Armchair Millionaire Community Bulletin: You Don't Have to Be Rich to Live Rich
Interesting work by Richard Easterlin, an economic historian at UCLA, found that even though the gross domestic product per capita in the U.S. has more than doubled in the last 50 years, there has been virtually no change in the percentage of people who call themselves happy. In other words, a lot more wealth hasn't given us any more happiness. I'd also assert that more income won't necessarily provide you with financial security, either. Whether they are conscious about it or not, many people adjust their spending upward with their income, ending up with the same net worth earning $100,000 a year that they had when they earned $40,000 a year.
When we asked members of the Armchair Millionaire community to weigh in on this topic, we found that many have found ways to achieve financial security without a high income. Here are two such comments:"I make $50,000 a year--peanuts in Chicago--but I manage to save and invest over $15,000 a year. I contribute 25 percent of my pay to my 401(k), max my IRA and I still run a positive cash flow of about $200 a month. How? No cable TV, no car payment, and I live in a modest condo in suburban Chicago." --Greg"Like Greg, I also will earn about $50,000 this year (peanuts in San Jose, California), but will save about $20,000. I max out my 457 plan and Roth IRA and share a house to save money on rent in my high-cost area.
I drive a decent used economy car and I have no car payments." --mysticaltygerThe good news is that you don't have to make a boatload of money to be financially secure. It's all a matter of deliberately making the right choices. My guide tells you how.The Armchair Millionaire's Guide to Achieving Financial Security on a BudgetDo not even think about the Joneses. In our consumer society in which the goodies get fancier and more expensive every year, trying to keep up is a losing game. Not only will you never have the latest and best stuff, you could bankrupt yourself trying to.
The cost? Absolutely nothing. Secure your retirement. Investing in your employer's 401(k) plan, where the money comes directly out of your paycheck, is the most painless way around to ensure that you won't have to scrape through your retirement years. The cost? There's no minimum initial investment and depending on your plan's rules, you can contribute just a few bucks out of each paycheck. Build a stock portfolio.
Join an investment club--they're a great way to learn common sense investing techniques while establishing a solid core holding of stocks. The cost? Most clubs require minimum monthly contributions of just $20 to $50.Build a funds portfolio. If you don't want to go the investment club route, you can build your own diverse holding of stocks by buying a stock index fund. The cost? Many funds have minimum initial investments of $500 to $2,000 (but lower if you're investing through an IRA). Then you can sign up for automatic contributions of as little as $50 a month.Get term life insurance.
A simple $250,000 term life insurance policy can make all the difference in assuring the financial security of your loved ones should you pass away. The cost? Depending on your age, gender and health, as little as $15 per month. THE BOTTOM LINE: When it comes to making yourself financially secure, the decisions you make about what you do with what you earn matter more than how much you earn. Don't assume that a small amount of money won't do it. With patience and a clear plan, small amounts can achieve big goals.
THE ARMCHAIR MILLIONAIRE WEEKLY SURVEY: Do you have life insurance? Log on to www.armchairmillionaire.com and let us know.Lewis Schiff founded the Armchair Millionaire Web site in 1997. His first book, The Armchair Millionaire, was published in 2001. Schiff's newest report, "How to Know When You Are Rich," is now available at www.armchairmillionaire.com.CONTACT INFORMATION:Lewis SchiffArmchair Millionaire877-833-2823http://www.armchairmillionaire.com.
DNA Press Publishes 'The DNA of Marketing' by Ira Kalb, a Must-Have Text for Every Marketing and Sales Executive
(ContentDesk) June 29, 2005 -- Today, DNA Press announced the publishing of "The DNA of Marketing," by Ira Kalb CEO of Kalb & Associates in Los Angeles, Calif. This book offers a scientific approach to marketing, which is based on Seven Fundamental Building Blocks (the DNA of Marketing) combined with unique systems and structures invented by the author, such as Universal Marketing Structure?. DNA, the molecule that encodes information in all living organisms consists of two strands that form a double helix. Each strand is made of individual building blocks. The double helix is formed by links between the building blocks of the two strands.
A small change in a building block will result in a change of the link and this will cause a mistake in the information carried out by DNA. A mutation in DNA may lead to death of the organism.In this book, Kalb uses DNA as a metaphor for the basic building blocks of marketing. Each one needs to work together in coordinated harmony so that successful...
DNA Press Publishes 'The DNA of Marketing' by Ira Kalb, a Must-Have Text for Every Marketing and Sales Executive
Ira > DNA Press Publishes 'The DNA of Marketing' by Ira Kalb, a Must-Have Text for Every Marketing and Sales Executive
Find Out Now If The New Roth 401(k) or 403(b) Is An Option For You
Woburn, MA (ContentDesk) October 26, 2005 -- Employers who offer 401(k) or 403(b) plans can start to offer their employees a Roth version of their plans on January 1, 2006. So, now's the time to ask your employer's benefits department whether they have started the process of amending their plan documents.
Don't be surprised if your employer balks, however, since Roth 401(k) s are scheduled to sunset on December 31, 2010 - meaning you'll have only five years to contribute to this type of account, unless a future tax bill extends their shelf life. A Traditional Salary Deferral Plan Versus A Roth
While contributions made to your current 401(k) or 403(b) plan reduce your taxable earnings, you will be taxed on money withdrawn from these retirement savings accounts eventually. With a Roth account, you forgo a tax savings today, but the money invested within the account grows tax-free - provided you're at least 59 1/2 and the account has been open for at least five years...
