Saving money is generally the starting point for a lot of people who desire to be financially free. Nonetheless, after the art of preserving continues to be perfected, you may notice that your funds are not growing as quickly as …
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While we’re working away our days, we have end goals mind (or we should). It might be to buy a house, to set ourselves up for retirement, or to travel and vacation more. But how are we going to get there? Here in Silicon Valley we see people starting major corporations and becoming millionaires before they even hit their 30’s. But how can the rest of us take a more practical approach to financial management?
I recently had the opportunity to interview Jim Wood, author of From Ramen to Riches: Building Wealth in Your 20s, and although I’m no longer in my 20s, I found the information quite useful! He’s also giving away a signed copy of his book to my readers – just comment on this post and Like Us on Facebook to be entered into the giveaway!
Q&A With Jim Wood
What are some of the most common financial mistakes made by young professionals?
Jim: I feel uniquely qualified to answer this question, as I did many boneheaded things with my money in my early 20s. Common mistakes include:
It seems like there are so many financial services professionals trying to sell us various products and services that we tend not to trust anyone for advice. What the best free resources on getting legitimate financial advice and suggestions?
Jim: The best way to avoid being snookered is to be an educated consumer. Even if you’re not that interested in the subject of money, it’s a good idea to get acquainted with commonly accepted tenets of personal finance. Many reputable major media outlets publish personal finance articles that aim to educate, not sell. Read them. I have a list of great resources here on my website, including books, financial calculators, periodicals, and websites.
What are some of the biggest drains on our finances, and how can we prevent them?
Jim: Our spending decisions determine how much money flows out of our pockets. Remember, it’s not what you make that counts; it’s what you keep. Here are some of the unhelpful habits to avoid:
If we had just $100 a month to save for retirement, what would you recommend we do with it (aside from stuffing it under our bed), in order to make the biggest impact?
Jim: The first step is to understand your risk tolerance. Some people lose sleep if their hard-earned money loses even a dime in an investment. Younger people can generally assume somewhat greater risk in their investments because they have time to make up short-term losses. Take only the risks you are comfortable taking. At the same time, be aware that your ability to accumulate substantial assets over a lifetime is greatly affected by your savings and investment choices.
Remember the earlier example that illustrated how to accumulate $1,000,000 with a $125/month stock market investment earning an average 8% return? To get the same result with a bank CD earning 3% you’d need to increase your monthly savings to roughly $725 beginning at age 20.
A broadly diversified mix of low-cost stock and bond index funds has historically provided returns that are superior to what is possible with a conservative (and safe) bank CD, if you have a very long-term time horizon. Assess your risk profile in advance. Then, set up a mix of well diversified savings and investment choices that let you sleep at night, yet still allows you to accumulate enough to live comfortably when you retire.
Don’t forget to Like Us on Facebook to be entered to win a copy of From Ramen to Riches: Building Wealth in Your 20s! Winner will be selected on Thursday, February 28th. (Winner has now been chosen – keep reading our blog for new giveaways!)
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Jim Wood is a 25-year veteran of the high-tech industry, having held software engineering, information technology management, and business strategy management positions. His first book, “From Ramen to Riches: Building Wealth in Your 20s,” is a popular guide for 20-somethings who are looking to get a grip on managing their money. Jim has appeared on numerous local and national media programs, including PBS television’s Nightly Business Report.
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The current economic environment has led many investors to become pessimistic about the Nigeria’s economy. Consumer confidence is low and unemployment is running high. But as Warren Buffett has often noted, economic recessions are when investors can find some of the absolute best opportunities.
Let’s take a look at a few ways to build wealth during the economic downturn.
Invest in areas where no one else is
One of the easiest ways to lose your hard-earned monies is by following the crowd. Fear is causing many investors to rush to the safety of Treasury bonds and gold. These assets do have some value, but they are not the best opportunities right now. The time to rush into gold was when no one was buying it at N3, 000 or N4, 000 per ounce. Gold now trades at nearly N14, 000 an ounce. You never want to chase an investment when it is trading close to its all-time high valuation.
Investors looking for a nice return should turn their attention to the assets that investors are avoiding. Stocks and exchange-traded funds (ETFs) in the financial sector have been underwater for years now. Many technology stocks are still trading at prices below their true value. The steel and industrial production sector contains some great values as well. These investments are long-term holds that could reap serious rewards for risk-taking investors.
