Music About Money
2008-02-29 08:25:00
There are probably hundreds of songs that have the subject of money as a central theme. I wonder what that says about us, that we like to sing about it? Just a thought. Here are a few:Pink Floyd – Money
Flying Lizards – Money50 Cent – I Get MoneyDire Straits – Money for NothingABBA – Money, Money, MoneyThe Beatles – MoneyNotorious B.I.G. – Mo Money Mo ProblemsMeja – All About the MoneyDeion Sanders – Must be the MoneyDaisy Chainsaw – Love Your MoneyCyndi Lauper – Money Changes EverythingAnnie Lennox – Money Can’t Buy ItHappy Leap Year Day!RICHMONEYMILLION.COM RICHMONEYMILLION.COM RICHMONEYMILLION.COM
Read more: Music
How To Know When to Buy and Sell Stocks
2008-02-20 11:18:00
While browsing through my blog roll this morning, I noticed that someone had written (about themselves) that when picking investments, “I buy and sell at the wrong times." It got me thinking about timing. When is the wrong time? When is the right time? How can we tell the difference? How can you truly know when to buy and when to sell? In the world of investing, it seems it's not so much a matter of ‘how much’ as ‘when’; timing can be everything. When you get in, how long you stay in, and when you get out are emphasized. Like alchemists, traders feverishly scream 'buy, sell, hold!' in an attmept to turn lead into gold. But it’s not so easy to figure out when things are going to go down and when they’re going to go up. Unless you practice insider trading, where you have privi
Read more: Stocks
Foreign-Invested Mutual Funds
2008-02-18 09:45:00
CNN Money recently posted a listing of their opinion of the 70 best mutual funds that you can buy. I was very interested because I have an affinity for mutual funds as opposed to individual stocks and bonds, as an investment. I think that mutual funds (a collection or ‘grab-bag’ of stocks picked by an investment professional, from companies that often are from the same sector or geographic area) are the best investment for my money because it allows me the opportunity to diversify without having to study hundreds of stock options and it allows me to invest in an area or industrial sector I feel confident about. In the past I’ve shared how I’ve invested in mutual funds that are connected to the Asian and European markets. If you know me, you know that I’m partial to foreign fund
Read more: Funds
, Mutual
, Foreign
How To Save Money On Your Property Taxes
2008-02-15 15:32:00
For many homeowners, property taxes are a great burden. They have risen at more than twice the rate of inflation this decade. This surge was understandable during the bubble when the market was hot and house prices were rising, as property tax is linked to home values. But now, when things have cooled off and property prices are actually dropping, some owners are still dealing with rising property taxes. If the value of your home isn’t going up but your property taxes are, you should file an appeal. Fewer than 1 in 50 homeowners try to appeal assessments, even though up to 60% of properties are overvalued by assessors, according to figures cited by the National Taxpayers Union. Remember that the assessors work for the county; it’s in their best interest to assess your home for as high
Read more: Money
, Taxes
An Audit You Want
2008-02-14 11:19:00
They say that there's global warming. Lately, I haven't been feeling it. It doesn't snow where I live, but it's been getting pretty cold. That means that my heating bill has been getting heftier and I'm not liking it.To save a little we've installed double-paned windows, wrapped our water heater in a fiberglass sleeve, keep the thermostat at a reasonable setting, sleep under heavy blankets, and close vents to rooms that we're not in often.Yesterday, we decided to get an energy audit done of our house to see if there was anything that needed to be done with the actual building to help save money on heating now, and cooling in the summer later this year. We'd been putting it off for a while, because of busy schedules, but last week we finally decided to schedule it and yesterday the guy came
Read more: Audit
What's Your Salary?
2008-02-13 14:02:00
toothpastefordinner.comIt's supposed to be rude to ask someone how much money they make. And most people don't typically share this information. I've heard that people are more comfortable talking about their sex life, past drug use, criminal history, and medical issues than about how much money they make. I think that it has something to do with self-esteem and competition, and the idea that your salary can be perceived by others (and maybe yourself) as a representation of what you're worth. Obviously people don't want to feel less important than anyone else. Or maybe people refuse to acknowlege what they earn to avoid judgement of others who may think that they live beyond their means (especially if the actually do). In direct opposition to this tradition of secrecy, I'd like to share t
Read more: Salary
Is College Worth it?
