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.
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.