Saturday, October 23, 2004
Six Secrets to a Rich Life
By Mary Hunt
True wealth is about taking control of your future and making conscious decisions about what you really want in life, say authors Marc Eisenson, Gerri Detweiler and Nancy Castleman in their book, Invest In Yourself: Six Secrets to a Rich Life (Wiley, 2001).
To create a rich life, these authors encourage us to diversify our lives as well as our investment portfolios. Our life portfolios need to be flexible, carefully managed and geared toward the long term.
Here are some of their important points:
1. Make your own lifestyle decisions: Investing your time well is just as important as investing your money well. Money can be earned or borrowed, but time can only be used up. Are you getting a good return on your investments of time and energy?
2. Put your family first: If you don't put yourself and your family first, who will? If you or your spouse want to stay at home with the kids, for example, you have to first make the commitment, then take small steps that will put you on the road to your goal. The key to living on one income in a two-income world is to plan ahead. If you've learned how to live on less, have paid off your debts, and have started a small side business for extra cash, the transition will be a lot easier.
3. Wherever you work, be in business for yourself: Today's worker needs to be prepared to "job hop" every four to seven years, on average. You need to nurture an entrepreneurial attitude, be multi-skilled, flexible, good at selling yourself, savvy about personal finance, clear on your priorities, and always prepared for the ax to fall or the bottom to drop out. Above all, you have to see yourself as self-employed no matter where you work.
4. Make the most of the money you bring home: It's worth the time and effort to pinch pennies. Living below your means is the secret. And never forget that small changes add up to big impact.
5. Turn your debts into golden investment opportunities: Every little bit extra you send in with each credit card, mortgage, car loan or student loan payment will save you money -- tax-free, risk-free and absolutely guaranteed.
6. Be your own financial planner: Research sponsored by the Consumer Federation of America shows that people who have a written financial plan earn twice as much money in savings and investments as people without a plan. That doesn't mean you have to rush out and hire a financial planner: All you have to do is put your goals in writing and start reaching toward them. The good life is within your reach. All it takes is the right portfolio of investments in yourself!
By Mary Hunt
True wealth is about taking control of your future and making conscious decisions about what you really want in life, say authors Marc Eisenson, Gerri Detweiler and Nancy Castleman in their book, Invest In Yourself: Six Secrets to a Rich Life (Wiley, 2001).
To create a rich life, these authors encourage us to diversify our lives as well as our investment portfolios. Our life portfolios need to be flexible, carefully managed and geared toward the long term.
Here are some of their important points:
1. Make your own lifestyle decisions: Investing your time well is just as important as investing your money well. Money can be earned or borrowed, but time can only be used up. Are you getting a good return on your investments of time and energy?
2. Put your family first: If you don't put yourself and your family first, who will? If you or your spouse want to stay at home with the kids, for example, you have to first make the commitment, then take small steps that will put you on the road to your goal. The key to living on one income in a two-income world is to plan ahead. If you've learned how to live on less, have paid off your debts, and have started a small side business for extra cash, the transition will be a lot easier.
3. Wherever you work, be in business for yourself: Today's worker needs to be prepared to "job hop" every four to seven years, on average. You need to nurture an entrepreneurial attitude, be multi-skilled, flexible, good at selling yourself, savvy about personal finance, clear on your priorities, and always prepared for the ax to fall or the bottom to drop out. Above all, you have to see yourself as self-employed no matter where you work.
4. Make the most of the money you bring home: It's worth the time and effort to pinch pennies. Living below your means is the secret. And never forget that small changes add up to big impact.
5. Turn your debts into golden investment opportunities: Every little bit extra you send in with each credit card, mortgage, car loan or student loan payment will save you money -- tax-free, risk-free and absolutely guaranteed.
6. Be your own financial planner: Research sponsored by the Consumer Federation of America shows that people who have a written financial plan earn twice as much money in savings and investments as people without a plan. That doesn't mean you have to rush out and hire a financial planner: All you have to do is put your goals in writing and start reaching toward them. The good life is within your reach. All it takes is the right portfolio of investments in yourself!
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