Archive for: October 2013

Not Every Baby Is Born Into Royalty But Yours Can Still Save & Prosper

Prince George, or Georgie, as he will be called, was born in July to much fanfare and anticipation.

What does it mean to be born into the House of Windsor?   Even though he likely won’t exert his political power when he becomes king, he will still be influential.

And he will be worth a pretty penny.

According to International Business Times, he will inherit 700 million pounds.  There’s no doubt little Prince George is already one of the wealthiest babies in the world.

Of course, not every baby is born into royalty, with the proverbial silver spoon.  Chances are, you probably wouldn’t want that life for your child anyway.

While you may be from modest means, you CAN help your child get a financial advantage over many of his peers by taking important steps when he or she is young by saving.

 

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Squeeze Extra Savings Out of Your Current Paycheck

extra savings

Saving money—actually depositing money into a bank account that won’t be touched in the short-term—happens when both the physical and mental elements are right. What do I mean by this? A healthy savings account does not just manifest by itself. If a person makes a decent income but sees no benefit in saving any of it, then extra savings will not automatically accumulate. Conversely, if a person is a natural-born saver but is struggling to make ends meet, then it will be difficult to accumulate money as well.

You need both an income as well as an extra savings mentality in order to build up your money.

 

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The 4 Types of Retirement

types of retirement

A few days ago, I read this great post on Len Penzo’s blog about two types of retirement: a hardworking, straight-shooting early retirement vs. a slow, leisurely traditional retirement.

Len compared the two models to climbing a mountain: you can either shoot straight up the face, gaining altitude quickly (but sacrificing some scenery during the climb), or you can take switchbacks, acclimate, enjoy a picnic, and eventually reach the summit.

It’s a beautiful analogy, but I think a few routes are missing. I’ve embraced a different style entirely.

 

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