“You are never too old to set another goal or to dream a new dream.”
- C.S. Lewis
If you’re like most people, you’ve already broken your New Year’s Resolutions to exercise more, save more, or lose a bad habit. But don’t despair! No matter what time of year it is, it’s never too late to make (and keep) a Million Dollar Resolution, strengthen your Health and Wealth connection, or make progress towards any achievement that’s important to you.
Setting goals and intentions is an important part of success, and reaching them is even more critical to your results! If you seem to be aiming for success but continuously falling short, there is likely a key step you are missing to help make your dreams a reality.
Today we share 5 steps that will make reaching your goals and creating wealth inevitable! W e are borrowing Kate Phillips’s “AMASS” formula (with her permission), and giving it our Partners4Prosperity spin to help you AMASS more Wealth and Prosperity! Continue reading
“Character is the ability to carry out a good resolution long after the excitement of the moment has passed.”
- Cavett Robert
Last year we published Parts 1 and 2 of “Make a Million Dollar Resolution,” and today, we continue with Part 3.
The Power of Decisions
The decisions you make today, combined with actions and habits in alignment with your decisions, can add as much as a million dollars or more to your wealth over time. Whether the decision is a New Year’s resolution or made in June or August is irrelevant, but the beginning of a new year is the most popular time for setting new goals and intentions. As Oprah Winfrey says, “Cheers to a New Year and another chance to get it right.” Continue reading
“A Family Bank is a strategy to keep wealth in your family and keep it growing… from generation to generation.”
- The Family Banking Book (forthcoming)
This strategy has been called “Family Banking,” “Private Family Banking,” the “Private Reserve Strategy,” “Infinite Banking,” “Insurance Banking,” and probably a half-dozen other names too.
By whatever name, what we mean by Family Banking is a method of using permanent, high cash value life insurance policies to build a multi-generational “bank.” This Family Bank grows and safeguards dollars while providing opportunities for family members to participate in growing and/or borrowing against the policies. Continue reading
“Acknowledging the good that you already have in your life is the foundation for all abundance.”
- Eckhart Tolle, A New Earth
New Study Shows How Gratitude Can Help People Save Money!
It may come as no surprise that Gratitude is the key to inner wealth… but what effect might it have on our financial wealth?
Glad you asked! According to a recent study published June 2014 in Psychological Science, when people feel grateful, they are more likely to have the patience to save for a higher return on their money.
Northeastern University’s David DeSteno led the inter-disciplinary research project, entitled “Gratitude: A Tool for Reducing Economic Impatience,” assisted by a professor from Northeastern’s Psychology Department a team member from UC Riverside’s School of Business Administration and another from the Harvard Kennedy School.
In the study, participants were given a classic test of their ability to delay gratification, Continue reading
“If you think money you deposit in a bank is yours, think again.”
Bank Account Confiscations Increase
What do dairy farmers in Maryland, a Long Island snack-and-cigarette distributor, a Virginia Army sergeant saving for his children’s college, and a 67-year owner of a Mexican restaurant in Iowa have in common?
They have all had bank accounts seized by the I.R.S. without any formal accusation or proof of tax evasion, money laundering, or criminal activity of any kind.
Why would their checking or savings accounts be confiscated? Because they had all had a pattern of depositing less than $10,000 into their accounts, which is viewed as an attempt to avoid triggering a required government report. Continue reading
“Personal finance publications bias their recommendations—either consciously or subconsciously—to favor advertisers.”
– Jonathan Reuter and Eric Zitzewitz, Quarterly Journal of Economics
Two weeks ago, we started a rant inspired by a single issue of Kiplinger’s that I picked up to read on a plane. In Part 1, we exposed the fallacies of the “How Much You Really Need to Retire” article that warned people not to “over-save” for retirement (since surely they can live on 60% of their former income), and faulty advice on “The Best College Savings Plans.” In case you missed it, here’s Part 1 of this series on the financial media bias.
Today, we look at three other highly problematic articles from that one slim Personal Finance magazine.
Hot Stock Gambles – “Top Picks of the Top Pros”
I don’t know about you, but the last time I grabbed something “hot” – I dropped it! And frankly, the picks and even the comments made by some of the money managers are telling. Continue reading