2008-02-11 15:08:00
What do Richard Branson, David Geffen, Michael Dell, Bill Gates, and Steve Jobs have in common? Apart from the fact that they’re all billionaires, none of them graduated from college. Granted it takes talent and genius to reach the heights that these men have reached, I have to question, financially, is it worth it to pursue higher education? According to the US Census Bureau, on average high school grads earn about $28,000 while college grads earn about $51,000 and those with advanced degrees earn about $78,000 per year. Anyone hearing these figures could be convinced that unless you go to college you’ll end up poor and broke. I was born outside of the US and migrated here when I was 17, just in time to go to college. My parents and other relatives spent a great deal of energy preach
Read more: Worth
, College
Invest In Foreclosures
2008-02-06 14:00:00
If buying a home is the American dream, then foreclosure is the American nightmare. In prior years, hordes of lenders approved prospective homeowners for loans that were unethical for their erratic interest rates and astronomical long-term cost to the borrower. People ended up in houses that were too big, too expensive, and too much to manage. As a result, thousands of homeowners across the nation are now in foreclosure on their properties. This result has triggered a downturn in the real estate market, decreased revenue for local and state governments, panic in the stock markets, and recession in the economy. While the situation may seem as if it’s all hit the fan, there is opportunity to be found in the very place that caused it all: the real estate market. Looking at the situation on
Read more: Foreclosures
Invest In China Instead
2008-02-01 13:50:00
According to Jim Rogers, famed investor and co-founder (with George Soros) of the Quantum Fund, economic hardship in the United States is only just beginning. He predicts that in the US “we are probably going to have one of the worst recessions we’ve had since the Second World War”. In other parts of the world, specifically China
, he sees opportunity and growth.In December he published his latest book entitled ‘A Bull in China: How to Invest Profitably in the World’s Greatest Market’. That month he also sold his Manhattan townhouse (bought 30 years ago for $100,000 and sold in today’s market for $15.75 million!) and moved his family to Singapore.He acknowledges that the Chinese market was overheating and may have been in danger of becoming a bubble, but praises the governmen
Read more: Instead
The Largest Fraud in Banking History
2008-01-25 13:41:00
Speculative trading done by Nick Leeson, a British trader working in Southeast Asia, caused a loss of $1.4 billion and the 1995 collapse of Barings Bank, the UK’s oldest investment bank. This event, however, does not come close to events earlier this week. Jerome Kerviel, a trader working at Societe General, one of the oldest banks in France, manipulated the market by making large fraudulent trades and hiding his positions. These positions were discovered on January 19 by his managers; total losses for the bank are estimated at $7.1 billion. In the few days following, there was a large drop in equity indices (on January 21 and 22), and suggestions that the loss may be partially related to the Federal Reserve Bank’s decision (January 22) to slash interest rates by 0.75% - although the F
Read more: History
, Largest
Finding Balance
2008-01-18 15:49:00
I recently came across the story of Paul Navone, a 78-year-old second-generation Italian-American retiree who, on a salary of $11 an hour, accumulated a multi-million dollar fortune. Paul worked in the New Jersey mills, and made his fortune through buying rental properties and investing his money in the stock market. He also lived a very frugal life, shopping at thrift stores and not having a television or telephone. In interviews, he indicated that the last thing he remembers seeing on television was the NASA moon landing in 1969. Paul never married and had no children. He traveled out of New Jersey only three times in his life (one time for vacation, and one time for a work-related convention, and one time when he was drafted to the Army). He was described as somewhat reclusive; in fact
Read more: Balance
Interesting Facts About US Currency
2007-12-19 22:41:00
The Bank of the United States was the first central bank chartered by the U. S. Congress. The bank issued the first currency bearing the words "United States". This $50 note was issued in 1801. The bank closed in 1811 when Congress failed to renew its charter. In 1816 the U. S. Congress chartered the second Bank of the United States which issued this one thousand dollar note.This ten thousand dollar note from 1928 issued by the Federal Reserve Bank is the highest U. S. denomination ever issued for public circulation. It bears the portrait of Salman P. Chase who served as Secretary of the treasury and Chief Justice of the United States.This one hundred thousand dollar bill is the highest U.S. denomination; there are no one million dollar bills, contrary to urban legend. The bill bears the p
Read more: Currency
The Power of Compounding Interest
2007-12-15 14:50:00
What has been called the most powerful force in the universe, the eighth wonder of the world, and one of the greatest discoveries of our time? No, it's not Rich Money Million - but good guess! It's actually the concept of compounding interest, which can turn a little bit of money, invested well over time, into a fortune.The easiest way to understand how it works is to imagine a snowball. If you stand at the top of a hill and roll a marble-sized snowball down the slope, as it travels on its journey to the bottom it picks up more and more snow, slowing increasing it's overall volume, and eventually gets so big that it sends punk snowboarders fleeing in fear.When you save or invest and your money is compounded annually, in the first year you earn interest on the original principal. In the sec
