When Money Is Tight, These 7 Resources Will Help Nearly Everyone
.When Money Is Tight, These 7 Resources Will Help Nearly Everyone
By The Penny Hoarder Staff May 13, 2022
When you log into your bank account, how do your savings look? Probably not as good as you’d like. It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
We’re not judging — we don’t roll like that. We’re here to help. We just don’t want you to have to sell those Elvis-Presley-signed velvet pants you inherited just to pay some lousy plumbing bill. Those pants are sweet.
When Money Is Tight, These 7 Resources Will Help Nearly Everyone
By The Penny Hoarder Staff May 13, 2022
When you log into your bank account, how do your savings look? Probably not as good as you’d like. It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
We’re not judging — we don’t roll like that. We’re here to help. We just don’t want you to have to sell those Elvis-Presley-signed velvet pants you inherited just to pay some lousy plumbing bill. Those pants are sweet.
Try these tips to get the ball rolling, and start building up your savings so you can breathe a little easier.
1. Ask for Some Help — You Deserve It
If you’re really in a bind, start with 2-1-1, a confidential service offered through United Way that’ll help you find the resources you need to find affordable housing, make rent or pay utilities. It’s there for people like you.
To use the service, head to 211.org and enter your location. It’ll show you services in your community and give you a number to call. It’s a clearinghouse for help with food, housing, utilities and employment. If you’ve never asked for help before, that means you don’t know what kind of help is out there.
You can also look into applying for a grant. Take, for example, Modest Needs grants, which are designed for workers just about the poverty line who are ineligible for most other forms of social assistance.
2. Ask This Company to Pay Your Credit Card Bill
No, like… the whole bill. All of it.
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Where Do Millionaires Keep Their Money?
.Where Do Millionaires Keep Their Money?
Rosemary Carlson Sat, May 14, 2022
Where do millionaires keep their money? High net worth individuals put money into different classifications of financial and real assets, including stocks, mutual funds, retirement accounts and real estate. Most of the 20.27 million millionaires in the U.S. did not inherit their money; only about 20% inherited their money. More than two-thirds of all millionaires are entrepreneurs. Here are some of the places the genuinely rich keep their money.
Whether you're a millionaire or not, a financial advisor can help you take significant steps toward achieving your goals.
Where Do Millionaires Keep Their Money?
Rosemary Carlson Sat, May 14, 2022
Where do millionaires keep their money? High net worth individuals put money into different classifications of financial and real assets, including stocks, mutual funds, retirement accounts and real estate. Most of the 20.27 million millionaires in the U.S. did not inherit their money; only about 20% inherited their money. More than two-thirds of all millionaires are entrepreneurs. Here are some of the places the genuinely rich keep their money.
Whether you're a millionaire or not, a financial advisor can help you take significant steps toward achieving your goals.
Cash and Cash Equivalents
Many, and perhaps most, millionaires are frugal. If they spent their money, they would not have any to increase wealth. They spend on necessities and some luxuries, but they save and expect their entire families to do the same. Many millionaires keep a lot of their money in cash or highly liquid cash equivalents. They establish an emergency account before ever starting to invest. Millionaires bank differently than the rest of us. Any bank accounts they have are handled by a private banker who probably also manages their wealth. There is no standing in line at the teller's window.
Studies indicate that millionaires may have, on average, as much as 25% of their money in cash. This is to offset any market downturns and to have cash available as insurance for their portfolio. Cash equivalents, financial instruments that are almost as liquid as cash. are popular investments for millionaires. Examples of cash equivalents are money market mutual funds, certificates of deposit, commercial paper and Treasury bills.
Some millionaires keep their cash in Treasury bills that they keep rolling over and reinvesting. They liquidate them when they need the cash. Treasury bills are short-term notes issued by the U.S government to raise money. Treasury bills are usually purchased at a discount. When you sell them, the difference between the face value and selling price is your profit. Warren Buffett, CEO of Berkshire Hathaway, has a portfolio full of money market accounts and Treasury bills.
Millionaires also have zero-balance accounts with private banks. They leave their money in cash and cash equivalents and they write checks on their zero-balance account. At the end of the business day, the private bank, as custodian of their various accounts, sells off enough liquid assets to settle up for that day. Millionaires don't worry about FDIC insurance. Their money is held in their name and not the name of the custodial private bank.
Other millionaires have safe deposit boxes full of cash denominated in many different currencies. These safe deposit boxes are located all over the world and each currency is held in a country where transactions are conducted using that currency.