Build another income stream
Unemployment may be running high, but that shouldn’t deter you from starting your own company. A bad economy is the perfect impetus for starting an online business. There are needs for temporary agencies, consultants, and webpreneurs. All of these businesses require very little overhead and can be started from the comfort of your own home. Most just require paying a few bucks for a domain name to get started.
A part-time job can also add a little income. You can do freelance writing or design work for other companies and bring in an extra couple hundred dollars a month. You can start you own catering business or run errands for people in your neighborhood. If you love pets, then start a pet-sitting business. Your entrepreneurial venture could end up turning into a full-time job.
Buy residential real estate
The real estate market looks like a saturated business nowadays. Foreclosures are peaking and home prices continue to be depressed. But while the market may be tough now, there are signs that the sector may finally be reaching bottom.
Mortgage rates are the lowest that they have been in decades. This could help entice some homebuyers and real estate investors back into the market. Remember back in 2009 when everyone was so pessimistic about the stock market? The market reached its low early in 2009 and has bounced back nicely. Many investors missed the rebound waiting for another market drop.
The same thing could be setting up right now in the real estate market. Everyone is waiting for commercial and residential real estate to hit bottom. The truth is that no one can tell when a market is at its lowest point. Investors with the capital should consider getting in these markets now, as they are much cheaper than they were just a few years ago.
Remember that during a bad economy can be the best time to implement your wealth-building strategy. Just because the economy is in a downswing doesn’t mean that you cannot emerge from these difficult times in better financial shape than you entered them.
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If you were going to pick two words to reflect how we’d all like to describe Detroit someday, “wealth” and “diversity” would certainly be sweet contenders.
So it’s hard to say anything critical about the new report that shows downtown, Midtown and their surrounding neighborhoods have gotten a good head start toward those aspirations.
Those areas, according to the study, by Hudson-Webber Foundation and some other partners, have populations that are wealthier, more diverse, and more educated than the rest of the city.
We’ve long known those sections of the city, about 7.2 miles in total, are the places people talk about when they talk about rebirth, or even growth. The study confirms that there’s substantive statistical differentiation at work there — and that it’s unfolding in ways that will be very important for sustained, or expanded positive change.
The trick, of course, is building on the momentum.
That means fortifying it in the places where it’s happening — making sure that the growing interest in living, working and playing in greater downtown Detroit isn’t a fad.
But it also means translating that area’s success to other parts of the city. There are about 36,000 residents in greater downtown, which means about 95% of the city’s people live elsewhere. If downtown’s wealth, education and diversity don’t touch the rest of the city, the social and economic imbalances that are beginning to rear their heads will blossom into intolerable injustices.
In both downtown and the rest of the city, the most obvious missing piece to sustaining the momentum is competent, stable governance.
Downtown, it’s private and nonprofit investment that have driven the redevelopment, and created the attractions for young, educated professionals. But government can be a better partner in delivering the services that will stoke those professionals’ interest in staying.
Safety, or lack thereof, is still a concern for people who live and work downtown. And though that area is safer than the rest of Detroit, crime is still a lurking deterrent. A few weeks ago, when roving bands of destructive teens disrupted the winter fest downtown, Detroit police were reminded of the overwhelming odds they face every day in keeping the city safe.
Greater downtown also is struggling to attract families because of the chronic instability of public education. In areas like Lafayette Park, the east riverfront and Midtown, there is ample family housing but less demand than there should be because families face tough choices when it comes to schooling.
I live on the east riverfront and was pleasantly surprised by at least a few of the school options that are available — including Chrysler Elementary, an award-winning outpost in Detroit Public Schools — but there aren’t nearly enough.
City planners should also be thinking more about family-friendly amenities in the central business district, where old office buildings are being converted to housing. There’s not a single playground in the CBD right now, for example.
Out in the neighborhoods, the collapse of city services is what’s driving the disinvestment, and the population bleed. Non-working streetlights, non-responsive emergency services and the growing sense of isolation in some areas all have to be targets for improvement, if the good things happening in greater downtown have any hope of spin-off benefit.
I also think it’s a principal task of the city’s political leadership to ensure that even the economic momentum that’s contained in greater downtown pays dividends for Detroiters who live out in far-flung neighborhoods. That’s what the mayor and City Council need to be focused on — what do new jobs and fancy apartments downtown mean for folks who live on gap-toothed blocks on the far east side, or in Delray?
