All posts by Heather Vale

Heather Vale is a writer, interviewer and journalist known as The Unwrapper™. For more than 20 years she has worked in all media: TV, radio, print and online. She write primarily about business and personal development, and believes that failures are simply stepping stones on the way to success.

10 Ways to Get Rich from Warren Buffett

Warren Buffett's 10 Ways To Get RichWhat does one of the richest men in the world say you should do if you too want to be rich? Obviously he’s a very good person to listen to on the topic, and here’s his advice.

With an estimated fortune of $62 billion, Warren Buffett is the richest man in the entire world. In 1962, when he began buying stock in Berkshire Hathaway, a share cost $7.50. Today, Warren Buffett, 78, is Berkshire’s chairman and CEO, and one share of the company’s class A stock worth close to $119,000. He credits his astonishing success to several key strategies, which he has shared with writer Alice Schroeder. She spend hundreds of hours interviewing the Sage of Omaha for the new authorized biography The Snowball. Here are some of Warren Buffett’s money-making secrets — and how they could work for you.

1. Reinvest Your Profits: When you first make money in the stock market, you may be tempted to spend it. Don’t. Instead, reinvest the profits. Warren Buffett learned this early on. In high school, he and a pal bought a pinball machine to put in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. When the friends sold the venture, Warren Buffett used the proceeds to buy stocks and to start another small business. By age 26, he’d amassed $174,000 — or $1.4 million in today’s money. Even a small sum can turn into great wealth.

2. Be Willing To Be Different: Don’t base your decisions upon what everyone is saying or doing. When Warren Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball. He worked in Omaha, not Wall Street, and he refused to tell his parents where he was putting their money. People predicted that he’d fail, but when he closed his partnership 14 years later, it was worth more than $100 million. Instead of following the crowd, he looked for undervalued investments and ended up vastly beating the market average every single year. To Warren Buffett, the average is just that — what everybody else is doing. to be above average, you need to measure yourself by what he calls the Inner Scorecard, judging yourself by your own standards and not the world’s.

3. Never Suck Your Thumb: Gather in advance any information you need to make a decision, and ask a friend or relative to make sure that you stick to a deadline. Warren Buffett prides himself on swiftly making up his mind and acting on it. He calls any unnecessary sitting and thinking “thumb sucking.” When people offer him a business or an investment, he says, “I won’t talk unless they bring me a price.” He gives them an answer on the spot.

4. Spell Out The Deal Before You Start: Your bargaining leverage is always greatest before you begin a job — that’s when you have something to offer that the other party wants. Warren Buffett learned this lesson the hard way as a kid, when his grandfather Ernest hired him and a friend to dig out the family grocery store after a blizzard. The boys spent five hours shoveling until they could barely straighten their frozen hands. Afterward, his grandfather gave the pair less than 90 cents to split. Warren Buffett was horrified that he performed such backbreaking work only to earn pennies an hour. Always nail down the specifics of a deal in advance — even with your friends and relatives.

5. Watch Small Expenses: Warren Buffett invests in businesses run by managers who obsess over the tiniest costs. He one acquired a company whose owner counted the sheets in rolls of 500-sheet toilet paper to see if he was being cheated (he was). He also admired a friend who painted only on the side of his office building that faced the road. Exercising vigilance over every expense can make your profits — and your paycheck — go much further.

Read the last 5 ways on WarrenBuffett.com.

Become a Millionaire Before 30

http://rack.3.mshcdn.com/media/ZgkyMDEzLzA3LzExL2ZlL0Fhcm9uMjBQaXRtLjI4YWZlLmpwZwpwCXRodW1iCTIwMHgyMDAjCmUJanBn/efaa0a01/eaf/Aaron%2520Pitman-1645.jpgImagine making your first million before you turned 30. Kind of seems like you’d be set for life.

Well, that’s exactly what self-made millionaire and Angel Investor Aaron Pitman did. He is the Founder and Partner of RA Domain Capital, a domain name development firm.

Now he wants to help you become a millionaire before 30 — or whatever age you happen to be turning — too.

If there is one universal truth, it’s that everyone is looking to get rich quick. This probably explains why so many people are willing to believe there’s a Nigerian prince out there with their email address, ready and willing to mail them money. Truth is, whether looking for your dream job or starting up a new company, too many young people are looking to strike gold as quickly and easily as possible.

As someone who made my first million before I turned 30, the question of how to become a young millionaire often arises. Unfortunately, I don’t know of any magic pill to take or button to press to become instantly successful.

