help your career.&quot; Among the biggest work etiquette offenses: Using a speakerphone or talking loudly on the phone, loitering or talking around a colleague's desk, eating foods that have strong odors, keeping a messy or cluttered workspace, and leaving the phone ringer on loud.</p> <h2>3. They Can Help You Succeed at Networking</h2> <p>When you receive a person's business card at an industry mixer, do you take the time to send them a polite email the next day noting that it was great to meet them? Do you take the time to learn the names of the people at the mixer so that you can properly greet them should you encounter them again in the future?</p> <p>These sorts of manners are a step beyond &quot;please&quot; and &quot;thank you.&quot; They take time, consideration, a good memory, and a little forward thinking. But folks who practice these next-level manners, otherwise known as polished social skills, will get ahead in their careers more times than not. That's because they know how to bridge frivolous meet-and-greets into meaningful connections. After all, you never know who might be in a position to help your career in the future.</p> <h2>4. They Can Increase Your Sales</h2> <p>If you work in sales, you likely already know that being kind, polite, and understanding with your customers increases the chances that you will earn their future business &mdash; regardless of what it is that you're selling. If you own a business or work on commission, practicing politeness with customers quite literally translates to more money in your pocket. At the very least, good manners will keep you from being labeled by your customers and co-workers as boorish.</p> <h2>5. They Can Solidify Friendships That Bring You Success</h2> <p>Friends are scientifically proven to make you more successful. Specifically, developing and maintaining friendships with positive, like-minded people. It's these folks who share your drive and goals who can best help you narrow in on your dreams. Now, here's where manners come in: Research shows that saying &quot;thank you&quot; helps people to build and sustain friendships. Truly, minding your manners can make a big difference in the quality of the friends you keep, and your overall success.</p> <p><em>What other manners make you wealthier? Let us know in the comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/brittany-lyte">Brittany Lyte</a> of <a href="http://www.wisebread.com/5-ways-good-manners-make-you-wealthier">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-old-school-manners-we-want-back">8 Old School Manners We Want Back</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/18-things-people-with-good-social-skills-never-do">18 Things People With Good Social Skills Never Do</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-basic-manners-you-must-teach-your-kids">10 Basic Manners You Must Teach Your Kids</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-rules-of-etiquette-we-wish-were-still-around-today">8 Rules of Etiquette We Wish Were Still Around Today</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-truths-the-rich-live-by-and-you-should-too">5 Money Truths the Rich Live By (and You Should Too)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Personal Development etiquette get rich manners politeness saving money wealth Fri, 05 Feb 2016 12:00:03 +0000 Brittany Lyte 1649809 at http://www.wisebread.com 3 Unbelievable Real Estate Tax Shelters of the Rich http://www.wisebread.com/3-unbelievable-real-estate-tax-shelters-of-the-rich <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/3-unbelievable-real-estate-tax-shelters-of-the-rich" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/000019372518.jpg" alt="Learning real estate tax shelters of the rich" title="" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>It's no secret that the rich often take <a href="http://www.wisebread.com/5-clever-tax-shelters-anyone-can-use">advantage of tax shelters</a> and loopholes to minimize their expenses. But some tax loopholes offer a shocking advantage to those who have enough money to exploit them. Here are a few of our favorites.</p> <h2>Investments in Rural Land</h2> <p>Why go small when you can go big? If you can afford it, buy a few acres of rural land. All except one of the 50 states have what's called &quot;use-value assessment,&quot; which allows land-buyers to purchase land and sell it at its assessed &quot;use-value&quot; rather than the fair market value, as with other types of real estate &mdash; as long as you comply with a few minor guidelines.</p> <p>The IRS provision was originally created to help farmers hold on to their land. But according to <em>The Nation</em>, the rich are <a href="http://www.thenation.com/article/tax-day-farms-owned-rich-provide-massive-tax-shelter/">using it as a tax shelter</a>. In 2011, Michael Dell reportedly qualified his $71.4 million 1,757-acre Texas ranch for the tax credit and brought its assessed value to $290,000. They say it takes money to make money, but that kind of tax savings seems more than a bit excessive.</p> <h2>1031 Exchanges</h2> <p>The rich can often offset real estate capital gains or losses with a 1031 Exchange. Section 1031 of the Internal Revenue Code is a provision that allows real estate investors to sell property, take a profit, and defer capital gains or losses as long as the proceeds are reinvested in similar use property.</p> <p>Not all real estate transactions qualify for 1031s. In order to receive this special tax treatment, the property must be used for trade, business, or investment purposes. Most investors use 1031s to build long-term tax-deferred wealth. There is no limit on the number of 1031 Exchanges you can do. As an example, an investor buys Building A for $300,000. He turns around and sells it for $450,000. That's a profit of $150,000. At the time of the sale, he will owe taxes on the profit. But, if he were to do a 1031 Exchange, he can take the entire $450,000 and invest it in much more expensive Building B, without paying tax. He can again repeat this process for the purchase of Buildings C, D, E, and so on.</p> <h2>Dynasty Trusts</h2> <p>Dynasty Trusts are a form of irrevocable trust used by wealthy families to create generational wealth. With properly formed trusts, your descendants remain exempt from estate, gift, and generation-skipping (GST) tax for the life of the trust.</p> <p>There are two ways to fund the trust &mdash; while you're alive, or upon your death. In either case, your assets, such as real estate property, stocks, bonds, life insurance, etc. are placed within the trust and protected by its provisions. The trust allows your assets to grow exponentially and into infinity in most cases, but are subject to income and capital gains tax either while you're alive or at your death, unless the trust is created in a state that does not impose these taxes &mdash; such as Texas, Nevada, or Florida, for example. That's where the possibility of huge tax savings occurs.</p> <p>Individual states have their own rules governing Dynasty Trusts. If you're interested in transferring real estate and other assets to a trust, please be advised that these are complicated agreements and you should seek the services of an estate planning attorney.</p> <p>If purchasing 10 acres of rural land, 1031 Exchanges, and Dynasty Trusts are not in your immediate pathway to wealth, but perhaps homeownership and real estate investing are. And as you're on your journey, remember these real estate tax shelters of the wealthy &mdash; you might need them someday.</p> <p><em>Would you take advantage of these tax ruses if you could?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/qiana-chavaia">Qiana Chavaia</a> of <a href="http://www.wisebread.com/3-unbelievable-real-estate-tax-shelters-of-the-rich">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-tax-deductions-new-homeowners-shouldnt-skip">4 Tax Deductions New Homeowners Shouldn&#039;t Skip</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-important-tax-changes-for-2016">5 Important Tax Changes for 2016</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/4-ways-student-loans-impact-your-taxes">4 Ways Student Loans Impact Your Taxes</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/top-10-real-estate-tax-write-offs">Top 10 Real Estate Tax Write-Offs</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/101-tax-deductions-for-bloggers-and-freelancers">101 Tax deductions for bloggers and freelancers</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Real Estate and Housing Taxes 1031 exchanges deductions dynasty trusts rich people rural land tax shelters wealth Thu, 08 Oct 2015 13:00:42 +0000 Qiana Chavaia 1580007 at http://www.wisebread.com 5 Money Truths the Rich Live By (and You Should Too) http://www.wisebread.com/5-money-truths-the-rich-live-by-and-you-should-too <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/5-money-truths-the-rich-live-by-and-you-should-too" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/rich-businessman-car-157767342-small.jpg" alt="rich businessman" title="rich businessman" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Since 2008, the number of millionaire households has steadily increased each year. According to the Wall Street Journal, in 2013 there were 53,000 new households having more than $1 million in liquid assets. We now know it's no longer true that you must inherit wealth, obtain an Ivy League degree, or make soul-crushing sacrifices in order to get rich, yet so few of us ever do. We also know that not many people get rich by earning a steady paycheck, being frugal, and saving diligently. So, what are the secrets the rich used to get there? (See also: <a href="http://www.wisebread.com/the-5-secrets-of-happy-rich-people-that-you-can-learn-from?ref=seealso">5 Secrets of Happy, Rich People That You Can Learn From</a>)</p> <p>Here are five truths of the wealthy that can be applied to your work ethic and investment strategy to help you think and grow richer, too.</p> <h2>1. Never Quit</h2> <p>&quot;Before success comes in any man's life, he is sure to meet with much temporary defeat, and, perhaps, some failure. When defeat overtakes a man, the easiest and most logical thing to do is to quit. That is exactly what the majority of men do. More than five hundred of the most successful men this country has ever known told the author their greatest success came just one step beyond the point at which defeat had overtaken them.&quot; &mdash; Napoleon Hill, Think And Grow Rich</p> <p>Napoleon Hill (1883-1970) believed wealth to be the physical manifestation of one's perseverance. In the book, <a href="http://www.amazon.com/gp/yourstore/home/?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;linkCode=ur2&amp;tag=wisbre03-20&amp;linkId=NHKXJDHEAGOIPEU2">Think And Grow Rich</a>, Hill tells the story of being three feet from gold, where out of frustration a gold miner sells his machinery to a junk man who then strikes it rich by digging just three feet away from where he had given up hope. Think And Grow Rich is truly an inspirational work of literature and one of the most widely read personal finance books in history. It also highlights the importance of persistence.</p> <h2>2. Invest for the Long Term</h2> <p>&quot;Most people overestimate what they can do in one year and underestimate what they can do in ten years.&quot; &mdash; Bill Gates</p> <p>Bill Gates is founder of the Microsoft Corporation and has been the richest man in the world for the past two decades. His philosophy can be applied to any goal you're working to achieve in life, but in terms of investing, it is important to remember the benefits of long-term investments and the snowball effect of compound interest.</p> <h2>3. You Don't Need Leverage</h2> <p>&quot;You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.&quot; &mdash; Warren Buffet</p> <p>Warren Buffet is an investment guru, philanthropist, and the fourth wealthiest man in the world. The concept of using debt to build wealth is often counterproductive. Remember, the measurement of one's net-worth is determined by the sum of one's assets minus debts. In many cases, leverage (such as credit cards or personal loans) can slow the pace at which you accumulate real assets; even worse, using excessive leverage can damage your credit and imperil your ability to buy a house or start a business when you're ready.</p> <h2>4. Diversify</h2> <p>&quot;The other boys at Yale came from wealthy families, and none of them were investing outside the United States, and I thought, 'That is very egotistical. Why be so shortsighted or near-sighted as to focus only on America? Shouldn't you be more open-minded?&quot; &mdash; Sir John Templeton</p> <p>John Templeton (1912-2008) was an investment tycoon and philanthropist, and founder of Franklin Templeton Investments. Any good investment strategy will be well diversified and include international stocks in both established and emerging markets. Diversification reduces an investor's exposure to concentrated risks while attempting to maximize overall returns.</p> <h2>5. Love What You Do</h2> <p>&quot;If you don't enjoy it, don't do it. You must love what you do.