Currency Photocopy Rules

Currency Photocopy Rules - straight from the U.S. Secret Service

KNOW YOUR MONEY
Illustrations of Currency, Checks or Other Obligations
The law sharply restricts photographs or other printed reproductions of paper currency, checks, bonds, revenue stamps and securities of the United States and foreign governments.
For additional illustrations of U.S. currency, visit the Bureau of Engraving and Printing.

U.S. Currency
The Counterfeit Detection Act of 1992, Public Law 102-550, in Section 411 of Title 31 of the Code of Federal Regulations, permits COLOR illustrations of U.S. currency provided:

• The illustration is of a size less than three-fourths or more than one and one-half, in linear dimension, of each part of the item illustrated

• The illustration is one-sided

• All negatives, plates, positives, digitized storage medium, graphic files, magnetic medium, optical storage devices, and any other thing used in the making of the illustration that contain an image of the illustration or any part thereof are destroyed and/or deleted or erased after their final use. ​

Other Obligations and Securities

Photographic or other likenesses of other United States obligations and securities and FOREIGN CURRENCIES are PERMISSIBLE for any non-fraudulent purpose, provided the items are reproduced in BLACK & WHITE and are less than three-quarters or greater than one-and-one-half times the size, in linear dimension, of any part of the original item being reproduced.

Negatives and plates used in making the likenesses must be destroyed after their use for the purpose for which they were made. This policy permits the use of currency reproductions in commercial advertisements, provided they conform to the size and color restrictions.

Motion picture films, microfilms, videotapes, and slides of paper currency, securities, and other obligations may be made in color or black and white for projection or telecasting. No prints may be made from these unless they conform to the size and color restrictions.

Coins

Photographs, printed illustrations, motion picture film or slides of United States and foreign coins may be used for any purpose.

With few exceptions, existing law generally prohibits the manufacture, sale or use of any token, disk or device in the likeness or similitude of any coins of the United States, or of any foreign country, which are issued as money.

U.S. Postage Stamps, Foreign Postage Stamps and Revenue Stamps

Printed illustrations of United States and foreign stamps are permissible for any non-fraudulent purpose. Black and white illustrations of uncanceled United States and foreign postage stamps are permissible in any size.

Color illustrations of uncanceled United States and foreign postage stamps must be less than three-fourths or more than one and one-half times the size of the genuine stamp.

Cancelled United States and foreign postage stamps may be of any size whether the illustrations are in color or black and white.

Note: Canceled U.S. and foreign postage stamps must bear an official cancellation mark, i.e., the stamps must have been used for postage. Also, the plates and negatives, including glossy prints, of any United States or foreign obligations must be destroyed after their final use for the purpose for which they were made.

Printed illustrations of United States and foreign revenue stamps are permissible in black and white only. There are no size restrictions for revenue stamps.

http://www.secretservice.gov/money_illustrations.shtml

Currency Reporting Info

U.S.Customs and Border Protection Currency Reporting

It is legal to transport any amount of currency or other monetary instruments into or out of the United States.

However, if you transport, attempt to transport, or cause to be transported (including by mail or other means) currency or other monetary instruments in an aggregate amount exceeding $10,000 or its foreign equivalent) at one time from the United States to any foreign country, or into the United States from any foreign country, you must file a report with U.S. Customs and Border Protection.

This report is called the Report of International Transportation of Currency or Monetary Instruments, FinCEN Form 105.

Furthermore, if you receive in the United States, currency or other monetary instruments in an aggregate amount exceeding $10,000 (or its foreign equivalent) at one time, which has been transported, mailed, or shipped to you from any foreign place, you must also file a FinCEN Form 105. ​

This form can be obtained at all U.S. ports of entry and departure or on the Web at
www.fincen.gov/fin105_cmir.pdf.

Monetary instruments include:

1) U.S. or foreign coins and currency;

2) Traveler checks in any form;

3) Negotiable instruments (including checks, promissory notes, and money orders) that are either in bearer form, endorsed without restriction, made out to a fictitious payee, or otherwise in a form that the funds can be transferred to another person;

4) Incomplete instruments (including checks, promissory notes, and money orders) signed, but with the payee’s name omitted; and

5) Securities or stock in bearer form or otherwise in a form that the funds can be transferred to another person.

