Tag Archives: Forbes

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.

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.

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.

365 Ways to Get Rich (Part 2)

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…

#21
When the bear charges, stand your ground.

#22
For protection from inflation and currency devaluation, buy the “gold you can eat”—farmland.

#23
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.

#24
Don’t keep too much in cash equivalents—over time, this “safe” investment barely keeps up with inflation.

#25
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.

#26
Benjamin Graham: “Adopt simple rules and stick to them.”

#27
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.

#28
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.

#29
Pay attention to the IRS’ wash sale rule when harvesting capital losses.

#30
Don’t invest in a hedge fund unless its audited results are reported in compliance with Global Investment Performance Standards.

#31
Build an emergency fund outside your 401(k).

#32
For the biggest tax break when donating collectibles to charity, make sure they’ll be displayed and not sold.

#33
Put alternative investments like real estate (but never collectibles) in your IRA.

#34
Burton Malkiel: “All index funds are not created equal. Some have unconscionably high expenses.”

#35
Keep an eye on—but don’t obsess over—mutual fund fees and expenses.

#36
Even committed indexers should use actively managed funds to buy municipal and high-yield bonds and value stocks.

#37
Yield is nice, but total return is the metric that matters.

#38
Gold is overrated as an inflation hedge—historically, its price moves are unrelated to inflation.

#39
For inflation protection, buy floating-rate corporate bonds.

#40
Don’t let the mood swings of Mr. Market coax you into speculating.

Read the rest of the tips on Forbes.

365 Ways to Get Rich (Part 1)

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.)

#1
Sir John Templeton: “Invest at the point of maximum pessimism.”

#2
Don’t mistake a low P/E ratio for a value stock.

#3
Benjamin Graham: “Patience is the fund investor’s single most powerful ally.”

#4
Let your attorneys ride shotgun, but not in the driver’s seat.

#5
Remember Enron; reduce your employer’s company stock in your 401(k).

#6
Warren Buffett: “Rule No. 1 is never lose money. Rule No. 2 is never forget Rule No. 1!”

#7
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.

#8
Barry Sternlicht: Pay attention to the big themes, because they are what will help you earn ten times your money.

#9
Back a friend or relative’s startup with a convertible loan, so you share in the upside.

#10
Use commodities as a hedge against inflation.

#11
Raise the deductibles on your auto and home insurance.

#12
Form family limited partnerships to transfer assets at a tax discount.

#13
Beat death taxes in 20 states by making big gifts while you’re alive.

#14
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.

#15
Get tax advice before settling a lawsuit.

#16
Read Reminiscences of a Stock Operator by Edwin LeFèvre.

#17
To keep peace with both relatives and the IRS, document all family loans.

#18
Peter Lynch: “Never invest in any idea you can’t illustrate  with a crayon.”

#19
View collecting as a hobby first and investment second; psychic returns can make up for a lower average return than in stocks.

#20
Add a personal items floater to your homeowner’s insurance to cover collectibles.

Read the rest of the tips on Forbes.

Publisher Warren Whitlock Named Power Influencer Top 10 by Forbes

Las Vegas: Publisher Warren Whitlock Warren Whitlock, publisher of RichProsperity and others has been named a “Forbes top 10 social media power influencer”

Forbes Top Influencer Warren Whitlock
Publisher Warren Whitlock

Whitlock, active online for the last 32 years, best-selling author, speaker and serial entrepreneur in publishing, advertising and marketing consulting and more commented “I am always happy to be acknowledged by these lists. None of these accolades suggest that there’s some competition and a winner but it’s nice to be included with colleagues that I know are helping business take advantage of the revolution in marketing that we currently call social media

“Social media tools that we have today have helped to enable a change from the 20th-century model of doing business where a centralized organization could push out a marketing message to the masses, limited only by the large budgets it took to communicate one way

“thanks to the Internet and especially these tools, consumers have the expectation that communications will be two-way conversations. Those businesses that learn to implement this in every part of their business will see their best years ever while those who continue to try to control a message and push consumers into old models will go downhill.”

Publisher Warren Whitlock

Whitlock is the author of two best-selling books on social media, including the first book about Twitter and mobile marketing “Twitter Revolution: How Social Media and Mobile Marketing are Changing the Way We Do Business” and “Profitable Social Media: Business Results without Playing Games”