&quot; &mdash; Sir Richard Branson</p> <p>Serial entrepreneur Richard Branson's Virgin brands span the globe. In the U.S. he is perhaps most widely known for Virgin Atlantic and Virgin Mobile. Like many of his billionaire cohorts, Branson believes if you follow your dreams and do what you love, success will follow and you'll live a much happier life. In Branson's case, that is now leading him to investing in space technologies.</p> <p><em>What other truths do the uber-successful employ? Which do you use in your daily life? Please share in comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/qiana-chavaia">Qiana Chavaia</a> of <a href="http://www.wisebread.com/5-money-truths-the-rich-live-by-and-you-should-too">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-good-manners-make-you-wealthier">5 Ways Good Manners Make You Wealthier</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-3-best-pieces-of-financial-wisdom-from-oprah-winfrey">The 3 Best Pieces of Financial Wisdom From Oprah Winfrey</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-financial-experts-people-in-their-40s-should-follow">5 Financial Experts People in Their 40s Should Follow</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-same-actions-will-produce-the-same-results-ten-tenets-for-arranging-your-rich-part-2">The Same Actions Will Produce The Same Results (Ten Tenets for Arranging Your Rich: Part 2)</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ten-tenets-for-arranging-your-rich-part-1-rich-is-relative">Ten Tenets for &quot;Arranging Your Rich&quot; - Part 1: Rich is Relative</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Personal Development money money quotes truth in money wealth wisdom Tue, 02 Dec 2014 15:00:21 +0000 Qiana Chavaia 1260492 at http://www.wisebread.com The NFL's 5 Most Frugal Players http://www.wisebread.com/the-nfls-5-most-frugal-players <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-nfls-5-most-frugal-players" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/american-football-iStock_000033233020Small.jpg" alt="american football" title="american football" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Professional football players are among the highest-paid people in America, and yet the story of the bankrupt NFL retiree is so common it's become a stereotype. Sports Illustrated reported that 78% of former <a href="http://www.si.com/vault/2009/03/23/105789480/how-and-why-athletes-go-broke">NFL players experience financial hardship</a> after just two years of retirement.</p> <p>That's no great wonder, when you read about rampant spending of newly rich players, like Chad Ochocinco spending $100,000 for his own <a href="http://bleacherreport.com/articles/775852-7-most-ridiculous-purchases-in-nfl-history/page/2">personalized semi truck</a>. Other players lend to friends and family who see their new salaries as limitless lending accounts, or, as inexperienced investors, sink money into ventures that never pay off.</p> <p>So it's refreshing to hear these five players &mdash; well compensated all &mdash; talk about gas mileage, retirement accounts, and distinguishing &quot;needs&quot; from &quot;wants.&quot; Read on to see who makes the list of the NFL's Most Frugal.</p> <h2>1. Aaron Rodgers</h2> <p><strong>Team</strong>: Green Bay Packers</p> <p><strong>Position</strong>: Quarterback</p> <p>As one of the NFL's top quarterbacks, Rodgers earns about <a href="http://www.forbes.com/profile/aaron-rodgers/">$22 million a year</a> in salary and endorsements. Yet he lives in a relatively ordinary &mdash; <a href="http://www.celebrityhousepictures.com/aaron-rodgers.php">some might even say ugly</a> &mdash; home in a suburb of Green Bay. He <a href="http://www.usatoday.com/story/sports/nfl/packers/2013/06/09/quarterback-aaron-rodgers-q-and-a-mike-mccarthy-/2404843/">mows his own lawn</a>, shops at Piggly Wiggly, and likes to hang out at a modest-looking place called Chives Restaurant.</p> <h2>2. Giovani Bernard</h2> <p><strong>Team</strong>: Cincinnati Bengals</p> <p><strong>Position</strong>: Running Back</p> <p>Bernard signed a $5.253 million dollar contract in 2013, plus a $2.2 million signing bonus &mdash; hefty for a rookie. But instead of buying a custom Hummer with his first paycheck, he <a href="http://sports.yahoo.com/blogs/nfl-shutdown-corner/giovani-bernard-lives-simple-rookie-life-including-driving-223332867.html">drives a minivan</a> he borrowed from his girlfriend's mother. He lives in a modest apartment near the stadium.</p> <p>Bernard knows how unexpectedly hard times can turn life upside down. After his mother died when he was a child, Bernard lived with his father, who owned a dry cleaning business. But when Bernard was in high school, his dad lost the business &mdash; and the two <a href="http://www.providencejournal.com/sports/patriots/content/20141004-trip-to-foxboro-reunites-giovani-bernard-with-friend-who-once-provided-a-home.ece">lost their home</a>. Bernard moved in with the family of his best friend, James White, now a <a href="http://projostats.projo.com/fb/playerstats.asp?id=27658&amp;team=17">running back for the New England Patriots</a>.</p> <h2>3. Antonio Cromartie</h2> <p><strong>Team</strong>: Arizona Cardinals</p> <p><strong>Position</strong>: Cornerback</p> <p>After <a href="http://www.newsday.com/sports/football/jets/antonio-cromartie-an-unlikely-mentor-for-younger-players-dealing-with-financial-issues-1.5386541">blowing an estimated $5 million</a> in his first two years playing football on nine (NINE!!) cars, lavish jewelry, and two homes, Cromartie realized he had spent everything he had coming to him. Instead of spiraling into debt, though, Cromartie wised up, sold the excess stuff, and bought a Prius.</p> <p>&quot;I'll fill it up every two and a half weeks or so, and I'm only spending 33 bucks, while everybody else is spending 80 or 90 bucks a tank,&quot; he told Newsday. &quot;Right now, I'm all about saving money.&quot;</p> <p>He'll need it: Cromartie is the father of 10.</p> <p>Cromartie now has his retirement account fully funded through age 100, and he advises younger teammates on how to avoid making the same mistakes he did.</p> <h2>4. Rod Smith</h2> <p><strong>Team</strong>: Denver Broncos (retired)</p> <p><strong>Position</strong>: Wide Receiver</p> <p><a href="http://www.forbes.com/sites/aliciajessop/2012/10/31/not-broke-how-nfl-players-stay-financially-stable-after-the-game-ends/">Smith told Forbes</a> that he lives well in retirement because he always kept his post-NFL life in mind during his playing days, which led him to avoid spending like some of his teammates did: &quot;The most luxurious thing I bought was my house. I wasn't a big jewelry or car guy. I don't have Ferraris and Bentleys. I had a motto that I lived by, 'There are two places I want to look good at: home and practice.'&quot;</p> <h2>5. Prince Amukamara</h2> <p><strong>Team</strong>: New York Giants</p> <p><strong>Position</strong>: Cornerback</p> <p>Amukamara isn't just a professional football player, he's also <a href="http://sports.yahoo.com/blogs/shutdown-corner/outside-game-prince-amukamara-royal-lineage-explains-name-205803570&mdash;nfl.html">Nigerian royalty</a>. Really. And no, he didn't email me about how I could get $100,000 if only I helped him transfer some money.</p> <p>Despite his paycheck and his pedigree, Amukamara isn't a wild spender.</p> <p>Back in 2011, just after leaving the Nebraska Cornhuskers for the NFL, he tweeted that he was &quot;<a href="https://twitter.com/PrinceAmukamara/status/136273464746184704">looking at getting a good deal at Husker Auto</a>.&quot; Apparently he proceeded directly to the <a href="http://www.budgetinginthefunstuff.com/prince-amukamara-a-frugal-football-rookie/">used car section</a> and successfully bargained for a lower price on an SUV by paying cash.</p> <p>A subsequent <a href="http://www.reddit.com/r/nfl/comments/2d5zh7/i_am_prince_amukamara_new_york_giants_cb_and/">&quot;Ask Me Anything&quot; session on Reddit</a> revealed more signs of Amukamara's frugal nature. He said the most common mistake NFL rookies make is &quot;Spending their money on 'wants' and not 'needs'.&quot; He also said that his favorite place to visit when he plays in California is In-N-Out Burger, where meals are under $10.</p> <p>Being thrifty is not the same as being a tightwad, though. Amukamara once spent<a href="http://www.sportsmedia101.com/newyorkgiants/2012/07/20/new-york-giants-prince-amukamara-donates-10000-to-nebraska-high-school-football-program/"> $10,000 outfitting a Nebraska high school football team</a>.</p> <p><em>Have you heard any tales of frugal-minded sports stars? Please share in comments.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/carrie-kirby">Carrie Kirby</a> of <a href="http://www.wisebread.com/the-nfls-5-most-frugal-players">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-habits-of-highly-frugal-people">7 Habits of Highly Frugal People</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-same-actions-will-produce-the-same-results-ten-tenets-for-arranging-your-rich-part-2">The Same Actions Will Produce The Same Results (Ten Tenets for Arranging Your Rich: Part 2)</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/are-you-saving-too-much">Are You Saving Too Much?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ten-tenets-for-arranging-your-rich-part-1-rich-is-relative">Ten Tenets for &quot;Arranging Your Rich&quot; - Part 1: Rich is Relative</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-stop-hating-yourself-about-money-and-actually-make-positive-changes">How to Stop Hating Yourself About Money and Actually Make Positive Changes</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Lifestyle frugal lifestyle retirement saving thrift wealth Wed, 29 Oct 2014 17:00:08 +0000 Carrie Kirby 1245699 at http://www.wisebread.com People Who Make a Lot of Money Do These 11 Things — Do You? http://www.wisebread.com/people-who-make-a-lot-of-money-do-these-11-things-do-you <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/people-who-make-a-lot-of-money-do-these-11-things-do-you" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/wealthy-businessman-160946095-small.jpg" alt="wealthy businessman" title="wealthy businessman" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>There's not necessarily a trick to earning a lot.</p> <p>Despite what a number of scam artists and sketchy emails would lead you to believe, accumulating wealth is inherently time-consuming and difficult, taking most people years and decades to do. But that's not to say that there aren't qualities or traits that can be identified in those who are successful making a lot of money. If we can imitate them, we'll be better off when it comes to our own pursuit of wealth. (See also: <a href="http://www.wisebread.com/the-10-kinds-of-people-who-get-rich-and-how-they-do-it?ref=seealso">The 10 Kinds of People Who Get Rich &mdash; And How They Do It</a>)</p> <p>They say (or at least someone did) that if you want to be good at something, find somebody who already is good at that thing and imitate them. Since imitation is the highest form of flattery, it's as good a place to start as any. Let's dissect the rich.</p> <h2>1. They Learn How to Be Content While Staying Busy</h2> <p>How do you approach your work day or the hours that you put into making money? Do you count down the hours until it's time to go home?</p> <p>If you view your work day as a block of time where you engage and then get to punch out to go do whatever you want, you're not doing one of the most basic things that high earners do. Being content and excited about what you do means you're perfectly <a href="http://blogs.wsj.com/wealth/2012/04/27/do-the-wealthy-work-harder-than-the-rest/">fine to spend a lot of time on it</a>. It might even mean that you work long past 5 p.m. or whenever you &quot;punch out&quot; without even realizing it.</p> <h2>2. They Do What They Love</h2> <p>The late <a href="http://online.wsj.com/news/articles/SB10001424052970203388804576613572842080228">Steve Jobs said</a>, &quot;The only way to do great work is to love what you do.&quot;</p> <p>It's perhaps one of the most easily identifiable attributes of those who earn a lot. Whatever they do, it's almost always easy to see that they love and are passionate about what they're doing. That's not to say that you can't or shouldn't do other work that helps lead to or sustain something you're passionate about. But if you don't ultimately pursue work in something that you love, the climb to wealth is always going to be uphill.</p> <h2>3. They Arrive Early and Stay Late</h2> <p>Regardless of your schedule, following the template of those who make a lot of money requires you to go in early and stay late. Especially if your work is measured in output instead of hours.</p> <h2>4. They Make Money Based on Work Output</h2> <p>While we're on the subject&hellip; Most jobs pay you based on the amount of hours you spend working, whatever type of work that might be. Not only can that be demotivating, but it actually gives people <a href="http://www.nber.org/papers/w5672">the incentive to work less</a> since their pay per hour doesn't change. If you can be in a situation where your pay is more closely correlated with what you accomplish, instead of the amount of time you spend working it it, you'll be far more motivated and focused on that work &mdash; and you'll earn more as a result.