However, the term “monetary instruments” does not include:

1) Checks or money orders made payable to the order of a named person which have not been endorsed or which bear restrictive endorsements;

2) Warehouse receipts; or

3) Bills of lading.

Reporting is required under the Currency and Foreign Transaction Reporting Act (PL 97-258, 31 U.S.C. 5311, et seq.), as amended. Failure to comply can result in civil and criminal penalties and may lead to forfeiture of your monetary instrument(s).

U.S. Customs and Border Protection ports can be located at - LINK

www.cbp.gov/xp/cgov/toolbox/ports/

U.S. Customs and Border Protection
Washington, D.C. 20229

CBP: Securing America’s Borders

Please visit the U.S. Customs and Border Protection Website at - LINK
www.cbp.gov

CBP Publication No. 0000-0503 Revised June 2006

Currency Reporting -- LINK

https://search.usa.gov/search?query=currency+reporting&op=Search&affiliate=cbpgov

Private Jet vs. First Class Flight: An Overveiw and Comparison

Private Jet vs. First-Class Flight: An Overview and Comparison

Posted in Travel by Marco Tadesse

Whether it’s a business trip or a vacation, a chartered jet allows you to maximize your time at your destination and minimize the number of hours you spend traveling.

On the other side, first class travel is also a lavish way, even though it involves dealing with airport safety and other commercial flight inconveniences. So what helps determine whether flying first class or chartering private jets is better for you? If you can afford only one, there is no reason to consider both alternatives so let the economic factor out of the way. A private jet is a little more priced than a first-class seat which can run from $800 to thousands of dollars.

On-demand charter service price depends on the plane size, Light Jets start at $2,800 per hour. Mid-Size Jets start at $3,800 per hour. Super Mid-Size Jets start at $4,500 per hour. Large Cabin Jets start at $6,500 per hour.

On a commercial aircraft, you are essentially renting a seat. You rent two seats and pay double the price if you want to take someone with you. If you plan on to take a group of eight with on the two-hour journey from Atlanta to Vegas, you’re paying close to $8,000. Where you fly first-class on an eight-person business jet. On the other side, you fly first-class on a eight-person private jet for that same price.

KEY TAKEAWAYS 

If you’re flying abroad, first class might be a bit cheaper than a private jet.

Private aircraft may be more economical for business executives whose time is as precious as capital.

Private aircraft offer more personal accommodations than first-class flights to travelers.

If you travel solo, first-class tickets will probably be less expensive than chartering a seat on a Private jet. A private jet may be less expensive for larger groups than purchasing several first-class tickets

Private Jet 

For customers in the top tier of flight travel, private jets are available to meet all their personalized needs.  A surprising amount of businesses, professionals and individuals use private aviation for travel. While first-class air travel still has many advantages, private jet flights have several distinct advantages and amenities over commercial airlines.

Modern private jets are consistently becoming roomier and more sophisticated than the best first class cabins on the market. On a private jet, the comfort is increased dramatically thanks to spacious cabin areas, bespoke catering and top of the line amenities.

But of course, convenience and luxury are improved at a cost. That being said, some private jet charters companies are finding more inexpensive methods to make private travel more affordable.

First Class 

While flying first class on a commercial aircraft offers several amenities, its not at same level—or personalization—of flying privately.

Check-in, screening and customs facilities are typically much faster if your flying on a first class , but after all, you are still on a commercial flight and have to arrive several hours prior to your flight. First class passengers also must finagle with busy airport terminals, safety queues and lengthy walks across terminals. Although you are invited first to board, but you still required to wait for other passengers to board before you depart.

Commercial aircraft are mostly limited to large airports because of their size. Travelers also must account for driving time, if the location they are going to is outside the metropolitan area.

Private Jet clients can also take pets— golf clubs, skis and other large items which do not fit readily on commercial planes. The risk of losing these items on in the baggage claim process is also avoided.

Private Jet vs. First Class Comparison

Price: Private Jet vs. First Class Cost

The first big difference between first class and private jet is, when you fly on a private jet, you charter an entire jet. When you fly first class, you only charter a seat. Chartering an aircraft is understandably costlier than just a single seat. However, the price per seat is less on a private jet for many routes. Therefore, the price difference operates in your favor when you fill all seats on the flight. This particularly applies to flights less than 2 hours, where small to mid-sized aircraft can be chartered. If your flying internationally, you’ll need a larger aircraft with a bigger range, which equates to a more expensive charter.

