10 Emergency Products To Keep In Your Car While Traveling During The Holidays

10 Emergency Products To Keep In Your Car While Traveling During The Holidays

Felicity Warner   Mon, December 6, 2021,

It's the most wonderful time of year, and tens of millions of Americans are hitting the road for vacations and hometown visits this holiday season. Just this past Thanksgiving holiday, AAA predicted more than 53.4 million Americans to be traveling—the highest single-year increase in travelers since 2005.

If Christmas and New Year's are anything like this prediction, be prepared for busy roads and the potential for slowed down or stopped traffic. On top of heavy traffic, the winter season has the potential to bring even more delays with weather like heavy rain or blizzards in the cards around this time of year.

Tackle your holiday shopping with deals and expert advice delivered straight to your phone. Sign up for text message alerts from the deal-hunting team at Reviewed.

Bad weather conditions can put more than just a damper on driving—it can result in traffic delays that can leave you stranded on the highway for hours on end. In this scenario, you won't want to be caught without essentials like snacks, water, battery packs and warm blankets, especially if you're stuck in freezing temperatures.

If your local officials warn against travel, be sure to follow their guidance before anything else. However, if it is deemed safe to travel with caution, it's better to be safe than sorry with emergency essentials packed in your car. Here are 10 key emergency products you should always keep in your car—especially during a busy season of travel.

1. A first aid kit in case of injury

Accidents happen. Always keep a first aid kit in the car just in case.

No matter the time of year, it's always a good idea to keep a first aid kit in the glove compartment or another accessible spot in your car. No matter if it's a small cut or a more serious wound, keeping a kit in the car can help make accidents or injuries more manageable.

This travel-size kit from Swiss Safe features everything you’d need in case of emergency: Band-Aids, gauze, alcohol prep pads, an ice pack and more—all in a conveniently compact bag. Plus, this model comes with a comprehensive 18-page first aid guide to help you properly administer first aid in a variety of emergencies.

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

https://www.yahoo.com/lifestyle/severe-weather-may-disrupt-thanksgiving-134220308.html

The 5 Fastest Ways To Become Rich, According to Experts

The 5 Fastest Ways To Become Rich, According to Experts

Bob Haegele   Sat, December 4,

With the new year fast approaching, many of us are likely starting to think about our finances. In particular, you may want to increase your net worth or even get rich. After all, getting rich will allow you to not only have more financial security but also have more options. And, of course, you would have the ability to spend on more of the things you want.

The problem with the idea of getting “rich,” though, is that it takes a lot of time and effort. Get-rich-quick schemes are almost always nothing but a way to prey on those who are struggling financially. Unless you are born into a wealthy family and a large inheritance is passed to you, you will likely have to become rich through a combination of hard work and financial diligence.

In reality, there are arguably no secrets to becoming rich. Time-tested approaches are generally your best bet, and our experts confirmed that. They outlined some of the best ways to become rich (relatively) quickly.

1. Avoid (and Pay Down) Debt

Debt is not necessarily bad in all instances, but it is something to be avoided most of the time. For instance, student loans can be beneficial if the principal and interest rate are not excessive and they help you pursue a lucrative career.

“Some experts would contend that student loans are bad debt, but I disagree,” said Robert Johnson, chairman and CEO at Economic Index Associates. “I would categorize modest student loan debt as being ‘good debt.’ In my opinion, student loans get a bad rap.”

Again, the emphasis is on how you use them. Student loans can certainly be bad if the numbers don’t work in your favor. “There is no doubt that the system has been abused and that some students have accumulated a mountain of debt and have earned degrees that simply won’t provide the earning power to pay that debt back,” Johnson said.

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

https://finance.yahoo.com/news/5-fastest-ways-become-rich-130041478.html

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Bits and Pieces in Dinarland Saturday Night 12-4-2021

Note From Dinar Recaps:

To our newest readers,

If you are new to the Dinar and Currency investment and wish to educate yourself further please go to Dinarrecaps .com . At the top of our blog page click on the categories button and go to The Dinar Recaps Archives or Post RV Categories for all our past posts on history of past RV’s, Exchange tips, Security and other valuable information.

We hope all of our dreams come true very soon.