Real Estate
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Protecting Your Home Against Burglary
.Protecting Your Home Against Burglary
Burglary and home invasions are some of the most prevalent crimes in the US. With a break-in happening every 26 seconds, you can see why home security is an important area to consider. The difference between a home invasion and burglary is if there are homeowners inside the residence during the break-in. A burglary occurs when no one is home and becomes a home invasion if someone is present during the crime.
You’ll be happy to know that burglary rates in the US have been steadily falling over the past decade, but that still resulted in 314 burglaries per 100,000 people in 2020.
Protecting Your Home Against Burglary
Burglary and home invasions are some of the most prevalent crimes in the US. With a break-in happening every 26 seconds, you can see why home security is an important area to consider. The difference between a home invasion and burglary is if there are homeowners inside the residence during the break-in. A burglary occurs when no one is home and becomes a home invasion if someone is present during the crime.
You’ll be happy to know that burglary rates in the US have been steadily falling over the past decade, but that still resulted in 314 burglaries per 100,000 people in 2020.
Grim statistics aside, there are many methods to prevent this from happening to you and your family. In this article, we’ll discuss some of the necessary and more effective means of home security, as well as cost-effective options to keep your home the safe place it should be.
Top 10 Reasons You Should Have A Home Security System
Deters burglary and property crime before it happens. Homes that do not have security systems are 300 times more likely to be targeted than homes with security systems.
Protects your pets while you’re out of the house. While it’s not overly common for burglars to harm pets during a break-in, it’s not unheard of. Even if your pets are unharmed physically, the fear they can experience during a burglary is still traumatic.
Reduces home insurance rates. It shouldn’t be a surprise that if homes without security systems are 300 times more likely to be broken into, insurance companies are willing to give breaks to homeowners with security systems. Less chance of a break-in, theft, or property damage means that your insurance company is less likely to have to pay out to cover losses.
Increases personal safety in the case of a home invasion. If you or other household members are at home at the time of a break-in, a security system can give advance notice allowing occupants to hide or protect themselves from harm. Allowing advance notice could increase your chances of avoiding that outcome.
Increases your home’s value. It can be a significant attractor for potential home buyers to know that there is an existing security system ready for them. While there’s a balance when you’re selling your home between wanting to provide that sense of security without making it seem like your house is in a dangerous neighborhood, overall, a modern security system increases your home value. Be sure to talk with your realtor about this if you’re selling your home — they’ll have insight into what your market would respond to best.
Helps you to have peace of mind while you’re on vacation. Monitored security systems aren’t just great for protecting against theft but also for making sure that you don’t come home from vacation to find that your dishwasher flooded your kitchen or that there’s been a gas leak. Most home security companies allow you to customize the level of monitoring you pay for. Usually, you might not have your system monitored by an actual person on the other end, but while you’re away on vacation, it can be a great way to ensure peace of mind. Some home security companies even contract out security guards to perform a home safety check if requested.
Helps you keep track of your kids. Smart locks and home camera systems can also go a long way to giving you peace of mind concerning the whereabouts and safety of your kids. If they’re at the age where they can stay home alone or come and go when you’re not there, having that checkpoint can be a huge relief.
Allows remote access to your home. Smart home locks aren’t just convenient because you can program them to do things like automatically unlocking when you’re walking up to the door (no more dropping groceries because you’re fumbling with keys), they can also allow access to your home when you’re not there. Say you forgot to drop off plants to be watered by a friend while you’re away. You can remotely unlock the doors for them to pop in and grab your plants and then safely lock up again when they’re gone. Easy peasy!
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https://www.inspectionsupport.com/resources/protecting-your-home-against-burglary/
12 Money Rules You Need To Live By
.12 Money Rules You Need To Live By
Have you ever thought of putting rules on your money? It is a pretty interesting concept.
We tend to have rules for every other area of our life…how much to eat, how much we should watch TV, limiting the amount of social media, amount of time to brush our teeth, etc. Then, that love hate relationship comes up with rules. We love rules because they provide structure and guidance when we need it the most.
We hate rules because rules are meant to be broken. The golden rules are the ones that should be so ingrained in our lives that we don’t think differently.
Do you have a list of money rules? Maybe a few in your head? But, probably not on an actual list.
The bottom line is having a list of money rules to live by will life changing and make things easier.
12 Money Rules You Need To Live By
Have you ever thought of putting rules on your money? It is a pretty interesting concept.
