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Music About Money
2008-02-29 15:25:00
There are probably hundreds of songs that have the subject of money as a central theme. I wonder what that says about us, that we like to sing about it? Just a thought. Here are a few:Pink Floyd – Money Cyndi Lauper – Money Changes EverythingAnnie Lennox – Money Can’t Buy ItHappy Leap Year Day!RICHMONEYMILLION.COM RICHMONEYMILLION.COM RICHMONEYMILLION.COM
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How To Know When to Buy and Sell Stocks
2008-02-20 18:18:00
While browsing through my blog roll this morning, I noticed that someone had written (about themselves) that when picking investments, “I buy and sell at the wrong times." It got me thinking about timing. When is the wrong time? When is the right time? How can we tell the difference? How can you truly know when to buy and when to sell? In the world of investing, it seems it's not so much a matter of ‘how much’ as ‘when’; timing can be everything. When you get in, how long you stay in, and when you get out are emphasized. Like alchemists, traders feverishly scream 'buy, sell, hold!' in an attmept to turn lead into gold. But it’s not so easy to figure out when things are going to go down and when they’re going to go up. Unless you practice insider trading, where you have privileged information about a company or a sector and use that information to your advantage when trading (which is illegal), the fact is that no one can accurately tell you when it's the right time...
More About: Stocks , Sell

Foreign-Invested Mutual Funds
2008-02-18 16:45:00
CNN Money recently posted a listing of their opinion of the 70 best mutual funds that you can buy. I was very interested because I have an affinity for mutual funds as opposed to individual stocks and bonds, as an investment. I think that mutual funds (a collection or ‘grab-bag’ of stocks picked by an investment professional, from companies that often are from the same sector or geographic area) are the best investment for my money because it allows me the opportunity to diversify without having to study hundreds of stock options and it allows me to invest in an area or industrial sector I feel confident about. In the past I’ve shared how I’ve invested in mutual funds that are connected to the Asian and European markets. If you know me, you know that I’m partial to foreign funds. I think that many domestic investors avoid foreign investments because they believe that they can carry more risk that American investments, due to foreign government instability, world economic ...
More About: Mutual Funds , Foreign , Funds , Mutual

How To Save Money On Your Property Taxes
2008-02-15 22:32:00
For many homeowners, property taxes are a great burden. They have risen at more than twice the rate of inflation this decade. This surge was understandable during the bubble when the market was hot and house prices were rising, as property tax is linked to home values. But now, when things have cooled off and property prices are actually dropping, some owners are still dealing with rising property taxes. If the value of your home isn’t going up but your property taxes are, you should file an appeal. Fewer than 1 in 50 homeowners try to appeal assessments, even though up to 60% of properties are overvalued by assessors, according to figures cited by the National Taxpayers Union. Remember that the assessors work for the county; it’s in their best interest to assess your home for as high a price as possible as they receive the taxes you pay on it. You actually stand a pretty good chance of success in getting your taxes lowered. Here’s a process that could potentially save you hun...
More About: Taxes , Money , Property , Save Money , Save

An Audit You Want
2008-02-14 18:19:00
They say that there's global warming. Lately, I haven't been feeling it. It doesn't snow where I live, but it's been getting pretty cold. That means that my heating bill has been getting heftier and I'm not liking it.To save a little we've installed double-paned windows, wrapped our water heater in a fiberglass sleeve, keep the thermostat at a reasonable setting, sleep under heavy blankets, and close vents to rooms that we're not in often.Yesterday, we decided to get an energy audit done of our house to see if there was anything that needed to be done with the actual building to help save money on heating now, and cooling in the summer later this year. We'd been putting it off for a while, because of busy schedules, but last week we finally decided to schedule it and yesterday the guy came out.Where I live the local utility company is managed by the city and offers energy audits for free. The guy spent about an hour at the house and found that most things were in order, exce...
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What's Your Salary?
