Here’s an interesting article from the NY Times. There’s some good advice here.

Some of the key points include:

• Talk and share goals
• Run a home like a business
• Be supportive of each other
• Enjoy, but within reason
• Use a mediator when appropriate
• Maintain some financial independence
• Finally, invest in your marriage

Enjoy!

Daren Fonda’s “Smart Money” article provides some interesting insights into how millionaires think and act.  Here’s a quick summary of the ten secrets.  You decide if you agree or not.

1. Millionaires don’t think they are rich.  Many don’t have enough to afford exclusive luxuries.
2. They know how to be frugal.  Not all millionaires buy things at full retail and/or ignore the price tag.
3. Half of all millionaires made their fortunes running their own businesses.   They also know how to make use of debt.
4. Concierge services help them receive special treatment and attention.
5. They’re tough in business and not afraid of failure.
6. They pay taxes but find a way to realize big savings through business deductions, tax shelters, trusts, and other vehicles.
7. They weren’t necessarily the top student in their class.
8. Fractional ownership for jets and exotic automobiles is a way to enjoy the lifestyle without realizing the full cost.
9. Money can buy happiness or at least increase life satisfaction.
10. They are always looking to make more.  Why keep up with the Joneses when they can try to keep up with the Trumps?!

According to the recent Forbes article, the following are the top ten wealthiest:

1. King Bhumibol Adulyadej (Thailand)
2. Sheikh Khalifa Bin Zayed Al Nahyan (Abu Dhabi)
3. King Abdullah bin Abdul Aziz (Saudi Arabia)
4. Sultan Haji Hassanal Bolkiah (Brunei)
5. Sheikh Mohammed bin Rashid (Dubai)
6. Prince Hans-Adam II (Liechtenstein)
7. Sheikh Hamad bin Khalifa Al Thani (Qatar)
8. King Mohammed VI (Morocco)
9. Prince Albert II (Monaco)
10. Sultan Qaboos bin Said (Oman)

The petro-kingdoms of Middle East and Asia clearly dominate the list thanks to the soaring oil pirces.

I skimmed CNNMoney.com’s article, “Millionaires in the making”, earlier today.  Sure, it’s important to live below your means.  However, there is a fundamental problem with featuring potential millionaires.  Becoming a millionaire is no longer enough by today’s standards.

Determining how much you need for retirement depends on life span and cost of living.   Using the CNNMoney Retirement Calculator, will bring this assertion to life.   So, I decided to enter the Rodrigueses retirement needs based on the following parameters:

1. Their current age is 27.
2. Their annual income is $174,000.
3. Their retirement age is 40.
4. Their post-retirement annual income is 80%.
5. Their life expectancy will be 85 years old.
6. No pension or social security income.

Guess what?  They will need more than $4.173 million.  This is not too far off for the average person.  Instead of trying to become a millionaire, most people need to think about how they’re going to save between $5 - 10 million in order to maintain the same living standards.

If this is not a practical goal for your current situation, then there’s always the choice to retire in a foreign country where the cost of living standard is lower and your US dollar will go further such as places in Asia, Central America or South America.

Before you apply for that next credit card, you might want to visit www.credit-card-authority.com to do your research.

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