Ten Traits That Make You Filthy-Rich, by Jeffrey Strain Friday, February 1, 2008
provided byTheStreet.com
Saving money isn't all about whether or not you know how to scorescreaming bargains.It has more to do with your attitude toward money.Just think of those who don't fit the filthy-rich stereotype. Peoplelike Warren Buffett.More From TheStreet.com:•
10 Free Ways to Boost Your Financial Power• Credit Unions Give Banks a Run for Their Money• How to Pick a 'Concierge' Health PlanAs explained in the book The Millionaire Next Door by Thomas J.Stanley and William D. Danko, personal finance has as much to do withpeople's traits as it does with money. Many millionaires, in fact,have frugal ways.Understanding how personal traits can influence your finances is anessential ingredient for building wealth.Here are 10 key traits:
1. PatiencePatience is one of the most important traits when it comes to savingmoney.This means waiting until the first wave of product hype has passed,keeping a car for an extra few years before getting another one andwaiting until something you want fits into your budget instead ofputting it on credit.Patience is often the difference between creating savings and being indebt. Having the patience to wait until you find a good deal is acornerstone of good finances.
2. SatisfactionWhen you're satisfied, there is no reason to spend money onnonessentials. The sole purpose of commercials is to make you believethat buying a product or service will make you happier, wealthier,better looking or improve whatever isn't bringing you satisfaction.People spend because they want to capture the excitement shown inadvertisements. When you are satisfied with what you have and yourlife (not trying to live like those on TV), your finances will be in alot better shape.
3. OrganizationBeing organized can make you more productive and ensure that all themany issues pertaining to personal finances are addressed.It means not paying late fees, not buying two of everything, knowingdeadlines that can affect your finances and getting more done in lesstime. All these can greatly benefit your finances.
4. DisciplineYou need the discipline to continue to save money for specific,long-term goals every month.Personal finance isn't a way to get rich quick, but is a disciplinedexecution of your lifetime plans.
5. ReflectivenessIt's important to be able to look at your financial decisions andreflect on their results.You're going to make financial mistakes. Everyone does.The key is to learn from those mistakes so you don't make them again,or recognize if you keep repeating them.
6. CreativityThe economy and our earnings don't always match our expectations.Unexpected developments wreak havoc to elaborate financial plans. Whenthis happens, changes are needed to deal with the new circumstances.Creativity is essential to accomplish this.Creativity allows you to make something last longer rather thanpurchasing it when you don't have the money. It means juggling moneyto stay out of debt rather than simply paying with a credit card. Itmeans finding a cheaper alternative when money is tight.In these ways, creativity plays a large role in keeping finances in order.
7. CuriosityHaving curiosity helps you learn, study and improve yourself.The curiosity of wanting to know more, to take the time to study andthen take what is learned and put into practice is an importantprocess that is driven by curiosity.
8. Risk-TakingTo build wealth, one needs to be willing to take risks. This doesn'tmean uncalculated risks. It means weighing all the options and takingcalculated risks when appropriate.The stock market has risks involved, but over the long term, historyshows that it provides good returns on money that is invested wisely.Those who fear risk altogether end up saving money in accounts thatlikely lose money to inflation in the long run.
9. Goal-OrientedThe importance of setting and working toward goals is obvious. If youdon't know where you are going, it's difficult to get there. It helpsyour personal finances immensely if you have money goals and aremotivated to reach the goals that you have set for yourself. Those who lack goals don't have a road map to take them to the financial destination they want.
10. Hard- and Smart-Working:Creating wealth and staying out of debt rarely comes about without alot of hard work.Many people might hope that the lottery will solve all their financialproblems. The true path to financial freedom, however, is to work hardto earn money while educating yourself to continue to have more valueand increase your salary.You may not possess all of the above traits. But knowing them can helpyou make changes so that you nourish the ones that you have and obtainthe ones you're missing.Ultimately they will help you with your personal finances and create aplan to accumulate the wealth you desire.Copyrighted, TheStreet.Com. All rights reserved
Friday, February 15, 2008
Tuesday, February 12, 2008
Warren Buffett Facts
There was a one hour interview on CNBC with Warren Buffet, the secondrichest man who has donated $31 billion to charity. Here are some veryinteresting aspects of his life:
1.) He bought his first share at age 11 and he now regrets that hestarted too late!
2.) He bought a small farm at age 14 with savings from deliveringnewspapers.
3.) He still lives in the same small 3 bedroom house in mid-town Omaha,that he bought after he got married 50 years ago. He says that he haseverything he needs in that house. His house does not have a wall or afence.
