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...
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6 comments:
Hi MCM,
Sounds like some good advice.
I decided to retire at age 55, the earliest age I could start collecting my company pension.
One of the things that influenced my decision to take early retirement was information I got from people who were already retired. When I asked these older guys...Would you do anything different?, I often heard - I would have retired earlier.
Canadian Money,
That's great advice! I've heard the same thing and plan on semi-retiring at 40 (maybe work part-time).
You can buy anything except time.
I think #5 is especially true "listen to old, rich people" I don't think us younguns give the old timers enough respect or tap their knowledge as much as we should and from experience many older successful people are more than willing to share.
#10. Surround yourself with other successful like-minded people.
Neat Post!
To add to that and what John has to say -
#11. You are never too old to learn something new, so always keep an open mind.
A million dollars is not what it use to be.
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