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According to Slate magazine, there are now 8.9 million American households with assets over $1 million, excluding their homes and retirement funds. Dr. Larry Samuel of the consulting group Culture Planning breaks them down into five basic groups:

? Thrillionaires. These millionaires live on the edge, consuming conspicuously. They?re more likely to be found rolling the dice in Las Vegas than taking a family vacation. While they?re not impulsive, they take calculated risks. Think: Donald Trump.

? Coolionaires. These millionaires live in the cultural centers and support fine art, architecture, and other expressions of creativity. They probably acquired their wealth through a combination of innate talent and an extraordinary amount of hard work. Think: Steve Jobs, founder of Apple Computer.

? Realionaires. These unassuming millionaires live ordinary lives. They do not like to spend money unnecessarily. However, they do spend money on their priorities, like education. These millionaires may be the ?Millionaire Next Door? as described in the book by Drs. Stanley and Danko a few years back. They are hard working and down to earth. Think: Warren Buffet.

? Wellionaires. They value their spiritual, mental, and physical health. They are open to new ideas and methods, which may be how they acquired their wealth. Think: Mark Hughes, founder of Herbal Life.

? Willionaires. Their wealth is often inherited and they view it as a sacred trust. They view their wealth as a responsibility to better their environment. These are the philanthropists. Think: David Rockefeller.

While these millionaires vary considerably from one another, they all have one thing in common: planning. It has been said that those who fail to plan, plan to fail. Whether you are a millionaire or aspire to be one, planning is the way to achieve your financial and life goals.

As with most endeavors, planning is essential when Read more…

For the twelfth straight year, Bill Gates continues to be the richest man in the world with a net worth of $50 billion, according to the authoritative Forbes magazine, the business world’s bible of wealth and fortune. Microsoft’s founding father may be less active in the corporate world these days, but he still sits comfortably at the top of the hill as the inspiration and subject of envy of all would-be billionaires.

Based on a recent report released by Forbes, becoming a billionaire these days is not as hard as it used to be. The publication reveals that there are now a record 793 billionaires around the world, compared to 691 in 2005, with an average net worth of $3.3 billion. Combined, these 793 men and women have a net worth of $2.6 trillion.

What is stunning is that just three years ago, Forbes could only point to 476 billionaires worldwide, which means that their number has nearly doubled in a three-year span. Contrast that to the magazine’s inaugural list of only 140 billionaires 20 years ago, and you can easily see how so many individuals have reached the billion-dollar plateau in recent years compared to the last two decades.

Economic observers note that the road to riches has now taken on a different look. And perhaps nowhere is that more evident than when you consider new billionaire Calvin Ayre, a jet-setting Canadian playboy who started making his fortune 10 years ago by taking illegal bets over the Internet in Costa Rica. Ayre Read more…

My wife and I attended the Donald Trump Wealth Building Seminar a couple of weeks ago. Actually it wasn?t a seminar, but a 2 1/2 hour promotion for his upcoming weekend seminar. I have attended sales pitches for seminars before, but I must admit that this was one of the better ones. I did walk away with a few tidbits that I will be able to use on my Financial Freedom journey.

To the dismay of a few attendees the Donald wasn?t there. What do you expect for free? He did have a 10-15 minute video introduction to the seminar – where he changed his name into a verb. He must have mentioned the Trump Way a hundred times. ?I will teach you how to create wealth in the Trump Way. You will learn how to evaluate projects in the Trump Way. By the time you will finish my seminar – you will be combing your hair in the Trump Way.? I added the last one.

The presenter was excellent. Trump found a person who he believed represented the average American. He owned a moderately successful real estate agency and was making a living, but wasn?t really getting ahead. Trump?s people mentored him obviously in the Trump Way. Now he has multiple streams of income and appeared to be in a much better financial position. Trump is definitely a smart man. He created a success story to help sell his seminar. I am not sure exactly how long Trump work with this person, but I imagine a few years.

During the presentation, it was stated a roadmap is essential to wealth building. You must have: A dream Must have a goal and be passionate about it Must obtain specific knowledge Create a Timeline

In addition to those you must learn how to use OPM (other people?s money), OPT (other people?s time) and OPE (other people?s experience). Trump?s time is Read more…

In Pennsylvania, some counties have two different tax sales; the ?upset? sale, and the ?judicial? sale. If tax sale properties are not sold at either of these two sales, the property then goes on the ?repository? list and can be sold by private bid. The upset sale is held every year in the fall. It?s called an ?upset? sale because the minimum bid for the properties in this sale is known as the ?upset? price; which includes any unpaid taxes from the county as well as any municipal liens. If a property is not sold in this sale, it is sold in the ?judicial? tax sale in the spring. Not all Pennsylvania counties have judicial sales but they all have an upset sale.