</p> <h2>5. They Have a Path</h2> <p>Moving beyond your current constrictions requires that you take a step that isn't just theoretical. People who accumulate wealth are able to do this because they construct a practical and attainable list of goals that helps them get from where they are to where they want to go. Small <a href="http://www.wisebread.com/6-steps-to-achieving-all-your-goals">goals and practical steps will</a>, in a sense, create a road map that leads to your ultimate goal of a more well-funded bank account.</p> <h2>6. They Manage Their Personal Finances Well</h2> <p>Building wealth is as much related to what you save as it is to what you spend.</p> <p>Those who don't know how to manage the money they already have are going to have a difficult time using it to earn more. Take the time to educate yourself on personal finance or even go the extra mile and <a href="http://www.wisebread.com/10-places-to-get-free-personal-finance-classes">take a class</a> so that you can learn how to handle the money you have coming in. In the long run, it's going to be more valuable to you than a bigger paycheck. (See also: <a href="http://www.wisebread.com/saving-money-is-easy-if-you-set-the-right-goals?ref=seealso">Saving Money Is Easy If You Set the Right Goals</a>)</p> <h2>7. They Focus on a Particular Skill or Niche</h2> <p>Those who are able to focus on getting good or experienced in something specific, that goes beyond broad categories like sales, education, or IT, are often going to be <a href="http://careers.theguardian.com/career-job-seeking-standing-out">more successful and sought out</a>. They've set themselves apart from the crowded realm of their profession and become a specialist with credentials that go beyond ambiguous titles.</p> <h2>8. They Learn to Be Self-Motivated</h2> <p>Self-motivation is one of the most important traits of wealth-building individuals. In fact, every job opening that exists is there because someone took the initiative to motivate themselves, <a href="http://www.kauffman.org/what-we-do/research/firm-formation-and-growth-series/the-importance-of-startups-in-job-creation-and-job-destruction">start a company</a>, and continue to work and push that company forward until they became big enough to hire someone. Be the self-motivator instead of the person sending in their resume hoping for a response.</p> <h2>9. They Push Through Disappointment and Boredom</h2> <p>In your pursuit of wealth, you're going to fall short and face setbacks. You're also going to face an incredible amount of boredom and mental exhaustion with what you're doing. Because if you're focused and committed to growing a business or pursuing a certain career path, chances are good that you're going to be doing a lot of the same thing every single day. That's going to get boring and tiring.</p> <p>People who can <a href="http://www.forbes.com/sites/work-in-progress/2012/12/10/how-to-handle-and-relieve-boredom-at-work/">push through the boredom</a> and avoid letting it impact the quality of their work or heaven forbid, cause them to switch career paths in the hope of finding something more exciting, have a better chance at making a lot of money.</p> <p>So while Steve Jobs above advised us to do what we love, he also advised us to stick with it: &quot;I'm convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.&quot;</p> <h2>10. They Know When It Pays to Spend</h2> <p>You should always be aware that there are <a href="http://money.usnews.com/money/personal-finance/investing/articles/2014/04/10/the-best-ways-to-invest-5-000">situations where it's good to spend or invest</a> in what you're doing. Thus, it's not always wise to save your money and refuse to spend. If a business can spend several hundred dollars on computers that improve their productivity on a daily basis for the foreseeable future, that's a situation where they would lose money by not spending it. Avoid being penny wise and pound foolish to give your business, career, or idea a better chance at succeeding.</p> <h2>11. They Network</h2> <p>One of the best things you can do for yourself as both a person and a professional is to <a href="https://www.linkedin.com/pulse/article/20130401172726-15454-the-importance-of-networking-the-hidden-job-market-and-recruiter-relevancy">network with people in your field</a>. It doesn't have to benefit you monetarily, because even a friendly acquaintance, email, Twitter follow, or business transaction can give you a lane into an area of opportunity that you would never have had otherwise. Take the time to network and get to know those working in the same field as you or even competing with you. It's almost always a good thing and a worthwhile use of your time.</p> <p><em>What are some traits you've identified in people who make a lot of money? Let me know in the comments section below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/mikey-rox">Mikey Rox</a> of <a href="http://www.wisebread.com/people-who-make-a-lot-of-money-do-these-11-things-do-you">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-reasons-youre-not-a-millionaire">6 Reasons You&#039;re Not a Millionaire</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-good-manners-make-you-wealthier">5 Ways Good Manners Make You Wealthier</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-truths-the-rich-live-by-and-you-should-too">5 Money Truths the Rich Live By (and You Should Too)</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/if-youre-so-smart-why-arent-you-rich">If you&#039;re so smart, why aren&#039;t you rich?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-same-actions-will-produce-the-same-results-ten-tenets-for-arranging-your-rich-part-2">The Same Actions Will Produce The Same Results (Ten Tenets for Arranging Your Rich: Part 2)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance getting paid getting rich high earners wealth Tue, 30 Sep 2014 13:00:07 +0000 Mikey Rox 1222064 at http://www.wisebread.com The 6 Youngest Entrepreneurs to Make It Big http://www.wisebread.com/the-6-youngest-entrepreneurs-to-make-it-big <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-6-youngest-entrepreneurs-to-make-it-big" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/child-businesswoman-478599061-small.jpg" alt="child businesswoman" title="child businesswoman" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>Kids these days.</p> <p>&hellip;are super rich. Just when you think getting a job couldn't get any more competitive, a 17-year old invents a mobile application that <a href="http://www.usatoday.com/story/money/business/2013/03/26/yahoo-buys-startup-run-by-17-year-old/2020133/">Yahoo buys for an undisclosed amount</a>. And he is not alone. Children and teenagers around the country are getting up earlier than ever to get that worm.</p> <p>Here are six of the youngest entrepreneurs to make it big.</p> <h2>1. Ashley Qualls</h2> <p>Girls can code, just ask Michigan native Ashley Qualls. Back in 2008, at age 14 she started the website whateverlife.com to provide Myspace layouts and HTML tutorials for other teens. It all took off from there. Through advertising income alone, Ashley is able to make about <a href="http://www.fastcompany.com/60278/girl-power">$70,000 in monthly revenue</a> from her 7 million monthly visitors. She has received several offers to buy her company, including one for <a href="http://www.forbes.com/2008/02/09/teen-millionaires-startups-ent-success-cx-ml_0211qualls.html">$1.5 million</a>, but she has turned all of them down.</p> <h2>2. Dave and Catherine Cook</h2> <p>Back in 1997, siblings Dave and Catherine (a high school junior and sophomore respectively) launched the social media site, MyYearbook.com. By being able to go head to head with titans such as MySpace and Facebook, the teen whizzes have received extensive media coverage over the years, including <a href="https://www.youtube.com/watch?feature=player_embedded&amp;v=VhG1_x83o9k">CNBC</a>, <a href="http://mashable.com/2007/07/12/myyearbook/">Mashable</a>, ABC, CNN, MSNBC, and Fox. By 2006, the site had raised $4.1 million in venture capital funding and had 3 million members worldwide.</p> <p>The original site has gone through several <a href="http://www.meetme.com/apps/meetmecomingsoon">rebranding exercises and mergers</a>, but Catherine continues to attract the media attention with her <a href="http://www.inc.com/magazine/201205/liz-welch/catherine-cook-and-geoff-cook-myyearbook.html">lessons on entrepreneurship</a> and <a href="http://techcrunch.com/2012/07/01/how-to-rebrand-a-social-network-and-live-to-tell-about-it/">marketing</a>.</p> <h2>3. Caine Monroy</h2> <p>Not all young entrepreneurs come from the tech world. Meet L.A. resident Caine Monroy, who at just nine years old became a successful business owner. Back in 2011, Caine spent most of his summer inside his dad's auto parts store building an elaborate arcade made entirely out of cardboard and tape. Almost the entire summer went by and he had yet to have a customer. Fortunately, his only customer came in the form of filmmaker Nirvan, who bought a door handle for his car and a $2 FunPass to Cain's Arcade. Nirvan was so inspired by Cain's entrepreneurship that Nirvan made a short film on <a href="https://www.youtube.com/watch?v=faIFNkdq96U#t=463">Caine's Arcade.</a> Through this film, Caine has inspired other kids to become owners of their own arcades, raised over $220,000 for his <a href="http://cainesarcade.com/imagination/">college studies</a>, and become a <a href="https://www.youtube.com/watch?v=kRCrAT1YcTo">TED speaker</a>.</p> <h2>4. Maddie and Margot Bradshaw</h2> <p>Here is another pair of power siblings. At age 10, Maddie Bradshaw used $300 of her own money and started making and selling decorated bottle cap jewelry. Her entrepreneurship has turned her business into a national brand called M3 Girl Designs, selling <a href="http://www.m3girldesigns.com/company/about/">50,000 necklaces</a> in less than two year's time.</p> <p>Maddie's younger sister, Margot started designing bottle cap necklaces at age 6. Margot and Maddie's designs can be worn as charms on various accessories, such as necklaces and hairpins. Both sisters had a reported $1.5 million in sales and 25 people on staff in 2008. Maddie also authored a <a href="http://www.amazon.com/gp/product/0615387586/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=0615387586&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=TDULS4LNPMIIQXIO">how-to guide for young entrepreneurs</a>.</p> <h2>5. Hart Main</h2> <p>What started as a healthy sibling rivalry, turned into a full-on online business. In 2010, 13-year old Hart Main from Marysville, Ohio decided that there was a market for manly scented candles. He put $100 of his own money and his parents pitched an extra $200 to develop his candles, which include scents such as <a href="http://man-cans.com/index.php?route=product/category&amp;path=60/">NY Style Pizza, Bacon, and Grandpa's Pipe</a>.</p> <p>As of 2012, <a href="http://www.brassmagazine.com/article/whats-manlier-dirt-man-scented-candles-hart-main">over 25,000 ManCans have been sold</a> in over 60 stores around the country. The name ManCans comes from the fact that the candles are developed on empty soup cans that have been first donated to a soup kitchen and then cleaned up for production. Due to the success of his manly scents, in 2013 Main expanded his brand of candles with <a href="http://man-cans.com/index.php?route=product/category&amp;path=59/">SheCans</a>.</p> <h2>6. Sean Belnick</h2> <p>What were you doing when you were age 16? If you were to ask Sean Belnick, he would answer that he made his first $1 million. Back in 2001, Sean and and his father jumped on the dotcom bandwagon with <a href="http://www.bizchair.com/">Bizchair.com</a>, an online retailer of office furniture. Sean noticed that several middlemen would buy from his father's business and then sell those goods with a markup. So, Sean decided to cut all middlemen and sell all office furniture directly online.</p> <p>Unlike other dot coms, the Georgia-based Bizchair.com weathered the storm and achieved $15 million in sales in 2005 and over $40 million in 2007. Bizchair.com's clientele includes the <a href="http://www.inc.com/30under30/2007/the-chair-man-of-the-board.html">Pentagon, Fox's American Idol, Google, and Microsoft</a>. He advises aspiring entrepreneurs to <a href="http://finance.yahoo.com/news/pf_article_111047.html">start as early as possible</a>, &quot;I started when I was 14.There was a lot of great information on the Internet. Just do the research and find a way to do what you want to do.&quot;</p> <p>Now if you excuse me, I gotta go Google how to sell manly scented tanning lotion.</p> <p><em>Have you heard of other very young entrepreneurs? Please share in comments.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/damian-davila">Damian Davila</a> of <a href="http://www.wisebread.com/the-6-youngest-entrepreneurs-to-make-it-big">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-retire-rich">How to Retire Rich</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-reasons-youre-not-a-millionaire">6 Reasons You&#039;re Not a Millionaire</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-get-rich-by-being-evil">How to get rich by being evil</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/people-who-make-a-lot-of-money-do-these-11-things-do-you">People Who Make a Lot of Money Do These 11 Things — Do You?