Businesses use private jets on a regular basis as the cost is beneficial. When teams of individuals or clients have to travel, they get a better deal because the costs of a private charter are divided by the number of people that fly.

Comfort: First Class vs. Private Jet Charter

Comfort really depends on the aircraft and airline. With more room, less individuals and lots of facilities, one of the main attraction to private jet charter is undoubtedly its comfort. While the first class has a variety of advantages, such as additional legroom and food, a private jet flight takes it up a level with personalization.

Despite private jet preconceptions, flying first class tends to be as luxurious as an executive jet.

However, because of the luxury nature of their industry, private jets have additional benefit. Whether it’s catering or entertainment on board, you can request various sort of amenities. As you are the only passenger, you will always receive VIP service. Above all, you can select an airplane best suited for your requirements.

First Class vs. Private Jet Charter – Who has the better experience?

Private jets generally depart from private terminals and airport FBOs. You can breeze through security, be on your flight in short amount of time. At most airport FBOs you can drive onto the runway and board the jet. It is an exclusive experience, as it is a private terminal. No queue and no waste of time, no need to go through crowds or no far-flung terminal gates. And if perhaps your delayed, a private jet will wait for you.

First class passengers have a similar airport experience to economy class passengers. Of course there is a swanky lounge to wait in and prioritized check in, but everything else is very similar, including the need to arrive two hours before departure. When flying on a private jet you don’t need a lounge to wait in, because there isn’t any waiting time.

It’s easy to imagine that the airport experience is improved at a private terminal versus a commercial terminal. But the key difference is the time saved. Airport FBOs have expedited systems that can save you upwards of one hour for every flight. And that’s just for take off. Land at a private airport and you save additional time.

Comparing First Class Flight vs. Private Jet in Business Experience

Intensive business schedules often mean visiting multiple destinations in one day or week. To optimally do this you need a dedicated aircraft. With private charters, scheduling is extremely flexible, enabling you to make adjustments that accommodate any overrunning or cancellations. If you have to regularly reschedule then a private charter is best suited for you, as commercial flight schedule is fixed.

While some airlines implemented business cabins, this characteristic has always been an integral features of private jets. So when traveling as a team or traveling with clients, private jets give you a chance to re-group or de-brief. Since its private, you can proceed your discussions without interruption. Ultimately you can get business done and optimize every moment in the day.

Why Choose to charter a Private Jet Over First Class when it come to Flight Duration?

This is the biggie, especially for business travelers. Commercial flight schedules are restricted by a hub and spoke model. So while there are many options for flying New York to Los Angeles, or between other major US cities, reaching smaller destinations often requires a layover. With a charter flight you can fly anywhere, anytime. This becomes increasingly important when you need to reach multiple destinations in a single day or week.

Total Time

With private jet travel, the time you save is not saved in the air. In a Boeing 747 or medium-sized private jet, the flight time between Los Angeles and New York is relatively the same. It’s the time saved on the ground that makes all the difference with that kind of routing. You can show up ten minutes’ prior to your flight vs two hours. Disembark in 10 minutes versus 30 from the airport. Contribute on the time saved thanks to flexibility and easy rerouting of a private jet; then note the difference in flight duration when commercial schedules are unable to meet your needs.

Private jets can transform how you travel by saving flexibility and time. It can originally seem costly to travel on a private jet, however, take into the importance of time, the cost wont seems outlandish.

https://coastprivate.com/private-jet-vs-first-class-flight-an-overview-and-comparison/

Experts From A World That No Longer Exists

Experts From A World That No Longer Exists

Nov 10, 2021 by Morgan Housel

The biggest risk to an evolving system is that you become bogged down by experts from a world that no longer exists. The more evolution you have, the more you should expect that expertise has a shelf life.  That’s always been the case and will always be. It’s just hard to accept because people need experts to trust and experts want to hold onto beliefs that were hard-fought to learn.  Some expertise is timeless. A few behaviors always repeat. They’re often the most important things to pay attention to.

But most things evolve, and evolve faster than people’s beliefs. It’s a tricky thing that leads to a long history of older generations whose success came from understanding the new rules of their era not recognizing that the rules may have changed again.

Investor Dean Williams once said, “Expertise is great, but it has a bad side effect. It tends to create an inability to accept new ideas.” 

