I always look forward to the annual investment guide that Forbes puts out.  It's got timely and timeless advice and sometimes I remember the recommendations long enough to follow them.

In 2014, they listed 365 ways to "get rich" (at least, that's what they called it on the cover).  A bit sensational, but I'm going to list a few favorites.

Favorite Ways to "Get Rich"

#25  After setting an asset allocation, rebalance yearly; it forces you to take profits when stocks have surged and to buy more shares when they're cheap.

#46 Use different passwords for each of your online financial accounts; add optional security questions whose answers can't be found in your Facebook or LinkedIn profiles.

Image courtesy of Flickr
#47 Write down your passwords and hide them; tell one person where they are.

#60 Use salary increases to boost contributions to your 401(k).

#64 Don't abdicate investment decisions to your spouse.

#72 Aim to have five times your salary in your 401(k) and IRAs by age 55 and eight times before you retire.

#73 Dan Ariely: "If you can't save enough money, be really nice to your kids."

#80 Work for a charity for ten years and get your federal student debt forgiven.

#85 Before funding college accounts make sure you're saving enough in your retirement accounts.

#104 Back up your financial records using a secure cloud service.

#122 Qualify as a "real estate professional" to save big on taxes.

#124 Burton Malkiel, "Start saving now, not later: Time is money."

#140 Julian Robertson: Suggest your kid take an accounting course--"It was the course that helped me more than anything."

#192 Don't let family wealth become a curse on your children.

#202 Don't count on an inheritance.  If you get one, don't blow it.

#219 Buy no more house than you can afford.

#249 Ramit Sethi: Set up systems to automate desired behaviors.  Leave your gym clothes at the food of your bed.  Have contributions to savings automatically deducted.

#269 Sign a living will, health care proxy and power of attorney, even if you're still healthy.

#278 Have your kid read The Little Book That Beats the Market by Joel Greenblatt.

#280 Start saving for retirement in your 20s to put the compounding winds at your back.

#311 Tap an IRA--not a 401(k)--without penalty for a first-time home purchase.

#365 Plan.

1 comment:

  1. What a great competition to hold. Thanks for keeping us up to date. I just went through some of your previous posts and now following you on Twitter and FB Fan Page. Keep up the great work.Thanks



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