We tend to have rules for every other area of our life…how much to eat, how much we should watch TV, limiting the amount of social media, amount of time to brush our teeth, etc. Then, that love hate relationship comes up with rules. We love rules because they provide structure and guidance when we need it the most.
We hate rules because rules are meant to be broken. The golden rules are the ones that should be so ingrained in our lives that we don’t think differently.
Do you have a list of money rules? Maybe a few in your head? But, probably not on an actual list.
The bottom line is having a list of money rules to live by will life changing and make things easier.
These financial rules of thumb will make your life easier. Guaranteed. More than likely, you hope to manage your money well and have extra left over each month. Not that I want to burst your bubble, but does that truly happen every month? Be honest.
Learning how to manage money is a skill that must be learned. And unfortunately, for a good majority of us, that skill comes from the school of hard knocks. Money management and personal finance principles aren’t “important” subjects to be taught in schools.
Today, we are going to start out with a simple list of money rules.
A list to remember. There are more than 7 rules of money. Not a list of 30+ rules of money. A simple list of 12 money rules that you can actually memorize. Money rules that will help us enjoy life and reach financial independence. There is good reason to have financial rules guiding our path.
Why Is Personal Finance Important?
Personal finance is not just for those that find it interesting.
Everyone needs to know the basics of personal finance principles to become wise with their money.
The best part is you need to know the minimum financial rules to be successful. You don’t need a CFP, a financial advisor, or have a degree in accounting and finance. You must be willing to learn a few things to be successful.
That is all.
Specifically, here are personal finance guidelines:
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13 Top Tips To Prevent Identity Theft
.13 Top Tips To Prevent Identity Theft
Protecting your sensitive personal information from thieves is getting harder than ever, thanks to a combination of the growth and sophistication of organized crime, and the lack of initiative on the part of banks and legislators to do anything meaningful to combat it.
Ways To Beat Identity Theft
What follows is a list of the most basic things you can do to prevent your identity from being stolen. While some of them are pretty obvious, its best to take nothing for granted:
13 Top Tips To Prevent Identity Theft
Protecting your sensitive personal information from thieves is getting harder than ever, thanks to a combination of the growth and sophistication of organized crime, and the lack of initiative on the part of banks and legislators to do anything meaningful to combat it.
Ways To Beat Identity Theft
What follows is a list of the most basic things you can do to prevent your identity from being stolen. While some of them are pretty obvious, its best to take nothing for granted:
Invest in a good paper shredder. Some, like the Fellowes Powershred are less than 100 dollars.
Watch out for so-called "shoulder surfers". Often people will try to get a glimpse of you entering your PIN number into an ATM machine or checkout card reader. Be wary even of the most harmless looking person.
Watch out for the store clerk double swiping your debit card in two places.
Use your credit card. Instead of using a bank debit card, which is likely not insured, use your credit card instead - and pay off the balance each month on time. You see unlike bank debit cards, you are only liable for the first $50 dollars.
Watch what you carry. Never carry certain pieces of ID, such as your Social Security Card it you can help it. https://www.youtube.com/watch?v=bC8pjXn-sWM
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24 Home Security Tips
.24 Home Security Tips
With perhaps the exception of fire, home burglary is the biggest threat to our safety at home. Depending on where you live, government statistics show that a home burglary occurs every few seconds. While the exact number obviously varies, best estimates in the USA have burglaries occurring every 8 seconds.
Unlike the stereotypical burglar we see in the media and movies, most home burglaries actually occur weekdays during work hours. This is for the simple and obvious reason that the burglar chooses the path of least possible resistance, and this includes picking a time when they are least likely to run into the homeowner.
24 Home Security Tips
With perhaps the exception of fire, home burglary is the biggest threat to our safety at home. Depending on where you live, government statistics show that a home burglary occurs every few seconds. While the exact number obviously varies, best estimates in the USA have burglaries occurring every 8 seconds.
Unlike the stereotypical burglar we see in the media and movies, most home burglaries actually occur weekdays during work hours. This is for the simple and obvious reason that the burglar chooses the path of least possible resistance, and this includes picking a time when they are least likely to run into the homeowner.
The majority of burglars are potentially dangerous however, should they run into the homeowner. It should be assumed that most of them would be armed in some way, albeit with a screwdriver or crowbar, and the majority of them (approximately 75%) of them use force to gain entry. A burglar, like any other violent criminal will utilize maximal force against what they perceive to be the weakest target. A house that appears to be a "hard target", will usually be bypassed for a more vulnerable easy pick.