4.) He drives his own car everywhere and does not have a driver orsecurity people around him.
5.) He never travels by private jet, although he owns the world'slargest private jet company.
6.) His company, Berkshire Hathaway, owns 63 companies. He writes onlyone letter each year to the CEOs of these companies, giving them goalsfor the year. He never holds meetings or calls them on a regular basis.
7.) He has given his CEO's only two rules. Rule number 1: do not loseany of your share holder's money. Rule number 2: Do not forget rulenumber 1.
8.) He does not socialize with the high society crowd. His past timeafter he gets home is to make himself some pop corn and watch television.
9.) Bill Gates, the world's richest man met him for the first time only5 years ago. Bill Gates did not think he had anything in common withWarren Buffet. So he had scheduled his meeting only for half hour. Butwhen Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
10.) Warren Buffet does not carry a cell phone, nor has a computer onhis desk.
11.) His advice to young people: Stay away from credit cards and investin yourself.
1.) He bought his first share at age 11 and he now regrets that hestarted too late!
2.) He bought a small farm at age 14 with savings from deliveringnewspapers.
3.) He still lives in the same small 3 bedroom house in mid-town Omaha,that he bought after he got married 50 years ago. He says that he haseverything he needs in that house. His house does not have a wall or afence.
4.) He drives his own car everywhere and does not have a driver orsecurity people around him.
5.) He never travels by private jet, although he owns the world'slargest private jet company.
6.) His company, Berkshire Hathaway, owns 63 companies. He writes onlyone letter each year to the CEOs of these companies, giving them goalsfor the year. He never holds meetings or calls them on a regular basis.
7.) He has given his CEO's only two rules. Rule number 1: do not loseany of your share holder's money. Rule number 2: Do not forget rulenumber 1.
8.) He does not socialize with the high society crowd. His past timeafter he gets home is to make himself some pop corn and watch television.
9.) Bill Gates, the world's richest man met him for the first time only5 years ago. Bill Gates did not think he had anything in common withWarren Buffet. So he had scheduled his meeting only for half hour. Butwhen Gates met him, the meeting lasted for ten hours and Bill Gates became a devotee of Warren Buffet.
10.) Warren Buffet does not carry a cell phone, nor has a computer onhis desk.
11.) His advice to young people: Stay away from credit cards and investin yourself.
Sunday, February 10, 2008
Nanotechnology
I recently read at a futurists forum that IBM has more nanotechnology patents than any other company. Disruptive nanotechnology will likely trump the development of the internet. So far, IBM is in the lead with patents. Furthermore, IBM has weathered the recent volatility of the stock market fairly well. Take action and call your stockbroker.
Friday, February 8, 2008
10 Tips for Building Sustainable Wealth
When most people think about wealth building, they imagine achieving overnight millionaire status. They don't really understand wealth building, so they create a fantasy to make it more comprehensive. One way to achieve that fantasy is to buy the winning lottery ticket or to get on a lucky winning streak in Las Vegas. However, that fantasy will be short lived because wealth building is not a get rich quick scheme.
For those of us who have studied wealth building, we understand that this is the science of creating sustainable wealth. There is a foundation that needs to be laid out and a sequence of events that need to happen in order for wealth to begin its accumulation.
Here are 10 tips for you to begin the journey to building sustainable wealth.
1. Believe that you can have what you want. The clearer you are about what you want, the easier it will be to stay focused on the target.
2. Know your starting point. Know what your monthly cash flow is and what your total net worth is today. You cannot map out a journey if you don't know your starting point.
3. Decide on a destination point. How much cash flow do you want to generate? What is the net worth you are striving for? You cannot map out a journey if you don't know where you want to go.
4. Create a wealth plan and follow it. The journey between the starting point and the destination is the map to your wealth. This is the path to financial freedom.
5. Handle your debts automatically. Create a debt reduction plan that will allow you to pay down your debts without having to focus your energy on debt. You will make better progress if you focus your energy on wealth instead.
6. Create a new stream of income. Learn to create new money through a new business, an invention or an investment.
7. Manage your lifestyle. Understand your motives for spending and learn to live within your means. Curb reckless spending habits and create new wealth habits.
8. Get educated about investments and create a wealth account. Investing without education is called Gambling. Get educated. Put money aside today for investing in the future.
9. Surround yourself with good people. Wealth building is a team sport and you should always look for great team members.
10. Recognize that you are in charge of your own financial future and everything that it encompasses. Even if you hire team members to handle your investments, you can never play the victim of circumstances. You lead the team. You lead the decisions.To learn more about wealth building and how to create your wealth plan, visit us at http://www.WealthLive.com and learn about products and programs that will assist you on your journey to building sustainable wealth.
