Author: Natalie Pace
Learn to spend like the wealthy and grow your wealth in the process!
Tax-Free: Establish and keep up transactions in a tax-qualified brokerage account, allowing you to reap up to 30% more in returns, exempt from capital gains taxes. Repeating this process annually could lead to a net worth in the millions.
A Safe Bet: Maintain a portion of your wealth, equivalent to your age, in secure assets. Consider options like Certificates of Deposits, savings accounts, money markets, and bonds, which tend to be less volatile than stocks. Note: Consider bond funds as stocks rather than bonds.
High-Stakes Stock Trading: Allocate a minor segment of your stock portfolio for trading. Restrict frequent trading to this portion only. Subscribe to trusted stock newsletters for timely advice, facilitating superior returns.
Reliable Partners: Vet your financial partner thoroughly; your lifestyle could depend on their expertise!
Generous Investing: Start each month by setting aside 10% of your earnings for investment. This allows your wealth to accumulate even as you rest! This simple habit alone could help you amass a million dollars in 31 years, at a modest $14 per hourly wage.
Family Bank: Refrain from establishing loans to relatives. While giving gifts or aid is fine, steer clear of setting up lending practices for family members. If approached for a joint business venture, ponder whether it aligns with your own interests and desires. It’s usually best to view your assistance as a charitable act rather than a business investment.
Beware Fair-Weather Allies: Be cautious when new relationships revolve around money, whether they stem from a new broker or a newfound acquaintance. Due diligence is essential to avoid being enticed by guaranteed affluent lifestyles or certain riches.
Smart Trading: Most of your day trading should take place through a tax-qualified retirement plan, such as an IRA or perhaps a college fund or health savings account. This could significantly lower the taxes paid on capital gains.
Tax-Smart Investing: Take full advantage of every tax-qualified account available and maximize your holdings in protected accounts, including IRAs, 401(k)s, health savings accounts, college funds, and foundations.
The Rich Life: Wealth extends beyond monetary assets. It incorporates happiness, fulfillment, strong relationships, and investing in products and services that positively impact the world. Health equates to wealth – stay active and implement green living practices!
About Author Natalie Pace:
Natalie Pace, author of You Vs. Wall Street, and host of the Pace and Prosperity radio show, is a recurring guest on Fox News, CNBC, ABC-TV, and contributor to HuffingtonPost.com, Forbes.com, Sohu.com and BestEverYou.com. As a philanthropist, she has generated over two million for supporting public schools in Los Angeles and promoting financial literacy. Follow her on http://www.facebook.com/pages/NWPace, and on YouTube.com/NataliePaceDOTCOM. Visit, http://www.nataliepace.com for more info.