Your Dinar Recaps Team

Courtesy of Dinar Guru

Walkingstick  [via Guru Frank26] A dinar is a dinar in country...Iraqi citizens are not 'cashing in' any of their 3 zero notes.  Not like you are.  They're simply exchanging their 3 zeros for the lower denominations for more purchasing power.

Pimpy  There's one heck of a report that came out on behalf of Iraq.  A really positive step.  Report  "IMF Staff Concludes Virtual Visit to Iraq"  the write up is really good.  To start off you can see that Iraq is definitely on track...they're expecting a 12% growth in GDP.  That's good...that is a nice little write-up from the IMF staff.  Of course it just indicates Iraq is definitely heading in the right direction. Their economy is strengthening...looking good but we still need Iraq to get yanked off that so-called blacklist over there in the UK...we need this election to be finalized and we need peace and stability to remain...we need the troops to get out of there.  All these things seem to be happening... 

~~~~~~~~~~

TNT:

Biotechnology and the Iraqi economy

​Biotechnology is one of the very important scientific developments that humanity has reached in the current era. Biotechnology is defined as the application of science in the fields of biological systems and living organisms in order to reach their use for industrial purposes. That is, it is a process of merging between biology and technology.

The use of this technology has begun to expand in many fields, especially in the fields of agriculture, nutrition, food science and medicine. With the use of biotechnology, many great results can be achieved for consumers.

Perhaps the most important uses of this advanced technology are in the fields of agriculture and food industries, which contributes to doubling and improving agricultural production and achieving great economic gains in the event of expanding and developing the uses of this technology.

As well as the pharmaceutical industries that can be developed by the pharmaceutical industry. Perhaps the uses of biotechnology in the agricultural fields are among the most important of these uses. Through this advanced technology, the quantities of agricultural production can be doubled and the production of biofuels that compensates for fossil fuels that pollute the environment, which represents an invaluable achievement in order to preserve the environment from pollution factors and access on sustainable sources of energy.

Through this technology, it is possible to reach the production of types of plants that can withstand high temperatures, by transferring some genes that enable them to adapt to these high temperatures. ​

Thus, it is possible to expand the agricultural production of some agricultural crops that may not be compatible with the environmental conditions in their current state, before the genetic developments that can be introduced to them by biotechnology. Some estimates state that biotechnology will be among the most growing industries in the world, especially in the pharmaceutical industries, which will be relied upon in this field by more than 60%.​

The interest in biotechnology is a very important matter for every country in the world, so it is necessary for the competent authorities in our country to pay attention to this important technology because it will bring great benefits to the Iraqi economy, as it can achieve sustainable development for the agricultural sector and the pharmaceutical industry as well as industries It works to fill the shortfall in agricultural production in our country and to expand the cultivation of various agricultural crops.

It is possible to seek help from the efforts of researchers and specialists in various scientific fields, especially in the field of agricultural sciences and sciences in its various specializations, in order to start establishing specialized factories for this technology and to provide the materials and supplies you need. Experts from developed countries can also be used to develop the reality of this technology in our country and work to encourage investments.

Foreign and local companies and start setting up factories with all their specializations in the fields of biotechnology.

The interest in this advanced technology is enough to develop the economic reality of our country due to the vital areas that can be developed and which will benefit our national economy  link

From Recaps Archives

15 Things To TEACH Your CHILD about MONEY

Alux.com

In this Alux.com video we will be answering the following questions:

What are the most valuable things to teach your child about money?

How to teach your child about money?

What is the best way to talk to your child about money?

How to educate your child about money?

How to teach your child money lessons?

What should every parent teach their child about money?

What are the most important things to teach your child about money?

What are some lessons you wish your parents would've taught you about money?

How to explain money to a child?

Why it is important to explain money to a child?

How to teach your child the value of money?

What lessons every parent should teach their children about money?

What are the lessons about money that your parents didn't teach you?

What to teach your child about money?

https://www.youtube.com/watch?v=RNkGnSqJcbg

