Because you are reading the WEALTH Magazine website, we assume you’re already taking steps to build and manage your wealth. You care about your finances, and you are intentional about investing, tracking and spending your money.
But today we’re asking you to take a step back. Obviously building wealth is important to you. But what else is important to you?
Take a moment and rate the importance of the following broad areas: (more…)
The general assumption in economics as well as psychology is that most people will make decisions based on their notion of what makes them happiest. But a new Cornell University study that shows that people are willing to compromise their happiness for monetary gain.
The study, to be published by the American Economic Review, asked participants to choose between two hypothetical scenarios and then evaluate whether their choice would make them happy.
Listeners could be forgiven for scratching their heads Friday, April 1, wondering if a report on public radio’s Marketplace Morning Report was true or an April Fools prank (See “France’s New Measure of Well-Being: Boredom.”)
It claimed that French President Nicolas Sarkozy has asked other countries to follow his example and measure levels of “ennui”—French for “boredom”—in their countries, as this has a big effect on economic success.
The report in fact was a joke. But is the idea really that foolish? (more…)
Your initial reaction may be: Retirement? I’m YEARS away from retirement. I don’t have to think about that now.
Think again.
If you’re more than a decade away from retirement, now is the best time to begin preparing. Younger workers, of course, can use the power of compound interest to ensure a smooth financial picture in retirement. (more…)
To live the rich life expresses a goal for most of us, but unfortunately it has become an elusive dream for many modern-day retirees.
Today’s retirement living involves more than just leaving a job; it’s the beginning of a new chapter of life. Many baby boomers have hit their retirement target age and are eager to say goodbye to the employment ball and chain and hello to leisurely pursuits of travel and recreation. Others have been forced into early retirement by business restructuring and budget cuts but are none too optimistic about reemployment prospects. (more…)
Many people have accomplished personal financial goals that allow them to enjoy true personal wealth. All successful people followed some general financial principles that helped them accumulate money and build wealth instead of spending money frivolously.
Here are the first three principles for generating wealth (See Part Two for more wealth-generating principles): (more…)
In Part One of the “Principles of Wealth,” we learned that it’s important to Pay Yourself First, Pay Off Credit Debt, and Invest Money in Growth Opportunities. In Part Two, we’ll take a look at eight more Principles for Generating Wealth.
General Wealth Principle #4: Small Amounts Add Up to Big Returns
Perhaps you think you don’t have enough income to save sufficient funds to tie up any of your money in lucrative investments. This is completely untrue. Even if you have only a small amount of investment money with which to begin, you can make a start and keep adding to that initial investment. (more…)
Are you investing in your health now so that you’ll be around to enjoy your wealth later?
In you’re in a difficult or challenging time, you may feel like you’re under enormous pressure to succeed, to work harder than ever before. On the other hand, if this is a time of great opportunity, you may be so excited about work that you neglect other important areas of your life. (more…)
As 2009 wound down, some of our WEALTH readers made back the money lost after the stock market panic. Others found new opportunities for growth. WEALTH magazine wants to know: How did you invest last year? Where did you put your money, and did your wealth-building efforts work? Share your best strategies with the WEALTH community and pick up some tips here.