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…
Beware personal finance gurus pitching products.
The most successful investors spend many hours at it each day and have passion and patience. There are no shortcuts.
Warren Buffett: “Diversification is protection against ignorance.”
Like Captain Kirk, have advisors from different planets.
Before funding college accounts make sure you’re saving enough in your retirement accounts.
To avoid a tax penalty, tap IRAs, not 401(k)s, to pay college tuition.
Borrow from grandma at 4% for grad school; Uncle Sam’s Graduate Plus loans go for 6.41%.
Marry a billionaire, or perhaps even more rewarding, divorce one.
When buying a luxury condo, ignore superfluous amenities like massage rooms and pet spas; they won’t contribute to resale value.
Add commercial real estate to your portfolio.
Wait for inflation to rise before buying TIPS.
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.”
Before remarriage, discuss estate plans.
Track gambling losses to offset taxable gambling winnings.
Confess any tax crimes to a lawyer, not a CPA.
Deduct your yacht loan as mortgage interest on a second home.
Don’t do deals between yourself and your own IRA.
Don’t roll your old 401(k) into an IRA if you might face a lawsuit.
When creating a trust or family limited partnership for asset protection, don’t give it your own name or one obviously identified with you.
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.
Many 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
~ I desire evidence that the idea of
‘creating prosperity from the inside-out’ is not just wishful
I trust that you will show me
observable and quantifiable proof that I can attract more prosperity
I am open to this prosperity arriving
and taking the form of:
~ unexpected money coming into my life
~ unexpected gifts coming my way this
~ clear inspiration leading me to new
~ total release fear, stress, sadness
~ clarity in everything I do
~increase revenue in my business and
~clear inspiration for that which is
for my highest good
~clear inspiration leading to a
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.
Pretty 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:
- 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.
- 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.
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…
Defy conventional wisdom and increase your stock allocation after retirement.
To make money in small-cap stocks, look for novel business methods and niches, not the next blockbuster drug.
Don’t abdicate investment decisions to your spouse.
Be suspicious—and investigate further—when a corporation changes its auditors.
Carry a $2 million or bigger umbrella insurance policy to protect your wealth from liability suits.
Warren Buffett: “Be fearful when others are greedy, and be greedy when others are fearful.”
Invest to meet goals, not to beat indexes.
Clarify your own objectives by writing an Investment Policy Statement.
When you get restricted stock in a startup, make an 83(b) election; if the company takes off, you’ll save big on taxes.
Consider your marriage tax penalty (or bonus) before setting a wedding date.
Aim to have five times your salary in your 401(k) and IRAs by age 55 and eight times before you retire.
Dan Ariely: “If you can’t save money, be really nice to your kids.”
Put peer-to-peer loans in your portfolio using sites like LendingClub.com for monthly cash flow and yields of from 7% to 9%.
Peter Lynch: “Go for a business that any idiot can run—because sooner or later, any idiot is probably going to run it.”
Never take on a mortgage just for the tax deduction.
Keep no more than $250,000 in any one bank.
Buy an index fund weighted to fundamentals.
Remain anonymous after winning the Powerball jackpot.
Work for a charity for ten years and get your federal student debt forgiven.
Read the rest of the tips on Forbes.
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.
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
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…
Beware affinity fraud; find God, not hot investments, at your church, synagogue or mosque.
Sir John Templeton: “The four most dangerous words in investing are: ‘this time it’s different.’”
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.
Don’t underrate the importance of liquidity.
Use Quicken or a Web service to track all your finances and see your big picture.
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.
Write down your passwords and hide them; tell one person where they are.
Don’t fight demographics—allocate a portion of your portfolio to health care and biotech stocks.
Diversify globally to boost your portfolio’s risk-adjusted performance.
Benjamin Graham: “Speculation is neither illegal, immoral nor (for most people) fattening to
Cash in on companies with stealth dividends—meaning stock buybacks.
Diversify, but don’t overdo it.
Set investing rules for yourself that block impulsive decisions.
Look beneath a fund’s name, with Morningstar’s Style Box and X-ray.
Use software to track your asset allocation.
Ask for a “brokerage window” in your 401(k)—an opening that allows you to invest in any mutual fund and even individual stocks.
Bond laddering is good, but diversifying your income investments is important, too.
Treasury Inflation-Protected Securities (TIPS) offer protection from inflation—not from rising interest rates.
John Bogle: “Time is your friend. Impulse is your enemy.”
Use salary increases to boost contributions to your 401(k).
Read the rest of the tips on Forbes.
Author and entrepreneur Patricia Gozlan, founder of The Prosperity Zone, offers an exercise to increase your prosperity. It’s called My Prosperity Wheel, and she demonstrates it in this video:
This exercise is aimed to help you identify the levels of improvement in your life and business so that you can savor life and enjoy a balanced easy life. If you want to get your wheel as a template go to my site in the link above and once you sign in you will get this exercise with all the steps described for you. You also get a prosperity balance session to help you design your wheel and identify actions and blocks if any.
Patricia’s mission is to help service professionals, coaches and healers to get rid of blocks that are holding them back so they can improve their results. She has worked for 15 years in the fashion industry in Milan, sourcing, styling, marketing and exporting fabrics, garments and luxury accessories.
Because of her experience in international business and sales, her longtime passion for coaching and healing, her abiding interest in human behavior patterns, her understanding of the techniques used by Ancient Greek philosophers to attract prosperity and happiness, and her interest in the prosperity models offered by quantum physics and universal laws, she decided to put her skills and passions together. She has combined these facets in an effort to help heart centered professionals from all over the world achieve more with less effort.