Defining Success

Defining Success 

Nov 17, 2021 by Ted Lamade  Managing Director at The Carnegie Institution for Science

What does success look like these days? Is it obtaining a certain number of followers?  Getting a specific number of “impressions”?  Becoming a YouTube sensation?  Passing a piece of legislation purely along party lines?  Doubling or tripling your money on a meme stock or an NFT?  Generating first quartile (or better yet, first decile) performance for a trailing twelve-month period?

Before you answer that, let me tell you about three people who appear to have very little in common, but are all connected by achieving a unique type of success that is too often overlooked.

The Highest Grossing Actor of All-Time

If I asked you to name the highest grossing actor of all-time, who would you guess? Tom Cruise? Julia Roberts? Tom Hanks? Each has won an Oscar and was the highest paid actor in Hollywood at some stage, but none are even in the top ten. That title goes to an actor who has never won an Oscar, has made far less per film than other leading stars, and whose films have on average grossed roughly half of Cruise’s, Roberts’, and Hanks’.

So, how did he do it? By sustaining a successful career for more than four decades through remarkable stamina and flexibility.

Samuel L. Jackson’s films have generated more than $20 billion dollars (and over $27 billion if you include cameos and voice acting roles). For comparison sake, films starring Cruise, Hanks, and Roberts have generated roughly $10.5, $7.7 and $6 billion respectively (link).

The secret to Jackson’s success? Starring in a lot of movies that have done better than average, a few blockbusters, and in a wide variety of roles, from action blockbusters to dramas, comedies, superhero movies, and animated films. This means roles such as Carl Lee Hailey in A Time to Kill, Zeus Carver in Die Hard, the voice of Frozone in The Incredibles, Nick Fury in Marvel movies, and of course, Neville Flynn in Snakes on a Plane.

PGA Money Leader

Around the same time that Samuel L. Jackson was hitting his stride, a golfer on the PGA Tour was doing so as well. Yet, if you ask any golf aficionado who the most successful players in the 1980’s were, they would likely rattle off names like Tom Watson, Greg Norman, Seve Ballesteros, or Nick Faldo. Few would say Tom Kite.

On the surface this is understandable. Physically, he was unimposing at 5’9 170 pounds and wore coke bottle glasses. He didn’t win a single major during the decade and won far fewer tournaments than his peers.

Yet, he still managed to finish near the top of the money list each year and was the first golfer to amass $6, $7, $8, and $9 million dollars in career earnings. So how did he do it? Like Samuel L. Jackson, Kite simply showed up more often than most, was willing to try new approaches (i.e., club combinations, fitness regiments, psychiatry, etc.), and almost always finished “in the money”.

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

https://www.collaborativefund.com/blog/defining-success/ 

Why It’s Not Quite Time To Panic About Inflation

Why It’s Not Quite Time To Panic About Inflation

By Emily Stewart  Nov 10, 2021, 5:05

How to think about rising prices, explained by an economist who thinks about this all the time.

Rising prices are definitely a thing right now, and it’s hard not to let a little bit of worry creep in. The United States isn’t experiencing 1970s-level spiraling inflation, but for people leaving the grocery store or a restaurant, the receipt is often a little bit higher than it used to be.

The consumer price index, which measures what consumers pay for goods and services, rose by 6.2 percent from a year ago in October, according to the Bureau of Labor Statistics, the quickest annual clip it’s risen since 1990. Over the course of the month, prices crept up by 0.9 percent.

The data shows prices are up almost everywhere, including gasoline, energy, shelter, food, and new and used cars and trucks. Among the few price indexes to decline were airline fares and alcoholic beverages.

October’s inflation numbers came in above economists’ expectations, and to politicians, the media, and other observers, they are a bit jarring — especially those who have been arguing that much of the current inflation in the economy is temporary.

There are a lot of open questions in the pandemic economy, including what’s going on with supply chains and labor, and inflation remains an issue no one is quite sure how to solve. Regardless of what the experts say, for regular people, the economic landscape can be a little nerve-wracking, especially when it comes to prices. Inflation makes people feel bad about the economy, even when there is plenty to feel good about, too.

I reached out to Claudia Sahm, a senior fellow at the Jain Family Institute and former Federal Reserve economist, to ask how to parse the latest inflation numbers. Sahm isn’t an inflation hawk and has for some time pushed back against fearmongering on the issue, but she acknowledged that the October situation isn’t good.

Wages aren’t broadly keeping up with inflation across all jobs, though they are in some sectors, such as hospitality. However, Sahm notes, the economic situation — and pandemic situation — is much better for many people this year than it was last. She’s not hitting the panic button on prices, but she worries about the implications for the reconciliation bill in Congress, and emphasizes that the Fed is paying attention to what’s going on.

