Tag Archives: make money

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…

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.

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.)

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.

How To Obtain Unlimited Cash For Marketing Your Business

What if your marketing paid you?

Jay Conrad Levinson, the father of Guerrilla Marketing, has released a report called “The Guerrilla Balance Sheet which claims that businesses can turn their expenses into profit centers.

The idea is that if you profit at everything you do you’ll never run out of cash again…

Jay produced a video that every small business person must see

Do you think this is possible?

The report certainly convinced me some of my biggest business and marketing expenses can be turned into profit centers simply and easily.

This provided the missing piece… It was so easy to see the profits!

I’ll be able to do a whole lot more marketing now… when your marketing PAYS YOU you have an unlimited budget.

According to Jay this is a continuation of a trend. It used to cost a lot to send a message to your target market…then came email which was free…and now you can actually profit off your marketing…

Watch this FREE VIDEO from Jay Conrad Levinson

Then leave me a comment on the blog (another zero cost promotion idea) and let me know how you will prosper.

The Blog IS the Website

John Jantsch of Duct Tape Marketing is one of the best business and marketing bloggers you will find.. and he has a great way of saying things that should be obvious, but often are missed.

We switched RichProsperity.com’s main page to be a WordPress blog recently. We’ve found that once the software is installed (about a 15 minute project when we add all the bells and whistles), we have a web page that can be constantly and easily updated.

Who wants a static page anyway. The w0rld changes fast, you need to respond.

Even if you rarely change it.. the WordPress technology makes it easy to create, easy to promote, and allows others to easily subscribe.

Read Duct Tape Marketing and make sure you have your own blog