Tag Archives: how to get rich

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 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.