2008-02-13 21:02:00
toothpastefordinner.comIt's supposed to be rude to ask someone how much money they make. And most people don't typically share this information. I've heard that people are more comfortable talking about their sex life, past drug use, criminal history, and medical issues than about how much money they make. I think that it has something to do with self-esteem and competition, and the idea that your salary can be perceived by others (and maybe yourself) as a representation of what you're worth. Obviously people don't want to feel less important than anyone else. Or maybe people refuse to acknowlege what they earn to avoid judgement of others who may think that they live beyond their means (especially if the actually do). In direct opposition to this tradition of secrecy, I'd like to share the following information: According to Forbes, in terms of actual job salaries, anesthesiologists made the most with an average of $184,340 per year while fast-food workers make the least with...
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Is College Worth it?
2008-02-11 22:08:00
What do Richard Branson, David Geffen, Michael Dell, Bill Gates, and Steve Jobs have in common? Apart from the fact that they’re all billionaires, none of them graduated from college. Granted it takes talent and genius to reach the heights that these men have reached, I have to question, financially, is it worth it to pursue higher education? According to the US Census Bureau, on average high school grads earn about $28,000 while college grads earn about $51,000 and those with advanced degrees earn about $78,000 per year. Anyone hearing these figures could be convinced that unless you go to college you’ll end up poor and broke. I was born outside of the US and migrated here when I was 17, just in time to go to college. My parents and other relatives spent a great deal of energy preaching to me about the importance of getting a good education and going to college if I wanted to be successful, financially and otherwise. In many other countries I think that it is very much the case...
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Invest In Foreclosures
2008-02-06 21:00:00
If buying a home is the American dream, then foreclosure is the American nightmare. In prior years, hordes of lenders approved prospective homeowners for loans that were unethical for their erratic interest rates and astronomical long-term cost to the borrower. People ended up in houses that were too big, too expensive, and too much to manage. As a result, thousands of homeowners across the nation are now in foreclosure on their properties. This result has triggered a downturn in the real estate market, decreased revenue for local and state governments, panic in the stock markets, and recession in the economy. While the situation may seem as if it’s all hit the fan, there is opportunity to be found in the very place that caused it all: the real estate market. Looking at the situation on an individual, human level, there are now untold numbers of people in foreclosure who are being forced out of homes that they once owned. Most are decent, hardworking people who simply were sold a ...
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Invest In China Instead
2008-02-01 20:50:00
According to Jim Rogers, famed investor and co-founder (with George Soros) of the Quantum Fund, economic hardship in the United States is only just beginning. He predicts that in the US “we are probably going to have one of the worst recessions we’ve had since the Second World War”. In other parts of the world, specifically China , he sees opportunity and growth.In December he published his latest book entitled ‘A Bull in China: How to Invest Profitably in the World’s Greatest Market’. That month he also sold his Manhattan townhouse (bought 30 years ago for $100,000 and sold in today’s market for $15.75 million!) and moved his family to Singapore.He acknowledges that the Chinese market was overheating and may have been in danger of becoming a bubble, but praises the government there for its efforts to cool things down with the real estate and stock markets. He still thinks that there’s some cool down needed, but points out that he’s “starting to prepare his list o...

The Largest Fraud in Banking History
2008-01-25 20:41:00
Speculative trading done by Nick Leeson, a British trader working in Southeast Asia, caused a loss of $1.4 billion and the 1995 collapse of Barings Bank, the UK’s oldest investment bank. This event, however, does not come close to events earlier this week. Jerome Kerviel, a trader working at Societe General, one of the oldest banks in France, manipulated the market by making large fraudulent trades and hiding his positions. These positions were discovered on January 19 by his managers; total losses for the bank are estimated at $7.1 billion. In the few days following, there was a large drop in equity indices (on January 21 and 22), and suggestions that the loss may be partially related to the Federal Reserve Bank’s decision (January 22) to slash interest rates by 0.75% - although the Feds deny this. What’s also interesting is that Societe General says that it will still make a profit of about $1 billion despite the loss. Image: Jerome Kerviel mugshot (Smile!)RICHMONEYMILLION.C...
