Category Archives: Wealth

How You Can Beat The Norm and Retire Early

The 21 century is all about redefining norms, right? So why not join the movement and kick the ol’, “Retire at 65” notion to the curb. The thought of retiring early may seem stressful and unattainable at the moment, but don’t stiff arm the subject just yet. Read the tips below and get on the right track to retiring early:

 

  1. Live Two to Three Times Below Your Means

Sorry, folks: Simply skipping that $4 latte in the morning ain’t gonna cut it. It takes a much more committed approach where “sacrifices” are viewed in a new light. “It’s amazing when I work through the numbers that some people think manicures, landscapers and maids are a need,” said Michael Chadwick, a certified financial planner and CEO of Chadwick financial advisors in Unionville, Conn.

 

  1. Redefine ‘Comfortable Retirement

Less spending later constitutes the flip side of less spending now. If you imagine comfy retirement as a vacation home and monthly cruise ship trips, revisit that vision so you don’t have to bleed cash — but can still retire in style. Instead of two homes, for example, why not live in your vacation destination and pocket the principal from selling your primary residence?

 

Drowning in debt and keeping your financial head above water represented by a piggy bank pink pig sinking in blue water as a symbol of urgent business and money
lightsource
  1. Pay Off All Your Debt

That’s right, all of it. First: Is it time to pay off your home? You might not have the resources now to plunk down one huge check, but consider savvy alternatives such as switching from a 30-year to 15-year mortgage. Monthly payments aren’t much higher, but the principal payoff is much greater. Second: Do the same with loans and credit cards, as high interest eats up income faster than termites chewing a log. A credit card balance of just $15,000 with an APR of 19.99 percent will take you five years to eradicate at $400 a month — and you’ll dish out a total of $23,764.48, the calculator on timevalue.com shows.

  1. Consider Overlooked Financial Resources

While it’s risky to count on unknowns such as an inheritance, you might have cash streams available outside the traditional retirement realm, said Jennifer E. Acuff, wealth advisor with TrueWealth Management in Atlanta. For example, “Understand your options with respect to any pensions you might be entitled to from current or previous employers.”

  1. Invest Early and Aggressively

If you’re in your 20s and start investing now, you’re in luck, said Joseph Jennings Jr., investment director for PNC Wealth Management in Baltimore. “Due to the power of compounding, the first dollar saved is the most important, as it has the most growth potential over time.” As an example, Jennings compares $10,000 saved at age 25 versus 60. “The 25-year-old has 40 years of growth potential at the average retirement age of 65, whereas $10,000 saved at age 60 only has five years of growth potential.”

 


Read more tips on how to retire early at: http://www.huffingtonpost.com/gobankingrates/15-ways-to-retire-early_b_7630872.html?utm_hp_ref=money&ir=Money

 

A Quick Beginner’s Guide To Finance and Savings

Mortgage rates, 401(k), IRA, credit scores, yikes! So many questions with so many scenarios. Even with a college degree, these concepts that force us into adulthood can seem puzzling. THANK GOODNESS for Mathew Zeitlin, Buzzfeed News Reporter, for simplifying these concepts and giving advice for grabbing adulthood by the horns!

 

 

What is the difference between a 401(k) and an IRA? Is one better than the other?

The main difference between a 401(k) and an IRA is who administers it. Your employer can run a 401(k) plan that you choose to sign up for, while an IRA is managed individually.

With 401(k) plans, you can contribute up to $17,500 in pre-tax income to your 401(k) and your employer can match your contributions. This is as close to free money as you can get and is by far the best deal in personal finance. Income on a 401(k) is pre-tax, meaning that for what you contribute up to the limit, your income for tax purposes goes down.

IRAs, on the other hand, have nothing to do with your employer. You have to sign up for one yourself through a bank or brokerage. Traditional IRAs have a similar tax advantage to 401(k) plans, but a lower contribution limit ($5,500).

 

So, how exactly does a credit score work?

There are five main factors to your credit score.

1)The first is payment history, which is a record of whether or not you’re paying your debts on time.

2)The second largest component is how much you owe, or “credit utilization.” Large balances, at or near your credit limit, hurt your credit score.

3)The third is how long you’ve had credit.

4)There’s also what’s known as the credit mix, which accounts for only 10% of the score.

5)And finally there’s “new credit,” which is a little more vague, but it’s basically bad to open a bunch of different lines of credit in a short time period.


