Are You Drowning in Negative News?

Key Takeaways

  • Take a page from the millennials when it comes to being very selective about where and how you get the news. Hint: they don’t watch a lot of TV.
  • The conventional news media tends to skew toward the negative. Don’t let that bias cloud your investment and wealth management decisions.
  • You need to be very proactive in collecting the news that’s appropriate for you.
  • Too much negative news can also increase your stress, anger, frustration and feelings of powerlessness.

Rule of 72 Favors the Prepared Mind

Key Takeaways

  • The difference between taxable and tax-deferred investments can be enormous over long periods of time.
  • The Rule of 72 is a shorthand way of calculating how long it will take a saver’s (or investor’s) money to double at various rates of interest.
  • The Rule of 72 can be just as important for early retirees as it is for young people just starting their careers.
  • Try not to take distributions from IRAs, 401(k)s or qualified plans until age 70-1/2 so you can avoid the tax consequences.

Money Education—Start Young

Key Takeaways

  • Consider teaching children about the value of money sooner rather than later.
  • Thanks to the Internet and social media, kids are exposed to money issues at a much younger age than we were.
  • The Savvy piggy bank—with four compartments—can help kids allocate money for saving, spending, investing and giving. See our earlier posts about the Savvy piggy bank.

7 Rich Habits

Key Takeaways

  • Wealthy, successful people tend to have seven habits and behaviors that people living in poverty do not.
  • They tend to be persistent, realistic goal setters, positive thinkers, self-educators, and able to find career mentors, track their progress and find strong peer groups.
  • To set SMART goals, make sure they are Specific, Measurable, Attainable, Realistic and Timely.
  • Don’t just commit to losing weight—commit to working out for 30 minutes three times a week, sleeping seven hours daily and losing two pounds per month.