For starters, I followed the 10,000 hour rule of mastering any subject, deferring parties in college to spend sleepless nights working on business plans with a select group of other broke overachievers. Along with my 13 other roommates, I spent most of my formative “party” years working hard, mastering skills and eating a lot of Ramen noodles.

I know it’s possible to become wealthy early in life if you have the drive, determination and ambition to succeed. Here are a few tips that helped me achieve success and just might help you, too.

1. Confess and Attack

As a young worker, most people will see your age as your biggest hurdle and most pressing handicap. But the truth is that your youth just might be your biggest advantage.

So many of the people I networked with and contacted were older (sometimes much older) than myself. Often, these people knew they wanted to get hooks into the online space but just didn’t understand how the game was played online. They were actually looking for someone hungry and motivated, but best of all, they were looking for someone who had grown up around technology and understood the market.

Still, there is definitely a real perceived disadvantage to being a young and “inexperienced” worker or entrepreneur. This is when I began to formulate my “confess and attack” strategy. I would tell potential business partners the fairly evident truth: I’m young. But this doesn’t mean I don’t know what I’m doing or that I haven’t put in the time and energy to become an expert in my field.

Once I confessed what we both knew and explained my skills, I would attack their preconceived notions. I would push the conversation back to them, explaining if they weren’t comfortable with me or my team after understanding my skills, then perhaps we weren’t a good business fit.

I took back control of the situation and found business partners who actually believed in me and my ability to succeed, instead of jittery investors ready to bail at the first signs of trouble.

2. Your Socializing Can Determine Your Success

As a young job seeker or entrepreneur, your network is key. Think of the old saying, “Show me who your friends are and I’ll tell you who you are.” This is as true for the business world as it was when your mom said it about that one friend you had in high school who was always trying to get you to skip class.

Read the full story on Mashable.

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.

How Can We Be Happier?

People often have a bad habit of looking for happiness outside of themselves. But the truth is, happiness comes from within and you can only be happy if you decide to be.

Nobody can “make” you happy but yourself.

This immigrant discovered the truth for herself on her own journey, and ended up creating a mobile app (with web access too) for posting happy thoughts.

How can we be happier?

Why is the pursuit of happiness so stressful and unfulfilling? Why do we believe that huge achievements trump small everyday moments that connect us with ourselves and those we love most? After years of “dreaming in American” and chasing The Big Happy, Russian-born entrepreneur Nataly Kogan dug into the research and believes the key to being happier is to stop saying “I’ll be happy when…” and start saying “I’m happy now because…”

Sharer of Joy: Nataly Kogan at TEDxBoston

Start your happiness journey at Smile.Happier.com.

Prayer for More Prosperity

E291A638483C45838D6D08D15537D247.ashxMany people pray for more money and prosperity to come into their lives, but it often comes across with a desperate energy.

By contrast, a gratitude prayer for increased prosperity can put you in the right frame of mind to receive it.

This one comes from Money Coach Lorraine Edey.

Dear God My Eternal Source:

I am so grateful for all that you
provide for me. I am truly blessed and know that you are my Source.

~ I believe that I can affect the
prosperity that shows up in my life.

~ I desire to experience that
prosperity can come from unexpected sources.

~ I desire to believe that good things
can come to me through ‘play’ and ‘flow’ rather than only
through hard work.

~ I desire evidence that there is a
practical strategy around creating prosperity that provides tangible
results.

~ I desire evidence that the idea of
‘creating prosperity from the inside-out’ is not just wishful
thinking.

I trust that you will show me
observable and quantifiable proof that I can attract more prosperity
NOW!!

I am open to this prosperity arriving
and taking the form of:

~ unexpected money coming into my life
this month

~ unexpected gifts coming my way this
month

~ clear inspiration leading me to new
opportunities

~ total release fear, stress, sadness
or discomfort

~ clarity in everything I do

~increase revenue in my business and
employment

~clear inspiration for that which is
for my highest good

~clear inspiration leading to a
business partner

I am ready for a breakthrough. I am
ready to see things with new eyes, so that I
can enjoy my life to the fullest.

And so it is, it cannot be otherwise.

~ Lorraine Edey

Read more at BeliefNet.

Attract Money and Prosperity

money magnet how toPretty much everything you want to accomplish in life boils down to changing your thoughts, feelings and habits. Doing the same thing will always bring the same results, but doing things differently can change your path.