 

Original Source:http://www.buzzfeed.com/matthewzeitlin/what-every-millennial-needs-to-know-about-saving-and-finance#.es6xgWeVe

Top 3 Credit Card Habits Every Twenty-Something Must Have!

A lot of times, habits are formed unconsciously and easily but take maximum effort to break. However, these habits are crucial to learn early on so bad practices don’t get in the way and you can reap the benefits of them in the future; because credit card debt is way overrated…

Educate Yourself

Credit isn’t the sort of thing you want to experiment with until you get it right — it’s a lot easier to kill your credit health than it is to fix it. You only get one chance to build your credit history from scratch, so before you begin, it’s important to get educated on the basics, like what factors go into your credit score and how to read your credit report.

Pay Your Bills On Time

Making timely payments is one of the best ways for consumers to build credit. Since your credit score is meant to measure how likely you are to repay debts in a timely manner, your on-time payment percentage is often one of the most highly-weighted factors used to calculate your score. Just one late payment could hurt your credit health for years.

Build An Emergency Fund

According to a February Bankrate survey, 21% of 18 to 29 year olds have more credit card debt than they have in their emergency fund. This is problematic because emergencies do happen. If you don’t have any money saved up and get into an accident or need emergency service done on your car, your inability to pay those bills could wreck havoc on your credit

 

Read more at: http://money.usnews.com/money/blogs/my-money/2015/03/26/5-smart-credit-habits-to-start-in-your-20s#ixzz3dZLrCsbc

Warren Buffett’s Secret Trick To Analyzing The Economy

Sounds like an outlandish request, but if you were stranded on a deserted island and could only pick one number to determine the state of the economy, would your pick align with investment guru, Warren Buffett? He chose railcar traffic, and once again was proven to be right by, Bank of America Merrill Lynch’s Ethan Harris and Alex Lin.

Railcar traffic can account for 34% of the variance in quarterly GDP, higher than any other weekly economic measure. Jobless claims, generally the most talked about of the weekly measures, can account for only 23%. It also is significantly in sync with manufacturing output and monthly GDP changes. Similar to GDP growth, railcar traffic has confirmed the lackluster start to 2015.

 

Read more: http://www.businessinsider.com/warren-buffetts-railcar-desert-island-indicator-is-accurate-2015-6#ixzz3dWfu8kyu

How To Re-Enter The Workforce Like a Boss

It’s a common understanding that the struggle is real when it comes to getting back into the workforce groove. Whether you took a break to travel, continue your studies or for other personal reasons, trying to find a job again can be discouraging and can quite honestly, feel like a maze. But have no fear! Nicole Williams, Career Expert, Bestselling Author, ‘Girl on Top: Your Guide to Turning Dating Rules into Career Success’ offers elite tips for returning like a pro:

Create a résumé that is functional rather than chronological. Focus on your skills and successes rather than the precise dates of your employment. Create headings like “marketing experience,” “sales successes,” or “benchmarks met” and then list your achievements accordingly.

 

Be bold. A killer résumé may not be enough. To land a great interview, you may have to take the phone into your own hands. Consider making polite and focused calls to companies you are interested in or HR departments. Inquire about jobs you saw posted, express your interest, and ask for an interview. Making a good personal connection might help your résumé get moved to the top of the pile.

 

Be an interview superstar. When you land an interview, arrive ready to outshine the competition. If asked about it, discuss your time away briefly. Don’t get bogged down in the details of your year in Belize or become emotional about a loved one’s illness. Emphasize your skills and work ethic rather than your time away. Sell yourself as a “blank slate” ready to jump in and work hard in a new work environment. If it makes sense, draw concrete conclusions between the job you’re interviewing for and the things you learned while coping with real-life situations (travel, illness, graduate school) that the competition may not have had to deal with.

 


To learn more from Williams, view the original source here.

Women: It’s Time You Rock Your Super Woman Cape

According to the new, Women’s Leadership Study, the majority of women desire leadership positions in the workforce, but many of them find it next to impossible to make those aspirations reality. Well ladies, bust out your super woman cape and get ready to conquer the workforce because Dr. Bernice Ledbetter, Practitioner Faculty of Organizational Theory and Management, Pepperdine University’s Graziadio School of BUSINESS AND MANAGEMENT, has offered her tips to boost your confidence and help develop your leadership skills: Who Run’s the World? GIRLS!