Read more: Interest
Most People Don't Save For Retirement
2007-12-14 10:41:00
A recent Government Accountability Office report estimated that only about 36% of all workers participate in a 401(k) or other retirement plan, and for those with plans the average account balance was less than $23,000. More startling are estimates suggesting that 37% of today’s teen and young adult workers will reach retirement age with absolutely no money saved for retirement.I did a little more research and found that some experts suggest that many young people know that saving and investing is important, but don’t have any retirement accounts because of a lack of confidence in their knowledge and ability to make good financial decisions and a lack of action. I spoke to several of my friends and co-workers – most of who are in their late 20’s to mid-30’s, and many tell me that
7 Tips To Improve Your Credit Score
2007-12-13 13:12:00
Don’t buy it if you can’t pay for itLiving beyond your means and purchasing goods and services which you truly cannot afford eventually result in repossession, foreclosure, bankruptcy, and ruined credit. Credit and loans are okay, and ‘wanting-it-now is okay, - as long as you can pay for it later. If not, you can live without it.Pay off balances every monthWhen the bills arrive, pay off the balance on all your accounts. Carrying balances costs you in interest payments as well as in credit points. You lose 1 point for every percent of your credit limit that you use. So if you have a total credit limit of $10,000 and have an outstanding balance of $4,000 (40%), your score would be 40 points lower than if you had a $0 balance. Simply put, the more you owe the less your score will be.Pay
Read more: Credit Score
, Score
, Improve
Profit From Rising Food Prices
2007-12-13 00:48:00
In a recent MSN Money article, financial guru Jim Jubak suggested that investors may want to consider investing in agriculture/food commodities now as the trend of rising food prices worldwide may cause reconsideration of the old saying 'money doesn't grow on trees'.Anything made of grains or legumes, which includes bread and cereals, and livestock that feed on grains or legumes, are all anticipated to cost more in 2008. Like energy/oil prices, food prices will continue to rise as supplies struggle to keep up with rising demand from consumers in developing economies. Farmers are producing more food than ever, but global consumption has risen even faster. Simply put, there are more people eating more food. Further, with new biofuel and ethanol vehicles, there has also been a rise in demand
Read more: Prices
, Rising
How To Do Your Taxes For Free
2007-11-29 11:01:00
It's almost the end of November, and the end of the year. If you're like me, and don't like to proscrastinate and wait around until April 15th, you're already thinking about taxes. It's always amazing to me to see the news reports of people lined up outside post offices at five minutes to midnight to mail their taxes. Hopefully, none of my readers are this lackadaisical about their finances! For me, the sooner I file, the sooner I can get that tax refund check, and the sooner I can invest it.There are many tax return preparation software programs available on the market, and for the small cost of purchasing the program, you can save yourself tons of time and stress. Most are intuitive and, in a matter of a few hours, automatically complete your return for you by asking you a series of plai
Read more: Taxes
Smart Lottery Winners Seek Advice
2007-11-20 11:59:00
Although this blog has, thus far, included articles about saving and investing money, my site analytics tell me that the vast majority of site visitors have come here searching for advice about what to do after winning the lottery. They've been drawn in by one of my first articles: When You Win The Lottery
.I find this rather interesting, almost exclusively for the fact that so many people appear to be winning jackpots and then, probably with a mixture of excitement and confusion, thinking to themselves, "what do I do now?". I have to admit that I always thought that, when asked what they would do if they won, most people would clearly already know. Fantastical answers like, "buy a mansion on every continent, buy a different Lamborghini for each day of the week, and fill my swimming pool wi
Read more: Winners
, Smart
How Warren Buffet Made Billions
2007-10-24 22:16:00
Warren Buffet
has made billions investing in the stock market, and is considered to be the second richest man in the world (after Bill Gates). The company he manages, Berkshire Hathaway, has the highest priced stock on the market – at just under $130,000 per share currently. His long-term buy and hold investment style is encapsulated in this quote:"Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines
Read more: Billions
, Warren
The Incredible Power of Stocks
2007-10-18 09:43:00