More About: History , Fraud , Banking , Largest

Finding Balance
2008-01-18 22:49:00
I recently came across the story of Paul Navone, a 78-year-old second-generation Italian-American retiree who, on a salary of $11 an hour, accumulated a multi-million dollar fortune. Paul worked in the New Jersey mills, and made his fortune through buying rental properties and investing his money in the stock market. He also lived a very frugal life, shopping at thrift stores and not having a television or telephone. In interviews, he indicated that the last thing he remembers seeing on television was the NASA moon landing in 1969. Paul never married and had no children. He traveled out of New Jersey only three times in his life (one time for vacation, and one time for a work-related convention, and one time when he was drafted to the Army). He was described as somewhat reclusive; in fact, the only reason he became known is because he recently donated several million dollars to various schools. Many, many people have found Paul to have an inspiring millionaire-next-door rags-to-rich...
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Interesting Facts About US Currency
2007-12-20 05:41:00
The Bank of the United States was the first central bank chartered by the U. S. Congress. The bank issued the first currency bearing the words "United States". This $50 note was issued in 1801. The bank closed in 1811 when Congress failed to renew its charter. In 1816 the U. S. Congress chartered the second Bank of the United States which issued this one thousand dollar note.This ten thousand dollar note from 1928 issued by the Federal Reserve Bank is the highest U. S. denomination ever issued for public circulation. It bears the portrait of Salman P. Chase who served as Secretary of the treasury and Chief Justice of the United States.This one hundred thousand dollar bill is the highest U.S. denomination; there are no one million dollar bills, contrary to urban legend. The bill bears the portrait of President Woodrow Wilson. There were 42 thousand of these bills printed, and all were used for transactions between the Federal Reserve Bank and the Treasury Department; they were never ...
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The Power of Compounding Interest
2007-12-15 21:50:00
What has been called the most powerful force in the universe, the eighth wonder of the world, and one of the greatest discoveries of our time? No, it's not Rich Money Million - but good guess! It's actually the concept of compounding interest, which can turn a little bit of money, invested well over time, into a fortune.The easiest way to understand how it works is to imagine a snowball. If you stand at the top of a hill and roll a marble-sized snowball down the slope, as it travels on its journey to the bottom it picks up more and more snow, slowing increasing it's overall volume, and eventually gets so big that it sends punk snowboarders fleeing in fear.When you save or invest and your money is compounded annually, in the first year you earn interest on the original principal. In the second year you earn interest on the original principal as well as the interest from the first year. In the third year you earn interest on the original principal, as well as the interest from the ...
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Most People Don't Save For Retirement
2007-12-14 17:41:00
A recent Government Accountability Office report estimated that only about 36% of all workers participate in a 401(k) or other retirement plan, and for those with plans the average account balance was less than $23,000. More startling are estimates suggesting that 37% of today’s teen and young adult workers will reach retirement age with absolutely no money saved for retirement.I did a little more research and found that some experts suggest that many young people know that saving and investing is important, but don’t have any retirement accounts because of a lack of confidence in their knowledge and ability to make good financial decisions and a lack of action. I spoke to several of my friends and co-workers – most of who are in their late 20’s to mid-30’s, and many tell me that they have not saved for retirement either for similar reasons. They say that they know it’s important, but that it’s all too confusing, too overwhelming, and that they’ll figure it out later...
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7 Tips To Improve Your Credit Score
2007-12-13 20:12:00
Don’t buy it if you can’t pay for itLiving beyond your means and purchasing goods and services which you truly cannot afford eventually result in repossession, foreclosure, bankruptcy, and ruined credit. Credit and loans are okay, and ‘wanting-it-now is okay, - as long as you can pay for it later. If not, you can live without it.Pay off balances every monthWhen the bills arrive, pay off the balance on all your accounts. Carrying balances costs you in interest payments as well as in credit points. You lose 1 point for every percent of your credit limit that you use. So if you have a total credit limit of $10,000 and have an outstanding balance of $4,000 (40%), your score would be 40 points lower than if you had a $0 balance. Simply put, the more you owe the less your score will be.Pay on timeNot paying bills when they are due tells lenders how reliable you aren't. If you're 30 days past due and your balance is still unpaid, you can expect your score to drop some 60 points. Th...