If you appreciate how much the world evolves you can appreciate how important that advice can be.

Henry Ford was a tinkerer. He revolutionized the factory floor by letting his workers experiment, trying anything they could think of to make production more efficient.

There was just one rule, a quirk that seemed crazy but was vital to the company’s success: No one could keep a record of the factory experiments that were tried and failed.

Ford wrote in his book My Life and Work:

I am not particularly anxious for the men to remember what someone else has tried to do in the past, for then we might quickly accumulate far too many things that could not be done.

That is one of the troubles with extensive records. If you keep on recording all of your failures you will shortly have a list showing that there is nothing left for you to try – whereas it by no means follows because one man has failed in a certain method that another man will not succeed.

That was Ford’s experience. “We get some of our best results from letting fools rush in where angels fear to tread.” He wrote:

Hardly a week passes without some improvement being made somewhere in machine or process, and sometimes this is made in defiance of what is called “the best shop practice.”

They told us we could not cast gray iron by our endless chain method and I believe there is a record of failures. But we are doing it. The man who carried through our work either did not know or paid no attention to the previous figures … a record of failures – particularly if it is a dignified and well-authenticated record – deters a young man from trying … I cannot discover that any one knows enough about anything on this earth definitely to say what is and what is not possible.

The important thing is that when something that previously didn’t work suddenly does, it doesn’t necessarily mean the people who tried it first were wrong. It usually means other parts of the system have evolved in a way that allows what was once impossible to now become practical.

To continue reading, please go to the original article here:
https://www.collaborativefund.com/blog/experts/

3 Things I Learned In The Last Speculative Bubble

3 Things I Learned In The Last Speculative Bubble that explain why I'm not going hog wild in this one…

Henry Blodget  Mon, November 22, 2021

Goldman said fears of a bubble are overblown

I was Wall Street's top-ranked internet analyst during the dot-com era.

Detailed below are the three main lessons I've learned about bubbles during my career — and how I'm handling the latest ones in stocks and crypto.

Many market gurus believe we're in the middle of one of the biggest speculative bubbles in history. I think they're right. But I'm not betting the farm on it.

I was an internet-stock analyst during the dot-com bubble two decades ago, so I have some firsthand experience with financial bubbles. I've summarized the experience here, along with my subsequent run-in with the SEC.

In a future article, I'll explain why I'm in the bubble camp. But here, I'll just share three things I learned last time that explain why I'm not going all-in in either direction this time around.

1. No one knows what will happen, including your favorite market gurus.

Back in the 1990s, I got to know some of the most sophisticated professional investors in the world. As I talked with them, and learned from them, I realized that one of my long-held assumptions about Wall Street was wrong.

I had assumed that, somewhere, there were some investors who were so smart and well-informed that they knew what was going to happen.

Instead, I learned that no one knows what is going to happen.

Some investors' guesses are more sophisticated and better informed and reasoned than others, but they're still guesses. No one actually knows.

Why does this matter?

It matters because it's important to remind yourself that your favorite market gurus don't know what will happen. Not George Soros. Not Warren Buffett. Not Ray Dalio. Not your crypto-zealot buddy or your trusted financial advisor. So don't put too much stock in what anyone says or thinks will happen. They don't know.

 To continue reading, please go to the original article here:

https://finance.yahoo.com/news/3-things-learned-last-speculative-172200078.html

13 Really Common Money "Facts" That Actually Aren't Facts At All

13 Really Common Money "Facts" That Actually Aren't Facts At All

Mon, November 22, 2021,

A lot of us don't get a great financial education from our families or in school, which can make figuring out all our money stuff pretty tricky. And as if it's not already hard enough, there's also a lot of misinformation out there.  To help you sort out the actual facts from the fiction, I rounded up 13 common money myths, plus what you actually need to know:

1."You Don't Need To Worry About Investing For Retirement Until Your 40s."

Nope, nope, nope. In fact, the earlier you can start putting money away for retirement, the better, thanks to the magic of compound interest. This is when you earn interest on your investments and then earn more interest on top of that interest. And the sooner you start investing for retirement, the more time your money has to grow.

So if your workplace offers a tax-advantaged retirement plan like a 401(k), it's a good idea to take advantage. If your employer doesn't offer this benefit, you can always open an IRA (individual retirement account) on your own to get your nest egg started. Even if you're only able to contribute a little bit at first, it can really add up over time.

