HOW TO BE RICH RICH RICH RICH RICH, FER SHURE!
First way to be RICH is to LISTEN TO SUZE ORMAN on PUBLIC TELEVISION whenever you stumble on her show. SHE is the MONEY ANGEL from heaven. Even if you just turn the sound up high and just wander into the kitchen to do dishes, or clean closets while you listen, HEAR her words.
NEXT: WHILE you listen, Pretend you have a huge salary, lots of disposable money coming in and are in need of a way to grab hold of these big, buttery lumps of CREAM CHEESE and spread them out over the layer cake of your life, frosting the years stretching out to your old age, -- so that when you DO want a rich piece of dessert, years from now, you can divest yourself of a little stock or an IRA yet you will still have four hundred thousand tax free bucks in your stash. WIth that kind of "MOVE AROUND ROOM" you can peacefully, create a quality leisure life for yourself and if you pass on to the credit free zone in the sky, still leave a big pie for the kids!
If you Live frugally in order to gather investment dollars each month, and invest the way she says, you WILL one day have the BIGGEST CREAM CHEESE PIE IN THE WORLD. (*clickable URL)
SUZE SAYS that the 401K plan where your employer puts in half, is the world's best deal, take it. IF the boss will put a match amt in the plan, then its double down great. So fill it to max and when employer stops putting in, take your disposable money elsewhere. She said not to put in more than employer is matching.
SUZE says, next thing to do with your cash...if you have any CREDIT CARD DEBT, get rid of it first! Take your money and pay down credit card debt. It skews your interest rates, ruins your credit rating.
Next, when that's paid down start putting into a Roth IRA. It is much better than a the other kind. Read up on ROTH IRA's at the WEBSITE For it. For one thing, if you go bankrupt, nobody can grab it. So if you DO PLAN to Go Bankrupt, only touch these AFTER you've done it. Empty other things first.
NEXT, buy a home or condo if you're starting out, especially now that nobody can ask full price. (Note the best bet for getting rich is a four unit bldg, read THE CASA PAPERS.) Walk away with a half price home.. Real estate and living in it the full two years to get tax break is the Best way to increase money 40% and have interest written off your taxes. When you sell it, you will shelter 250k in profits from taxes. If you and mate buy house and sell it, you shelter 500k of its sale price from taxes. And the rest of the profits are taxed at capital gains tax rate, lower than the regular IRS tax. No better investment. And you get to live in it. Must live in it 2 yrs before selling it, and can repeat that as many times as you want!
She says MUTUAL FUNDs charge an arm and a leg, ergo no profits, put extra cash in a rollover 401k so you retire with a million bucks. If you suddenly need cash, you can borrow it not pay taxes, but you have to repay in a couple of months or l0% fee penalty.
Your money in stock market should be in ETF (exchange traded funds) Suze earns 4-12% on them now in this MELTDOWN. (said it On Tavis Smiley Feb 2009) Municipal bonds are a great investment. Suze is only in this and ETF's no stocks at all.
If some day you're jobless and you need cash, always take from a ROTH IRA as there's no penalty, and let the 401 sit there. As that would have penalties!
IF YOU ARE HEADED toward bankruptcy, don't touch a ROTH !!! Reason? Nobody can take it from you in a Bankruptcy. Leave that alone til you go bankrupt then live on it.
STAY AWAY from STUDENT LOANS. If you have one, PAY IT OFF first. NEVER let it slide. It is not dischargeable in bankruptcy! Go to a cheaper college.A community college. Don't ever get a student loan. Hope Obama will fix this area of finance, soon.
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