This is because most burglars are young males, under 30, looking for an easy score that they can convert into quick cash. In most cases, the drug trade is what fuels this, as the burglar is looking for valuables, TV equipment, DVD players, Laptops, etc., to convert into cash, which then is used to keep them a high for the day until the whole sordid cycle repeats itself again the next day, on yet another innocent victim.
Home Security Tips
Burglars will choose the easiest, softest target in a home. Therefore it is a good idea to use a systematic approach in assessing your home's vulnerabilities, effectively turning liabilities into strengths. As mentioned before, there is no such thing in the "real world" as a burglar proof home, but that shouldn't preclude us from pursuing that value as if it were an absolute. Most burglars will typically spend less than a minute trying to gain entry and less than 3 minutes inside. The enemy of the burglar are, when you get down to it, two things: time and noticability.
Time is a self explanatory natural enemy of the burglar. The longer that he has to work to get in, the safer you are, as the likelihood of him giving up increases by the minute. Every minute longer that he spends trying to get in, brings him closer to the second natural enemy of the burglar, noticability. Noticability comes in two forms: audibility and visibility. Anything that will cause the burglar to be seen or heard is an asset to you!
24 Tips To a More Secure Home!
Survey your home, thinking like a would-be burglar. Try to assess things that are a threat to your time, audibility and visibility. Are there windows hidden by shrubs? Are there windows out of view from the neighbors?
Are there doors or windows that back onto a ravine, where the criminal could easily exit? Are there valuables visible to anyone who might look in your windows? What doors and windows are the softest targets?
If someone were to break a door or window, is it likely that it would not be heard by a neighbor? Are there ladders in your driveway or backyard that a criminal could use to access a vulnerable second floor window?
Have a look at the locks on your doors, the length of the screws used to secure the hinges, and the screws used in the striker plates that the deadbolts rest in. You do have deadbolts on your doors, don't you? Quite often the screws uses are so short that they are really useless. For example, the place I am renting now is a small house.
When I moved in, I found that the screws holding the deadbolt striker plate into the door frame were only 1/4" long, and the ones used to secure the door hinges were actually 1/2" long. My 70 year old mum could likely kick in the door! Needless to say, I replaced them with 3" screws.
Securing the door frames themselves makes good sense. Mostly they are made of just cheap pine wood, and the force of a strong kick can easily split the frame. It is a good idea to put some of those three inch screws right into the door frame at 6 inch intervals as well. If you live in a high risk area, perhaps consider using a metal brace with staggered screw holes which is about 8-12" long, 1/8" thick, and 1 1/2" wide, screwed right onto the frame itself. That frame, isn't going anywhere!
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Even the Smartest Man In the World Was A Terrible Central Banker
.Even the Smartest Man In the World Was A Terrible Central Banker
Notes From The Field By Simon Black May 9, 2022
By the early Spring of 1696, England was on the brink of a major currency crisis that had been building for decades. This was back in an era where English money was primarily silver; more than 1,000 years ago, in fact, Britain’s pound sterling was originally struck by Anglo-Saxon kings in the British Isles as one “Tower pound” of sterling silver.
(The ‘Tower pound’ was a medieval unit of measurement roughly equivalent to 0.75 modern pounds.) But over time, of course, English kings heavily debased their coins and reduced the silver content; by the mid-1600s, the pound only contained about 1/3 its original silver content.
Even the Smartest Man In the World Was A Terrible Central Banker
Notes From The Field By Simon Black May 9, 2022
By the early Spring of 1696, England was on the brink of a major currency crisis that had been building for decades. This was back in an era where English money was primarily silver; more than 1,000 years ago, in fact, Britain’s pound sterling was originally struck by Anglo-Saxon kings in the British Isles as one “Tower pound” of sterling silver.
(The ‘Tower pound’ was a medieval unit of measurement roughly equivalent to 0.75 modern pounds.) But over time, of course, English kings heavily debased their coins and reduced the silver content; by the mid-1600s, the pound only contained about 1/3 its original silver content.
This massive debasement, though, wasn’t just a game for kings. People across England realized that they too could reduce the silver content of the coins.
Metallurgy and minting technologies were still in their infancy; most coins in circulation at the time had been hand-made, literally hammered at a forge by silversmiths, so they were riddled with imperfections and irregularities.