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-get-work-experience-without-having-a-job">How to Get Work Experience Without Having a Job</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Career and Income entrepreneurship getting rich wealth young millionaires Fri, 05 Sep 2014 09:00:05 +0000 Damian Davila 1203753 at http://www.wisebread.com 4 Ways Your Mind Can Make You Rich http://www.wisebread.com/4-ways-your-mind-can-make-you-rich <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/4-ways-your-mind-can-make-you-rich" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/french photo.jpg" alt="Le baiser de l&#039;hôtel de ville" title="Le baiser de l&#039;hôtel de ville" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When I was in my early 20s, I had a lovely photograph of a solitary woman hanging in my bedroom. My mother suggested that I switch it out for a picture of a couple. According to a <a href="http://www.huffingtonpost.com/knowmore-tv/bedroom-feng-shui_b_4784380.html">theory of Feng Shui</a> that she had read, the way you decorate your home reflects your intentions &mdash; so if you have artwork depicting loneliness in your bedroom, then you're more likely to be unlucky in love.</p> <p>I rolled my eyes at my mom &mdash; but I switched out the picture of the woman for a poster of Robert Doisneau's famous photograph <a href="http://visualthirst.wordpress.com/2012/03/13/the-story-of-the-most-famous-kiss-le-baiser-de-lhotel-de-ville-the-kiss-by-robert-doisneau/">Le baiser de l'hôtel de ville</a>, which I had previously displayed in my living room.</p> <p>A few months after making the switch, I met the man who is now my husband.</p> <p>While proponents of Feng Shui, the <a href="http://en.wikipedia.org/wiki/Law_of_attraction_%28New_Thought%29">law of attraction</a>, and other somewhat off-the-wall theories about cause and effect would claim that the universe responded to my decorating change, science offers an even more intriguing possibility: <a href="https://machineslikeus.com/news/understanding-unconscious-priming">priming</a>.</p> <h2>Understanding Priming</h2> <p>Psychologists have discovered that our behavior and thinking can change based upon the context of information that we receive. This phenomenon is known as <em>priming</em>, and it can affect everything from your behavior to your emotions.</p> <p>For instance, researchers have found that simply hearing the words <a href="http://psycnet.apa.org/?&amp;fa=main.doiLanding&amp;doi=10.1037/0022-3514.71.2.230">Florida, forgetful, and wrinkle</a> is enough to cause individuals to start walking more slowly, as if they are feeling the effects of aging. In another experiment, researchers have found that individuals holding a hot cup of coffee when talking to another person felt more positive about the conversation. The warmth of the cup translated into a feeling of warmth about the interaction.</p> <h2>Think Yourself Rich</h2> <p>There are various ways to provide your brain with the kind of stimulus that can help to achieve your financial dreams &mdash; just as I reached my romantic dream. Here are four things you can do to help put your mind to work for you.</p> <h2>1. Visualize Doing It</h2> <p>Athletes have understood the importance of active visualization for some time. They will often spend hours thinking about what it will look like, sound like, and feel like to stick the landing, sink the shot, or hit the ball.</p> <p>In a recent study at the University of Chicago, three groups of participants were asked to make as many free throws as they could. Then, the first group was asked to practice free throws for an hour every day, the second group was asked to visualize making free throws every day, and the third group did nothing. A month later, the first group had improved by 24%. The second group had improved by an impressive 23% <a href="http://www.breakthroughbasketball.com/mental/visualization.html">without setting foot on a basketball court</a>. The control group had made no improvement. Clearly, visualizing an activity can help you improve your performance.</p> <p>It's important to clarify that visualizing is very different from creating <em>a vision board</em>. That's because vision boards can actually be detrimental to your goals. Studies that ask participants to envision good outcomes (such as getting an A on an exam or winning a tennis match) have found that the <a href="http://www.psychologytoday.com/blog/the-blame-game/201205/throw-away-your-vision-board-0">participants do worse on their exam or match</a> if they have visualized the positive outcome. That's because those types of visions skip over the hard work (and those visualizers do study and practice less), and jumps right to the feel-good ending. This is clearly not helpful.</p> <p>The difference between the type of visualizing that athletes do and the vision boards is action. Athletic visualization is very active and involves multiple senses. Imagining winning the gold or cutting out pictures of the things you'd like to own someday is much more passive and dreamy.</p> <p>If you want to visualize yourself rich, spend your visualization time thinking through how you will handle various financial situations, from salary negotiation to saying no to pressures to spend money. Priming your brain for these situations ahead of time will do much more for your ability to get rich than gluing a picture of a yacht to a piece of poster board.</p> <h2>2. Appreciate What You Have</h2> <p>If you want to use your mind to make yourself rich, take a moment to truly <a href="http://momastery.com/blog/2014/08/11/give-liberty-give-debt/">look at all that you have with new eyes</a>. Isn't it incredible that you can speak to people the world over, learn almost anything about almost any subject, and look at pictures of grumpy cats using a device no bigger than a deck of cards? We really are living in an exciting time and there is an incredible bounty available to us.</p> <p>Reminding yourself of the abundance in your life allows you to step out of the &quot;consume consume consume&quot; culture that we live in and recognize that you can feel rich with what you already have. While this thought experiment will not necessarily add dollars to your bank account, it will leave you feeling richer and more satisfied with your life &mdash; and isn't that the point of wealth?</p> <h2>3. Give Money Away</h2> <p>In his book <a href="http://www.amazon.com/gp/product/B000QFBXHI/ref=as_li_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=B000QFBXHI&amp;linkCode=as2&amp;tag=wisbre03-20&amp;linkId=ZTMUQEI7WVBWYUMD">More Than Enough: The Ten Keys to Changing Your Financial Destiny</a>, Dave Ramsey talks about the difference between having an open hand or a closed fist:</p> <p style="margin-left: 40px;">I see the closed fist often in the area of money: a fist full of dollars tightly held so that those precious dollars never get away. That closed fist represents someone who doesn't know how to give. They think if they clutch those dollars tight enough, never giving, that they are on the path to more than enough. The real world will teach you that the opposite is true: those with more than enough got there by giving.</p> <p>All of this sounds a little woo-woo, but there is something to Ramsey's analogy. Specifically, individuals who are close-fisted with their money tend to have very negative money scripts &mdash; <a href="http://www.wisebread.com/what-did-your-parents-really-teach-you-about-money-it-might-surprise-you">unconscious beliefs about money created in childhood</a>. If you feel that you must hold tightly to your money, you probably believe things like there will never be enough money or the amount of money you have reflects on who you are as a person.</p> <p>One solution to dealing with these money scripts is to get in the habit of giving money away. If you change your attitude about money from something that you must tightly hold to something that flows through your life, then you are in a better position to see and accept wealth-generating opportunities when they arise.</p> <h2>4. Repeat Positive Affirmations</h2> <p>Stuart Smalley was onto something when he repeatedly told himself, &quot;<a href="http://youtu.be/-DIETlxquzY">I'm good enough. I'm smart enough. And doggone it, people like me</a>!&quot;</p> <p>As it turns out, positive affirmations can really help prime your brain to make significant changes. That's because <a href="http://www.psychologytoday.com/blog/the-wise-open-mind/201108/5-steps-make-affirmations-work-you">your mind does not know the difference between reality and fantasy</a>. This is why your heart races while watching a horror movie &mdash; your mind is empathizing with the characters on the screen even though you know intellectually that they are not real.</p> <p>So if you tell yourself over and over &quot;<a href="http://www.loveorabove.com/blog/wealth-affirmations/">I welcome wealth into my life</a> and I love the positive energy that money brings to me,&quot; then your mind will fall in line with the belief system you are stating. Repeat your affirmations out loud three times a day for five minutes. And be like Stuart &mdash; look at yourself in the mirror while you're doing it.</p> <p>If you find yourself rolling your eyes when you state your affirmations, however, you might see no results from this new habit. That's because we all already have affirmations in our heads, and many of them are very negative. You might be trying to reprogram your mind by stating a positive affirmation, but the negative voice inside is undermining it by whispering something like, This is stupid. You will always struggle with money.&quot;</p> <p>If you do have a negative reaction to affirmations, it's a good idea to examine exactly what that inner voice is saying and poke holes in the negative message. Don't let your negative affirmation get in the way of your wealth.</p> <h2>Harness the Power of Your Brain</h2> <p>The human mind is an incredible machine. It helps to create the reality you live in, and you can give it gentle nudges toward the goals you want. If you visualize, appreciate, give, and affirm, your brain will help to bring you closer to the lifestyle you deserve.</p> <p><em>Have you used the power of your brain to build wealth &mdash; or sink more putts? Please share in comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/emily-guy-birken">Emily Guy Birken</a> of <a href="http://www.wisebread.com/4-ways-your-mind-can-make-you-rich">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-7"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-good-manners-make-you-wealthier">5 Ways Good Manners Make You Wealthier</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-powerful-brain-hacks-you-can-do-in-under-2-minutes">8 Powerful Brain Hacks You Can Do in Under 2 Minutes</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/18-things-people-with-good-social-skills-never-do">18 Things People With Good Social Skills Never Do</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/want-to-be-more-attractive-work-these-5-magic-words-and-phrases-into-your-vocabulary">Want to Be More Attractive? Work These 5 Magic Words (and Phrases) Into Your Vocabulary</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/10-ways-even-shy-people-can-fake-confidence-and-get-ahead">10 Ways Even Shy People Can Fake Confidence and Get Ahead</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Development affirmation behavior confidence psychology wealth Mon, 25 Aug 2014 17:00:05 +0000 Emily Guy Birken 1191315 at http://www.wisebread.com The Surprising True Source of Wealth Creation (That You Probably Already Have) http://www.wisebread.com/the-surprising-true-source-of-wealth-creation-that-you-probably-already-have <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-surprising-true-source-of-wealth-creation-that-you-probably-already-have" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/piggy-bank-481390385.jpg" alt="piggy bank" title="piggy bank" class="imagecache imagecache-250w" width="250" height="180" /></a> </div> </div> </div> <p>What is the first thing that comes to mind when you hear the word &quot;wealth&quot;?</p> <p>I may not be able to guess what that &quot;thing&quot; is, but I can tell you what it isn't&hellip; &quot;save&quot;&hellip; or any variation of the word.</p> <p>We have done a great job in this country of hiding the true facts about how people really grow their wealth. And the reason is obvious. Saving is boring. Plus, it certainly doesn't make big retailers and other companies any money. So, from a purely profit driven standpoint, why would anyone want to show you how good saving habits might actually help you financially?</p> <p>Let's take a look at some simple math for a minute.</p> <h2>Some Simple Savings Math</h2> <p>Do you know how long it takes an investment to double with a guaranteed 10% compound rate of return? It takes over seven years.</p> <p>So how long does it take your money to double if you have been saving $100 per month for seven years (you now have $8,400) and you continue to do so? Seven years.</p> <p>Hmm&hellip; that's interesting.