Find out more on PatriciaGozlan.com.
We shared the first 20 tips from Forbes on how to get rich in a previous post.
This is something that many people want but few know how to do.
Now here are the next 20…
When the bear charges, stand your ground.
For protection from inflation and currency devaluation, buy the “gold you can eat”—farmland.
Know your risk tolerance. Pick an asset allocation that lets you sleep at night, so you won’t panic and sell stocks at the bottom.
Don’t keep too much in cash equivalents—over time, this “safe” investment barely keeps up with inflation.
After setting an asset allocation, rebalance yearly; it forces you to take profits when stocks have surged and to buy more shares when they’re cheap.
Benjamin Graham: “Adopt simple rules and stick to them.”
Buy Bitcoin as a speculation or political statement, not a hedge.
The Forbes E-book On Bitcoin Secret Money: Living on Bitcoin in the Real World, by Forbes staff writer Kashmir Hill, can be bought in Bitcoin or legal tender.
Be a tax-smart investor. Hold taxable bonds in a 401(k) or IRA. Put individual stocks in taxable accounts so you can sell losers to harvest tax losses.
Pay attention to the IRS’ wash sale rule when harvesting capital losses.
Don’t invest in a hedge fund unless its audited results are reported in compliance with Global Investment Performance Standards.
Build an emergency fund outside your 401(k).
For the biggest tax break when donating collectibles to charity, make sure they’ll be displayed and not sold.
Put alternative investments like real estate (but never collectibles) in your IRA.
Burton Malkiel: “All index funds are not created equal. Some have unconscionably high expenses.”
Keep an eye on—but don’t obsess over—mutual fund fees and expenses.
Even committed indexers should use actively managed funds to buy municipal and high-yield bonds and value stocks.
Yield is nice, but total return is the metric that matters.
Gold is overrated as an inflation hedge—historically, its price moves are unrelated to inflation.
For inflation protection, buy floating-rate corporate bonds.
Don’t let the mood swings of Mr. Market coax you into speculating.
Read the rest of the tips on Forbes.
If you want to become wealthy, you have to think like the wealthy think and do what the wealthy do.
These suggestions from About.com will get you well on your way:
#1: Change the Way You Think About Money
The general population has a love / hate relationship with wealth. They resent those who have it, but spend their entire lives attempting to get it for themselves. The reason a vast majority of people never accumulate a substantial nest egg is because they don’t understand the nature of money or how it works.
Cash, like a person, is a living thing. When you wake up in the morning and go to work, you are selling a product – yourself (or more specifically, your labor). When you realize that every morning your assets wake up and have the same potential to work as you do, you unlock a powerful key in your life. Each dollar you save is like an employee. Over the course of time, the goal is to make your employees work hard, and eventually, they will make enough money to hire more workers (cash). When you have become truly successful, you no longer have to sell your own labor, but can live off of the labor of your assets.
#2: Develop an Understanding of the Power of Small Amounts
The biggest mistake most people make is that they think they have to start with an entire Napoleon-like army. They suffer from the “not enough” mentality; namely that if they aren’t making $1,000 or $5,000 investments at a time, they will never become rich. What these people don’t realize is that entire armies are built one soldier at a time; so too is their financial arsenal.
A friend of mine once knew a woman who worked as a dishwasher and made her purses out of used liquid detergent bottles. This woman invested and saved everything she had despite it never being more than a few dollars at a time. Now, her portfolio is worth millions upon millions of dollars, all of which was built upon small investments. I am not suggesting you become this frugal, but the lesson is still a valuable one. Do not despise the day of small beginnings!
#3: With Each Dollar You Save, You Are Buying Yourself Freedom
When you put it in these terms, you see how spending $20 here and $40 there can make a huge difference in the long run.
Read the full article on About.com.
Of course nearly everybody wants to get rich, but most people don’t know how to go about it.
Here are some tips from Forbes on multiple ways to get on the right path… and we’ll share more of them in future posts.
From the Forbes 2014 Investment Guide, wealth building tips to last you through the year. (For more detailed advice, click on the link in each tip.)
Sir John Templeton: “Invest at the point of maximum pessimism.”
Don’t mistake a low P/E ratio for a value stock.
Benjamin Graham: “Patience is the fund investor’s single most powerful ally.”
Let your attorneys ride shotgun, but not in the driver’s seat.
Remember Enron; reduce your employer’s company stock in your 401(k).
Warren Buffett: “Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1!”
Fund a Roth IRA if you’re eligible; your money grows tax free for retirement, and in an emergency you can take your contribution back without penalty.
Barry Sternlicht: Pay attention to the big themes, because they are what will help you earn ten times your money.
Back a friend or relative’s startup with a convertible loan, so you share in the upside.
Use commodities as a hedge against inflation.
Raise the deductibles on your auto and home insurance.
Form family limited partnerships to transfer assets at a tax discount.
Beat death taxes in 20 states by making big gifts while you’re alive.
For simple federal tax-free wealth transfer, make $14,000 annual gifts to children and grandchildren. It won’t cut into your $5.25 million lifetime exemption from gift and estate taxes.
Get tax advice before settling a lawsuit.
Read Reminiscences of a Stock Operator by Edwin LeFèvre.
To keep peace with both relatives and the IRS, document all family loans.
Peter Lynch: “Never invest in any idea you can’t illustrate with a crayon.”
View collecting as a hobby first and investment second; psychic returns can make up for a lower average return than in stocks.
Add a personal items floater to your homeowner’s insurance to cover collectibles.
Read the rest of the tips on Forbes.