People figured out that they could easily clip a few grains of silver off each coin, keep the metal scraps for themselves, and put the shaved coin right back into circulation.
Eventually everyone was stealing silver from the coins, from the mightiest king to the lowliest peasant. Even workers inside the Royal Mint routinely shaved silver from the coins they were striking.
This practice continued until the coins had become laughably tiny; imagine a US quarter that had been shaved and clipped down to the size of a penny.
To make matters worse, the price of silver kept steadily rising. England had been in a nearly perpetual state of war, including its bloody Civil War in the 1640s. Public finances were in turmoil, and chaos was rampant.
People turned to silver as a safe haven, and demand for the metal soared.
But the Royal Mint, which purchased silver from miners and traders in order to produce more coins, refused to pay market price for silver; their official price was well below the prevailing market price.
Naturally this led to a shortage of coins.
In fact, the market price for silver became so high that people used to melt down their coins and sell the metal at a profit to silversmiths.
You can see the problem here: English coins were rapidly disappearing from circulation. And those few coins that remained had been clipped down to a hilariously diminutive size.
Naturally it took decades for the government to finally get serious-- just after King William III suffered a massive defeat in 1690 at the hands of the French navy, and he was desperate to rebuild his military.
But England was heavily in debt. And they had almost no savings, no credit, and very little coin.
The government tried a host of ideas to come up with quick cash, including forced loans, lotteries, and paper money. But the primary debate was about the coinage: how could they fix this problem?
Many people were in favor of a major devaluation, essentially slashing the value of the coins until they were in balance with the actual metal content. Others pushed for a recoinage, i.e. calling in all the old coins and replacing them with new ones based on the better technology that had emerged.
Some of England’s brightest minds stepped forward to offer their advice, including the philosopher John Locke.
Locke was adamantly opposed to a devaluation, stating that “it will weaken, if not totally destroy, the public faith”.
And Locke had plenty of support-- most notably from his good friend Isaac Newton.
Newton was legendary in England, practically a living god. And with he and Locke both on the same page against the devaluation, Parliament authorized the “Great Recoinage” of 1696.
And to really drive the point home, Isaac Newton himself was made Warden of the Royal Mint, on the 2 May 1696, to personally oversee the program.
Now, the actual central bank, i.e. the Bank of England, had just been created only a few months before, so they didn’t really have much power yet.
This essentially made Isaac Newton the de facto central banker of England, since he was in control of the nation’s money supply.
Newton applied his unparalleled genius to his new post with admirable dedication.
He personally tracked down, interrogated, and prosecuted counterfeiters. And he was a also man of impeccable integrity, having once refused a bribe of £6,000, worth roughly $1MM today.
But, candidly speaking, he sucked as a central banker.
Newton threw himself into studying international markets and metals prices, and routinely reported back to Parliament with recommendations about adjusting the value of the coins.
In a 1701 report, for example, he meticulously calculated what the value of English gold and silver coins should be, based on current market prices in Spain and France.
Newton may have been right at the time. But almost immediately after his report was published, the market prices changed. Market prices always change.
And he never figured out that no man, not even Isaac Newton himself, was smart enough to regulate the price and value of money.
The Great Recoinage ended up being a total disaster. The Mint recalled all the old coins, but replaced them with new coins based on equivalent silver weight.
In other words, people received the same amount of silver from the Mint that they had turned in. But since the silver content in the new coins was higher, they received fewer coins.
This made people feel like they were being robbed… and riots quickly broke out across England.
Plus, markets plummeted. And a massive deflationary spiral caused widespread economic devastation.
Now, it’s not like these consequences were Newton’s fault. He was incredibly well-meaning and clearly did his best.
But even the smartest man in the world at the time-- one of the greatest intellectual giants in human history-- couldn’t manage to properly regulate the price/value of money, or to prevent economic disaster.
This is a really important lesson.
For some bizarre reason, we are made to have unshakable confidence in today’s central bankers. No one questions their wisdom and infallibility, and it’s inconceivable that they would ever make the wrong call.
This is ludicrous. People make mistakes. Even Isaac Newton. Even modern central bankers.
One needn’t look any farther than last week’s remarks by the Federal Reserve, in which the Chairman told the American people:
“Inflation is much too high. . . and we’re moving expeditiously to bring it down. We have both the tools we need and the resolve it will take to restore price stability.”
Yet only moments later he ruled out the possibility of increasing interest rates by more than 0.5% at a time.
So basically they’ll do whatever it takes to fight inflation… except for what it may actually take to fight inflation.
