I recently received an inspirational e-mail from a reader who like me had the dream of accumulating $1,000,000 by age forty. Although she has not yet met that mark she has accumulated a large six figure portfolio and is on track to have a million bucks by forty. I asked her about her investing strategy and she was kind enough to give me the 9 rules that she has followed to achieve her wealth.
1. Don't invest money you can't lose.
2. Take any tax advantages you can.
3. Receive cash from dividend and reinvest.
4. Don't invest more than 50% of your money with asset managers.
5. Listen to old, rich people.
6. Put as much as you can into your kids names (tax advantage).
7. Spend some of your money to enjoy life.
8. Give some of your wealth away.
9. Bring your spouse on your journey.
She also gave me some advice on my portfolio --- hold more real estate and take more risks...