“Getting rich begins with the way you think and what you believe about making money.” This assertion comes from Steve Siebold, a self-made millionaire and author of “How Rich People Think”, which he penned after studying millionaires for over 25 years and conducting hundreds of interviews. Today’s article highlights six “psychological tricks rich people use to make more money”, as identified by Siebold. One such mental trick? Rich people “tell themselves there’s no shortage of money, even when they don’t have enough” – what matters to them is whether something is worth buying/investing in, not whether it’s something they can personally afford. To read more about this mental trick – and to see what the other five are – CLICK HERE.
While the average Social Security recipient is expected to see an increase in their benefit payments in 2017, that increase is only expected to be about $4 a month. Needless to say, recipients looking for a boost in their retirement income will have to look elsewhere. Today’s article advocates looking at three stocks with higher-than-average dividend yields and which, with steadily increasing dividends, are “well positioned to supplement your benefits with increasing payments for years to come.” To see what these three stocks are – a blue-chip biotech, a heavy machinery company, and a fast food chain – and for an analysis of each, CLICK HERE.
Many investors spend a great deal of time deciding what to buy and when to buy it. Today’s article argues that the other side of the equation – knowing when to sell a stock – is just as important, noting that “some successful investors tend to know when they will sell a stock even before they place their buy orders.” As such, the author outlines several strategies that can be employed in the aim of developing a “selling discipline”, including the strategy advocated by the teacher of Warren “Our favorite holding period is forever” Buffett. To read more about these strategies – including how to determine when it’s time to sell winning stocks – CLICK HERE.
They’re not likely to help you become rich, but they can help you maintain your purchasing power. Today’s article provides an examination of TIPS (treasury inflation-protected securities), a form of U.S. Treasury bond which serves as an investment option for those who are worried about their money losing its purchasing power due to inflation (such as investors who are in or approaching retirement). To read more about the pros (e.g. the two ways in which they pay off) and cons (e.g. their “irksome” tax issues) of TIPS – as well as why the best way to invest in TIPS may be through mutual funds or exchange-traded funds – CLICK HERE.
In the current low-rate environment, “generating steady retirement income has never been harder,” declares the author of today’s article. Moreover, the author cautions that yields could just as likely go lower from here as higher. As such, he proceeds to discuss “eight popular sources of retirement income, ranging from dividend stocks to bonds to real estate to annuities, what current rates are for market leading products and the pros and cons of each approach.” For the author’s overview of each of these sources of retirement income – including the one he argues consumers are often too quick to dismiss – CLICK HERE.
New rules are coming into effect this month that the author of today’s article states “will fundamentally change the way money market funds operate.” In light of these new rules – which are aimed at preventing runs on money market funds as happened in the 2008 financial crisis – the author looks at the case for investors moving their cash into internet savings accounts, concluding that these options “may offer the best combination of liquidity, safety and yield.” To read about why this may be the case, what some of the downsides of internet savings accounts are, and to learn more about the new money market fund rules taking effect, CLICK HERE.
While the Department of Health and Human Services estimates that almost 70% of those turning 65 today will require long-term care at some point (and 20% will require it for longer than five years), today’s article acknowledges that – shocked by the prices – too many are choosing to forego this insurance. As such, today’s article outlines five “insider tips for finding affordable long-term care insurance.” What does one insider say is “the ideal age” to begin shopping for long-term care insurance? Why does another insider recommend against adding riders to your policy? CLICK HERE to read more.
The author of today’s article divides the 10,000 baby boomers that are turning 65 each day into two groups: those that will depend on Social Security as a major source of income in retirement and those that have more savings and will therefore be less reliant on Social Security. To those in the latter group, however, she cautions that “it’s too soon to pat yourself on the back and relax. You need a retirement war chest unless you’re in the top 1% of net worth and/or you have amazingly generous pensions.” As such, she lays out a series of do’s and don’ts for navigating “the coming retirement crisis” (e.g. Do retire as late as you can. Don’t drain retirement savings to support aging parents). To read more, CLICK HERE.
While many investors will not begin to think about taxes for several more months, today’s article argues that “anytime is a good time for tax planning” and that this time in particular – the fourth quarter of the year – is a particularly good time for this, stating that “planning before the end of the year increases the number of opportunities you have to potentially lower you bill.” The authors outline a number of steps investors can take in the fourth quarter to prepare their returns and potentially reduce their tax liability. To see what these steps are – including why some unemotional stock selling may be in order and the savings opportunity presented by bunching expenses – CLICK HERE.
While alternative investments have the potential to both reduce a portfolio’s risk and boost its returns, the key word here, as today’s article emphasizes, is can: “If done poorly, alternative investments can just as easily take a wrecking ball to a portfolio and destroy years’ worth of gains.” Specifically, the author outlines the real-life example of the Dallas Police & Fire Pension System (DPFP) which, “after making a series of questionable investments” in alternative assets, ended up bankrupt. To read more about what happened to the DPFP and the lessons this cautionary tale holds about alternative investments – as well as for the four conditions the author recommends be in place when it comes to alternative investments – CLICK HERE.