2."Saving Small Amounts Of Money Isn't Really Worth It."

I get it. It can be really discouraging to compare experts' recommended savings amounts with your own low (or nonexistent) balance. But having even $100 saved can help a little bit in an emergency. Every dollar that you're able to put away is another dollar that you won't have to pay back with interest when an unexpected car repair or vet bill comes along.

One way to help yourself save is by putting your savings in an account that helps you grow your fund. Many experts recommend high-yield savings accounts because they'll pay you more in interest than the typical savings account. But my personal favorite place to keep my emergency fund is Yotta. It's a prize-linked savings account where you can win money every week from their lottery-style drawing.

So far this year, I've won about $100 from my Yotta account (and that's a whole lot more than the 10 cents or so that I'd get from a regular savings account). Plus, they make it really easy to start and stop recurring deposits so you can automate your saving habit and make adjustments when life happens.

To continue reading, please go to the original article here:

https://www.yahoo.com/lifestyle/13-called-money-facts-totally-041602944.html

Considerations About Passing an Inheritance to Children

Considerations About Passing an Inheritance to Children

By Stephanie Powers Updated June 24, 2021

Reviewed By Ebony Howard   Fact Checked By Katrina Munichiello

Deciding whether to leave an inheritance for your children impacts the amount you save, the retirement plans you choose, and how you take qualified retirement plan distributions. However, beyond your desire to leave some wealth to your children (or not), there are some essential personal financial issues to consider.

KEY TAKEAWAYS

Whether to leave an inheritance for your children impacts your retirement plans, how much you save, and your retirement plan distributions.

Before deciding to leave an inheritance, personal financial issues should be considered, including your income needs and potential healthcare costs.

Retirees can risk running out of money in retirement and should consider any tax implications of establishing an inheritance.

Establishing a trust or gifting assets to loved ones can be effective ways to transfer assets, but there are rules and limitations.

Consider Your Income Needs

Some retirees give away their retirement savings without considering their own income needs. Before you make gifts to others, it's important to assess how much you need to spend on yourself. Retirement calculators such as those available from AARP can help you determine how much you need to save and how much you can withdraw each year once you retire.

Be sure to take into account the impact of inflation and taxes and maintain a diversified portfolio of growth and income investments that can help your portfolio keep pace with inflation.

To continue reading, please go to the original article here:

https://www.investopedia.com/articles/pf/08/inheritance-for-children.asp

The Relationship Between Money and Marriage

The Relationship Between Money and Marriage

By Jacob Schroeder October 12, 2021

I love scotch; she hates it.

There are many things my wife and I don’t agree on, but money isn’t one of them. We are intentional spenders, buying only what mutually aligns with our needs or values. For instance, disinterested in paying for the trappings of an ostentatious wedding, we tied the knot at New York’s City Hall; our reception was watching our first son play at a public playground in the East Village on a warm fall afternoon.

We’ve been happily together for 16 years, which makes me wonder: Does love make the financial side of marriage work, or is it the other way around?

The most important decision you’ll ever make

Warren Buffett’s financial wealth is only rivaled by his wealth of wisdom. Rarely does a day pass without someone in the finance industry quoting the Oracle of Omaha on social media. Heck, Warren Buffett’s influence is so great, people have essentially made careers out of quoting him.

Yet, with all of his knowledge on investing and business, he says the most important decision a person can make has nothing to do with investing and business. At the 2009 Berkshire Hathaway annual meeting, he said:

“Marry the right person. I’m serious about that. It will make more difference in your life. It will change your aspirations, all kinds of things.”

You don’t make it to Buffett’s level of stature with a track record of being wrong often, and researchers seem to agree with him on this point. Studies show that marrying the right person can significantly improve our health, career success and wealth.

Marriage will change you in many ways. By definition, marriage — joining two into one — is disruptive. Often, for the better. It is about pursuing new things while sacrificing others. A major contributor to that disruption though is money.

Although we’ve long moved on from the ancient practice of marrying for the sake of status, money is an irrevocable part of marriage, at times, for better, and at times, for worse. Here is what research has uncovered about the relationship between money and marriage.

The relationship between money and marriage

Married people are wealthier than single people.