What you may not know about the upset sale is that all properties are sold subject to any liens or judgments. That means that if you purchase a tax deed at this sale, you are responsible for any other unpaid liens or judgments on the property. Most people assume that when they buy a property at a tax sale, that they don?t have to worry about other liens such as a mortgage. This is not true at the upset sale. If you plan on bidding at any of these sales this fall, you?d better do your homework!

So how do you find out about other liens or judgments on tax sale properties? There are two ways that you could do this; one is going to cost you some money and the other is going to take some of your time. The first way is to hire a title search company to do a simple title search on all of the properties in the sale that you are interested in bidding on. This could turn out to be a little costly, so it?s not my method of choice. Another reason why I don?t hire a title search company to do title searches for me before the sale is that many of the properties will come off the sale list the day before or the morning of the sale. You may pay for a few title searches that you don?t even need because the properties that you wanted to bid on are not sold at the sale.

Today I went to the Monroe County Upset Sale. I didn?t even bid on any properties. I researched about 10 of the properties in the sale that were in an area that I was interested in. Through my research I narrowed this down to only two properties that I wanted to bid on. I did all of my research the day before the sale and I had checked that morning to make sure that all of these properties were still in the sale. But by the next morning (the morning of the sale) the two properties that I was interested in had paid and were no longer included in the sale. I?m glad that I did my own research and did not pay a title company to do it!

That brings us to the second method for finding out about liens and judgments on tax Read more…

Many people have conflicting emotions about prosperity and wealth. They have the idea that ?money is the root of all evil,? or that poverty is in it self some sort of noble cause and that to be rich a person must be greedy or take advantage of a people. Or that in order for one person to grow rich and prosper another must lose. They think the world is a win-lose prospect.

The truth is, the universe is governed by an infinite intelligence whose plan is to increase life. Every living thing in the world is seeking to increase life; to perpetuate itself in greater abundance.

The natural state of your life is increasing wealth, improving health, greater happiness, and an ever expanding capacity for love. Money is very much like love. The more you love people the greater your capacity to love. Parents who have one child do not expend all of their love on one child so that there is not enough for a second child. Instead, their capacity for love doubles and triples. From loving one they learn to love many and they learn to teach their children to love and see to increase the good in the world.

Money increases in much the same way as love. As you learn to increase your abundance the greater good you are able to do. As you save and invest money, the more money you are able to tithe to your favorite church, charities, and causes. You increase the good Read more…

Wealth means many different things to an array of people, regardless of how affluent they are. For some, it means putting every one of their children through college. To others, wealth simply means fancy cars, huge mansions, and the ability to relax all day. Despite what you think wealth means, financial planning is the first necessary step for wealth building.

Building long term wealth is actually possible for everyone. It all begins with financial planning and having ideas. Without a solid focus and a list of goals, you will never be able to accomplish what you?d like. The first step to wealth building is to come up with five priorities. While the sky is the limit, it is smart to be realistic. For instance, if you are struggling with your current living situation, your goal could be to put $10,000 down on a house in six years. These goals should also include a time frame, and when you?d like to be financially stable. Staying organized and knowing exactly what road you want to take means that wealth building is in the big picture. It will not only motivate you to strive harder, but it will allow you to see what is down the road.

The next thing you need to do is create a budget. Wealth building certainly doesn?t do the work by itself, thus you have to sit down and keep track of your finances. By building a budget and sticking to it, you will easily be able to accomplish your goal. For many financial planners, they recommend keeping a journal and a list of your finances. This way you can see what you are saving and why you are saving it. For instance, if you go to the grocery store twice a week, keep the receipts and do the math. If you begin to have doubts, just think of the end result. Would you rather spend $100 a week on fast food or buy a house in 10 years? The opportunities are endless, as long as you stay strict.

Once Read more…

Anyone with a desire to be wealthy, rich, or comfortable needs to follow a few steps. The first step is to create a plan of attack. An attack on poverty, on risk and on conventional thinking. Then they actually need to follow through with their plan. The plans vary person to person. For instance, older people can’t take the same risks as young people. They don’t have the time to spare. Nor would it be easy for them to replace lost money. But anyone can choose an investment plan that will work for their situation.

To create wealth you clearly need assets. An asset is not only something with value, but something that will put money in your pocket on a regular or planned basis. The assets you acquire can be purchased, like a dividend bearing stock or an interest bearing bond. They can be created, like residual income producing assets such as a product, song, book or network marketing system or even an insurance agents list of clients. By creating an asset instead of purchasing an asset, you will be able to build wealth in the fastest possible way because there is no capital investment. The capital you save can be used to create more assets. That is how a person gets rich. By using assets to buy or create more assets. You can earn an income for years to come from the same asset. The more assets you can build or buy, the wealthier you become as long as you reinvest your income into more assets.

