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The Unglamourous Way


wealthymattersI am now a multi-millionaire, and I have never had my own business, invented anything or inherited one red cent. What I have always done is paid myself first. Especially in your twenties, max out your retirement deductions, or at the minimum put in an amount that maxes out your company match. The money I contributed in my twenties now accounts for ⅔ of my net worth, even though I contributed much more each year in my thirties and later. Such is the power of compound interest!

I never spent much on items that depreciate, such as cars, boats, RV’s, etc. Now I am at a point where I can drive what I want.

Keeping up with your family, friends and neighbors in terms of what they buy, and where they vacation is a sure way to an empty bank account. Keep in mind that many of them live beyond their means, and paycheck to paycheck.

I know this is boring, however not everyone is special in their earnings potential. But anyone can end up wealthy if they follow my advice.-Alan Hamilton,Age 56

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Think About It!


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What Americans Consider Rich


 

wealthymatters.comMany Indians who haven’t been abroad,tend to multiply foreign salaries by the exchange rate, compare them with Indian ones and get suckered into various job offers.However,what is rich and what is wealthy is really relative.It depends on where in the world a person  comes from and exactly how well off or not so well off the person might be in his/her own society.

Here are some figures of what Americans in general consider Rich and Wealthy in America.They are sourced from the results of the Gallup Poll reported here: http://www.gallup.com/poll/151427/Americans-Set-Rich-Threshold-150-000-Annual-Income.aspx

The table below shows what percentage of Americans consider how much a year as being rich : Read more of this post

Bloomberg Billionaires List


wealthymattersThe Bloomberg Billionaires List consists of a daily ranking of billionaires by net worth.You can access it here http://topics.bloomberg.com/bloomberg-billionaires-index/

What I find interesting about the list is the daily fluctuations in these net worth figures.Obviously,these figures are for staggering amounts of money simply because these people are so wealthy.But as a percentage of their net-worth it’s not all that large.This is in huge contrast to the “financial advisers” who so glibly talk about “true investors” being comfortable with upto a 50% drop in portfolio values.It’s obviously easier to play round with and/or lose someone else’s money. Read more of this post

Are You Rich?


wealthymatters.comThere are many levels of riches and wealth.Wealth is good and wealthier is better but wealth without happiness and contentment is nothing great.If ever you feel less than fortunate materially,here is a list you can read to feel better immediately.

Got $2200? In this world, you’re wealthy. Assets (not cash) of $2200 per adult place a person in the top 50% of the world’s wealthiest.

If you made $1500 last year, you’re in the top 20% of the world’s income earners.

If you have sufficient food, decent clothes, live in a house or apartment, and have a reasonably reliable means of transportation, you are among the top 15% of the world ’s wealthy.

Have $61,000 in assets? You’re among the richest 10% of the adults in the world.

If you earn $25,000 or more annually, you are in the top 10% of the world’s income-earners. Read more of this post

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