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Profit From Rising Food Prices
2007-12-13 07:48:00
In a recent MSN Money article, financial guru Jim Jubak suggested that investors may want to consider investing in agriculture/food commodities now as the trend of rising food prices worldwide may cause reconsideration of the old saying 'money doesn't grow on trees'.Anything made of grains or legumes, which includes bread and cereals, and livestock that feed on grains or legumes, are all anticipated to cost more in 2008. Like energy/oil prices, food prices will continue to rise as supplies struggle to keep up with rising demand from consumers in developing economies. Farmers are producing more food than ever, but global consumption has risen even faster. Simply put, there are more people eating more food. Further, with new biofuel and ethanol vehicles, there has also been a rise in demand for soybeans and corn with which these fuels are made. Add to this mix global warming and weather problems which affect crop growth, such as drought or severe storms, and prospects for suppliers...
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HOW TO DO YOUR TAXES FOR FREE
2007-11-29 18:01:00
It's almost the end of November, and the end of the year. If you're like me, and don't like to proscrastinate and wait around until April 15th, you're already thinking about taxes. It's always amazing to me to see the news reports of people lined up outside post offices at five minutes to midnight to mail their taxes. Hopefully, none of my readers are this lackadaisical about their finances! For me, the sooner I file, the sooner I can get that tax refund check, and the sooner I can invest it.There are many tax return preparation software programs available on the market, and for the small cost of purchasing the program, you can save yourself tons of time and stress. Most are intuitive and, in a matter of a few hours, automatically complete your return for you by asking you a series of plain-language questions. You can forget about trying to decipher the tax code yourself, and forget about dealing with that amateur accountant from those porta-booths in the mall. Most software pr...
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LOTTERY WINNERS ASK "NOW WHAT?"
2007-11-20 18:59:00
Although this blog has, thus far, included articles about saving and investing money, my site analytics tell me that the vast majority of site visitors have come here searching for advice about what to do after winning the lottery. They've been drawn in my one of my first articles: When You Win The Lottery . I find this rather interesting, almost exclusively for the fact that so many people appear to be winning jackpots and then, probably with a mixture of excitement and confusion, thinking to themselves, "what do I do now?". I have to admit that I always thought that, when asked what they would do if they won, most people would clearly already know. Fantastical answers like, "buy a mansion on every continent, buy a different Lamborghini for each day of the week, and fill my swimming pool with champagne" come to mind. But, based on my site statistics, it seems that winners are being level-headed and rethinking their options, and are more careful with their windfall than is commonly ...
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SEX AND SOCKS: TWO THINGS NEEDED TO MAKE MONEY BLOGGING
2007-11-12 19:36:00
Probloggers Darren Rowse, John Chow, and Steve Pavlina, are making lots of money blogging. You’d be making money too, but you need to have the two things vital to making money blogging: good content and good advertisements.The need for good content and good advertisement are elements that so many bloggers ignore, and then whine when their monthly revenue is a grand total of three cents. So even if this ‘revelation’ doesn’t seem like much, it’s something to really think about.Really, they’re all that matter. Having nifty widgets doesn’t matter so much. Having a two-column or three-column format doesn’t matter so much. Whether you use blogger or wordpress doesn’t matter so much. Even whether you have your own domain name or not doesn’t matter so much. The only things that really count, if you blog for profit, are content and advertisement.ContentWhat you publish and how you write it are extremely important. Your content has to be interesting, meaningful, and releva...
More About: Money , Make Money , Blogging , Make , Things

HOW WARREN BUFFET MADE BILLIONS
2007-10-25 05:16:00
Warren Buffet has made billions investing in the stock market, and is considered to be the second richest man in the world (after Bill Gates). The company he manages, Berkshire Hathaway, has the highest priced stock on the market – at just under $130,000 per share currently. His long-term buy and hold investment style is encapsulated in this quote:"Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards - so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes. Put together a portfolio of companies whose aggregate earnings march upward over the years,...
