365 Ways to Get Rich (Part 5)

We’re in the process of sharing a series of tips from Forbes on how to get rich. If you want to go back and read the others, you’ll find part 1 here, part 2 here, part 3 here and part 4 here.

There are hundreds more that we could share, but we’ll let you read the rest on the Forbes article.

To get you there, here are the next 20 tips, which bring us up to an even 100…

#81
Beware personal finance gurus pitching products.

#82
The most successful investors spend many hours at it each day and have passion and patience. There are no shortcuts.

#83
Warren Buffett: “Diversification is protection against ignorance.”

#84
Like Captain Kirk, have advisors from different planets.

#85
Before funding college accounts make sure you’re saving enough in your retirement accounts.

#86
To avoid a tax penalty, tap IRAs, not 401(k)s, to pay college tuition.

#87
Borrow from grandma at 4% for grad school; Uncle Sam’s Graduate Plus loans go  for 6.41%.

#88
Marry a billionaire, or perhaps even more rewarding, divorce one.

#89
When buying a luxury condo, ignore superfluous amenities like massage rooms and pet spas; they won’t contribute to resale value.

#90
Add commercial real estate to your portfolio.

#91
Wait for inflation to rise before buying TIPS.

#92
Howard Marks: “Rule number one: Most things will prove to be cyclical. Rule number two: Some of the greatest opportunities for gain and loss come when other people forget rule number one.”

#93
Before remarriage, discuss estate plans.

#94
Track gambling losses to offset taxable gambling winnings.

#95
Confess any tax crimes to a lawyer, not a CPA.

#96
Deduct your yacht loan as mortgage interest on a second home.

#97
Don’t do deals between yourself and your own IRA.

#98
Don’t roll your old 401(k) into an IRA if you might face a lawsuit.

#99
When creating a trust or family limited partnership for asset protection, don’t give it your own name or one obviously identified with you.

#100
Profit from stock market volatility: Buy into a VIX futures fund and use wild, seemingly irrational swings as buying opportunities.

Read the rest of the tips on Forbes.

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