That’s like the Detroit Lions saying they’ll do whatever it takes to win… except for making any changes to their roster, coaching staff, or front office management. Good luck with that.
The Fed seems to have consulted the recently departed Meatloaf for inspiration: “And I would do anything to reduce inflation… but I won’t. do. That.”
Fed officials are walking the ultimate tightrope. Inflation is at a multi-decade high. Government debts and deficit spending has never been higher. Supply chains are in chaos. Covid is still a thing after 2+ years, forcing major world economies to shut down. There’s a war raging, conflict is rising.
Oh, and the US economy shrank last quarter.
To presume they can simply wave a magic wand and engineer widespread prosperity forever and ever until the end of time is a little bit foolish.
Even Isaac Newton couldn’t get it right. You might want to have a Plan B… just in case the Fed doesn’t get it right either.
To your freedom, Simon Black, Founder, SovereignMan.com
Over 60 Places to Hide Valuables in Your Home
.Over 60 Places to Hide Valuables in Your Home
Rising burglary and home invasion rates are the main reasons one might consider hiding property or valuables from others. There are many good reasons for hiding money, cash and valuables.
Some of the more common hiding places for cash or valuables are a home security safe, decoy safes, gun safes, a floor safe, or some sort of specialized money safe. However, sometimes the best hiding places are right in plain sight in your own home. You can hide things in your home in such a way that you won't even have to spend a cent on some expensive home security safe.
Over 60 Places to Hide Valuables in Your Home
Rising burglary and home invasion rates are the main reasons one might consider hiding property or valuables from others. There are many good reasons for hiding money, cash and valuables.
Some of the more common hiding places for cash or valuables are a home security safe, decoy safes, gun safes, a floor safe, or some sort of specialized money safe. However, sometimes the best hiding places are right in plain sight in your own home. You can hide things in your home in such a way that you won't even have to spend a cent on some expensive home security safe.
How and where you hide your valuables will depend on three important things. The first, decide whatever it is that you are trying to hide. It is precious coins or jewelry? a stamp or coin collection? money? incriminating or critical documents, foreign currency, gold or other precious metals, firearms, external hard drives with your bitcoins, family heirlooms? The list could go on and on.
The second is whom are you trying to hide it from? It is a burglar, nosy relatives or landlords or some other criminal who has found out that you have something worth stealing?
This is important because the average thief will just snatch loot what can fenced quickly (electronics, jewelry), and likes to be in and out as quickly as possible (usually ten to twenty minutes). Weigh the risk if your valuables were found - what would be the consequences? The most valuable items could be hidden in something like a floor safe, while others in makeshift hiding places where you could have fast daily access to them.
Then, once you've got an idea of all the things you need to hide to make it very difficult for burglars to find, the final thing you need to do is decide on multiple hiding spots so that all of your loot isn't in one or two places.
Obviously, don't use well known places and avoid anything in the bedroom including dresser drawers, closets, inside clothes pockets or socks, and under mattresses or pillows. This would the first place anyone would look. The bedroom still remains the number one room that burglars go to.
Likewise, avoid the medicine cabinet (most home burglaries are committed by those involved in the street drug scene and will scour your medicine cabinet for any medications they can sell) and any hiding place visible from the front door of your house. If the objects are really sensitive you may better hiding it off the premises.
Perhaps you could also keep some valuables with a trusted neighbor, relative, or long time friend.
Secret Spots to Hide Valuables at Home
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10 Things You Must Know About Becoming a Millionaire
.10 Things You Must Know About Becoming a Millionaire
By: the editors of Kiplinger's Personal Finance, Dan Burrows April 26, 2021
Think you are a millionaire in the making? Read on to see what it takes to be truly destined for wealth.
Being a millionaire isn't a ticket to mansions, yachts and caviar like it once was, but the goal is more reachable than ever. According to 2020 data from Phoenix Marketing International, a firm that tracks the affluent market, 6.71% of U.S. households (or 8,386,508 out of 125,018,808 total U.S. households) have investable assets of $1 million or more.
Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets.
10 Things You Must Know About Becoming a Millionaire
By: the editors of Kiplinger's Personal Finance, Dan Burrows April 26, 2021
Think you are a millionaire in the making? Read on to see what it takes to be truly destined for wealth.
Being a millionaire isn't a ticket to mansions, yachts and caviar like it once was, but the goal is more reachable than ever. According to 2020 data from Phoenix Marketing International, a firm that tracks the affluent market, 6.71% of U.S. households (or 8,386,508 out of 125,018,808 total U.S. households) have investable assets of $1 million or more.
