So, You Want to be a Millionaire

So, You Want to be a Millionaire

In 1996, Thomas Stanley and William Danko published a revealing little book called “The Millionaire Next Door: The Surprising Secrets of America’s Wealthy.” Though Stanley and Danko could scarcely have imagined it at the time, the book has become a personal finance classic, selling more than three million copies.

The book is a compilation of research the authors made into the financial habits of Americans with net worth greater than $1 million. One of the most interesting surprises, and the basis of the book’s title, was that millionaires were not typically ostentatious snobs living in upscale neighborhoods. In fact,

Feeling Nervous about the Market ?

Feeling Nervous about the Market ?

Q: The market just finished a very strong year and I’m feeling a little nervous that the bottom might fall out. Should I take my profits and move to the sidelines?

A: I understand why you might feel nervous. Even casual investors know that market rallies don’t last forever. However, if you want to be a successful long-term investor, you need to settle your mind on one very important principle: time in the market is more important than timing the market.

Most of us remember the market meltdown in 2008. Some of us remember other market debacles. Since my first job as a government bond trader in 1986, I have experienced the dot com bust in 2000, the Russian crisis in 1998, the Asian crisis in 1997, the Mexican peso crisis in 1994 and Black Monday in 1987.

Breaking the Debt Habit

Breaking the Debt Habit

Many people use credit cards for convenience when shopping. However, if you find yourself carrying a credit card balance from month to month, you may have developed a debt habit.

Becoming financially dependent on credit cards or other consumer debt will undermine your wealth and reduce your freedom. The sooner you break your habit, the sooner you will regain your financial independence and start building your wealth.

6 Financial Resolutions for the New Year

6 Financial Resolutions for the New Year

With Christmas behind us, now is a good time to think about New Year’s resolutions. Here are five financial resolutions that can help you enjoy a prosperous 2018.

1. Improve your financial literacy. Start the New Year right by getting smart about personal finance. If you haven’t read it already, I highly recommend Dave Ramsey’s bestseller Total Money Makeover. Although I have reservations about some of Ramsey’s investment assumptions, I think his ideas on personal financial management are outstanding.

A First Look at the New Tax Law

A First Look at the New Tax Law

The House and Senate have finally agreed on a version of tax reform. If all goes as planned, the President will have it on his desk before Christmas. It looks like the folks in Washington are going to have a holly, jolly Christmas, but what about the rest of us? Here is a first look at how your taxes will change starting January 1, 2018.

The new tax law contains seven tax brackets, just like the current tax code.