  1. Attend industry specific seminars. Almost every industry from law to ACCOUNTING to public policy has associations that put on seminars and conferences. Universities and companies also host industry and issue specific events that are a great way for women to hear from seasoned executives in their profession, learn tips for advancement and find out about new trends and developments in their field. Becoming more immersed in your field and further developing your expertise is one of the best ways to move up the career ladder.
  1. Seek out ONLINE TRAINING.There are number of free, helpful online resources that can guide your leadership development. For example, the website Mind Tools has a large index of articles offering advice on topics such as how to delegate effectively, how to build a positive team and how to be an authentic and ethical leader.
  1. Enroll in a CERScreen Shot 2015-08-25 at 2.50.35 PMTIFICATION PROGRAM. A number of schools, including the Pepperdine Graziadio BUSINESS SCHOOL, have certificate programs that are short day or week-long programs that train for a specific discipline. These programs are designed for working professionals and provide the opportunity to meet other like-minded people in the same field. The benefit of getting a formal certification is that in addition to learning valuable information you have a formal credential to add to your resume.
  1. Get an MBA. Going back to school and getting an MBA or a MS degree IN MANAGEMENT and leadership is one of the best ways to develop your leader identity. Higher education helps many students, especially women, develop the confidence, credibility and expertise they need to advance in their career. Not only do you master technical skills such as finance, accounting and marketing you learn critical human skills such as how to manage group dynamics and effectively lead a team.

 


 

Read more from the original source here

8 High Performance People Who Were Once Deemed Failures

It’s easy to get discouraged after the feeling of failure washes over you, but it’s important to remind yourself that the most brilliant, High Performing People, used their “failures” to become some of the most successful people known around the world. So the next time you’re feeling like you can’t do anything right, just remember you’re not alone, these masterminds were once right there with ya’!

 

1)Thomas Edison

Screen Shot 2015-08-24 at 5.14.35 PM

“An inventor known for his many failures long before his successes, Thomas Edison was even told that he was “too stupid to learn anything” by one of his TEACHERS early on in life. Yet everyone knows the name of the man responsible for inventing the lightbulb — even if it took him 1,001 attempts to get it right. His perseverance with this particular invention clearly embodies his positive saying, ‘I have not failed 10,000 times — I’ve successfully found 10,000 ways that will not work.’”

 

 

 

2) Walt Disney

Screen Shot 2015-08-24 at 5.16.25 PM
Photo:Scott Smith

                                                                                  

 

Even the head of the world’s largest animation empire hit a rough patch. In 1919 he was fired from the Kansas City Star because he “lacked imagination and had no good ideas,”ACCORDING to his editor.

 

 

 

3) The Beatles 

Photo:snippets101
Photo:snippets101

When The Beatles AUDITIONED for Decca Records in 1962, Dick Rowe told their manager Brian Epstein, “Guitar groups are on their way out.” Despite that dismissal, the English rock band went on to become one of the most influential groups of all time.

 

 

 

                                             4) Vincent van Gogh

Photo: pittigliani2005
Photo: pittigliani2005

His paintings may be worth millions today, but no one really gave them a second thought during van Gogh’s lifetime. In fact, he managed to create almost 900 paintings in a span of 10 years, yet he only lived to see a single one sold (which went to a friend at a very LOW PRICE).

 

 

 

5) J.K. Rowling

Photo:Devon Steven
Photo:Devon Steven

 

Before J.K. Rowling hit it big with Harry Potter, she was a broke,

DIVORCEDsingle mother struggling to get by on welfare. In a matter of five years,

the series took off, leading her to become the first billionaire author.

 

 

 

 

6) F. Scott Fitzgerald

Photo:Emma Danielsson
Photo:Emma Danielsson

 

 

Scott Fitzgerald had extremely high hopes for his 1925 novel The Great Gatsby, hoping for “something new—something extraordinary and beautiful and simple and intricately patterned.” Unfortunately, the book received mixed reviews upon its release, and sales proved even worse. It wasn’t until after he died in 1940, considering himself a forgotten failure, that the book struck a chord with the country to the point of becoming a classic component of every high schooler’s literature EDUCATION.

 7) Albert Einstein

Photo:Sofi
Photo:Sofi

Einstein was a late bloomer, not speaking until age 4 or reading until age 7. These challenges did not prevent him from winning the Nobel prize in physics for discovering the photoelectric effect and developing the relativity theory. There’s no doubt that the folks at Zurich Polytechnic School regret their initial rejection of the man whose name is now synonymous with “genius.”  

