HOW TO KNOW WHEN YOU ARE RICH: A new report from ArmchairMillionaire.com reveals how the affluent define financial freedom.
New York, NY (ContentDesk) May 25, 2004 -- What it means to really be rich is one of those enduring questions in finance. While there's no single good answer for everyone, a new report from Lewis Schiff, founder of "The Armchair Millionaire," says that it is a valuable starting point for thinking through some of the core issues about how we save and invest. In the recently released report, the question was posed to members of the ArmchairMillionaire.com community. Here are a few of the responses:"To me, wealth means not looking over your shoulder all the time in fear of the bill collector or tax man. It's having enough money to treat yourself--to a trip overseas, to dinner at a nice restaurant, to an occasional shopping spree.
That said, I think wealth is a relative term. It takes much less money for some people to feel wealthy than for others." --Casey M."I measure my wealth in time--the one resource that for each of is completely unrenewable yet available in an utterly unknown quantity. When I am able to roll out of bed in the morning and decide to do only what I choose to do, versus what I 'have' to do, then I will be wealthy." --Jules"When I can provide all basic living expenses on 3 percent or less of my investment portfolio, I am rich." --mysticaltygerThe report describes a financial approach that focuses on the most common kind of financial goal, security. This means having your financial house in order so that you're free from anxiety about your future. The report includes a checklist, summarized below, for the key steps you need to take to achieve this kind of financial security.
The Armchair Millionaire's Checklist for Knowing When You Are Rich.???Secure your retirement. This is first on my checklist for a reason. If you're not confident that you can take care of yourself when your working years are over, you'll never feel safe. Figure out how much you'll need (and no, Social Security will not be enough), make a saving and investing plan and get going. Your goal should be to ensure an adequate cash flow from your investment portfolio for as long as you live.Insure your health, your life and your stuff.
An accident or illness can be just a bump in the road when you have insurance, but a financial disaster if you don't. A nest egg worth hundreds of thousands or even millions can be wiped out in a heartbeat without the proper insurance. Schedule a review with you insurance agent today to make sure you have the coverage you really need. Educate your kids. It no secret that quality education doesn't come cheap.
Give your kids a boost up--and help them ensure their own financial security--by beginning to save and invest for their educations as early as possible.Make yourself recession-proof. Ask yourself where you'd be in six months if you lost your job today. If you don't like the answer, you're not recession-proof. Pay down your debt and build up a cash emergency fund so that losing your job would not constitute an emergency. Provide for your legacy.
Some people want to die broke, but most of us want to pass on something to help provide for the financial security of the next generation. If you don't have an up-to-date will that accurately describes where you'd like your money to go, see a lawyer. THE BOTTOM LINE: Being rich is less about having a certain amount of money and more about having a sense of security that can come only from managing your finances with care and wisdom. This article originally appeared on CNNMoney.com.=============================================FOR THE COMPLETE REPORT, ENTITLED: HOW TO KNOW WHEN YOU ARE RICH, GO TO:????
http://www.armchairmillionaire.com=============================================ArmchairMillionaire.com was founded in 1997. The company's first book, The Armchair Millionaire, was published in 2001.
Today, www.ArmchairMillionaire.com is an established community of common sense savers and investors..
11 Tips to Enjoy Summer Life and Still Keep Your Shape
Summer is about to be in full swing, and it's that time wheneveryone wants to look impressive in their "lack" of clothing. While I can't promise you that you'll achieve a fitness modelbody, I can at least give you some simple but important tips inachieving a leaner physique. Listen up! Behavioral changesguarantee your success - not just knowledge alone. You mayalready have drawn out your road map with your nutritional planand your workouts, so take that strategy and ACT on it. Staymotivated and consistently remind yourself of your fitness goal.
Here are 11 basic tips to get you jumpstarted! 1. CUT THE SIMPLE CARBS. It's unfortunate that the majority ofsociety is a "carb junkie." This especially applies tooverweight individuals mainly because their bodies struggle withinsulin sensitivity. Our body absolutely needs carbohydrates,but one has to learn to appropriately reverse the ratio of simplecarbs (high glycemic) to complex carbs (low glycemic). Mostimportantly reducing total sugar...
11 Tips to Enjoy Summer Life and Still Keep Your Shape
Term life insurance > 11 Tips to Enjoy Summer Life and Still Keep Your Shape
How To Save Money on a Website
Know what you wantMake sure you know why you want a website and what you want your website to do for you. Write down some short term and long term goals.
Establishing an Internet presence for your business is an important step ? make sure you do it right! You need to have a clear vision before you start.Surf the internet Compile a list of websites that appeal to you in aspects of: colour scheme, content, layout and other related design properties. This will help your web designer factor in your personal tastes and preferences into the design process and produce a website you're proud of! Plan the content of your websiteDraw a hierarchical tree menu structure (site map) so that you can see how everything will fit in and write down the names of your pages. You know your company better than your web designer! Write the content for your website ? even if it is just in bullet points, a skilled copywriter can always step in from there.
Keep in mind you need to write for your...
How To Save Money on a Website
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Viatical Settlements
The concept of viatical settlements works on the premise that a person with a terminal disease can sell his life insurance policy for less than the face value. The person can get lump sum cash and the buyer can collect the benefits of the policy after the original policyholder's death. It sounds a bit grim but then there are always the harsh aspects of life. The longer the life expectancy, the less expensive the policy. But then life rarely follows a logical road and so the element of risk is there if the original policy holder's life expectancy increases with the passage of time.
It is after all a gamble on death. If the seller dies sooner than expected, you collect a higher return and on the other hand, if the person lives longer than expected, you will collect a lower benefit. Added to this is the fact that you can also end up losing your principal investment if the person lives long enough and you have to pay the additional premiums.
Given the above scenario...
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