For many people, it’s difficult to comprehend that a small investment today can grow into a fortune. But with time, patience, and compounding interest, amazing things are possible. Making FortunesIn the mid 1940’s, a woman named Anne Scheiber retired from the IRS where she worked as an auditor. Using a $5,000 lump sum she had saved, and a pension of roughly $3,150, over the next 50+ years, she built a fortune from her tiny New York apartment that exceeded $22,000,000 upon her death in 1995.She put her money into stocks of companies that made things and offered services with which she was personally familiar, such as Coca-Cola, Merck and Loew's. Scheiber had a law degree, but she believed she had been thwarted in her desire to move up to better job at the Internal Revenue Service where
Read more: Stocks
, Incredible
Money and Sex
2007-10-16 01:50:00
The richer you are, apparently, the better sex you have. That's according to a recent survey of more than 600 high-net-worth individuals. And rich women, it seems, enjoy sex the most."In seeking a higher-quality sexual experience, the number of well-heeled women that lead more adventurous and exotic sex lives, have had an affair or joined the mile-high club far outdistances that of men -- and the affluent gender gap in views on sex doesn't end there," Hannah Shaw Grove and Russ Alan Prince, two well-known researchers on the habits of the rich and famous, found.Grove and Prince surveyed people with an average net worth of $89 million, an individual minimum net worth of $30 million, and who make more than $9 million per year. They found that money is an enabler in a number of ways to enhance
Read more: Money
5 Rules for Commodities
2007-10-15 16:28:00
Today the price of crude oil rose above $86 a barrel (see graph below). Other commodities that have gone up in value, such as gold and soybeans, have demonstrated that good investors need to look beyond plain old stocks and mutual funds.Experts recommend commodities as a way to diversify your portfolio, especially as they continue to advance when stocks are struggling, and suggest that you allocate at least five percent of your investment funds to gold and other commodities. Prudent investors will own both the physical commodity (e.g. actual gold bars) as well as shares of the resource producers. There are some things to watch out for though.Scam artists are prevalent; deal only with registered firmsAll legitimate brokerages must be registered with the National Futures Association with a l
Read more: Rules
AIM Funds China I (IACFX)
2007-10-12 12:47:00
As you already know, I am very much in favor for investing in the Asian market as I think that this is where the most profits are to be made. I've already discussed American Funds
EuroPacific Growth. Here's another Asian investment that I really love, and that I recommend.AIM Investments China
I (IACFX) fund currently has an insane year-to-date return of 100.52% and a 1-year return of 159.10%. It's top holdings include PetroChina, China Mobile, China Life Insurance, China Construction Bank, and Industrial and Commercial Bank of China. There is definite profit potential here. The only downside is that the plan administrators only accept minimum investments of $1 million; this makes it out-of-reach for the average investor, but if you or your investment club is in a position to get it, do s
Can Money Buy Happiness?
2007-10-09 14:52:00
Every day we're bombarded by television and tabloids that put the rich and famous on display. We see them and they seem to be tremendously happy in their chauffeur-driven limousines, their private jets, and their multi-million dollar homes. In our own lives, we keenly observe the homes and cars of our neighbors, the paychecks of our bosses, and the material wealth our rich relatives. We feel a strong sense of envy and malcontent with our own worth. We tell ourselves that the only way to be happy is to have it all. That’s the formula for happiness, right? Not so, say countless researchers.In polls taken by the National Opinion Research Center in the 1950s, about one-third of Americans described themselves as "very happy." The center has conducted essentially the same poll periodically sin
Read more: Money
5 Must-Have Financial Assets
2007-10-08 08:15:00
For good financial health and planning, there are at least five assets that everyone should have.Savings AccountThis is simply an account in which you automatically deposit a percentage of your income on a regular basis. I recommend that you always have at least three months' worth of income saved up. The funds in this account are for a 'rainy day' or emergency use mainly, but may also be used to supplement other assets on occasion. Although savings accounts are not known for their ability to grow, there are a number of online banks that offer surprisingly good interest rates.Investment AccountOnce you have your savings account fully funded, part of the income that you were diverting to savings should be diverted toward investments. This can include stocks, funds, gold, and material goods
Read more: Assets
, Financial
Home Buyer Primer (Part 3 of 3)
2007-10-06 14:22:00
You have spent the last few weeks house hunting and have finally found that piece of property that you want. Time to make an offer!Making An OfferIf it were a couple of years ago, I'd recomend that you act quickly if you didn't want to lose the property to another buyer. Houses were not cheaper, but easy mortgages were being handed out like candy and everybody and their brother were buying a house. These are all the folks now who are in foreclosure as they should not have qualified in the first place.Now, however, it's a buyer's market and the stars are in your favor. There are much more houses than buyers, and houses are sitting on the market longer. That means that sellers are often desperate to get an offer, and you have lots of room to negotiate. It pays, literally, to have a savvy rea
Read more: Buyer
|
Recommend Site To A Friend