 A 2005 study tracking people in their 20s, 30s and 40s found that married people experienced a 77% increase in wealth over single people. In fact, married individuals in the study saw their wealth rise 16% for each year of marriage. This makes sense considering married couples can combine incomes and share expenses.

To continue reading, please go to the original article here:

https://incognitomoneyscribe.com/2021/10/12/the-relationship-between-money-and-marriage/

The Code That Controls Your Money

The Code That Controls Your Money

By clive Thompson November 11, 2020

COBOL is a coding language older than Weird Al Yankovic. The people who know how to use it are often just as old. It underpins the entire financial system. And it can’t be removed. How a computer language controls the financial life of the world.

When Thomas first started programming, it was 1969. He was a kid just out of high school in Toronto, without any particular life goal. His father was a carpenter, but good luck following in his family’s footsteps; Thomas was all thumbs. “My father knew I couldn’t hammer two pieces of wood together,” he laughs.

So his mother suggested something weird and newfangled: What about… computer programming?

Computers, in 1969, were still strange new curiosities, the size of big cabinets. But companies around the world were realizing they were invaluable for any task that required a lot of rapid-fire accounting, like tallying up payroll. Jobs were on offer to anyone who could learn even a little coding. So Thomas found “some fly-by-night, little pop-up school” in downtown Toronto, and over the next two months, learned the hot computer language of the day: COBOL (Common Business-Oriented Language).

After he graduated, he got hired in the check-sorting department of a major Canadian bank. (He doesn’t want me to name it, banks are secretive; “Thomas,” I should mention, is a pseudonym, if you hadn’t guessed that already.) Thomas wasn’t yet a programmer for the bank then, but over the next few years he made it clear he wanted to be, and his employer paid for him to do a bunch of honest-to-goodness college courses in coding, and in 1978 he began a long career at the bank as a programmer.

Thomas loved it. It was like constant puzzle-solving, a game of mental chess. He’d sit at his desk, writing out his code by hand, then give it to a “punch card operator” who’d put holes in cards to represent his programming instructions. Twice a day they’d feed those cards into the huge “mainframe” computers at the bank. It would take hours for Thomas to find out if his code had actually worked correctly, or whether he’d made a goof that grounded things to a halt. If he did, he’d pore over the error statements, rewrite the COBOL, and try again.

Over the next few years, Thomas became good at COBOL and wrote thousands of invaluable lines of code. When the bank issued payments, it was his code, every day, helping them tally it all up correctly. As the ’70s and ’80s and ’90s wore on, he and his coder colleagues probably wrote tens of millions of lines of COBOL. There’s one system he’s particularly proud of, a lightning-fast program that can process “anywhere between three and five million transactions a day. That’s my baby!” He wrote his first bits of that program in 1988.

And the thing is — that code is still running today.

To continue reading, please go to the original article here:

https://www.wealthsimple.com/en-ca/magazine/cobol-controls-your-money

No Such Thing as Enough Money

No Such Thing as Enough Money

Posted by Jacob Schroeder October 27, 2021

How much money is enough?

It’s a philosophical money question that often arises out of discontent. We see someone of substantial means, like a celebrity, live a troubled life. Or, we ourselves experience great fortune yet feel unhappy.  It makes us wonder where the finish line is, the point when you can stop striving for more and settle into a life of satisfaction.

There are some great financial blogs that provide good answers, such as here and here. And then there are a variety of books that tackle this question in their own ways: Ego Is the Enemy, The Last Lecture, the Bible, to name a few.  Another book that resonates with me, perhaps because of its instructive format, is How Will You Measure Your Life?  by the late Clayton Christensen.

He comes to the startling realization:

“I had thought the destination was what was important, but it turned out it was the journey.”

That to me is the answer to the question. Though it is, in a way, a non-answer. As with many of life’s mysteries, there is no definitive conclusion.

There is never enough money.

Don’t get me wrong. I don’t mean that you can always use more money to achieve a perfect life. Rather, I mean the exact opposite.   No amount of money will insulate you from suffering.

This week Elon Musk’s wealth jumped by $36 billion in a single day, bringing his net worth close to $300 billion. Yet, even he has experienced some very public setbacks, including the tragedy of losing his first child.