Our conversation, edited for length and clarity, follows.

https://www.vox.com/the-goods/2021/11/10/22775092/inflation-cpi-october-economy-biden-fed

The Problem With America’s Semi-Rich

The Problem With America’s Semi-Rich

By Emily Stewart  Oct 12, 2021

This story is part of a group of stories called “The Goods”

America’s upper-middle class works more, optimizes their kids, and is miserable.

It’s easy to place the blame for America’s economic woes on the 0.1 percent. They hoard a disproportionate amount of wealth and are taking an increasingly and unacceptably large part of the country’s economic growth. To quote Bernie Sanders, the “billionaire class” is thriving while many more people are struggling. Or to channel Elizabeth Warren, the top 0.1 percent holds a similar amount of wealth as the bottom 90 percent — a staggering figure.

There’s a space between that 0.1 percent and the 90 percent that’s often overlooked: the 9.9 percent that resides between them. They’re the group in focus in a new book by philosopher Matthew Stewart (no relation), The 9.9 percent: The New Aristocracy That Is Entrenching Inequality and Warping Our Culture.

There are some defining characteristics of today’s American upper-middle class, per Stewart’s telling. They are hyper-focused on getting their kids into great schools and themselves into great jobs, at which they’re willing to work super-long hours.

They want to live in great neighborhoods, even if that means keeping others out, and will pay what it takes to ensure their families’ fitness and health. They believe in meritocracy, that they’ve gained their positions in society by talent and hard work. They believe in markets. They’re rich, but they don’t feel like it — they’re always looking at someone else who’s richer.

They’re also terrified. While this 9.9 percent drives inequality — they want to lock in their positions for themselves and their families — they’re also driven by inequality. They recognize that American society is increasingly one of have-nots, and they’re determined not to be one of them.

I recently spoke with Stewart about America’s 9.9 percent — the people who are semi-rich but don’t necessarily feel it. We talked about fear, meritocracy, and why the 9.9 percent are so obsessed with nannies. Our conversation, edited for length and clarity, is below:

So, to start out, you write about the 9.9 percent and a “new aristocracy” in America. Who are these 9.9 percent?

The statistical side of it is very imprecise. I don’t think of the 9.9 percent as just everybody who has more than a certain amount of money and less than another amount of money.

I see it more as a culture, and it’s a culture that tends to lead people into the 9.9 percent of the wealth distribution. It’s a cultural construct that is defined by attitudes toward family, toward identity issues about gender and race, by education and educational status and the idea of what constitutes a good career, which is mainly professional and managerial.

What does the culture look like? How do these people separate themselves out?

The guiding ideology is essentially that of a meritocracy. The driving idea is that people get where they are in society through a combination of talent and work and study. The main measures of that are educational attainment and material well-being, and anything that we provide to society or other people is on top or on the side of that and is a reflection of our own virtue and not in any way necessary for social functioning or part of a good life. It’s always, essentially, a sacrifice.

The obvious place to look for it is the whole college admissions game. But I think that’s kind of limited, too. I put a lot of emphasis on the family aspect because I think that’s a place where you really see in operation the attitudes and practices that go into child rearing and family formation.

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

https://www.vox.com/the-goods/22673605/upper-middle-class-meritocracy-matthew-stewart

5 Things You Can Learn From Previous Generations’ Money Mistakes

5 Things You Can Learn From Previous Generations’ Money Mistakes

by Mike Brassfield  Senior Writer  November 22, 2021

Let’s make it clear right off the bat: Your generation is the best generation, OK?  And no matter which generation you happen to belong to, there’s plenty you can learn from the financial mistakes of previous generations, who all behaved in financially unwise ways.

If you’re Gen Z, you can avoid the house-hunting regrets of millennials. If you’re a millennial, you can learn from the credit card disasters of Gen X. If you’re Gen X, there’s still time to avoid repeating the retirement mistakes of the baby boomers. And if you’re a boomer, hey, you already know everything, right?

Kidding, y’all! We’re just kidding! (Full disclosure: The writer of this piece is Gen X, so he doesn’t really matter.)

What can we learn from previous generations’ financial mistakes?

1. Gen Z? Avoid Millennials’ Regrets

If you’re Gen Z, you can avoid the house-hunting regrets of millennials.