Socorro Curiel is a successful real estate investor and has been teaching wealth building for over 8 years. She offers training and coaching to people looking to build wealth and improve their financial situation. Register to learn proven wealth building techniques at http://www.wealthlive.com/
Article Source: http://EzineArticles.com/?expert=Socorro_Curiel
Wednesday, February 6, 2008
B Quadrant Business
As you know, if you have read Rich Dad, Poor Dad, you want to own businesses that run without you. I have been investigating businesses that are understandable, and do not require all your time after you have gotten them started.
A coin op laundry is a good idea. If located in a good location, the real estate under your coin op laundry could make you a fair amount of money. A coin op laundry, if successful, could supplement your income without requiring your presence 8 to 12 hours a day. Take a look at www.ebay.com and look at the business plan listings for sale.
Storage businesses are another idea I have been considering. Again, the land under the storage facility could become valuable over time.
It is essential to do your due diligence!
A coin op laundry is a good idea. If located in a good location, the real estate under your coin op laundry could make you a fair amount of money. A coin op laundry, if successful, could supplement your income without requiring your presence 8 to 12 hours a day. Take a look at www.ebay.com and look at the business plan listings for sale.
Storage businesses are another idea I have been considering. Again, the land under the storage facility could become valuable over time.
It is essential to do your due diligence!
Monday, January 28, 2008
Saturday, November 17, 2007
Dave Ramsey Quotes
"Live like no one else so later you can live like no one else!"
"Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this."
"I'm not against people having new cars. I'm against them having you. We spend a tremendous amount impressing somebody at the stoplight who we'll never meet. It makes you broke and keeps you broke."
"If you buy a $28,000 car, in four years it will be worth about 11,000 bucks."
"…the average car payment is $378 over 55 months. Most people get a car payment and keep it thoughout their lives. As soon as a car is paid off, they get another payment because they 'need' a new car. If you keep a $378 car payment thoughout your life, which is 'normal,' you miss the opportunity to save that money. If you invested $378 per month from age 25 to age 65, a normal working lifetime, in the average mutual fund averaging 12 percent (the 70-year stock market average), you would have $4,447,084.01 at age 65. Hope you like the car!"
"Winning at money is 80 percent behavior and 20 percent head knowledge. Most of us know what to do, but we just don't do it."
"Get in Total Attack Mode. All you have to do is execute, execute, execute now. If your friends that are broke aren't making fun of you, then you are not on track. If your family says, "Look, they've joined a cult!" then you are right on track."
"Looking to spend $100 per month on life insurance? You could pay $7 a month toward term insurance and invest the remaining $93. But go with a cash-value policy if you'd rather have someone else earn interest on your investments."
"Listen to someone who has won with money. Not your broke brother-in-law."
"I like the way I've built wealth better than the way you haven't."
"I don't want to walk across hot coals because it is fun, but if I can be shown how a short, painful walk will do away with the lifetime of worry, frustration, stress, and fear that being constantly broke brings me, then bring on the hot coals."
"Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this."
"I'm not against people having new cars. I'm against them having you. We spend a tremendous amount impressing somebody at the stoplight who we'll never meet. It makes you broke and keeps you broke."
"If you buy a $28,000 car, in four years it will be worth about 11,000 bucks."
"…the average car payment is $378 over 55 months. Most people get a car payment and keep it thoughout their lives. As soon as a car is paid off, they get another payment because they 'need' a new car. If you keep a $378 car payment thoughout your life, which is 'normal,' you miss the opportunity to save that money. If you invested $378 per month from age 25 to age 65, a normal working lifetime, in the average mutual fund averaging 12 percent (the 70-year stock market average), you would have $4,447,084.01 at age 65. Hope you like the car!"
"Winning at money is 80 percent behavior and 20 percent head knowledge. Most of us know what to do, but we just don't do it."
"Get in Total Attack Mode. All you have to do is execute, execute, execute now. If your friends that are broke aren't making fun of you, then you are not on track. If your family says, "Look, they've joined a cult!" then you are right on track."
"Looking to spend $100 per month on life insurance? You could pay $7 a month toward term insurance and invest the remaining $93. But go with a cash-value policy if you'd rather have someone else earn interest on your investments."
"Listen to someone who has won with money. Not your broke brother-in-law."
"I like the way I've built wealth better than the way you haven't."
"I don't want to walk across hot coals because it is fun, but if I can be shown how a short, painful walk will do away with the lifetime of worry, frustration, stress, and fear that being constantly broke brings me, then bring on the hot coals."
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