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MOST EXPENSIVE House
2007-10-18 21:31:00
Updown Court in Surrey, England is the most expensive private residence in the world. It is priced for sale at £70 million (over $143 million).It is set in the centre of 58 acres of grounds which include a lake and vast woodlands. The main house and two guest houses comprise 103 rooms totaling 60 thousand square feet of living area. Each of the 22 bedrooms has its own marble bathroom. The estate has five indoor and outdoor swimming pools, several tennis courts and squash courts, a two-lane bowling alley, a 50-seat cinema, and stables for five horses. There is also a panic room with built-in kitchen. Five acres of more than 30 different types of imported Italian marble line the floors, the heated driveways, and the expansive terraces. In addition, there is space for a helipad, and an underground garage, with granite flooring, that has enough room to harbor eight limousines.The estimated cost for upkeep alone is over $500,000 a month.Take a tour of Updown Court...RICHMONEYMILLION.COM...
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THE INCREDIBLE POWER OF STOCKS
2007-10-18 16:43:00
For many people, it’s difficult to comprehend that a small investment today can grow into a fortune. But with time, patience, and compounding interest, amazing things are possible.Making FortunesIn the mid 1940’s, a woman named Anne Scheiber retired from the IRS where she worked as an auditor. Using a $5,000 lump sum she had saved, and a pension of roughly $3,150, over the next 50+ years, she built a fortune from her tiny New York apartment that exceeded $22,000,000 upon her death in 1995.She put her money into stocks of companies that made things and offered services with which she was personally familiar, such as Coca-Cola, Merck and Loew's. Scheiber had a law degree, but she believed she had been thwarted in her desire to move up to better job at the Internal Revenue Service where she worked, because she was a woman. She decided not only to save until she had a fortune but also never to give a penny of her profits to the IRS. She did this simply by never selling her shares, ...
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MONEY AND SEX
2007-10-16 08:50:00
The richer you are, apparently, the better sex you have. That's according to a recent survey of more than 600 high-net-worth individuals. And rich women, it seems, enjoy sex the most."In seeking a higher-quality sexual experience, the number of well-heeled women that lead more adventurous and exotic sex lives, have had an affair or joined the mile-high club far outdistances that of men -- and the affluent gender gap in views on sex doesn't end there," Hannah Shaw Grove and Russ Alan Prince, two well-known researchers on the habits of the rich and famous, found.Grove and Prince surveyed people with an average net worth of $89 million, an individual minimum net worth of $30 million, and who make more than $9 million per year. They found that money is an enabler in a number of ways to enhance sexual experiences."The majority of men and women credit their private wealth with achieving a better sex life. When viewed separately, a larger percentage of women agree with the statement, per...
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RULES FOR COMMODITIES
2007-10-15 23:28:00
Today the price of crude oil rose above $86 a barrel (see graph below). Other commodities that have gone up in value, such as gold and soybeans, have demonstrated that good investors need to look beyond plain old stocks and mutual funds.Experts recommend commodities as a way to diversify your portfolio, especially as they continue to advance when stocks are struggling, and suggest that you allocate at least five percent of your investment funds to gold and other commodities. Prudent investors will own both the physical commodity (e.g. actual gold bars) as well as shares of the resource producers. There are some things to watch out for though.Scam artists are prevalent; deal only with registered firmsAll legitimate brokerages must be registered with the National Futures Association with a list of all complaints, sanctions and arbitrations. Go to the Association's Web site, and click on the Investor Learning Center link for helpful information about trading and how to protect yoursel...
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AIM Funds China I (IACFX)
2007-10-12 19:47:00
As you already know, I am very much in favor for investing in the Asian market as I think that this is where the most profits are to be made. I've already discussed American Funds EuroPacific Growth. Here's another Asian investment that I really love, and that I recommend.AIM Investments China I (IACFX) fund currently has an insane year-to-date return of 100.52% and a 1-year return of 159.10%. It's top holdings include PetroChina, China Mobile, China Life Insurance, China Construction Bank, and Industrial and Commercial Bank of China. There is definite profit potential here. The only downside is that the plan administrators only accept minimum investments of $1 million; this makes it out-of-reach for the average investor, but if you or your investment club is in a position to get it, do so.RICHMONEYMILLION.COM RICHMONEYMILLION.COM RICHMONEYMILLION.COM

CAN MONEY BUY HAPPINESS?
