The best perspective on wealth comes from a stand-up comedian. When a panhandler asks him for change with the line, “Hey, buddy, I’m broke. Can you spare anything?”, the comedian responds, “Broke? Listen, I’M broke. I’M $700,000 in debt. You’re EVEN!!” If you want to be wealthy, you may need to redefine your concept of [...]
Low Cost Ways to Play
March 14, 2007 By Leave a Comment
Filing Deadline Extended
March 13, 2007 By Leave a Comment
The good news is that your 2006 income tax return isn’t due until April 17, 2007. Because the April 15 deadline for filing income tax falls on a weekend day, the IRS typically adjusts the deadline to the next business day. However this year April 16 is a holiday (Emancipation Day) in Washington, D.C., so [...]
Increase Your Wealth Now
March 12, 2007 By Leave a Comment
Do one thing to increase your wealth today. Even if it is simply clipping a coupon for something on which you will later spend money, find a way to end the day with more than you had. Did you know that on average, first-generation millionaires spend twice as many hours each month on financial planning [...]
The History of Money
March 8, 2007 By Leave a Comment
The History Channel includes a fascinating section on the history of money. You can see videos of the production of currency, the Gold Rush, and Black Tuesday. Be sure to check out the timeline for little-known money facts and my personal favorite, coined phrases. “A fool and his money are soon parted.” ~A Defense of Government, [...]
The Value of Collecting
March 7, 2007 By Leave a Comment
In assessing value, don’t overlook enjoyment. If you collect junk, well, the value is inherent in it’s name–junk. But if you collect something of value with purpose, your passion can pay off. Perhaps not in dollars, but in friendships, acquaintances, barters, giveaways, and plain fun. For example, collecting stamps, coins, rare books, art, or furniture [...]
Overcome Your Fear of Finance
March 6, 2007 By Leave a Comment
What is it about numbers and money that you loathe? Maybe it’s filing taxes. Perhaps it’s planning for retirement. If you’ve got that under control, you might consider building another financial asset: your own business. Whatever it is about finance that befuddles you, decide to tackle it now. Knowledge is the best weapon in any [...]
What Is Dollar-Cost Averaging?
March 5, 2007 By Leave a Comment
Dollar-cost averaging basically means that you invest a certain amount of money at specific intervals over a period of time, usually years. This means that if you are investing in stock, the price of the stock you are buying will go up and down; when the price is down, your fixed amount buys more shares. [...]