Years ago, I vaguely remember hearing someone comment that it was interesting how differently we measure wealth today compared to British society at the end of the 19th century. This made me realize that most people don’t even know there is a difference; that there are primarily two ways you can think about measuring your wealth and which you choose for your own household will influence how you behave, the capital structure you employ, and even how you think about risk.
I’ve written a lot about the economics of household income over at Investing for Beginners at About.com, a division of The New York Times. [mainbodyad]Most economic data, as I explained there, comes in the form of regular households that are easily understandable to the average worker. For example, to be in the top 5% of household…
Songwriter Franke Previte Still Collects Six-Figure Royalty Checks on Two Hit Songs Written Nearly 25 Years Ago
Reuters just published an awesome article about songwriter Franke Previte, who lives in New Jersey, and wrote the hit songs “Time of My Life” and “Hungry Eyes” for the movie Dirty Dancing. The copyrights have turned out to be a lottery ticket for the composer, providing him with a substantial stream of profits upon which…
A fantastic passage from page 97 of The Richest Man in Town: The Twelve Commandments of Wealth. It talks about how success in life comes down to execution of the work that is sitting your desk, right now. That means getting it done right, getting it done quickly, and getting it done with pride so that your name becomes synonymous with quality.
A lot of times, people convince themselves that if “they just had a little more money” they wouldn’t be in the financial dire straits they are. Their bills would be paid. They wouldn’t have financial stress. The problem is, everyone else with any sense in their life is likely thinking, “Yeah, you’ll be right back in this situation in a few years” but no one wants to say it aloud.
When I come into the office, I begin by sitting down with a white pad of narrow-ruled paper (narrow-ruled, which is smaller than even college-ruled because that is how I like it), and set out everything I want to achieve that day. If I knock off the top 5 things, I consider it a success.
Here are some quotes I’ve come across the past few days online and elsewhere. What do you all think? … I’m not entirely decided on all of them … “Being rich is being able to buy whatever you really want, whenever you really want it.” – Robert Reich “There are two ways to be rich:…
Right now, we are watching a South Korean series that translates as “The First Shop of Coffee Prince”. My favorite reason for this show is the grandma, the founder of the original empire, the CEO of the family foods business, and the one with the money. I swear, this woman answers almost exactly as I would in a lot of situations.
Early in life, I developed a theory that there were five levels of building wealth that most self-made men (and women) go through to reach financial independence. The theory began due to my love for Carl Barks Scrooge McDuck comics.
I believe one of the signs of a life well lived is the fact that you wake up every morning and jump out of bed because you can’t wait to spend your time focusing on something that makes every part of you – physically, mentally, emotionally, and spiritually – satisfied. This is going to be different for everyone.