A survey of homebuyers in 2017 found that 57% of millennial homeowners surveyed would have done something differently if they got a do-over on the home buying process. More than a quarter — 28% — wished they’d saved more before making the purchase.

It’s easy to automatically sock away some savings with an app like Aspiration. With a digital Aspiration account — a hybrid of checking and savings — you can earn up to 20 times the average interest on your savings balance. (The FDIC reports that the average account earns just .05%.) You also get a debit card that earns you up to 5% cash back on purchases.

You can automatically sock away some savings every payday. It takes five minutes to sign up.

2. Millennial? Avoid Gen X’s Credit Card Hell

So, we’re obviously not going to talk about millennials like, you irresponsible kids and your avocado toast. The fact is, elder millennials are pushing 40 these days. Millennials are middle management now.

So it’s not too late to avoid being sucked into the credit card hell that mauled Generation X so badly. And I say that as a member of Generation X.

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

https://www.thepennyhoarder.com/bank-accounts/generation-money-mistakes/?aff_sub2=homepage

No Such Thing as Enough Money

No Such Thing as Enough Money

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)

There is no such thing as enough money, as there is no destination of absolute happiness. It’s all about simply having the capacity to notice the truly joyful things along the journey.

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

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

Am I Responsible for Paying Off My Deceased Husband’s Debt?

Am I Responsible for Paying Off My Deceased Husband’s Debt?

Stacy Francis, CFP®, CDFA®, CES™, President & CEO   Sun, November 28, 2021

Losing your spouse is a painful, confusing time, but add to that repeated calls from an aggressive debt collector, and a bad situation suddenly can get even worse. Before you cave into the pressure, take a moment to catch your breath and learn the facts about your rights and responsibilities. You may be off the hook as some debts — including even certain types of credit card charges — are forgiven at death. However, others linger much longer.

First off, you should know that you are generally not personally responsible for paying off your husband's debts, as any loans would normally be paid off by his estate. This includes credit card debt, student loans, car loans, mortgages and business loans.

According to Marc Zimmerman, trust and estate planning attorney with the Law Offices of Michael A. Zimmerman, "When your husband dies owing a debt, the debt does not go away. Generally, the estate is liable for paying any outstanding debts, and, the named personal representative, executor or administrator will pay debts owed from the money in the estate, not from their own money or that of the surviving spouse.

However, if the surviving spouse inherits certain assets from the deceased spouse through beneficiary designations or joint account ownership, and the estate assets are insufficient to satisfy the creditor claims, the creditors could attempt to make claims against those assets that pass directly to the surviving spouse outside of the probate estate.”

That being said, you may be responsible for certain types of debts. For example, if the debt is jointly owned or you have co-signed a loan, you are obligated to continue to pay this debt. This occurs most often with credit cards, car loans or mortgages. Some states also require you to pay off any medical bills that your spouse incurred before their death.

The State You Live in Can Make a Big Difference

It is essential to understand the laws of your state so that you know where you stand concerning all debts, as some community property states hold you responsible for the debt even if it is not in your name. Community property laws make both spouses equally liable for debts incurred after the marriage has taken place.

There are currently nine community-property states:

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

https://finance.yahoo.com/news/am-responsible-paying-off-deceased-093006243.html

​How the Value of Money Is Determined

​How the Value of Money Is Determined

​Who Decides How Much Money Is Worth

Does the Government Regulate Exchange Rates?

By Kimberly Amadeo  Updated May 23, 2019

 The value of money is determined by the demand for it, just like the value of goods and services. There are three ways to measure the value of the dollar. The first is how much the dollar will buy in foreign currencies. That’s what the exchange rate measures.

 Forex traders on the foreign exchange market determine exchange rates. They take into account supply and demand, and then factor in their expectations for the future. For this reason, the value of money fluctuates throughout the trading day. The second method is the value of Treasury notes. They can be converted easily into dollars through the secondary market for Treasurys.

 When the demand for Treasurys is high, the value of the U.S. dollar rises.

 The third way is through foreign exchange reserves. That is the amount of dollars held by foreign governments. The more they hold, the lower the supply. That makes U.S. money more valuable. If foreign governments were to sell all their dollar and Treasury holdings, the dollar would collapse. U.S. money would be worth a lot less.