Here are some interesting exercises to help you attract money.

By altering your thoughts, actions and energy  you can enable yourself to attract success and become a magnet for money.

3 Ways To Increase Prosperity:

  1. Change your thoughts and actions.  The way in which you think about money and your success will have an affect on how you receive money.   Your energy is a key factor in determining your financial prosperity.  When you switch your thoughts and energy from the negatives such as “I will never have enough money” or “I can’t afford my bills” to “I am happy with what I have” and “I will have an abundance of financial stability”, you are creating gratitude and opening up yourself to receiving money.
  2. Practice the “$5” rule.  Take all your $5 bills and put them into red envelope.  Follow this technique for 3 -5 months for all $5 bills come your way.  Then apply half towards a needed loan and half towards a needed vacation.

Read more at MSI-Healing.

365 Ways to Get Rich (Part 4)

We’re in the process of sharing a series of tips from Forbes on how to get rich. You can read part 1 here, part 2 here and part 3 here.

If you’re one of the many people who want to get rich but aren’t sure how to go about it, these ideas will help.

Here are the next tips in the series…

#62
Defy conventional wisdom and increase your stock allocation after retirement.

#63
To make money in small-cap stocks, look for novel business methods and niches, not the next blockbuster drug.

#64
Don’t abdicate investment decisions to your spouse.

#65
Be suspicious—and investigate further—when a corporation changes its auditors.

#66
Carry a $2 million or bigger umbrella insurance policy to protect your wealth from liability suits.

#67
Warren Buffett: “Be fearful when others are greedy,  and be greedy when others are fearful.”

#68
Invest to meet goals, not to beat indexes.

#69
Clarify your own objectives by writing an Investment Policy Statement.

#70
When you get restricted stock in a startup, make an 83(b) election; if the company takes off, you’ll save big on taxes.

#71
Consider your marriage tax penalty (or bonus) before setting a wedding date.

#72
Aim to have five times your salary in your 401(k) and IRAs by age 55 and eight times before you retire.

#73
Dan Ariely: “If you can’t save money, be really nice to your kids.”

#74
Put peer-to-peer loans in your portfolio using sites like LendingClub.com for monthly cash flow and yields of from 7% to 9%.

#75
Peter Lynch: “Go for a business that any idiot can run—because sooner or later, any idiot is probably going to run it.”

#76
Never take on a mortgage just for the tax deduction.

#77
Keep no more than $250,000 in any one bank.

#78
Buy an index fund weighted to fundamentals.

#79
Remain anonymous after winning the Powerball jackpot.

#80
Work for a charity for ten years and get your federal student debt forgiven.

Read the rest of the tips on Forbes.

Increase Prosperity with your Words

How you think, feel and verbalize those thoughts and feelings are crucial. If you’re careful how you talk to yourself about wealth and prosperity, and you enjoy an abundant life in many ways, this video is not for you because the host talks about what “we” do and don’t do.

But if you’re struggling with increasing your level of prosperity, you’ll find some good tips here on how to reframe the words you use and increase your levels of gratitude, appreciation, abundance and prosperity.

brite-video

Our prosperity is closed tied with our concept of abundance and worthiness. One of the ways to notice what beliefs we’re carrying inside of us regarding our abundance is to notice what we say.

In this video, learn how your words are an important part of the abundance you have in life. Discover how to use your words to your advantage so you can increase your prosperity.

See more at Brite-World.com.

10 Tips for Increasing Prosperity

http://gratitudeplanet.com/wp-content/uploads/2010/04/prosperity.jpgThere is no giving without receiving or receiving without giving. They form two sides of the same coin, and are part of the natural order of life.

Accepting and expressing gratitude for what you receive allows more to come your way.

Visual artist Lisa shares her top tips for remembering to be grateful and inspire the flow of increasing prosperity.

