5 Ways Rich People Think Differently LearnVest. This post originally appeared on DailyFinance. After three decades of interviewing self-made rich people, Steve Siebold, author of “How Rich People Think,” has come to the conclusion that well-to-do people have views about money that are “polar opposite” to those that middle-class people hold. “Rich people see money as freedom and opportunity instead of as the root of all evil,” says Siebold.
“We’re taught that money is the root of all evil, so why would we want to acquire something that we have a general disdain for?” Siebold’s book reveals 100 differences between middle-class people and self-made millionaires. We asked him to share some ways that rich people think differently than those of us with less money in the bank. Here are five examples: 1. “We’re taught to save, but we end up without enough money,” says Siebold. Siebold says that rich people save money, too, but first they focus on boosting their earnings so that the percentage they save will be more meaningful. 2. 3. 4. 5. 7 Ways Money Memories Can Affect Your Finances LearnVest. Growing up, my grandmother was a master seamstress, and I always had beautiful clothes without ever having to pay for them.
My taste for fine garments didn’t change as I got older, but it was a shock when I had to begin paying for them myself. I can still hear my mother telling me, “You have champagne taste on a beer budget.” I could have taken this as a warning to not spend money that I didn’t have. Instead, it felt as if I’d been told that I was no longer deserving of the finer things in life, which sent my sense of self-worth into a downward spending spiral. The consequences: $8,000 of credit card debt—along with disappointment, anger and blame. As children, we begin to form our beliefs and attitudes about money through value-laden messages that are passed on to us by our parents, grandparents and society.
What Money Memories Can Teach Us In order to move forward and navigate life with greater financial confidence as adults, we must look back. 1. My own is of receiving an allowance. 2. 5 Things to Do Every Decade for Financial Success LearnVest. 1. Chart Your Course As you look back on your illustrious career, also look back on any retirement plans you may have had at former jobs. When you’re in your 50s, retirement should become something of a single-minded obsession. Consider consolidating your various 401(k)s and retirement plans to get a clear picture of how much you’ve built up. 2. Assess Your Retirement Income Do you plan to keep working through retirement or will you have other sources of income, such as investments?
3. Depending on your other financial obligations in this decade of your life, see if you can free up additional funds to help kick your mortgage sooner rather than later, saving on the extra interest payments and easing your mind. 4. Whether you want to increase your home’s value on the market or simply enjoy where you live, take the time, effort and, yes, maybe even the money to make those improvements and upgrades you’ve always wanted. 5.
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World business, finance, and political news from the Financial Times. The 7 Most Expensive Investing "Truisms" You Must Ignore - The Huffington Post. Investing isn't complicated. But it is often counterintuitive. That's why some people stop trying to understand investing and just accept financial truisms (that are often anything but true).
While this approach makes life easy at first, it can lead to needless losses and a lot of sleepless nights. Here are the top seven financial truisms you have to stop telling yourself and why. 1. You don't need to be Einstein to figure out how to invest your money. 2. Your broker might indeed know what she's doing -- but then again she may not. Once you understand how to read your investment statements it will be easier for you to know.
Use your gut. 3. If you are a Do-It-Yourself investor you might use index funds and ETFs because they are so inexpensive. But cutting costs isn't your main purpose. Make sure you understand how the ETF or index fund invests. 4. Brokerage companies often make monthly statement complicated out of choice. 5. 6. There is one exception. 7. Neal Frankle wrote this post. Economic Calendar. Davos 2012: Setting the gloom level to 11. 26 January 2012Last updated at 00:11 By Tim Weber Business editor, BBC News website, Davos Bankers and economists are in a gloomy mood Is there any good news for the economy? Not much, if this year's meeting of the World Economic Forum (WEF) is anything to go by. For starters, the global economy seems to have become so unpredictable that the organisers ditched one of the forum's big opening events, the annual session making an economic forecast for the year ahead.
They replaced it with a session that asked a more fundamental question: does capitalism have a future? Still, economic worries dominate all discussions here: will the eurozone fall apart? Last year, at least, investors were still confident that big risks could deliver big rewards; it seems to have worked for many of them.
This year, as some Western economies lurch back into a second recession, many wonder whether the basic flaws of our financial system have been fixed at all. Hiding under a blanket Record debt A short, sharp shock? No Market For Defensive Stocks.
Finance Fitness. David Cay Johnston: The Dangers Of Low-Interest Rates. (The author is a Reuters columnist. The opinions expressed are his own) By David Cay Johnston Jan 10 (Reuters) - The Fed's campaign to hold short-term interest rates near zero is a loser for taxpayers. A rise in rates would also burden taxpayers, but it would come with a benefit for those who save. Low rates keep alive the banks that the government considers too big to fail and reduce the cost of servicing the burgeoning federal debt.
Low rates also come at a cost, cutting income to older Americans and to pension funds. Raising interest rates shifts the costs and benefits, increasing the risks that mismanaged banks will collapse and diverting more taxpayers' money to service federal debt. No matter which way interest rates go, taxpayers face dangers. The federal government paid $454 billion in interest on its debt in 2011. Last week , rates took a step in that direction. Tax returns, too, show a disturbing, if logical, trend toward less saving. (Editing By Eddie Evans and Howard Goller)
Investorio | Investment Encyclopedia. Theodore R. Daniels: Looking Ahead: Have It When You Need It. Many of us look forward to retirement. We can hardly wait for the time to put down our tools and change our daily routine. In spite of this desire, many Americans do not plan for retirement until just before they stop working. By then, it is often too late. You can expect to live 15 to 20 years after age 65. A vast majority of people continue to rely primarily on receiving Social Security and pension benefits for retirement income.
Today, we have to be more concerned with planning for our retirement years than ever before. Traditional family relationships, as we used to know them, as not so dominant as they used to be. Retirement planning consists of two components. If you are near retirement it is not too late to shift your financial planning and money management into retirement gear in order to maximize the income and assets you have accumulated. Theodore R. 233 Ways to Make Money. Many of our customers are entrepreneurs. In this post, I thought I’d try to light the entrepreneurial fire under some of our other readers by publishing the world’s longest list of ways to make money. I aimed to include as many ways to make money that don’t require special training as possible (and I’ll add to the list over time so bookmark it now).
Without further ado, the list… Update (April 20, 2011): We’ve grown considerably over the last few months and, accordingly, it’s time to scale our transcription team. If you’re interested in working as a transcriptionist for AudioTranscription.Org, please visit our transcription jobs page. Update (December 2, 2010): If you’re interested in this list of ways to make money, you might also be interested in our list of 277 ways to save money.