</p> <p>If you invest $8,400 today at 10% compounded annually, you will have $16,369 in seven years. However, if you have $8,400 in the bank making 0% and continue to save $100 per month for the next seven years, you end up with $16,800.</p> <p>Now there are certainly other factors to consider before you choose to pull all your money from the stock market and stick it in a bank account, but for now let's keep this simple. The truth is that you won't find a &quot;guaranteed&quot; return of 10% anywhere these days. But, if you are capable of saving just $100 every month, you are guaranteed to grow your assets, and therefore, your <a href="http://www.wisebread.com/its-10-pm-do-you-know-where-your-net-worth-is">net worth</a>. (See how saving grows your net worth using this <a href="http://cgi.money.cnn.com/tools/networth/networth.html">simple net worth calculator</a>.)</p> <h2>The Rule of 72</h2> <p>Let's put this into perspective. Investments follow a very simple rule. It's called the rule of 72.</p> <p>This rule states that you can figure out how long it will take an investment to double by simply dividing 72 by the expected rate of return. For example, if you expect to receive a 7% rate of return on your money (compounded annually), then your money will double in 10.3 years (72 divided by 7 = 10.3).</p> <p>This also works the opposite way. If your goal is to double your $20,000 in 10 years to make a down payment on a home (and not adding any additional savings), then you need to find an investment with an expected rate of return of 7.2%. (Still not getting it? Check out this short <a href="http://www.investopedia.com/video/play/rule-of-72/">Rule of 72 video</a> for further explanation.)</p> <p>Although the rule is simple, finding a decent rate of return is the challenge. You don't really have much control here. However, what you do have complete control of is your spending and savings habits. It's this often-overlooked area that is the source of growing wealth over time.</p> <p>One reason that people may not focus on saving is because it's not sexy, and it cuts into their spending. Clearly, if it was simply a choice of choosing to invest your money and letting it grow on its own or using your own income to save $100 a month, the answer would most likely be to take the investment route.</p> <p>The problem is that when the stock market does well, people start letting their investments do <em>all</em> the work, forgetting that good savings habits can have a huge positive impact on personal finances. Plus, everyone likes the instant gratification of being able to make purchases with their hard earned money. Saving doesn't quite create that same feeling.</p> <h2>5 Easy Ways to Save More</h2> <p>Unfortunately, the stock market and other investments don't always rise. So, rather than sit back and complain that the stock market isn't growing your money, why not set up a system for saving each year? Here are five ways to do just that! (See also: <a href="http://www.wisebread.com/6-ways-to-get-paid-for-saving-money?ref=seealso">6 Ways to Get Paid for Saving Money</a>)</p> <h2>1. Use Your Tax Refund</h2> <p>Your tax refund is a great place to start. Although not guaranteed, the <a href="http://www.usatoday.com/story/money/personalfinance/2014/03/06/irs-tax-refunds-returns/6125597/">average IRS refund</a> so far in 2014 is over $3,000. Even if you just take a third of that money and save it, you'll have $2,000 right now!</p> <h2>2. Make a Plan for Your Company Bonus</h2> <p>Company bonuses typically come but once a year, and when they do, they hit your paycheck all at once. How about taking some of that hard-earned money and moving it into a savings account before it &quot;accidentally&quot; gets gobbled up by the gremlin that lives in your checking account?</p> <h2>3. Take Advantage of Your Company's 401(k) Match</h2> <p>Your company may be willing to give you extra money just for contributing to your 401(k). Check with your HR department to see if your company offers this match. If you are not currently taking advantage of this, do it immediately. Here's why: Let's say you make $75,000 per year in salary. If your company matches 100% of your contribution up to 3% of your salary, all you have to do is contribute $2,250 this year and you will receive another $2,250 for free! That's 100% gain on your money&hellip; unheard of!</p> <h2>4. Sell Your Stuff Online</h2> <p>Sure, this one sounds complicated if you haven't done it before, but it really isn't that bad. You may have a ton of quality items in your attic that you just don't need. You know what they say, &quot;one person's junk is another person's treasure!&quot; Do you have an extra Apple product lying around? Check out <a href="http://www.gazelle.com/">Gazelle</a> to see what you can get for it. Getting rid of just a few things might just add up to a decent chunk of money to&hellip; yes&hellip; save!</p> <h2>5. Set Up an Auto-Transfer</h2> <p>One great thing about technology is that it makes monotonous tasks quite simple. By simply logging into your bank account online, you can set up an auto-transfer from your checking to your savings account each month. This way, you don't get tempted to spend that extra cash sitting in your checking account, because it has magically disappeared and reincarnated as money you have saved for the future!</p> <p>The bottom line is that it isn't up to the stock market to make you wealthy. Sure, it can help support the growth of your money over long periods of time, but it all starts with you and your saving habits. Take advantage of your working years by setting up specific annual savings strategies. This, combined with an appropriate investment plan can take your finances to the next level!</p> <p><em>Have you seen your net worth increase because of your efforts to save more? Please share the wealth in comments!</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/eric-roberge-cfp">Eric Roberge CFP</a> of <a href="http://www.wisebread.com/the-surprising-true-source-of-wealth-creation-that-you-probably-already-have">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/join-america-saves-week-february-24-to-march-2nd">Join America Saves Week February 24 to March 2nd</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/five-reasons-why-i-love-public-transportation">Five Reasons Why I Love Public Transportation</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/getting-by-on-a-lot-less-money-3-ways-its-easier-than-you-think">Getting by on a lot less money: 3 ways it&#039;s easier than you think</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/if-youre-so-smart-why-arent-you-rich">If you&#039;re so smart, why aren&#039;t you rich?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/9-financial-skills-everyone-needs-during-hard-times">9 Financial Skills Everyone Needs During Hard Times</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Frugal Living investment saving wealth Fri, 09 May 2014 09:12:18 +0000 Eric Roberge CFP 1138501 at http://www.wisebread.com The 10 Kinds of People Who Get Rich (and How They Do It) http://www.wisebread.com/the-10-kinds-of-people-who-get-rich-and-how-they-do-it <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/the-10-kinds-of-people-who-get-rich-and-how-they-do-it" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/man-200375928-001.jpg" alt="businessman" title="businessman" class="imagecache imagecache-250w" width="250" height="167" /></a> </div> </div> </div> <p>I think it's safe to say that most people wouldn't mind having a little more money in the bank. Maybe a lot more money. According to a 2008 survey by Pew Research Group, 43% of Americans report that <a href="http://www.pewsocialtrends.org/2008/04/30/who-wants-to-be-rich/">being wealthy is &quot;somewhat important&quot; to them</a>, while another 13% said that being rich was &quot;very important.&quot; Of course, <em>wanting</em> to be richer is one thing; actually accumulating that wealth is quite another. However, there's plenty of research to support the idea that there are certain sorts of people who are likely to become wealthy &mdash; and I'm not just talking about the kind who were born that way. In fact, according to research by Fidelity, <a href="http://www.fidelity.com/inside-fidelity/individual-investing/fidelity-2012-millionaire-outlook">86% of today's millionaires are self-made</a>. Here are 10 traits that tend to show up in the wealthiest people, and how those characteristics help them bring in the big bucks. (See also: <a href="http://www.wisebread.com/5-money-lessons-from-millionaires?ref=seealso">Money Lessons From Millionaires</a>)</p> <h2>1. Selfish</h2> <p>Yes, the rich really are more selfish. According to a paper written by University of California psychologists in 2011, people who saw themselves as &quot;upper class&quot; tended to <a href="http://cdp.sagepub.com/content/20/4/246.abstract">prioritize their own self-interest</a>. But that isn't necessarily a bad thing &mdash; and it doesn't mean you have to laugh uproariously in the face of the next person who asks you for change in the street. According to Steve Siebold, author of <a href="http://www.amazon.com/gp/product/0975500341/ref=as_li_ss_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=0975500341&amp;linkCode=as2&amp;tag=wisbre03-20">&quot;How Rich People Think</a>,&quot; selfish doesn't necessarily mean ungenerous. Instead, wealthy people often believe that in order to take care of others in a really meaningful way, they have to take care of themselves first.</p> <h2>2. Dreamer</h2> <p>If you want to accomplish big things, you have to think big. According to Siebold, rich people dream big dreams, and it's those dreams that provide the fuel for their future success. After all, many of the most successful ventures started out as little more than outlandish dreams. With a lot of time, hard work, and a little luck, they became new ideas, new inventions, and new companies. A big dream isn't always achievable, but looking ahead is what propels successful people forward.</p> <h2>3. Goal-Driven</h2> <p>Of course, dreams aren't enough all on their own. According to author and Certified Financial Planner Tom Corley in his book <a href="http://www.amazon.com/gp/product/1934938939/ref=as_li_ss_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=1934938939&amp;linkCode=as2&amp;tag=wisbre03-20">&quot;Wealthy Habits: The Daily Success Habits of Wealthy Individuals</a>&quot; rich people not only set goals to achieve their dreams, they also set goals that are <em>specific</em> and require <em>specific physical actions</em>. In other words, they figure out exactly what actions they need to take each and every day to move them closer to their goals. (See also: <a href="http://www.wisebread.com/saving-money-is-easy-if-you-set-the-right-goals?ref=seealso">Saving Money Is Easy With the Right Goals</a>)</p> <h2>4. Action-Oriented</h2> <p>Ever bought a lottery ticket or dreamed of collecting a fat inheritance? This isn't what a wealthy person would do, according to Siebold. Wealthy people are action-oriented, and they tend to believe that it's their own actions and hard work that'll help them build more wealth. As a result, they never rely on the idea that money will just come to them, whether through a lottery win, an inheritance, or some other stroke of luck.</p> <h2>5. Liable</h2> <p>Making money isn't easy &mdash; for anyone &mdash; but according to Corley, just as wealthier people tend to put the onus for bringing in wealth on themselves, they also tend to blame themselves when they fail to achieve their financial goals, whereas less wealthy people are more likely to blame the markets, their employer, or their luck. Taking responsibility can feel like a drag, but it's worth the effort. Not only does it provide the opportunity to celebrate your wins, but it also forces you to take a close look at your failures &mdash; and what you can learn from them. (See also: <a href="http://www.wisebread.com/how-to-embrace-failure-keep-going-and-win?ref=seealso">Embrace Failure and Win</a>)</p> <h2>6. Curious</h2> <p>Think your education ended when you got your college degree? According to Siebold and Corley, that alone suggests you're less likely to ever be rich. &quot;Walk into a wealthy person's home and one of the first things you'll see is an extensive library of books they've used to educate themselves on how to become more successful,&quot; Siebold writes.</p> <p>Didn't go to college? No problem. Siebold's research also found that many of the richest people had little formal education, and instead focused on amassing specific knowledge in the areas they wanted to pursue.</p> <h2>7. Logical</h2> <p>Money and emotion don't mix &mdash; at least not for the rich. Of course, the dominant emotion that surrounds our finances tends to be fear, which often leaves us just hoping we can retire someday, never mind live rich. The wealthier set, however, sees wealth as a tool, a choice, an opportunity. As a result, they tend to deal with their money in ways that expand those opportunities, rather than just ways that will keep them safe from financial harm.