Ira > Find Out Now If The New Roth 401(k) or 403(b) Is An Option For You
Roth IRA Contributions
The Roth IRA, or the individual retirement arrangement, is an ideal way to save for the retirement years. An individual can open his own IRA and contribute funds to it. What an individual contributes to the Roth IRA is termed as the compensation income. If you are employed, then the compensation income is the paycheck you get in lieu of your services. Compensation income can also be the income you get from being self-employed, or what you get from an alimony settlement.
There is a limit to the amount which a person can contribute.
The Contribution cannot be more than $4,000 per financial year, or 100% of your earned income, whichever is less. To contribute to the Roth IRA, you need to have taxable income, and also the adjusted gross income should be less than $110,000 individually, $160,000 if you are married and file a joint return, and $100,000 if you are married but file separate returns. Also, the amount you contribute to the Roth IRA will be reduced by the Contributions...
Roth IRA Contributions
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Louisiana Bankruptcy Lawyers
Although the laws of the state of Louisiana are different from the laws of the other states, bankruptcy is one area where there are more similarities than differences. This is because bankruptcy relief is under federal law, so the information in this context is pretty much the same in all the states.
But there is one glaring exception. It is about exemptions, the items that you do not lose by declaring yourself bankrupt. Under Louisiana Bankruptcy Law, the exempted items include IRA savings, which is a great exemption indeed.
So for a bankruptcy case pertaining to Louisiana, a better course would be to hire a lawyer who knows this aspect of the state law. Another aspect to be considered is that of time limitations. Although
Louisiana Bankruptcy Laws conform to the federal laws, the time limitations may require the engagement of a lawyer.
If you look keenly into the Louisiana Bankruptcy Law, you will find that the legal terminology used in the...
Ira > Louisiana Bankruptcy Lawyers
Writing the Chapters of Your Life: Surprising Insights Using This Special Journaling Technique
You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included and the resource box is left unchanged. A courtesy copy of your publication would be appreciated. Writing the Chapters of Your Life: Surprising Insights Using This Special Journaling TechniqueCopyright 2004 Journal Genie, The Website That Talks Backhttp://www.journalgenie.comList-making is a favorite journaling technique and is often used to quickly jot down a numbered record on topics like "my beliefs," "my pet peeves," "the things I hate about myself," or "my strengths." However, there's a special type of list technique that moves beyond a simple itemization and into the realm of significant self-awareness. This special technijque has several names, including table-of-contents, life chapters, and stepping-stones, the latter term used by journaling expert, Ira Progoff. Using this technique the writer lists their most important life events, as though they were chapter...
Writing the Chapters of Your Life: Surprising Insights Using This Special Journaling Technique
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Behind The Curve?
BEHIND THE CURVEMarket index funds like Vanguard's famous S&P500 fund and the SPY "Spyder" on the AMEX caught on in the late 90's, right when the long bull market turned into a crazy bubble with a blowoff top in 2000.There are very good reasons to use index funds ? low expenses, the failure of most active managers to beat the indexes consistently and the statistical trend that says stocks return an average of 11% per annum over long periods of time. A cheap route to a "sure" return in a world of unreliable fund managers and individual investors who couldn't time the market right if they had an Olympic chronometer and three judges - looks good, huh?Just invest, forget about it and spend your time thinking about a comfy retirement. The S&P500 returned an annualized 17% per year from mid-1982 to mid-2000. Easy money with only a couple of dips on the way.Except ? what happens to your portfolio if the market indexes go nowhere for years on end?The statistics say that over the decades, the...
Behind The Curve?
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Help My Clothes Are Too Big Now
Copyright 2006 Eva Moffat
You are dieting successfully; you've found a waistline that you had forgotten you once had. That's really good news, but now you have a dilemma. The big baggy clothes you bought to try and hide your bulges are now hanging on you, and making you look worse than ever. What should you do?
As you still haven't reached your goal weight, meaning you are going to shed more pounds, you don't want to invest in a new wardrobe yet.
Wearing...
Ira > Help My Clothes Are Too Big Now
Send Thanksgiving Flowers
Thanksgiving is a festival celebrated with great pomp. Spreading cheerfulness all around, it brings together every member of the family. A time marked by togetherness, gratitude, and love, it is a festival of merriment and enjoyment. And to add to the magic and color of the day, special Thanksgiving flowers exist.
1-800-flowers, Palace Florists, Phillip's 1-800-Florals, FTD or Florists Transworld Delivery, Just Flowers, Brant Florist, ProFlowers, Flora 2000, Dot Flowers, Larose...
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Ira photo printers Armchair Millionaire Community Bulletin: You Don't Have to Be Rich to Live Rich
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Creating a Sitemap
Copyright 2006 Darren Dunner
Sitemap is a way of informing the search engines about all the pages you have added on your website. Sitemaps are soon becoming important files to create to meet the search engines requirements. It's very important to have a sitemap for your site. It's the way of informing Google about your website, such as which pages are most important and which ones have been updated.
Sitemap generators have been popping up on the web. Some sitemap generators...
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Getting Started: Creating A Business Plan
Your excited. You have a great idea for a profitable online business. Maybe it is an original idea that has not been marketed online before. Maybe you have come up with a new spin on the ordinary. Whatever it is that has influenced you to start your online business, be sure that you have a plan before you begin.
This is not the time to "pick it up as you go". These are some basic things that should be included in your business plan.The business summary should give a brief description of...
checks Ira
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