 No matter how it's measured, the dollar's value declined from 2000 to 2011. That was due to a relatively low fed funds rate, a high federal debt, and a slow-growth economy.

 Since 2011, the U.S. dollar has risen in value despite these factors. Why? Most of the economies in the world had even slower growth. That made traders want to invest in the dollar as a safe haven. As a result, the dollar strengthened against the euro. It made travel to Europe very affordable.

 How It Affects You

 The value of money affects you every day at the gas pump and the grocery store. That's because demand for gas and food is inelastic. Producers know you have to buy gas and food every week. It’s not always possible to delay purchases when the price rises.

​Producers will pass on any of their extra costs. You will buy it at the higher price for a while until you can change your habits.

 When the price of gas or food goes up, you are experiencing the reduced value of money.

 When the Value of Money Steadily Declines

 Inflation is when the value of money steadily declines over time. Once people expect that prices will rise, they are more likely to buy now, before prices go higher.

​That increases demand, which tells producers they can safely pass on more costs. They drive prices up more, and inflation becomes a self-fulfilling prophecy.

 That's why the Federal Reserve watches inflation like a hawk. It will reduce the money supply or raise interest rates to curb inflation. A healthy economy can sustain a core inflation rate of 2%. Core inflation is the price of everything except food and gas prices, which are very volatile. The Consumer Price Index is the most common measure of inflation.

When It Increases

 Deflation is when the value of money increases. That sounds like a great thing, but it is worse for the economy than inflation. Why? Think about what happened to the housing market from 2007 to 2011.

 That was massive deflation. Prices dropped more than 20%. Many people could not sell their houses for what they owed on their mortgage. Buyers were afraid that the price would drop right after they purchased it. No one knew when prices would turn back up.

 True, the value of money increased. You received more house for the dollar in 2011 than in 2006. But families lost homes. Construction workers lost jobs. Builders went bankrupt. That's what makes deflation so dangerous. It's a fear-driven downward spiral.

 How the Value of Money Has Changed Over Time

 In 1913, money was worth a lot more. A dollar then could buy what $25.64 purchased in December 2018. The dollar lost value slowly. By 1920, it could buy what $13.02 did in 2018. During the Great Depression, money gained in value as a result of deflation.

 A dollar in 1930 could buy what $14.69 did in 2018. By 1950, money had lost some value. A dollar could buy what $10.69 did in 2018. Money has been losing value ever since. In 1970, it could only buy what $6.65 in 2018 terms. By 1990, it was only worth $1.97, also in 2018 terms.

 https://www.thebalance.com/value-of-money-3306108

25 Secrets Elon Musk and Every Other Rich Person Knows

25 Secrets Elon Musk and Every Other Rich Person Knows

Gabrielle Olya   Thu, November 25, 2021

If it seems like the rich know something about money that the rest of us don't, it's probably because they do. There must be some reason the richest 1% of people now hold more than 40% of the world's wealth, according to the Credit Suisse Global Wealth Report. Maybe the rich have certain secrets to accumulating wealth -- but that doesn't mean what they know has to remain a mystery. Learn about strategies that you can use so you can build your own wealth, too.

Spending Must Align With Goals

One of the keys to being rich is having goals, said Michael Kay, president of Financial Life Focus and author of "The Feel Rich Project."

"(The rich) know what they care about," he said. "Maybe it's passing wealth to another generation, maybe it's attaining a particular lifestyle. They are mindful of not wasting resources on things that have no value."

According to Kay, the wealthy tend to spend money only on things they care about. The rest of us can learn from this by setting our own goals and then monitoring our spending to see if it aligns with those goals.

Don't Waste Money To Impress Others

Most rich people don't spend their time and money trying to impress others, Kay said. "They are not in a race. They know they have made it, so their attention is not on what others think." In fact, many wealthy individuals wouldn't have become rich if they had spent their hard-earned money buying things to keep up with others, he added.

Authors Thomas Stanley and William Danko said much the same thing in their 1996 best-seller, "The Millionaire Next Door: The Surprising Secrets of America's Wealthy," writing that a couple of key secrets of the country's richest people are living below their means and rejecting big-spending lifestyles.

Spending money to appear rich before you actually are rich is a surefire way to sabotage your wealth-building goals. So, forget about the Joneses and focus on what matters: accumulating wealth in the coming years.

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

https://www.yahoo.com/finance/news/25-secrets-elon-musk-every-130009427.html