 

 

 

 

 

 8)Emily Dickinson

Photo:JeissyBertaglia
Photo:JeissyBertaglia

 

The now-beloved letters and poetry of Emily Dickinson failed to resonate with their audience at first. While the author ultimately shared approximately 1,800 complete works with the world, fewer than a dozen of them were published in her lifetime.”

 

 

 

 

 

 

 


 

Original Source here

 

 

Do You Rise & Grind Like a Boss Before 8am?

 

Wakey wakey, go getters! It’s time to change the way you start your day to reach your Ultimate performance level.  If you want to maximize your day and become a boss at productivity, take notes from these High Performing people. Jennifer Cohen, from Forbes, describes the top 3 ways these High Performing, successful people, begin their day like champs:  

 

1. Exercise. I’ve said it once, I’ll say it again. Most people that work out daily, workout in the morning. Whether it’s a morning yoga session or a trip to the gym, exercising before work gives you a boost of energy for the day and that deserved sense of accomplishment. Anyone can tackle a pile of paperwork after 200 ab reps! Morning workouts also eliminate the possibility of flaking out on your cardio after a long day at work. Even if you aren’t bright eyed and bushy tailed at the thought of a 5 am jog, try waking up 15 minutes early for a quick bedside set of pushups or stretching. It’ll help wake up your body, and prep you for your day.

2. Map Out Your Day. Maximize your potential by mapping out your schedule for the day, as well as your goals and to dos. The morning is a good time for this as it is often one of the only quiet times a person gets throughout the day. The early hours foster easier reflection that helps when prioritizing your activities. They also allow for uninterrupted problem solving when trying to fit everything into your timetable. While scheduling, don’t forget about your mental health. Plan a 10 minute break after that stressful meeting for a quick walk around the block or a moment of meditation at your desk. Trying to eat healthy? Schedule a small window in the evening to pack a few nutritious snacks to bring to work the next day.

3. Visualization. These days we talk about our physical health ad nauseam, but sometimes our mental health gets overlooked. The morning is the perfect time to spend some quiet time inside your mind meditating or visualizing. Take a moment to visualize your day ahead of you, focusing on the successes you will have. Even just a minute of visualization and positive thinking can help improve your mood and outlook on your work load for the day.

 

Read more about optimizing your day before 8 AM here.

 

This Is What Separates The Rich vs. Middle Class…

The differences between the rich and the middle class are extremely vast when it comes to the way the rich act and think. Stigmas are easily formed that the rich are crooks, have an unfair advantage in life or that they’re just plain lucky; but generally speaking, these are far from true. They are High Performing people who have formed their environments to set them up to live their Ultimate Life. Here are three simple facts that separates them from being middle class:

Copyright:everett225
Copyright:everett225

1)  The Wealthy Are Comfortable Being Uncomfortable

Most people just want to be comfortable. Physical, psychological, and emotional comfort is the primary goal of the middle-class mindset. The wealthy, on the other hand, learn early on that becoming a millionaire isn’t easy, and the need for comfort can be devastating. They learn to be comfortable while operating in a state of ongoing uncertainty.

 

2) The Wealthy Dream About The Future

The wealthy are future-oriented and optimistic about what lies ahead. They appreciate and learn from the past while living in the present and dreaming of the future. Self-made millionaires get rich because they’re willing to bet on themselves and project their dreams, goals, and ideas into an unknown future. Much of their planning time is spent clarifying goals that won’t be realized for years, yet they patiently and painstakingly plan and dream of what their future will look and feel like.

 

3) The Wealthy Carefully Monitor Their Associations

Like attracts like, yet the wealthy are often criticized for having a closed inner circle that is almost impossible to break into unless you are rich. Successful people generally agree that consciousness is contagious, and that exposure to people who are more successful has the potential to expand your thinking and catapult your income. We become like the people we associate with, and that’s why winners are attracted to winners.

In other segments of society this is accepted, but the rich have always been lambasted for their predisposition to engage the company of people with similar financial success. Millionaires think differently from the middle class about money and there’s much to be gained by being in their presence.

Set a goal to double the amount of time you spend with people who are richer than you. Who knows, it might just make you rich.

 


 

Read more from, Steve Siebold, the author of “How Rich People Think” and a self-made multi-millionaire who has interviewed 1,200 of the world’s wealthiest people during the past 30 years here