</p> <h2>8. Frugal</h2> <p>It's easy to assume that the richest people are those riding around in nice cars, wearing designer clothes, and living the high life every day of the week, but the truth is that many of the richest people are surprisingly frugal. And that's part of the secret of how they accumulated their wealth in the first place &mdash; or at least how they manage to maintain and grow it over the long haul. Billionaire Warren Buffett still lives in the same modest, Omaha, Nebraska, home he bought 50 years ago, rather than a mega-mansion; billionaire Facebook founder Mark Zuckerberg drives an Acura, rather than a supercar; and millionaire actress Hilary Swank still clips coupons (and so does Michelle Obama!). Think about it: The biggest barrier to actually becoming richer might be living like you're rich before you actually are. Those who get (and stay) among the ranks of the wealthy tend to keep the good financial habits that helped them get there. (See also: <a href="http://www.wisebread.com/10-habits-of-financially-happy-people?ref=seealso">10 Habits of Financially Happy People</a>)</p> <h2>9. Adventurous</h2> <p>According to Siebold, &quot;leverage is the watchword of the rich.&quot; What's leverage? In finance, it can mean using borrowed capital to produce a greater return, but in a broader sense it means using something &mdash; anything &mdash; to maximum advantage. In either case, it often means taking risks and busting out of your comfort zone. That doesn't mean that wealthy people take huge risks. They key is to learn to know which risks to take and how to maximize opportunity.</p> <h2>10. Patient</h2> <p>Most millionaires are self-made, which means that their wealth isn't a switch that's flipped over night. In many cases, it takes people years &mdash; often decades &mdash; to amass a lot of wealth. And getting there involves keeping an eye on the prize, staying frugal, and essentially delaying the gratification of enjoying that money until later. A famous experiment conducted at Stanford University in the 1950s and '60s actually <a href="http://healthland.time.com/2011/09/06/the-secrets-of-self-control-the-marshmallow-test-40-years-later/">linked the ability to delay gratification in children to their future success</a>. Building wealth takes time and discipline, which makes patience a real virtue in the realm of personal finance.</p> <p>Being wealthy isn't a foregone end-goal for everyone. In fact, many people don't care to be &quot;rich&quot; at all, at least not in a monetary sense. But I'd venture to guess that most of us could use a little more financial security, a little more money for the future, and a better eye toward making it happen. If that sounds like you, consider taking a few cues from the rich. Your life may be richer for it. (See also: <a href="http://www.wisebread.com/7-habits-of-the-financially-successful?ref=seealso">7 Habits of the Financially Successful</a>)</p> <p><em>Is &quot;being rich&quot; one of your life's goals? What are you doing to get there?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/tara-struyk">Tara Struyk</a> of <a href="http://www.wisebread.com/the-10-kinds-of-people-who-get-rich-and-how-they-do-it">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-same-actions-will-produce-the-same-results-ten-tenets-for-arranging-your-rich-part-2">The Same Actions Will Produce The Same Results (Ten Tenets for Arranging Your Rich: Part 2)</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ten-tenets-for-arranging-your-rich-part-1-rich-is-relative">Ten Tenets for &quot;Arranging Your Rich&quot; - Part 1: Rich is Relative</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/help-your-teenager-earn-their-first-million">Help Your Teenager Earn Their First Million</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-rich-like-them-by-ryan-dagostino">Book Review: Rich Like Them by Ryan D&#039;Agostino</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-should-you-say-no-to-those-who-want-to-borrow-money-from-you">When Should You Say No to Those Who Want to Borrow Money from You?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Career and Income General Tips rich people wealth wealthy habits Fri, 28 Mar 2014 10:36:23 +0000 Tara Struyk 1133230 at http://www.wisebread.com This Is How Donald Trump Builds Wealth (and You Can Too) http://www.wisebread.com/this-is-how-donald-trump-builds-wealth-and-you-can-too <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/this-is-how-donald-trump-builds-wealth-and-you-can-too" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/cash-164176162.jpg" alt="cash magnet" title="cash magnet" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>For most people the name Donald Trump conjures up many images &mdash; the hair, the pout, the Tower, the casinos. And, of course, &quot;The Apprentice.&quot; He is certainly one of our culture's most recognizable personalities, and since the 1970s he has accumulated enormous wealth. But has that wealth made him financially independent? Not necessarily, at least not until recently. To see why, let's take a brief look at how his financial investments and priorities have evolved over the years. (See also: <a href="http://www.wisebread.com/5-money-lessons-from-millionaires?ref=seealso">Money Lessons From Millionaires</a>)</p> <h2>1970s to 1980s: The Asset Accumulation Years</h2> <p>In 1971 Donald Trump moved to Manhattan, where he quickly established a name for himself as a leading New York City real estate developer. At first, he focused on multi-unit residential complexes, but he then expanded into commercial properties, including hotels and office buildings. By the 1980s Trump's assets from real estate holdings, development activities, and property sales had grown significantly. There were liabilities (mortgage debt) associated with these assets, but at first they didn't appear to be excessive. As a result Trump had substantial net worth, or wealth. (See also: <a href="http://www.wisebread.com/real-estate-investing-is-cheaper-and-easier-than-you-think?ref=seealso">Investing in Real Estate</a>)</p> <h2>1990s: The &quot;Bad Wealth&quot; Years</h2> <p>By 1990 Donald Trump had broadened his investment interests to include football, airlines, and casinos. It was the latter, in particular the Taj Mahal Casino in Atlantic City, that together with increasing debts on his other properties led to a serious debt problem. In fact, by the early '90s his personal debt had grown to $900 million and his business debt was nearly $3.5 billion.</p> <p>The problem? Despite having substantial assets, the liabilities were excessive. To make matters worse, the assets weren't generating sufficient cash flow to cover the debt payments. On paper, Trump might have still been a multi-millionaire, with total assets several million dollars more than total liabilities; so he had wealth. But negative cash flow meant he was far from financially independent. In fact, he was on the brink of personal bankruptcy. Hence, the &quot;bad wealth&quot; years.</p> <h2>2000s: The &quot;Good Wealth&quot; Years: The Apprentice to the Rescue</h2> <p>In 2003, NBC launched &quot;The Apprentice,&quot; a reality TV show hosted and produced by Trump. During the first season Trump was paid $50,000 per episode, or roughly $700,000 for the year. These days, Trump is reportedly paid $3 million per episode. Calling this venture a cash cow would be an understatement. It is a great example of &quot;good wealth:&quot; an asset (in this case a business) that generates substantial positive cash flow.</p> <h2>The Lesson? Cash Flow Is King</h2> <p>&quot;The Donald&quot; knows how to take a good thing and make it better. Starting with his real estate activities and especially now with his media success, Trump has established and fully leveraged the branding of his name. And he's done so with a particular focus on relatively low cost (and therefore low debt) ventures that generate multiple income streams. Some examples:</p> <ul> <li> <p>Books and tours</p> </li> <li> <p>&quot;The Apprentice&quot; memorabilia and game items</p> </li> <li> <p>Speaking engagements, where he reportedly receives up to $1.5 million per presentation</p> </li> <li> <p>Allowing (for a fee) his name to be displayed on buildings owned by others</p> </li> </ul> <p>These specific types of activities are generally beyond our reach. But the financial principles they illustrate are simple and relevant to us all: Seek to develop a portfolio of assets that <a href="http://www.wisebread.com/just-saving-isnt-enough-how-cash-flow-allocation-helps-you-retire">generate positive cash flow</a>.</p> <h2>How the Rest of Us Can Learn From Trump</h2> <p>What are some examples of cash flow-generating assets available to common folk like us who don't have Donald Trump's resources? Here are a four.</p> <h3>Retirement and Savings Accounts With Matching Contributions</h3> <p>If your employer offers a 401(k), employee stock, or savings program that includes a company match, you are being offered free money. Where else can you find a deal like that? It's a no-brainer. Contribute an amount that gets you the maximum match from your employer. (See also: <a href="http://www.wisebread.com/6-valid-reasons-not-to-contribute-to-your-401k?ref=seealso">Valid Reasons Not to Contribute to Your 401(k)</a>)</p> <h3>Income-Generating Businesses</h3> <p>Yes, you too can start your own business without quitting your day job. The challenge, of course, is getting it to cash flow positive. Increase your odds of success by avoiding or at least minimizing the two biggest cash flow drags: paying employees a salary and paying rent. These two expenses are common to traditional retail businesses but not to service businesses, so think about providing a service.</p> <p>Some examples of service businesses include writing, conducting or coordinating webinars or live workshops, giving music or other lessons, and consulting. Or perhaps you have an invention, product, or service that can be licensed to multiple users, thereby creating multiple sources of income. (See also: <a href="http://www.wisebread.com/10-great-home-based-side-business-ideas?ref=seealso">10 Great Home-Based Businesses</a>)</p> <h3>Dividend-Paying Stocks</h3> <p>Stocks are one of two major asset types owned by the financially successful, because in general stock growth outpaces inflation. Stocks that increase in price and also pay dividends offer the added bonus of quarterly cash flow payments (which, by the way, can be reinvested to compound the growth).</p> <h3>Income-Generating Property</h3> <p>The other major asset type owned by the financial elite is real estate. But not just any real estate. Remember, we don't want to fall into the debt trap, with excessive monthly mortgage expenses and other carrying costs. Generating rental income from a property can offset, or in some cases exceed, the negative cash flow. Being a full-fledged landlord isn't for everyone, however, so keep in mind that renting a room, a garage, or a parking space can create a regular income stream with a little less responsibility.</p> <p>Other types of properties can be rented, too. For example, trucks or trailers. So can specialty equipment and tools. Have a boat or a classic car? They can also be rented.</p> <p>So, what kind of apprentice will you be? Will you take advantage of opportunities to create &quot;good wealth&quot; &mdash; the kind that generates cash flow? Or will you accumulate assets with debts that spiral out of control? Having been there himself, The Donald has an expression for people who let that happen: &quot;You're fired!&quot;</p> <p><em>Have you thought about how to turn your assets into cash flow generators?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/keith-whelan">Keith Whelan</a> of <a href="http://www.wisebread.com/this-is-how-donald-trump-builds-wealth-and-you-can-too">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-money-moves-to-make-as-soon-as-you-conquer-debt">7 Money Moves to Make as Soon as You Conquer Debt</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-debt-reduction-mistakes-even-smart-people-make">8 Debt Reduction Mistakes Even Smart People Make</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-you-pay-down-debt-first-or-invest">Should You Pay Down Debt First or Invest?</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/7-occasions-when-you-should-definitely-hire-a-financial-advisor">7 Occasions When You Should Definitely Hire a Financial Advisor</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/tips-for-increasing-your-financial-literacy">Tips for Increasing Your Financial Literacy</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Debt Management Investment cash flow trump wealth Fri, 14 Mar 2014 10:24:07 +0000 Keith Whelan 1130798 at http://www.wisebread.com 6 Reasons You're Not a Millionaire http://www.wisebread.com/6-reasons-youre-not-a-millionaire <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/6-reasons-youre-not-a-millionaire" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/piggy-bank-1987480-small.jpg" alt="man checking piggy bank" title="man checking piggy bank" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>In 2012, Australian mining tycoon Gina Rinehart was officially declared the richest woman in the world, boasting assets of more than $26 billion. Not long after, Rinehart took heat for an article she wrote for the Australian Resources and Investment Magazine, where she suggested that those who wanted what she had should &quot;spend less time drinking or smoking and socializing and more time working.