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Without knowing it, you may live next door to one. Or have one among yourFacebook friends. And with the right strategy, you could become a millionaire, too.
What, exactly, does it take to become a millionaire? If you’re like me, you may envision Scrooge McDuck swimming the backstroke across a sea of gold coins, the spoils of a charmed life. The reality, however, is that most millionaires have built their wealth through scrappy perseverance and a diverse portfolio.
Millionaires are defined in different ways. RBC Wealth Management and consulting firm Capgemini who produce the World Wealth Report say it is someone who has $1 million or more in investible assets — not including items like your primary home or consumable goods you own. On the other hand, international mega-bank Credit Suisse defines it as someone with a net worth of at least $1 million. This net worth could include the value of your primary residence, money that’s been invested in real estate or trust funds (known asnon-liquid assets), and cash, stocks or bonds (liquid assets) [source: Frank, Stern].
Using the former definition, there were 11 million millionaires in the world in 2011. Using the latter, you get 28.6 million millionaires on the planet [source: World Wealth Report, Peterson].
If you’d like to see how close you are to becoming a millionaire, figure your own net worth by adding the value of your assets: your home, its furnishings, your cars, bank accounts and investments. After you have a sum total, subtract your liabilities, which include the balance of your mortgage and car loans, credit card balances and other outstanding debts. What’s left is your net worth. (Try this online calculator to simplify the math.)
Not a millionaire yet? Don’t get discouraged. This level of wealth is attainable within a lifetime. By making smart financial decisions and following a road map that includes a few key strategies, it’s entirely possible to become a millionaire. It also means you’ll need to live beneath your means, which is a far cry from the millionaire lifestyle many of us have become conditioned to expect.
…….read points 1-6 HERE
Some of these absolutely GORGEOUS countries have total tax rates of less than 10%!
For example The Maldives:
Total tax rate: 9.3 per cent
Profit tax: 0.0 per cent
Labour tax: 0.0 per cent
Other taxes: 9.3 per cent
Total tax rate rank: 3 (ranks only 3 because Timor-Leste ranks #1 with a Total Tax rate of 0.2%! )
….see all 20 HERE
CLICK HERE to see the full presentation from the 2013 World Outlook Financial Conference.
Neil McIver and Mark Jasayko of McIver Wealth Management – www.mciverwealth.com
Journalism That Dare Not Speak Its Name. The Washington Post publishes a reporter’s anonymous screed.
If you’re a reporter at the Washington Post and you aspire to write unsigned editorials, just send an email to the ombudsman.
That’s a lesson one might draw from yesterday’s extraordinary column by Patrick Pexton, the veteran journalist who, according to the Post’s website, “represents readers who have concerns or complaints” about “accuracy, fairness, ethics and the newsgathering process.” One such reader wrote to both Pexton and a Post reporter to complain that the paper’s coverage of same-sex marriage gives “short shrift” to “the conservative, pro-family side of the argument.”
Pexton, who withholds the names of both the reader and the reporter “at their requests,” quotes the reporter’s response at length: “The reason that legitimate media outlets routinely cover gays is because it is the civil rights issue of our time. Journalism, at its core, is about justice and fairness, and that’s the ‘view of the world’ that we espouse; therefore, journalists are going to cover the segment of society that is still not treated equally under the law.”
The reader wrote back: “The mission of journalism is not justice. Defining justice is a political matter, not journalistic. Journalism should be about accuracy and fairness.”
….read much more HERE
In response to numerous requests Brent Woyat of Ocean Forest Investment Partners has made a recording of his 2013 World Outlook Financial Conference presentation available to those who weren’t able to see him live.
Prior to launching his Wealth Management group Brent was a highly sought after technical analyst. It is rare to find a personal portfolio manager with his depth of technical market expertise. If you have been looking for a service provider who understands the type of analysis you hear regularly on MoneyTalks and who can apply it to your investments, I highly recommend Brent and his team.
Grant Longhurst
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