Saturday, Sep 20th

Last update:05:18:56 PM GMT

Building Your Nestegg and Wealth for 2011

E-mail Print
Share

happy_new_year

Another year has passed and you're another year older. Still trying to climb that ladder of success and prosperity? In politics, the rhetoric that giving tax break to the wealthiest 5% of Americans will filter down to you and I is a total myth. "Trickle-down" economics, preached by politicians, does not and will not boost economic growth and income for the rest of the American population. You alone, are the only one that can help boost your own wealth. Here is a helpful article: 9 ways to build Wealth in 2011:

Want to build some wealth in 2011? Revisit those New Year's resolutions.

You probably haven't thought about your pledges in more than a month. But odds are at least one of them involves getting rid of debt, increasing your income or building some financial security.

To help you out, nine experts in the fields of money, debt, real estate and consumer affairs have shared their best wealth-building tips for 2011.

1. Funnel that FICA Cut into a Retirement windfall
2. Look for low-cost mutual funds and watch those fees
3. No shortcuts: Year after tear of consistent savings
4. Get rid of high-interest card debt
5. Buy a home
6. Balanced, diversified portfolio plus education
7. If you have an HSA, max it out
8. Do your Due diligence
9. Start your own side business
Link

A description of each of the nine tips can be found in the link.

I am not a financial guru nor do I claim to be one. I have regrets on many past decisions I've made for my financial future; I'm sharing because I am opinionated and maybe one can learn from my actions and mistakes. Here is my 2-cents worth of the advice from above - respectively:

1. Every year, add money to your personal Roth IRA (not a traditional IRA but a Roth). Always try to put in the max.

2. Be mindful of those operating expenses with your brokerage firm. Repetitive buying and selling activities within your account can add up fees. Be careful of your financial advisor calling you every month recommending these transactions. Whether the market is up or down, your financial advisor gets paid a commission with every transaction. Always ask, if your investment is not broken, why does it need to be fixed?

3. Pay yourself first! Yes, we all have bills and expenses, but the concept here is to first, take a portion of your income and invest it in yourself before you start paying off everything else. Yes, this is hard concept to swallow. Keep in mind that your bills will never go away but the years you need for investments to grow will.

4. Never use one credit card to pay off another and NEVER spend more than what you earn. My best practice is to always pay in full your monthly credit card bills before the deadline - therefore, it doesn't matter how high your interest rate goes, you can't be charged an interest if you don't have any debts.

5. Homeownership is always the best investment. My biggest earnings were never my savings account nor my retirement account, it came from the purchase and sale of my house. The interest paid to a mortgage is tax-deductible. Your monthly apartment rent is not.

6. Diversity rules. Spread out your investments. Never put all your eggs in one basket is an excellent rule. Imagine if ALL your assets were with Lehman Brothers before 2008.

7. No comment on HSA.

8. Yes, vet your financial advisor - no matter who he or she is (even family). My own blood-related sister was my financial advisor (aka. stock broker) and I thought, who better has my best interest than family?! Almost 20 years of investing with her, my portfolio was pathetic - yet, with every year that passed, she got paid handsomely for managing my small account. That account ended quickly last year and so did my relationship with her. Remember, your financial broker will not surrender their commission. Like the insurance company, they are there to make money - for themselves.

9. Reinvent yourself. Is there something you enjoy doing during your free time or have a skill you are good at? Well, find a way to market that talent of yours! Volunteer your time is also a wise and generous investment.

My last thought:
Although the "trickle-down' theory does not work (because the rich always get richer), if you ever do hit it big - and become financially successful, please do give back! Invest in your family and friends. Invest in your community. Donate money to a cause. It is the right and wise thing to do.

Best of Luck to your Financial Future!

Comments  

 
0 # It is called Churninghlfz 2011-04-19 18:53
For your #8: What Does Churning Mean?
An unethical practice employed by some brokers to increase their commissions by excessively trading in a client's account. This practice violates the NASD Fair Practice Rules. It is also referred to as "churn and burn", "twisting" and "overtrading".
Reply | Reply with quote | Quote
 
 
0 # RE: Building Your Nestegg and Wealth for 2011Aurelia Dykes 2012-04-26 00:52
Keep in mind that your bills will never go away but the years you need for investments to grow will.

roofrestorations.com.au/.../...
Reply | Reply with quote | Quote
 
 
0 # Michael Kors Outletliubei 2013-08-29 01:35
if you want to know some information of Coach company or the latest products, you can find the useful news on the cheap Coach handbags.Sometimes a picture is worth a thousand words, or at least a few of the words to describe Louis Vuitton the way you feel. This is what I ask all of you.Coach, may not be your sole choice of this summer. BUt their beautiful color and Michael Kors Online Outlet good quality can make you amazing.Coach, i definitely see them as my favorite pair of the summer.is the longest and most successful popular leather brands in American, representative wholesale jerseys of the most acclaimed.
the handbags at discounted prices.Emais are also another source of getting cheap fake coach purses. Nevertheless remember that the company makes use of to michael kors this brand today! What you need to do is bit difficult as you need to register yourself on your mail box or on the sites.Some other search terms Christian Louboutin Shoes which can help you directly by the company's websites. You should be very careful when purchasing a product of this brand because fake handbags are also be availed louis vuitton outlet online by visiting the popular search engines. Nevertheless if you have already made several purchases from coach outlet coupon in the past.
a reading of Marx's concierge will inevitably always coveted subvert society are bound to betray louboutin outlet the soul of the French Federation of Trade Unions called for a devil of France's largest trade union federation, to promote cooperation in trade, as well as strikes to obtain economic results, and make the class struggle to strive for greater revolutionary social change. - Annotation. A female porter for louis vuitton store the soul sublimation while reading Marx's works, this thing is not a violation of the habit of thinking of any one could have imagined the capitalists.
Louis Vuitton Outlet Online
Reply | Reply with quote | Quote
 