“The race is not to the swift or the battle to the strong, nor does food come to the wise or wealth to the brilliant or favor to the learned; but time and chance happen to them all.” (Eccles. 9:11)

To continue reading, please go to the original article here:

https://incognitomoneyscribe.com/2021/10/27/no-such-thing-as-enough-money/

How The Money Game Changes With Time

How The Money Game Changes With Time

October 13, 2021 Financial Independence 25

Money Game

One of the toughest things about investment banking is that the job changes all the time.  The technical skills that make an amazing analyst or associate do not necessarily translate into the ability to quarterback a complex M&A or equity deal at the VP level.

At the same time, many VPs and directors who shine at process management and execution really struggle when it comes to origination, effectively capping out their career progression. Those who manage to navigate the transition end up rising all the way to the top.  Say hello to the corner office, hefty bonuses, and cushy board seats once you get tired of the grind.

This constant need to adapt and elevate your game draws many parallels with the process of building wealth.  Sure, there are some fundamental concepts that apply throughout.

Spend less than you make, invest the difference, let your investments compound for as long as possible.

That being said, you still need to calibrate your approach.  The strategies that work when you are twenty-five no longer apply when you are nearing retirement – and vice versa.

In today’s post, let’s explore how the money game changes as you go through the various stages of life.

Financial Adolescence:  Teens To Mid-20s

Apparently, Warren Buffett bought his first stock when he was 11.

Good for him – but in reality, not everyone is early to the party like that.  Which is just as fine, because your late teens and early 20s is when you lay the foundation for your financial future.

And if there’s one thing you need to know about foundations, it’s that you don’t want to skimp on them.

Good grades are important at this stage, not least because they determine the kind of university you’ll be able to get into, which subsequently goes a long way in defining your ability to choose a lucrative career path.

Good skills, however, are even more important.  I’m sure it’s great to graduate with a degree in the psychology of fashion, but good luck making the big bucks with that one.

Instead, you’ve got to follow the money.  Computer science, finance, medicine, engineering – you get the gist.

However, what’s most important at this stage is establishing good habits – because is your habits that will define your ability to monetize both your grades and your skills.

Health is the most important one, because it gives you energy, confidence, and optimism – the defining characteristics of most successful people.  No wonder there’s a direct correlation between health and wealth.

From a financial perspective, this is when you need to put your head down and get all the basics in place.

To continue reading, please go to the original article here:

https://bankeronfire.com/money-game

How Much You Need To Rank in the Top 10% of Manhattan’s Wealthiest Elite

How Much You Need To Rank in the Top 10% of Manhattan’s Wealthiest Elite

Bob Haegele   Mon, November 15, 2021,

Lavish apartments, fancy cars and dressed to the nines: Manhattan’s wealthiest elite seem to have it all. And yet, while the city’s mega-rich or ultra-high net worth individuals are worth billions, you don’t need all that to be in the city’s top 10%.  New York has $3 trillion in total wealth. But in a city of nearly 9 million people that is home to almost one million millionaires, having $1 million already puts you close to the top 10%.

To add to that, dollars and cents aren’t everything. Yes, in purely monetary terms, hitting certain income or net worth thresholds is the only requirement to be in the top 10%. But without your health and a network of support, you won’t be able to enjoy your swimming pool of gold coins.

Let’s take a look at what exactly you need to be among Manhattan’s wealthiest elite, both in terms of money and otherwise.

Income

Of course, most Americans immediately think about money when contemplating wealth. Whether or not you agree that is the only determinant of wealth, it is certainly a big component. And given that New York is where some of the world’s wealthiest call home, it’s no surprise that you need a lot of money to be one of the city’s wealthiest.

After all, New York is home to a number of billionaires, including Michael Bloomberg, Julia Koch and Stephen Schwarzman. While you don’t have to be among the billionaires to be in the top 10%, you still have to be quite well off.

The income in the top 10% in the state of New York is $291,906. However, New York City is considerably wealthier, with the top 20% earning an average of $295,662. Meanwhile, the top 5% earn $585,902. Thus, the top 10% earn somewhere in between the two, with the average being around $440,000.

Health

Having a lot of wealth is nice, but you can’t enjoy it without your health. Of course, there is a correlation between health and wealth; studies have shown that wealthier people tend to live longer and with lower rates of chronic disease.

Still, being wealthy doesn’t guarantee good health. But one survey of New York City residents asked them what makes a person wealthy, and the response was in many cases that being in good health makes a person wealthy more than anything.

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https://finance.yahoo.com/news/much-rank-top-10-manhattan-190114396.html