Answers are never easy. But without them, the healthy dynamic of growth could turn quickly to a tense standoff over gentrification. That’s when everyone — in downtown and the neighborhoods — will start losing.
One of the most interesting parts of the study showed that even for its improved stats, greater downtown Detroit still lags the overall economic stability of entire cities like Pittsburgh, and despite losing less population than the rest of the city over the past decade, that area is still shrinking.
Those are signs of the fragility still at play in the city’s rebirth. It won’t take much to sap the positive energy, and send things back toward chaotic decline.
All the more reason for local government to get its act together and become a fuller partner with private and nonprofit interests to create the Detroit everyone here deserves.
But it can be a great long-term wealth building tool if you're patient and stick with it. For most people, building real estate wealth simply takes time. Read More From Zillow: Proof Positive: Invest in Cash-Flow Properties · What Is Real Estate Due …
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Mar 8, 2013, 03.38AM IST
(Our aim must be to eliminate…)
By: William Bissell
I wish one day a finance minister will present the following Budget: “My fellow countrymen and women, today I present a Budget that will follow the advice of Mahatma Gandhi, who said to those of us in a position of power: ‘Recall the face of the poorest and the weakest man whom you may have seen, and ask yourself if the step you contemplate is going to be of any use to him.’
Our aim must be to eliminate poverty, target assistance to the poor and needy, help regenerate our natural environment and simplify the tax regime. We will focus our expenditure on five programmes: To strengthen and accelerate the UID programme so that it reaches every citizen. We will launch a pioneering initiative to open a bank account for every UID card holder and invest in technologies that allow us to dematerialise cash, creating a digital record of every transaction. A cashless economy would help create an accurate measure of aggregate economic activity of each person.
Once cash is dematerialised and each person has a unique ID, it would be simple to track and target welfare measures to those who need it most. This will also eliminate all black money and bring out the true GDP.
I propose a special fund for the ministry of environment and forests to create a system of credits for local communities that maintain forests, watersheds and biospheres. Like stock exchanges, we will create exchanges for water, biosphere and forests. It would be mandatory for each local body to purchase or sell these credits based on a fixed environmental per-capita quota. At these exchanges, communities that preserve these resources can sell their surplus credits to communities short of credits at a price traded on the exchange. This would not only incentivise preservation of natural resources but also provide a mechanism to value them, and create financial incentives for those who preserve these assets.
Our government will introduce a unique scheme that will provide vouchers to any individual whose aggregate economic activity is below the poverty line to access six essential services: nutrition, clean drinking water, sewage disposal, education, health care and legal assistance. These would be provided by service providers who would be paid in “vouchers” that the central government will honour as cash. Every service provider will be rated on certain standards. The amount of cash given by the government against the voucher will depend on the rating. This targeted approach with a multiplier built into the voucher would encourage private and public services to improve.
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I propose to fund the ministry of urban development to establish quality-of-life indicators for every Indian living in a city and make all funding of urban projects conditional upon meeting a high standard of these indicators. Cities would be planned to provide adequate clean water, sewage disposal, green spaces and efficient transportation. Those ratios would force municipalities to ensure that local residents have access to clean air, parks near their homes and good sewage and waste disposal.
Like we fund the UID, we will commit to fund the Land Records Upgradation Authority of India, which will standardise hundreds of measurements into one standard, corroborated by a GPS-enabled system that creates one record and a title deed for each piece of land or part of a building. These would be stored in a central database accessible to any citizen via internet at no cost.
By doing so, we will create a marketable, collateralisable title for each landowner, no matter how small their parcel of land or right is. This will allow us to liberate trillions of dollars of wealth trapped in the inefficiencies of our black economy and end the fraud caused on citizens who bought land only to realise that there were “multiple” owners. Banks will no longer have to fear funding the poor with such title security. As Nehru said at the dawn of Independence, “a moment arrives but rarely” and today is such a moment when India has the largest and youngest workforce. It is the duty of my government to help each citizen realise his or her fullest potential and, in doing so, we will make this century the Indian century. Jai Hind!”
(The writer is an entrepreneur)
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Recently I was having a conversation with a friend about a new job he has found himself in. His focus is to get some solid savings behind him and build wealth. I commented that I was really pleased for him.
In order to create wealth and live the life you love, you need to establish what makes you happy. No one wants money, if money does not make them happy. Because.