 
0 # coach outlet onlinecoach outlet online 2013-09-28 22:04
Louis Vuitton Handbags
Louis Vuitton Outlet
louis vuitton
Louis Vuitton Sunglasses
wholesale nba jerseys
christian louboutin outlet store
coach outlet online
christian louboutin online
Michael Kors Outlet Handbags
Michael Kors Outlet Store
Louis Vuitton Bags
Louis Vuitton purses
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorHellen 2014-03-16 06:30
fantastic issues altogether, you just gained a new reader.
What could you recommend about your publish that you simply made some days in the past?
Any certain?
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorIris 2014-03-21 14:12
Howdy! Quick question that's entirely off topic. Do you know how to make your site mobile friendly?
My weblog looks weird when browsing from my iphone 4.
I'm trying to find a theme or plugin that might be able
to fix this issue. If you have any suggestions, please share.
Cheers!
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorSomanabolic Muscle Maximizer By Kyle Leon 2014-03-28 11:35
Fantastic post however I was wondering if you could write a litte more on this topic?
I'd be very thankful if you could elaborate a little bit
further. Thanks!
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorAnabolic-Cooking--Reviews.blogspot.com 2014-04-04 21:07
Thanks for sharing your thoughts about new jersey.
Regards
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorRowena 2014-04-06 23:26
great points altogether, you simply won a new reader.
What would you recommend about your post that you just made some days ago?
Any positive?
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorIs Anabolic Cooking a Scam 2014-05-12 08:39
Pretty! This was an extremely wonderful post. Many thanks for supplying these
details.
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorLance 2014-05-16 04:08
I am a plugin developer for wordpress platforms. I've designed a plugin which could gather web surfer's email addresses in to the database without having
to use their interaction. I am just searching for 'beta' test candidates since
you have been receiving sizeable numbers of page views, I am making plans for you and your blogging site.

Think you're intrigued?
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorLola 2014-05-19 11:08
Thanks for any other informative web site. Where else could I get that kind of info written in such a perfect
means? I've a venture that I'm just now running on, and I have been on the
glance out for such information.
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorDoes Critical Bench Work 2014-05-21 02:28
I do consider all of the ideas you have presented
on your post. They are really convincing and can definitely work.
Still, the posts are very brief for novices. May you please lengthen them a little from next time?
Thank you for the post.
Reply | Reply with quote | Quote
 
 
0 # UrbanSwirl.com - Lifestyles of ColorIs Get Rid of Herpes a Scam 2014-05-26 13:42
Hello very cool site!! Man .. Beautiful ..
Amazing .. I will bookmark your web site and take the feeds also?

I am satisfied to search out numerous helpful info right here within the submit, we want develop
more techniques on this regard, thank you for sharing. . . .
. .
Reply | Reply with quote | Quote
 
 
0 # RE: Building Your Nestegg and Wealth for 2011replica design handbags uk 2014-08-18 22:29
Grey denim, simple rustic than blue look.
Reply | Reply with quote | Quote
 

Add comment

Security code
Refresh

Latest Comments

From the Forum

Article Roundup

Balloon Boy: All A Hoax

News image

All this media frenzy and heavy police involvement from an empty homemade helium balloon to gain what? Attention?! A family ...

Read more

Brazilian Pedophile Charged with Incest

News image

Is it me or are these stories of fathers raping their daughters and fathering children becoming more common these days? In...

Read more

Secret Service Racism Tinged Emails

Sigh.  The lawsuit is getting nasty, and producing a few smoking guns.  Secret Service supervisors shared crude sexual jokes ...

Read more

Glenn Beck's Divine "Batshit Crazy" Providence

News image

Looney Glenn Beck had a spiritual epithany to explain Romney's low poll numbers! It is God's Hand of Providence! It is...

Read more

Time Person of the Year 2010

News image

Facebook founder and CEO, Mark Zuckerberg, has been named Time's Person of the Year 2010! A billionaire at the age of...

Read more

Republican vampires

John McCain’s wife Cindy McCain “is proud of America”. Oh yawn! What a great big bore it is. Now we ha...

Read more

Troy Dale West Gets Bond

News image

Here's an update on Troy Dale West, the 47yo man who, on Sept 23 while exiting a Cracker Barrel Restaurant, ...

Read more

THE NEW $5 BILL. LINCOLN GETS A MAKE OVER

ABE LINCOLN - WELL KNOWN AS THE MOST UNATTRACTIVE PRESIDENT IS FINALLY GETTING THE MAKE OVER HE DESERVES AND FRANKLY ...

Read more

Racial Profiling Is Effective

News image

Racial profiling is effective against terrorism - so says Republican Senator, James Inhofe.  I guess he is still under the as...

Read more