Ep 132: Review of Money Magazine’s 101 Ways to Build Wealth
I am not one for touting the purchase of magazines, but I think that the July 2012 issue of Money Magazine is really good.
I will be focused primarily on their article on 101 “Ways to Build Wealth,” but there’s much more here.
The article is broken down into sections.
- The first section “Basic Rules For Getting Rich” is really the philosophy section. It’s about getting your head on straight and taking things seriously.
- “Next comes “Give Your Portfolio a Major Overhaul”
- “The best way to boost your portfolio returns? Minimize investing expenses.”
- “Turn saving into a habit. One of the surest ways to build wealth is to save more. Make it a habit and watch your net worth grow.”
- “Make your career really pay. Earnings are a predictor of wealth, so you’ll want to raise your ceiling.”
- “Avoid common investing mistakes. Don’t let these common investing mistakes cut into your chances of reaching your goals.”
- “Trick yourself into getting richer. Turn behavioral foibles into assets rather than liabilities.”
- “Make money like a rich person. Knowing how the 1% got that way can help point you in their direction.”
- “Plug the cash drains and stop wasting money. Does cash seem to slip through your fingers? A little tough love and self-discipline will keep you from spending more than you should.”
- “Invest like the opposite sex. Men have a lot to learn about building wealth from women — and vice versa.”
- And finally: “Cut your tax bill. To hang on to more of your money, give up less to the government.”