2007-10-09 21:52:00
Every day we're bombarded by television and tabloids that put the rich and famous on display. We see them and they seem to be tremendously happy in their chauffeur-driven limousines, their private jets, and their multi-million dollar homes. In our own lives, we keenly observe the homes and cars of our neighbors, the paychecks of our bosses, and the material wealth our rich relatives. We feel a strong sense of envy and malcontent with our own worth. We tell ourselves that the only way to be happy is to have it all. That’s the formula for happiness, right? Not so, say countless researchers.In polls taken by the National Opinion Research Center in the 1950s, about one-third of Americans described themselves as "very happy." The center has conducted essentially the same poll periodically since then, and despite more Americans having more wealth, the percentage of those who are happy remains almost exactly the same today as in the past.According to a research study by Stony Brook Univ...
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5 MUST-HAVE FINANCIAL ASSETS
2007-10-08 15:15:00
For good financial health and planning, there are at least five assets that everyone should have.Savings AccountThis is simply an account in which you automatically deposit a percentage of your income on a regular basis. I recommend that you always have at least three months' worth of income saved up. The funds in this account are for a 'rainy day' or emergency use mainly, but may also be used to supplement other assets on occasion. Although savings accounts are not known for their ability to grow, there are a number of online banks that offer surprisingly good interest rates.Investment AccountOnce you have your savings account fully funded, part of the income that you were diverting to savings should be diverted toward investments. This can include stocks, funds, gold, and material goods that you expect to appreciate in value over time. You can distribute and re-distribute funds according to where you think is most profitable, based on your acceptable level of risk, but with ful...
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HOME BUYER PRIMER (Part 3 of 3)
2007-10-06 21:22:00
You have spent the last few weeks house hunting and have finally found that piece of property that you want. Time to make an offer!Making An OfferIf it were a couple of years ago, I'd recomend that you act quickly if you didn't want to lose the property to another buyer. Houses were not cheaper, but easy mortgages were being handed out like candy and everybody and their brother were buying a house. These are all the folks now who are in foreclosure as they should not have qualified in the first place.Now, however, it's a buyer's market and the stars are in your favor. There are much more houses than buyers, and houses are sitting on the market longer. That means that sellers are often desperate to get an offer, and you have lots of room to negotiate. It pays, literally, to have a savvy real estate agent at this stage of the game. My recommendation is to knock at least ten percent off whatever the asking price is, more if you feel inclined, and start the negotiations from there. ...
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THINK RICH
2007-10-05 16:56:00
In my wanderings I came across an article about the connection between attitude and values and becoming rich, and I found a maxim that caught my attention: “Think like the rich and act like the rich, and you’ll become rich”. I like this idea, and I think that it's very insightful and important. So, how do the rich think and act? 1. Rich people believe that they are creating their own destiny and that nothing in their lives is already decided. They are in control and in charge. Other people let life happen to them.2. Rich people are competitive, and are always thinking about winning while most people are just thinking about not loosing. This attitude gives rich people an advantage, because if they fail in something they are going to try again and again until they succeed. Remember that rich people do not surrender.3. Rich people are committed to be rich. They have a strong desire to be rich and successful, and will accept nothing less than that.4. Rich people focus on opportun...

HOME BUYER PRIMER (Part 2 of 3)
2007-10-04 21:41:00
You have a real estate agent, and have spoken with a lender. Now what? Time to go house hunting!Your Pre-Qualification LetterThe lender should have given you a letter that states the price range for houses that you can afford. You need to give a copy of this to your real estate agent, and keep your approval amount in mind when looking for properties. Plan to spend less than you've been pre-qualified for. That figure is usually the maximum dollar amount that you can afford, and you the last thing you want is to just be scraping by to make your monthly mortgage payment. Where and How to House HuntThere are two ways to look for houses: look at whatever your agent finds and shows you, or get your agent to show you what you've found. I like the second option. When you look at a particular property, you know within ten seconds whether you want to own it. In my experience, no matter how great the agent, they always pick houses that you aren't at all interested in. I tend to look for pla...
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