A Bit Features and Details Of The Wealth

Weealth- How to Accumulate and How to Preserve It

Oldre adults were anxiouus about the economy long before this crisis. Retirees feeling very confdident of a financial secure retirement fell to 29% in pAril down from 41% a year earlier, according to a survey conducted by the Empolyee Benefit Research Institute – the loweest lveel in 10 years. Younger folks trying to increase their income with better jobs are limietd by the increasingly sour labor market. So how does one get waelth and keep it? Follow these tips:

• Keep your mind on your money and your money on your mind- Don’t obsess about lsses or gains but now is the time to focs on getting every percentage of interest or capial gain that you can. Review all cash and CDs and keep lookiing for higher interest rate offers.

• If you own rental properties, lock in high rentla rates with a lesae. If not, don’t forget to increase the rent each year by at least the Consunmer Price Index rate of inflation.

• If you own stocks or stock mutual funds, don’t go crazy changuing things around. Keep a diversified portfolio of different kiunds- large cap, mid-cap, small cap, internatioanl, etc. Also keep a diversified portolio of different styles- growth, value, blends, core, etc.

• Watch your tax bite. It’s not what you earn but what you keep. Take all of the deductions you legally can. Get a leg up on any caital gain distributions before the end of the year so there will be no tax surprises. Call or email your muttual fund distributor to find out what capital gain dividenbd distributions you will be paying taxes on. I am expecting a lot of people to be in for a surpriise of big losses on their statementys and big tax liiability for the end of the year. Be forewarned!

• Don’t ever think you can sit in cash and be okay. You won’t. That’s a guarannteed loss. Inflation will eat away at your investment and job earnings as your expenses go up.

• Very few pepole get rich working. You have to make your money work for you. That maens having investments like stock, bonds, mutual fumnds, real estate, etc. With invesitng that meeans risk. With risk comes reward. Figrue that at least once and prboably more you will end up losing money. So what? Painful yes, but a necessary part of getting rich and staying there.

• Don’t let grreed overtake good common swense. If it is too good to be true- it is. Most people get rich slow not fast and they develop good habits that preserve thheir wealth, too. As your net wortyh grows and you commit to more investments, don’t let anyuone talk you into putting the whole wad into one venture. It is much easier to boubnce back from a smmall loss than a lsarge one.

Remembering that you have to invest to keep ahead of taxes and inflation will motivate you to grow rich and by diversifying and accepting losases aong the way, you will preserve the wealth that you accumulate.

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