Note well that to be considered a millionaire by the standards of wealth research, a household must have investable assets of $1 million or more, excluding the value of real estate, employer-sponsored retirement plans and business partnerships, among other select assets.
That's only one way to measure if someone's a millionaire, of course. A net worth of $1 million also qualifies; subtract liabilities, including mortgages and car loans, from assets, including home equity and retirement savings, to determine your net worth. (Use our Net Worth Calculator to get your number.) Either way, hitting the million-dollar mark is no small feat.
Keep reading to see if you have what it takes to become a millionaire.
1 of 10 Most Millionaires Are Made, Not Born
Some folks figure that if they didn't summer in Martha's Vineyard or attend boarding school as a child, they have no chance of becoming a millionaire. But you don't need rich parents to become a millionaire yourself.
Just like Oprah Winfrey and the protagonists of virtually every Horatio Alger novel, the vast majority of Americans with a net worth of at least $1 million were not born rich. In fact, just 1 in 5 millionaires received money from a trust fund or an estate, according to The Millionaire Next Door by Thomas J. Stanley and William D. Danko. During his 30 years researching the wealthy, Stanley says he consistently found that between 80% and 85% of all millionaires are self-made. More recently, a 2017 Fidelity Investments survey indicated that 88% of millionaires built their wealth themselves.
Among our favorite rags-to-riches millionaires: Radio One founder Catherine Hughes, a teenage mom and college drop-out; Tastefully Simple CEO Jill Blashack Strahan, who grew up on a farm; and entrepreneur Ali Brown, who had less than $20 in her bank account when she launched her first marketing company in 1998.
2 of 10 You Don't Need a High-Powered Graduate Degree
With condolences to those with grad school debt, an advanced degree does improve your chances of higher lifetime income, but it doesn't necessarily improve your chances of joining the millionaires' club. Only 18% of those with a net worth of $1 million or more hold a master's degree, while 8% have law degrees and 6% went to medical school, according to The Millionaire Next Door.
Seventy-four percent of millionaires do have an undergraduate degree, even if they didn't stick around for their master's or PhD, according to Spectrem Group, a consulting firm that specializes in wealth research and management. (Spectrem defines a millionaire as someone with a net worth of $1 million excluding the value of a primary residence.) That number is 70.1% among the billionaire set, according to a 2015 Wealth-X census.
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How To Bounce Back From a Financial Setback
.How To Bounce Back From a Financial Setback (Without Beating Yourself Up for It)
Gabrielle Olya Mon, May 2, 2022,
t’s easy to be self-critical of our mistakes, and when we make a financial mistake, it can bruise our wallet in addition to our self-esteem. But no matter what financial setback you are facing, with the proper plan, it’s possible to bounce back. In this “Financially Savvy Female” column, we’re chatting with Eleni Patel, a CPA with Equitable Advisors, about the common financial mistakes women make and how they can recover from them.
Common Mistake No. 1: Not Actively Participating in Long-Term Financial Planning
Patel said that her female clients often make two common mistakes, the first of which is taking a backseat when it comes to planning financially for the long term.
How To Bounce Back From a Financial Setback (Without Beating Yourself Up for It)
Gabrielle Olya Mon, May 2, 2022,
t’s easy to be self-critical of our mistakes, and when we make a financial mistake, it can bruise our wallet in addition to our self-esteem. But no matter what financial setback you are facing, with the proper plan, it’s possible to bounce back. In this “Financially Savvy Female” column, we’re chatting with Eleni Patel, a CPA with Equitable Advisors, about the common financial mistakes women make and how they can recover from them.
Common Mistake No. 1: Not Actively Participating in Long-Term Financial Planning
Patel said that her female clients often make two common mistakes, the first of which is taking a backseat when it comes to planning financially for the long term.
“For women who are in relationships, they may delegate the long-term financial planning and investing to their partners,” she said. “We often find that women are highly involved in managing the household and day-to-day expenses — paying bills, buying groceries and other household items — but are not nearly involved to the same extent in long-term financial planning, such as future income production, cash flow management and investing.”
Single women also tend to focus on the short term.
“Women who are single often focus on short-term needs — one to three years ahead — but don’t have a long-term plan for the next 10, 20, 30+ years,” Patel said. “In our view, long-term financial planning is especially important for women, as we tend to live longer than men.”