&quot;</p> <p><a href="http://www.google.com/hostednews/afp/article/ALeqM5gHAYO6YzqDthLAj0YM2CK_8dFccw">&quot;If you're jealous of those with more money, don't just sit there and complain. Do something to make more money yourself...&quot; </a></p> <p>Obviously, she didn't run that article through a PR consultant before she submitted it.</p> <p>But as off-putting as that statement might be, I can't help but reluctantly concede that there's some truth to it. Now, don't get me wrong &mdash; I'm not for a moment suggesting that the reason we're not rich is that we don't work hard enough. Quite the contrary, I think most people work very hard and we tend to do whatever it takes to put food on the table and provide for our families. We're resourceful, we're dedicated, and we don't give up.</p> <p>I also believe that social programs are a good thing and that we have a responsibility to help those that need help. Always. Without Question. Period. (See also: <a href="http://www.wisebread.com/surprisingly-easy-ways-you-can-support-charity">Easy Ways to Support Charity</a>)</p> <p>But I also think that we've lost some of that vision and moxie that brought us here. I think that if you could measure potential, we'd be off the charts, but we've learned to ignore it, suppress it, and bury it down deep because it's easier, or at least safer, than taking the risk to see what we're really made of.</p> <p>So all that said, if you still want to know the real reason you're not a millionaire, read on, and just know that I say all of this with nothing but love.</p> <h2>1. You Work for Someone Else</h2> <p>When you work for someone else, you're essentially trading time for money, and there are two problems with this strategy:</p> <ol> <li>You only have so much time to trade</li> <li>Someone else is in charge of setting how much your time is worth</li> </ol> <p>So, while it's not impossible to reach millionaire status while working for someone else, it doesn't happen often.</p> <p>Does that mean you should run out and quit your job? No, but it does mean you should start looking at your time as a valuable commodity and rethink how you're spending it. Then, find a way to start moving toward a more profitable way of spending your days, a way that pays you for your talent and ability rather than the number of hours you've worked or the amount your pay-grade says you've earned.</p> <p>Maybe you start out by moonlighting or maybe you save up until you can take the big leap. Either way, the path is the same. (See also: <a href="http://www.wisebread.com/9-ways-to-earn-extra-cash-when-money-is-tight">9 Ways to Earn Extra Cash</a>)</p> <p>And if you're not hip to venturing out on your own, then you need to find another way to increase your income. Maybe you become very good at moving up the corporate ladder, or maybe you become remarkably savvy at investing, or better yet, maybe you do both. The point is, if your goal is to be a millionaire in a reasonable amount of time, you're the one that will have to make that happen.</p> <h2>2. You're Not Trying</h2> <p>While most millionaires are looking for ways to increase their wealth, the rest of us are simply looking for ways to pay our bills. This mindset has a direct effect on how much money you make.</p> <p>When I first launched my freelance career, I had a clear number in mind. I knew that I had to make X amount of dollars to pay my bills and keep my household running smoothly. Interestingly, that's exactly the amount of money I made, month after month, year after year. Whatever <em>amount I needed</em>, that was the amount I made, and for the longest time, I felt pretty proud of my ability to meet my obligations.</p> <p>But then I realized that I was still just working to pay my bills, trading time for money, even if I wasn't driving downtown to do it. I had changed the method by which I earned my paycheck, but it was still just a paycheck all the same.</p> <p>And oddly enough, once I made this realization, once I set aside that mental &quot;must-have&quot; number, my income started to increase. I may not have made my first million yet, but I'm finally starting to see the path that will get me there.</p> <p>If you want a million dollars, then set out to make a million dollars. There's nothing wrong with &quot;doing what you have to do&quot; to get by, but don't let that become your goal.</p> <h2>3. You Don't Believe</h2> <p>Ask anyone &mdash; and I mean anyone &mdash; if they'd like to be rich, and most won't even hesitate before saying yes. But ask those same people if they're certain they'll become rich, and you'll find that the answers aren't nearly as confident.</p> <p>That's because the average Joe or Jane doesn't really <em>believe they'll ever be millionaires</em>.</p> <p>They'd certainly like to believe it, but their doubt resonates much louder than their desire. As long as that's true, the wealth they desire will elude them.</p> <p>Now, this commitment to becoming rich might sound like something out of a new age book, but the fact remains that it is a common trait among the real-life wealthy. And if becoming a millionaire is really what you want to do, then you have to believe that it will happen, come hell or high water. (See also: <a href="http://www.wisebread.com/5-money-lessons-from-millionaires">5 Lessons From Millionaires</a>)</p> <p>This is why Donald Trump can go from having millions in the bank to millions in debt to millions in the bank again. He believes he is supposed to have money. Think what you will about Trump, but the fact remains that he keeps coming back, no matter what financial obstacles life might throw his way.</p> <p>When faced with bankruptcy and over $900 million in personal debt in 1991, do you suppose Trump ever, even for one second thought, &quot;Well, this is it... I guess I'll just throw in the towel?&quot; And incidentally, he didn't just make this comeback once. Trump has filed for corporate bankruptcy <em>three more times</em> since then, and according to analysts, he's now worth more than he was before the bankruptcy.</p> <p>How's that for a testimonial to the power of positive thinking?</p> <p>In the words of Warren Buffet, &quot;I always knew I was going to be rich. I don't think I ever doubted it for a minute.&quot;</p> <h2>4. You Don't Trust Your Instincts</h2> <p>Catherine L. Hughes didn't start out as an obvious success story. At 16, she was a teen mom. She attended college, but never finished. Yet, despite her slow start, she used her job at a local radio station to propel her career, and eventually secured a position as the General Manager of Howard University's radio station. Not long after, she and her husband bought their first radio station, and Radio One was born.</p> <p>Then came the divorce. Hughes was able to buy out her husband's shares in the station but was forced to sleep on the studio floor with her son because they couldn't afford to live anywhere else. Her mother pleaded with her to let the station go and find a more suitable life for her and her son.</p> <p>But Hughes stuck to her guns and today, Radio One is a multi-million dollar media company. &quot;Sometimes,&quot; says Hughes, &quot;the ones who love you the most give you the worst [business] advice. If I had listened to my mother.... there would be no Radio One.&quot;</p> <p>Who have you been listening to? Maybe it's time to get a second opinion. Or maybe it's time to start listening to your gut and seeing just how far you can fly.</p> <h2>5. You're Waiting</h2> <p>In his book, <a href="http://www.amazon.com/gp/product/0975500341/ref=as_li_ss_tl?ie=UTF8&amp;camp=1789&amp;creative=390957&amp;creativeASIN=0975500341&amp;linkCode=as2&amp;tag=wisbre03-20">How Rich People Think</a>, author Steve Siebold writes, &quot;...while the masses are waiting to pick the right [lotto] numbers and praying for prosperity, the great ones are solving problems.&quot;</p> <p>Yes, this is one of those harsh realities I mentioned earlier, but that doesn't make it any less true. What's more, we have a tendency to apply this mentality to all aspects of our lives, and that leaves us in a perpetual state of limbo. We're waiting for our boss to give us a raise or a promotion. We're waiting for our partner or spouse to make us happy and fulfilled. We're waiting on the government to fix the problems in our world, solve unemployment, create better programs, and lower our taxes. We're waiting for the right time, for more money, or for a better opportunity.</p> <p>In fact, if you think about it, we're always waiting for something. All that waiting is keeping us from achieving what we really want and, more importantly, what we could really become. As long as you're waiting, someone else is in control of your future. And if someone else is in control, you'll never get to where you want to go.</p> <h2>6. You Need to Revamp Your Relationship With Money</h2> <p>In a <a href="http://www.entrepreneur.com/article/222718">2012 post for Entrepreneur.com</a>, Grant Cardone writes,</p> <blockquote><p>Who says, 'Money won't make you happy'? People without money. Who says, 'All rich people are greedy'? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?</p></blockquote> <p>And he should know.</p> <p>Cardone is an entrepreneur, international speaker, best-selling author, and sales and training expert for Fortune 500 companies. He makes a living off teaching others how to make a living and all of his success comes down to mindset.</p> <p>Cardone isn't the only one pointing to our dysfunctional love affair with money. Finance diva Suze Orman has written at length on the importance of a healthy relationship with money and treating it with respect: &quot;Your money is governed by how you treat it: it's that simple. It thrives when you are being responsible, respectful, and doing honorable things with it.&quot; And to do that, you have to get past this idea that wanting it &mdash; and being committed to getting it &mdash; somehow makes you a bad or selfish person. (See also: <a href="http://www.wisebread.com/for-a-better-relationship-with-money-make-plans">Make Plans for a Better Relationship With Money</a>)</p> <p>I'm going to quote Siebold one more time as well: &quot;[The middle class] sees money as a never-ending necessary evil that must be endured as part of life,&quot; he writes. &quot;The world class sees money as the great liberator, and with enough of it, they are able to purchase financial peace of mind.&quot;</p> <p>Now, think about how you see your money. Is it a means to an end? Or a strategic tool in your life plan arsenal?</p> <p>Does it bring you joy, or does it cause you stress and worry? Figure that out, because when you revamp your relationship with money, it's surprising how many doors will start to open up.</p> <p><em>What's keeping you from your first million?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kate-luther">Kate Luther</a> of <a href="http://www.wisebread.com/6-reasons-youre-not-a-millionaire">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-4"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/people-who-make-a-lot-of-money-do-these-11-things-do-you">People Who Make a Lot of Money Do These 11 Things — Do You?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-good-manners-make-you-wealthier">5 Ways Good Manners Make You Wealthier</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-money-truths-the-rich-live-by-and-you-should-too">5 Money Truths the Rich Live By (and You Should Too)</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/if-youre-so-smart-why-arent-you-rich">If you&#039;re so smart, why aren&#039;t you rich?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-10-kinds-of-people-who-get-rich-and-how-they-do-it">The 10 Kinds of People Who Get Rich (and How They Do It)</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance first million getting rich wealth Thu, 03 Oct 2013 10:36:02 +0000 Kate Luther 994525 at http://www.wisebread.com Best Money Tips: How to Accelerate Your Wealth http://www.wisebread.com/best-money-tips-how-to-accelerate-your-wealth <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/best-money-tips-how-to-accelerate-your-wealth" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/running-4715209-small.jpg" alt="running" title="running" class="imagecache imagecache-250w" width="250" height="141" /></a> </div> </div> </div> <p>Welcome to Wise Bread's <a href="http://www.wisebread.com/topic/best-money-tips">Best Money Tips</a> Roundup! Today we found some fantastic articles on accelerating your wealth, preparing for a layoff, and why creative people need to say &quot;no.