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How Sad


This is a story I came across today and it saddened me terribly.I don’t hold with mortifying the flesh to amass a fortune.Money is meant to be used (spent).Just make sure that ‘one hundred percent of appreciated value is demanded for each coin spent.’Saving and investing are to increase ones ability to make more to spend more in the present and the future.A little delayed gratification is necessary but to punish oneself to hoard money is stupid.

wealthymatters.com

A Gold Hoarder’s Legacy

Walter Samaszko Jr. was not a guy who wanted company. He covered the windows of his house in Carson City, Nev., with cardboard so the neighbors couldn’t see inside. He made the postman stick the mail through the slot in his garage rather than coming to the front door. He was so good at keeping people away that when he died of heart failure at age 69 in June, nobody noticed until his house began to smell. Someone called the sheriff’s department. A hazmat team removed Samaszko along with part of the floor he was stuck to. Read more of this post

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Patience And Wealth


wealthymatters.com

Walter Mischel’s marshmallow test is one of the best-known studies in the history of psychology. In the 1960s, Mischel, then a professor at Stanford, took nursery-school students, put them in a room one-by-one, and gave them a treat (they could choose a cookie, a pretzel stick, or a marshmallow) and the following deal: They could eat the treat right away, or wait 15 minutes until the experimenter returned. If they waited, they would get an extra treat. Tracking the kids over time, Mischel found that the ability to hold out in this seemingly trivial exercise had real and profound consequences. As they matured and became adults, the kids who had shown the ability to wait got better grades, were healthier, enjoyed greater professional success, and proved better at staying in relationships—even decades after they took the test. They were, in short, better at life. Read more of this post

5 Rooba(5 Rupees)


wealthymatters.comI happened to watch this movie today. Quite a few people recommended it to me.It’s a really short flick at 7 minutes.Here’s a link to it:

http://www.facebook.com/video/video.php?v=1970751271115.

Personally I felt really sad watching it.I was struck by how differently well-to-do parents interact with their children.The movie might be realistic and show pretty much what happens in real life.But why not change our reality by changing our behaviour? Read more of this post

8 Habits of Millionaires


 wealthymatters.comHere is a to – do- list that can make almost anyone a millionaire.The operative word is millionaire as in a person with a few crore rupees.This list does not require a person to be specially talented with money.All that is required is the will to become a millionaire and the discipline and persistence  to stick to doing small things repeatedly till you master them.You won’t get to live the life of the Rich and Famous but you and your family will be comfortable later in life.

Earn to Invest, Not Earn to Spend 

The first skill you need to master is to learn to control your impulses and delay gratification.Just force yourself to postpone buying unnecessary things for longer and longer periods .Allow yourself to buy those things only when you have saved up and invested a certain amount of money first.After a while you will find it easy to first invest money and then spend the remaining.If you have debts, force yourself to invest first , pay your  EMIs and then spend, in that order.

Have a Plan and Work the Plan

Then use this calculator http://wealthymatters.com/2011/01/26/target-crorepati/ to figure out how much you need to save and start putting it away monthly to make your first crore.To find the best interest rates refer to this post http://wealthymatters.com/2011/01/19/interest-rate/ .Now that you know how much to put aside and where you need to do it,you have your basic plan in place to become a millionaire.

Develop Many Income Streams

A  person can work only that hard and that long and only at  that many jobs in a day to make money.So its important to start acquiring assets that make you money.So ,for example, you will have to consider buying a good mutual fund or some good dividend yielding shares.

Understand your Finances

Also you need to be aware of exactly how much you are making, how much you need to save and learn to develop a budget for spending.You need to know how to evaluate how your investments are doing.For that you can take the help of this post http://wealthymatters.com/2011/01/26/cagr-calculator/ .The more you know the more you can make out of your investments and the less people can cheat you. Read more of this post

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