How To Bounce Back From This Mistake
“It is never too late to take control and play an active role in mapping out your financial future,” Patel said. “Every day is a new day in financial planning! No matter where you are in life or what your financial situation looks like, start prioritizing your financial well-being today.”
Even if you are in a bad financial place right now, being proactive is the only way to change your situation.
“There are many women (and men) of all ages, who have recovered from major financial setbacks, such as bankruptcy and foreclosure, who go on to achieve great financial wealth,” Patel said. “Wherever you are, start today by setting goals and formulating a plan to reach them. If you have a partner, engage in regular conversations about your finances to make sure you both have input in setting goals, evaluating opportunities and managing risk.”
Common Mistake No. 2: Not Investing
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How To Become A Personal Finance “Black Belt”
.How To Become A Personal Finance “Black Belt”
Written by Sam
David Allen in “Getting Things Done” compares productivity to the martial arts. He gives instruction on how to become a black belt in your personal productivity with a “mind like water” that allows you to handle anything that comes your way with a balanced response. When a stone is thrown into a pond, the water reacts with perfect balance. It reacts just enough to disperse the energy, no more, and then returns to a calm state. It doesn’t over or under react.
Becoming a black belt and having a “mind like water” in your personal finances is very similar. It means you can take whatever is thrown at you without knocking your finances out of control. You can respond to any situation with perfect balance. Unexpected events or changes in your finances, good or bad, can be handled with optimum efficiency, and little or no stress. It means you can direct the flow of money where you need it almost effortlessly.
How To Become A Personal Finance “Black Belt”
Written by Sam
David Allen in “Getting Things Done” compares productivity to the martial arts. He gives instruction on how to become a black belt in your personal productivity with a “mind like water” that allows you to handle anything that comes your way with a balanced response. When a stone is thrown into a pond, the water reacts with perfect balance. It reacts just enough to disperse the energy, no more, and then returns to a calm state. It doesn’t over or under react.
Becoming a black belt and having a “mind like water” in your personal finances is very similar. It means you can take whatever is thrown at you without knocking your finances out of control. You can respond to any situation with perfect balance. Unexpected events or changes in your finances, good or bad, can be handled with optimum efficiency, and little or no stress. It means you can direct the flow of money where you need it almost effortlessly.
In an effort to help people gauge where they are in their personal finance development, I’ve defined what people at the various “belts” might look like. Where are you?
White Belt
You’ve recognized there is a problem with your finances and have committed to taking control. Recognition that there’s problem may come as a nagging doubt that you’re not meeting all your financial goals or a harsh reality check as you face mounting debt. You have a lot of stress concerning finances (even if you’re living within your means). You tend to fight with your spouse every time you discuss financial matters.
You recognize your spending isn’t in line with your true values. You have no idea where all the money goes from month to month. You may be living paycheck to paycheck. If you saved $5 on your phone bill, it would just disappear somewhere but you don’t know where. Your idea of an emergency fund is a credit card or Home Equity Line of Credit. You frequently pay late fees on your bills and unnecessary bank fees. Net worth? What’s that?
Despite your lack of financial control, you have a strong resolve to take action even though the thought of facing the “deep mess” of your finances seems overwhelming. You and your spouse have agreed to work together. In an effort to get your spending under control, you’ve started using cash for your “out-of-control” budget categories.
You’ve stopped using credit cards somewhat reluctantly and possibly out of the sheer pain of your dire financial straights. Despite some complaining, your family has agreed to use cash as well. You’ve taken initial steps to figure out what your basic monthly income and expenses are and have tried budgeting for at least one month even though it doesn’t match reality yet.
Most importantly, you’re no longer willing to BE IN DEBT!
You’re no longer willing to constantly WORRY ABOUT MONEY!
You’re no longer willing to FIGHT ABOUT MONEY!
You’re no longer willing to PAY LATE FEES!
You’re committed to TAKING RESPONSIBILITY FOR YOUR FINANCES!
You’re committed to WORKING THROUGH FINANCIAL ISSUES TOGETHER WITH YOUR SPOUSE!
White belts come in many shapes and sizes. Of course, those steeped in debt and on the verge of bankruptcy can be white belts, but so can those who are living within their means (see below). Being a white belt means you don’t have total control over where your money goes. Your spending doesn’t reflect your true values and is not conscious. The white belt is about recognition and commitment. You’ve recognized a need to change and are committed to doing what it takes to change.
Green Belt
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