Most assets you create become the fundamental elements of a business. The finest businesses to build into assets are the ones where you don’t have to work every day. If you take the day off, your asset is still producing an income for you. Real Estate offers this characteristic in many different ways, through residential properties, industrial properties and commercial properties to name a few. Other vehicles exist as well, such as insurance products, books, videos, audio CD’s, DVD’s and electronic files. Network marketing systems can create millionaires with their downlines. Podcasts and audio casts and any Read more…

Not necessarily. Actually, it depends on your definition of ?hard.? I began a 401K and pension fund when I was hired on at my company 24 years ago. Today, I have a nice retirement. But that was just my individual case and I?m sure your circumstance is far different. So let?s focus on you, instead. Whether you?re twenty or forty, you have to make a tough decision. You have to do without something now to benefit later. In other words, you have to save money now, and that means sacrifice.

The younger you are, the less you have to give up. That?s because your savings multiplies faster over a longer term. Hence, you can put aside a small amount and watch it grow using the magic of compound interest. Assuming that you can get a 5% return on an average investment, we can run a simple chart. That return is based on most common tables that are not tied to equities or bond funds. Although most experts would agree either should generate that type of return. Even guaranteed CD?s, or certificates of deposits, backed by FDIC for safety sake, can offer similar rates. But whatever device you choose, let?s use that number.

So let?s look at one example. Suppose you are 25 years old and make $10 an hour or $400 a week or $1600 a month. After taxes that?s about $1200 monthly. I want just $150 of that, for your monthly investment. Figure that if you were to give up a Starbucks coffee costing $5 every day, there?s your $150 a month. Do that for the next 40 years and you?ve given me $72,000. But, by investing the monthly amount in a 5% returning account, the compound interest turns this into $228,900 by age 65. Not bad for someone doing without a Vente Caf? Mocha Latte every day. Now, as you make more with raises, job changes, etc., and you could quadruple that investment, you?ve got over $1,000,000 for retirement.

But I?ve got an even better plan. Could you squirrel away $5,000 for that first year? I know that?s a lot to ask, but hear me out. If you could manage to put aside $10,000 over two years and invest it, never putting in another dime, you won?t be able to guess what you would amass after 40 years. $50,000! But, if you Read more…

Anyone can create wealth, it?s just that some do it better than others, because they follow some simple rules.

While there are stories of people being innovative or being lucky, this is not the norm of people who build wealth.

It?s easy to create wealth, but you need to follow three simple tips and if you do chances are you will.

So, here are your 3 essential tips for wealth creation.

1. Do it yourself

No one else is going to do it for you. Forget people who sell you books and ideas on MLM, gambling, finance or any other scheme where you pay a dew hundred dollars for unlimited wealth.

People want an easy way and end up disappointed buy these schemes and you will end up creating wealth for the person who sold you the scheme and not create wealth for yourself.

Wealth creation is all about having some capital and putting it to good use i.e make it grow.

Whatever scheme you choose for wealth creation, think for yourself and make your own mind up and don?t blindly follow others.

2. You Need To Work Smart NOT Hard

Lots of people work hard but this hard work does not result in wealth creation and there is correlation between the two.

The fact is, if you want to make money you need to work smart NOT hard and there is a big difference.

Working smart means simply being able to spot an opportunity and act on your own judgement, in an area that offers you good risk reward.

3. Understand Speed

An ?activist? is someone, who, seeing a need for change or improvement, becomes involved in promoting that change or improvement.

I suppose that makes me an activist, of sorts.

More than thirty years ago my heart hatched a dream. I wanted to travel a path that would help me to become financially independent. But I did not stay the course. I did not continue to search, research, act and follow through.

So here I am. One of the typical statistics of the general population of the nation. I have virtually no savings and very little put away into a retirement vehicle.

But it is not too late. It is never too late. And I am still determined to make a better future for myself. The difference is, I have actually begun. I have a plan for my future success and my future prosperity.

We have a ?term? life insurance policy in place to cover our immediate needs if we died, and we have opened some tax advantaged retirement programs.

My current job has had a retirement program available for a long time. They offer to put in 2% of my gross pay check if I will put in 3% of the same pay check.

Think of it.

If I contribute $150, the company adds $100. Then I have it invested in a mutual fund with a track record of about 10%. At the end of the year, using simple numbers for illustration, I will have put away $1800, the company will have added $1200, and the interest would have contributed about $300. We have a total of $3300. The return on my investment of $1800 has been over 83%!! Would you like an 83% return? Check into it. Ask about employer matching funds investments for retirement.

We are also putting into place a Roth IRA, a short-term savings plan, and a long-term savings plan. These are all in mutual Read more…