.9 Financial Legends And The Habits That Made Them Wealthy

Ethan Rotberg Sat, January 16, 2021

Want to be the next Warren Buffett or Oprah Winfrey? You would do well to imitate their habits then. Sure, you probably won’t amass the same kind of wealth as those iconic billionaires, but you don’t become wealthy — and stay wealthy — without some smart habits and strict discipline.

Here are 10 spending, saving and investing tips you can apply to your own life, straight from 10 legendary financial experts and business tycoons.

1. Jim Cramer: Get to know yourself

While you’re growing as an investor, don’t try to find the perfect strategy for the perfect portfolio, says Mad Money host Jim Cramer. The key is to develop a strategy that’s perfect for you.

"The truth is, there’s no one-size-fits-all approach to investing, and anybody who tells you differently is either dangerously misinformed or flat-out lying to you," Cramer says.

.The Habit of Becoming Wealthy

By Mr. Refined · Published June 8, 2018 · Updated January 5, 2021

If You Can’t Beat Them, Join Them

The Habit of becoming Wealthy Habits of the Ultra-Successful

There I was, scouring the internet, podcasts, and blogs for the knowledge to outpace all of my contemporaries in success. I had been studying self-made millionaires and billionaires for a couple of years. Reading biographies, the books they publish and studying their decision trees throughout their careers.

I knew that a select few top performers achieved extremely more significant success than others that started with the same amount of time, intelligence, education, and money. So what made them different? What sets them apart? Why do some of my high school classmates that never went to college make more money than a ReFIned man with a few degrees and an indomitable spirit? How can I be one of the top performers and put myself in positions needed for advancement and success?

.How to Teach Kids About Money, Saving & Investing: Lesson 7

By Mr. Refined · January 5, 2021 · Updated January 12, 2021

What Stocks To Invest In For Kids

We discussed a lot in this series but there are a few more important points to cover. What stocks to invest in for kids is a keystone to this entire conversation. As you know, I am an insatiable optimizer, so, what complicated derivatives and cover option did we go with? Well, hold the phone, this is not my investment portfolio this is my kids’ investment portfolio the investment products must be suitable for the investor, so let’s look at how this all played out there is a lesson to be had. But, before we get there, one must inspire before one empowers.

Now, I could put my kids in a boring ol’ index fund for low fees and the simplest possible management over time. But that is zero fun for a kid. These may be popular investment products in the FIRE community but that simply won’t cut it for an eight-year-old.

.The 8 Safest Ways to Invest Your Money if You’re Terrified of Risk

by Robin Hartill, CFP®

Think back to what the stock market looked like to you in March 2020, aka, the apocalypse. Did it look like:

A.) The biggest bargain sale you’ve ever seen in your lifetime? Or B.) A burning pit of money that was about to incinerate your life’s savings? If you answered “B,” you probably have a low risk tolerance. You worry more about losing money than missing out on the opportunity to make more of it.

Being cautious about how you invest your money is a good thing. But if you’re so risk-averse that you avoid investing altogether, you’re putting your money at greater risk than you think.

Do Safe Investments Actually Exist?

When you think about the risks of investing, you probably think about losing principal, i.e., the original amount you invested. If you keep your money in a bank account, there’s virtually no chance of that happening because deposits of up to $250,000 are FDIC insured.

Don’t Worry - Be Resilient By Charles Hugh Smith

Reduce fragility and vulnerability

At some point, absorbing more information about the unsustainability of modern society yields diminishing returns. It becomes emotionally draining and thus counterproductive. Part of this exhaustion results from recognizing our powerlessness within the Status Quo, where independent thinking and structural innovation are intentionally winnowed out as threats to existing institutions and industries.

Another part arises from the burden of knowing that the supposedly permanent Status Quo is far more vulnerable than generally believed. I have described the psychology of knowing what lies ahead in The Burden of Knowing. A related factor that is never publicly discussed is the negative impact on our mental health of all the propaganda that we are force-fed by the Mainstream Media (MSM). When truth is incrementally undermined by massaged data and behind-the-façade manipulation, we lose faith in key State and media institutions and suffer from a propaganda-induced disconnect between what we see and what is reported as fact.

.Three Secrets of Self-Made Billionaire Investors

Investing Outlook By Dan Ferris

Warren Buffett was born in 1930 and became a child of the Great Depression. Today he’s worth in excess of $75 billion.

George Soros was born the same year, and became a child of the Great Depression, the Holocaust and WWII. According to Forbes, he’s worth nearly $10 billion.

Carl Icahn was born in 1936. He was once so broke he had to sell his car to feed himself. Forbes says he’s worth around $20 billion today. All started with nothing. All wound up billionaires. All did it by investing.

At first glance, they don’t seem to have much in common… Buffett buys stocks and whole companies and says his favorite holding period for investments is “forever.” Soros became a billionaire by making huge leveraged trades in stocks and currencies. Icahn buys controlling stakes in public companies and badgers management to sell assets, buy back shares and do anything to realize hidden value.

.Dave Ramsey Says These Are 10 Reasons You're Not Getting Ahead

Sarah Cunnane Sat, January 9, 2021

Talk-radio host Dave Ramsey says you can solve your money troubles just as soon as you stop causing them.

The money management guru has been doling out his signature blend of tough-love financial advice and Biblical wisdom since 1992. He learned it all the hard way: In his 20s, Ramsey built a million-dollar fortune flipping houses but lost it all when banks started calling in his debts. He had to buckle down to build back up from bankruptcy.

Now his radio show is syndicated on more than 600 stations, and he’s the author of several books. He teaches Americans how to save more money and avoid wallowing in debt — even during the current financial crisis. Dave Ramsey says these are 10 reasons you're not getting ahead

Talk-radio host Dave Ramsey says you can solve your money troubles just as soon as you stop causing them.

.Money Lies and Financial Dishonesty

October 1, 2019 by One Frugal Girl

“The slickest way in the world to lie is to tell the right amount of truth at the right time-and then shut up.”― Robert A. Heinlein

Detecting Lies and Half-Truths

I have a knack for evaluating a person’s character quickly and accurately. A friend of mine calls it a unique sixth-sense; an uncommon ability to recognize the truthfulness and sincerity in a stranger’s words. I can read body language like a psychic reads tea leaves or a palm reader examines the lines in your hand. I recognize the subtle physical clues others can’t see or choose to ignore. The truth often reveals itself through unusual hand gestures, facial expressions, vocal changes and eye movement. In person it’s easy for me to spot the discrepancies between baseline behavior, (what’s normal in non-threatening conditions), and the atypical body language of someone who is acting dishonestly.

This works great when I meet someone face-to-face, but unfortunately it has no relevance in today’s digital world. These days we are masked by the Internet. We are hidden behind computer screens where facial expressions and body language are no longer visible to those with whom we communicate. We coexist in a binary, data-driven society that provides zero clues about our honesty. It enables us to invent things like ‘fake news’.

.21 Things You Need to Try in 2021

Anti-New Year’s Resolution: 21 Things You Need to Try in 2021

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2021 is right around the corner, and you know what that means… New Year's Resolutions!

For many of us, we cannot wait for it to be 2020 and to kiss 2021 goodbye for good! But, if you happen to be like most adults who aim to use the turning of a new year as an unofficial restart button, you've most likely started creating a list… A list that has already begun to fill a half sheet of paper with all the normal boring New Year's Resolution stuff such as:

Lose weight, Eat healthy (whatever that means), Workout more, Pay off your debt, Be nicer to your spouse, Save more money, Stop eating out, and etc., etc. And you are probably telling yourself this is the year that will be the year.