&quot;</p> <h2>Top 5 Articles</h2> <p><a href="http://www.goodfinancialcents.com/beyond-a-budget-how-to-accelerate-your-wealth/">Beyond a Budget: How to Accelerate Your Wealth</a> &mdash; To accelerate your wealth, ask questions and understand the impact of time. [Good Financial Cents]</p> <p><a href="http://www.stretcher.com/stories/06/06aug07c.cfm#.UggcH1NU7v4">Preparing for Layoff</a> &mdash; If you anticipate getting laid off, put your credit cards away and minimize your expenses. [TheDollarStretcher.com]</p> <p><a href="http://www.fourhourworkweek.com/blog/2013/07/31/why-and-how-creative-people-need-to-say-no/">Why (and How) Creative People Need to Say &quot;No&quot;</a> &mdash; It is important for creative people to say &quot;no&quot; because saying &quot;no&quot; guards the time necessary to be creative. [The Blog of Tim Ferriss]</p> <p><a href="http://frugalportland.com/airbnb-the-good-the-bad-and-lessons-for-next-time/">AirBnB: The Good, The Bad, and Lessons for Next Time</a> &mdash; When using AirBnB, remember to read ads carefully and expect booking fees. [Frugal Portland]</p> <p><a href="http://www.thesimpledollar.com/2013/08/11/giving-children-everything-they-deserve/">Giving Children Everything They Deserve</a> &mdash; Before you have children, take into consideration whether or not you have the time, focus, and money to give them the chance to pursue their dreams. [The Simple Dollar]</p> <h2>Other Essential Reading</h2> <p><a href="http://www.savvysugar.com/Best-Destinations-Southeast-Asia-30992359">Unveiled! The Best Destinations in Southeast Asia</a> &mdash; Have you ever wanted to travel to Southeast Asia? Consider going to Lopburi, Thailand or Luzon in the Phillipines. [PopSugar Smart Living]</p> <p><a href="http://www.fivecentnickel.com/2013/08/05/the-past-present-and-future-of-personal-finance/">The past, present, and future of personal finance</a> &mdash; If you are still paying off debt, you are living in the past. Help yourself live in the present by remembering that borrowing should not rise with your income. [Five Cent Nickel]</p> <p><a href="http://www.freemoneyfinance.com/2008/09/no-brainer-mone.html">No Brainer Money Saving Tips</a> &mdash; Save money by sealing cracks and covering ducts. [Free Money Finance]</p> <p><a href="http://www.getrichslowly.org/blog/2013/08/11/reader-stories-how-i-retired-abroad-on-500-a-month/">Reader Stories: How I retired abroad on $500 a month</a> &mdash; Would you retire abroad if it meant you only had to spend $500 a month? [Get Rich Slowly]</p> <p><a href="http://parentingsquad.com/node/2357">5 Ways to Make Watermelon Exciting Again</a> &mdash; To make watermelon exciting again, make a frozen watermelon pie. [Parenting Squad]</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/ashley-jacobs">Ashley Jacobs</a> of <a href="http://www.wisebread.com/best-money-tips-how-to-accelerate-your-wealth">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-5"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/5-ways-good-manners-make-you-wealthier">5 Ways Good Manners Make You Wealthier</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/6-reasons-youre-not-a-millionaire">6 Reasons You&#039;re Not a Millionaire</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ten-tenets-for-arranging-your-rich-part-1-rich-is-relative">Ten Tenets for &quot;Arranging Your Rich&quot; - Part 1: Rich is Relative</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-10-kinds-of-people-who-get-rich-and-how-they-do-it">The 10 Kinds of People Who Get Rich (and How They Do It)</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/if-youre-so-smart-why-arent-you-rich">If you&#039;re so smart, why aren&#039;t you rich?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance best money tips wealth Fri, 16 Aug 2013 10:00:30 +0000 Ashley Jacobs 981257 at http://www.wisebread.com What Does Being Rich Mean to You Anyway? http://www.wisebread.com/what-does-being-rich-mean-to-you-anyway <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-does-being-rich-mean-to-you-anyway" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/113911116_8f5ecfddae.jpg" alt="$20 bill" title="$20 bill" class="imagecache imagecache-250w" width="250" height="188" /></a> </div> </div> </div> <p>Money Magazine had an interesting article in the September 2010 issue titled &quot;Do You Have What It Takes To Be Wealthy?&quot; The article comprised of 15 questions aimed to tell you if, indeed, you have a good chance to be rich. I aced it (if you consider having a solid chance of being rich a good thing, that is), but what is the definition of being wealthy anyway? Is it just a number we call net worth? Or is it something else all together?</p> <p>I was given a tour the other day of a $6 million dollar home. Apparently, the owner bought the piece of land for $4 million and spent $10 million building the custom house on the site. The property was gorgeous (duh!), but the owner couldn't have lived in it for more than three years and he lost $10 million in the process after considering not getting his asking price, agent fees, etc. when it's all said and done.</p> <p>When you have that kind of money to lose, are you considered rich? (By the way, for those concerned, the owner moved to an even more expensive neighborhood, so this is not one of those overextended home borrower stories.) Miranda started an interesting discussion asking whether you are rich. She claims that your location and personal situation matters a great deal when it comes to the financial portion of the definition of being rich, but I believe it's more than that. I'd argue that being wealthy is much more than having, or earning a specific dollar amount.</p> <h3>Not Worrying About Money</h3> <p>This is much more than having a ton of money. Not worrying about money is more about the ratio of your spending and expectations versus your assets. Some people don't have enough with $12 million, but others can retire comfortably with much, much less. However much money you have, you cannot be wealthy when the worry of money is always on the forefront of your mind.</p> <h3>Having Loving Family and Friends</h3> <p>You might have money, but you aren't rich if you don't have anyone to spend it with. Being rich is also having someone to share your joy and sorrows, and it's having someone to have spend time with too. When you need a shoulder to cry on, can you actually buy one?</p> <h3>Having a Sense of Direction</h3> <p>You can have all the money in the world, but it's very difficult to enjoy life if you don't have a sense of purpose. We talk about finding a passion all the time, but to be quite honest with you, most people never listen. Some are simply too afraid to change their depressing jobs, they are too lazy to repair broken relationships, and they are too proud to admit their mistakes so they can start over. First of all, I don't think these people will be able to maximize their earnings power this way. Even if they could, how does having a bunch of money with a miserable life make them wealthy?</p> <p>Being rich requires money. There is no doubt about it. But it's much more than that &mdash; so much more.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/david-ning">David Ning</a> of <a href="http://www.wisebread.com/what-does-being-rich-mean-to-you-anyway">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-same-actions-will-produce-the-same-results-ten-tenets-for-arranging-your-rich-part-2">The Same Actions Will Produce The Same Results (Ten Tenets for Arranging Your Rich: Part 2)</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/book-review-rich-like-them-by-ryan-dagostino">Book Review: Rich Like Them by Ryan D&#039;Agostino</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ten-tenets-for-arranging-your-rich-part-1-rich-is-relative">Ten Tenets for &quot;Arranging Your Rich&quot; - Part 1: Rich is Relative</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/when-should-you-say-no-to-those-who-want-to-borrow-money-from-you">When Should You Say No to Those Who Want to Borrow Money from You?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/ow-do-you-deal-with-family-members-who-are-bad-at-managing-money">How Do You Deal With Family Members Who Are Bad At Managing Money?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Family Lifestyle money real estate rich wealth Thu, 02 Sep 2010 14:00:07 +0000 David Ning 223625 at http://www.wisebread.com Book Review: Rich Like Them by Ryan D'Agostino http://www.wisebread.com/book-review-rich-like-them-by-ryan-dagostino <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/book-review-rich-like-them-by-ryan-dagostino" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/richlikethem.jpg" alt="" title="" class="imagecache imagecache-250w" width="240" height="240" /></a> </div> </div> </div> <p><a href="http://www.amazon.com/gp/product/0316021466?ie=UTF8&amp;tag=stuffies-20&amp;linkCode=as2&amp;camp=1789&amp;creative=9325&amp;creativeASIN=0316021466">Rich Like Them: My Door-to-Door Search for the Secrets of Wealth in America's Richest Neighborhoods by Ryan D'Agostino</a><img height="1" border="0" width="1" style="border: medium none ! important; margin: 0px ! important;" alt="" src="http://www.assoc-amazon.com/e/ir?t=stuffies-20&amp;l=as2&amp;o=1&amp;a=0316021466" /> - Hardcover: 256 pages Publisher: Little, Brown and Company (January 5, 2009)</p> <p>One summer my mother showed me a series of articles in Money magazine by a reporter named Ryan D'Agostino who knocked on the doors of expensive homes to find out how the occupants became rich.&nbsp; These articles were quite memorable for me because I thought it was hilarious how the author literally invaded the private property of rich people.&nbsp; Now a couple years later, D'Agostino has collected the entire experiment along with his personal stories into a book called Rich Like Them.</p> <p>I read this entire book in one&nbsp; four hour sitting since it was funny yet serious.&nbsp; Each chapter is divided into small sections headlined by words of wisdom that are often a bit cliche.&nbsp; For example, the author details the importance of networking in &quot;Connect the people you meet&quot;, and the power of patience in &quot;Perseverance doesn't take forever&quot;.&nbsp; If you have read any kind of self help book you would probably have heard these mantras before.&nbsp; What really made the book fun to read were the personal stories of the strange and wealthy people D'Agostino met after he knocked on hundreds of doors.&nbsp; My favorite two characters from the book were Harvey Jason, a first edition book seller in Beverly Hills, and Arthur Tauck, the chairman of Tauck World Discovery.&nbsp; Harvey Jason was&nbsp; an actor before he became a bookstore owner and he utilized his Hollywood connections to create a very success niche business.&nbsp; Tauck is a septigenarian who thought of interesting tours for the tour company his father founded.&nbsp; One of his most crazy and popular tours is <a href="http://money.cnn.com/2006/08/21/pf/whatittakes_secrets3.moneymag/index.htm">helihiking for seniors</a>.&nbsp; These people's innovative and sometimes wacky ideas and visions for their businesses were absolutely fascinating.&nbsp; </p> <p>This book is also somewhat familiar to me because I live just a few blocks away from Atherton, California which happens to be the richest neighborhood in the United States according to the book. I have driven through the town several times and most of the homes there are hidden behind trees or gates. Once you cross the border into my neighborhood of Redwood City you would have no idea that such an exclusive pod of extreme wealth is so close by because the entire scenery changes.&nbsp; The closest I have gotten to &quot;socializing&quot; with Atherton residents is when they drive their expensive cars through the Taco Bell across from the Ferrari-Maserati dealership on El Camino Real. I have spotted a Ferrari, Porsche, and a Bentley with a driver at that particular Taco Bell late at night.&nbsp; I always found that pretty funny because these folks can definitely afford something fancier, but instead they favor greasy semi-Mexican fast food . With that said,&nbsp; D'Agostino's book appropriately ends with a chapter on humility.&nbsp; He found that quite a few of the people that chose to speak with him were humble even though they have &quot;made it&quot; so to speak.&nbsp; He profiled one Athertonian named Heidi Roizen who was a powerful venture capitalist in the Silicon Valley who would gladly grab a cup of coffee with a college graduate just to see if there is a good idea. She also owned her own company at one time and worried about her employees when there was a bad quarter.&nbsp; Her humility brought her positive relationships and opportunity and thus the author calls humility &quot;the secret ingredient&quot; in becoming rich.&nbsp; After reading this, I felt a bit ashamed of myself because the wealthy people I see at Taco Bell probably would not laugh at me for grabbing a few Gorditas in my Honda, but I am the one mocking their humble hunger.</p> <p>In conclusion, this is probably a good book if you want to be entertained and enlightened by the personal stories of a group of wealthy people who are also surprisingly down to earth.&nbsp; However, I would not use this book as a guide to becoming rich because it&nbsp; is nearly impossible to replicate any one person's strategy to attaining wealth. This book repeats a lot of the basic principles to becoming successful such as working hard and being patient, but those are not exactly secrets.&nbsp; I recommend this book for people who like to read memoirs and personal blogs, but I do not think anyone would become &quot;rich like them&quot; just by reading this book.</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> of <a href="http://www.wisebread.com/book-review-rich-like-them-by-ryan-dagostino">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. 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