Life-Style Design

wealthymatters.comTimothy Ferriss ,an entrepreneur and angel investor,in his bestseller The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich  talks about “lifestyle design”.He repudiates  the traditional “deferred” life plan in which people work grueling hours and take few vacations for decades and save money in order to relax after retirement.He advocates mini retirements instead.His ideas make sense because the present is our only reality.While it is great to provide for the future, what about those of us who will not be round in the future or might not be as fit and able tomorrow to do the things we really want?Also happiness is as transitory as time and neither can be saved up for the future.

He advocates the acronym DEAL .It stands for Definition, Elimination, Automation, and Liberation.

Definition means figuring out what you want, getting over your fears, seeing past society’s “expectations”, and figuring out what it will really cost to get where a person wants to go.And he shows us how it doesn’t cost so much to have and do the the things we want as long as we think flexibly.As he puts it:The rules of reality can be bent. It just requires thinking in different terms. Read more of this post

Robert Frank On Richistan

wealthymattersRichistan: A Journey Through The 21st Century Wealth Boom and the Lives of the New Rich” is a book by Robert Frank who writes “The Wealth Report,” a Wall Street Journal weekly column and  blog.The book is an eye-opening, educational and at times amusing summary of Frank’s years of analysis of the “new rich”.They came to his attention in 2003 when he noticed that statistics from the Federal Reserve Board showed a curious pattern: the number of millionaire households in the U.S. had doubled since 1995 and showed no sign of slowing.

So what is Richistan?  Frank  defines it as the domain–effectively an exotic country(stan)-of the world’s households that are worth $1 million or more.

So who are the denizens of Richistan?

According to Frank, less than 10 percent of Richistanis are from Old Money -the community of bluebloods whose ancestors made their money in the first Gilded Age-and only 3 percent are celebrities. The rest are: Read more of this post

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