  1. When cashing out at a store, if there is a “Take a penny, leave a penny” tray, do so, even if you aren’t paying with cash. If you have a penny in your pocket, donate it to the tray. Tell yourself “I always have plenty of money.”
  2. When entering a building, offer to hold a door open for one or several people. Smile and nod and “play doorman” (or door person). Give the gift of service for 20 seconds. When someone opens a door for you, move right through and thank them. Tell yourself “I always have plenty of time to play with others.”
  3. When meeting someone for the first time, or even someone you know well, give them an honest compliment right away. Maybe say “wow, I love your shoes,” or “you seem to be in a great mood today.” This giving costs nothing, but is completely valuable and appreciated. Tell yourself “I give compliments easily. I see the best in others.”
  4. When eating out, tip more if you get amazing service. If your waiter or waitress is really fun and connected, and if you feel you got exceptional service, up your standard tip. If your default tip, regardless of service, is 15%, then give 20% or even 25% for amazing service. Tell yourself “I give and I receive freely. I have received amazing service, and I give back in joy right now. I have plenty of money.”
  5. If you have a business, give yourself the gift of meditation and focus on the expansion of the business. See it growing and serving others in more and more powerful ways. Take time to be quiet with yourself and allow your vision to take hold in your vibration. Imagine it unfolding powerfully. Tell yourself “I give myself to this vision, and I expect to live it as soon as today.”
  6. Create a fake ledger on your computer. Deposit fake money into it. Pretend it is real. Look on line for ways to spend it all. Let yourself enjoy deciding how you will spend it. What do you want? Enter your “purchases” in your ledger. Every day increase your deposit, and then spend it again. Donate as much as you want to to causes you believe in. Tell yourself “I can’t spend all this money fast enough. It just keeps coming back in greater and greater amounts.”
  7. Buy a new CD that thrills your heart. If you hear an artist or musical group that makes you feel great when you hear a performance on the radio or on TV, support them by buying a CD of their music. Pay full price for it and feel great about helping them expand their audience. Tell yourself “I give freely to people who make my life better through their art.”
  8. Give freely when you sense a need. If you are entering the grocery store and you see a hungry person outside, consider buying something to give them that they can eat immediately. They may ask you for money, which you can give them if you are inspired to do so, but choose something ready to eat that you know will nourish them. Tell yourself “I give to others in need. The Universe gives to me in my generosity and gratitude as well, always.”
  9. When someone offers to help you with something, or to give you something, accept their offer gratefully. Yes, it can take longer to have someone “help you” do something, but if you accept the offer in joy and openness, you can keep your flow open on the receiving end. Tell yourself “I receive gifts into my life freely, joyously, and openly.”
  10. Give gratitude and appreciation for what you have right now. Practice being content with the prosperity you are enjoying right now. Law of Attraction will bring you more abundance when it knows you already feel abundant and prosperous. Love where you are, and expect a lot more too. Tell yourself “I am abundant, prosperous, and completely in the allowing flow of the Universe. All is well in my life. I am open to the next expanding step.”

Read the full story on Gratitude Planet.

365 Ways to Get Rich (Part 3)

This is part of a series of tips from Forbes on how to get rich. Read part 1 here and part 2 here.

Many people want to be richer, have more money and more prosperity. But they don’t know how to go about it or what actions to take.

Here are the next 20 tips…

#41
Beware affinity fraud; find God, not hot investments, at your church, synagogue or mosque.

#42
Sir John Templeton: “The four most dangerous words in investing are: ‘this time it’s different.’”

#43
Don’t put more than you can afford to lose into a crowdfunded deal; startups are always risky, and the new JOBS Act reduces both paperwork and investor protection.

#44
Don’t underrate the importance of liquidity.

#45
Use Quicken or a Web service to track all your finances and see your big picture.

#46
Use different passwords for each of your online financial accounts; add optional security questions whose answers can’t be found in your Facebook or LinkedIn profiles.

#47
Write down your passwords and hide them; tell one person where they are.

#48
Don’t fight demographics—allocate a portion of your portfolio to health care and biotech stocks.

#49
Diversify globally to boost your portfolio’s risk-adjusted performance.

#50
Benjamin Graham: “Speculation is neither illegal, immoral nor (for most people) fattening to
the pocketbook.”

#51
Cash in on companies with stealth dividends—meaning stock buybacks.

#52
Diversify, but don’t overdo it.

#53
Set investing rules for yourself that block impulsive decisions.

#54
Look beneath a fund’s name, with Morningstar’s Style Box and X-ray.

#55
Use software to track your asset allocation.

#56
Ask for a “brokerage window” in your 401(k)—an opening that allows you to invest in any mutual fund and even individual stocks.

#57
Bond laddering is good, but diversifying your income investments is important, too.

#58
Treasury Inflation-Protected Securities (TIPS) offer protection from inflation—not from rising interest rates.

#59
John Bogle: “Time is your friend. Impulse is your enemy.”

#60
Use salary increases to boost contributions to your 401(k).

Read the rest of the tips on Forbes.