Get Financially Fit!
Archive for February, 2008
How Much Are They Worth?
Feb 27th
With the US Presidential race heating up, I thought it would be fun to share this “Money” magazine article I discovered. The title is, “Millionaires-in-Chief” and profiles all of the primary candidates that were or are still running for their party nomination.
First, let’s start with the front runners. Click each link below to see each individual’s net worth as profiled in the article.
Democratic Candidates
Senator Hilary Clinton
Senator Barack Obama
Republican Candidates
Senator John McCain
Senator Mike Huckabee – not profiled in the article
Silicon Valley Outlook
Feb 19th
The Joint Venture just released their 2008 Silicon Valley report. A free copy of this fascinating report is available on their website. Apparently the key media (i.e. Wall Street Journal, New York Times, San Francisco Chronicle) sources also picked up on this information too.
While the other articles attempt to summarize this report in a general sense, I’m going to write about why you should care and how you could use the information.
- Job seekers – If you’re looking for a job in Silicon Valley, then sections of this report will show where job increases and decreases occurred.
- Home seekers – People who are looking for a primary residence or a possible real estate investment will also find useful information in this report.
- Entrepreneurs – If you’re starting a business or currently running one in Silicon Valley, this report provides a good understanding of the business climate and demographic overlay.
- Investors – If you invest in the stock market, you can see which industries the venture capital firms in the valley are investing in (hint: cleantech and medical devices). You can then leverage that info to refine your focus on investing in publicly listed companies.
In conclusion, Silicon Valley is well positioned to weather a potential US economic recession based on this report. Additionally, I’d encourage you to take a look at this report especially if you’re looking for a job, a home, a business, or an investment.
CNBC’s “The Millionaire Inside”
Feb 17th
I seldom watch television these days. When I do, I almost always switch to CNBC. One of the programs I noticed is one you may not have heard about yet. The “Millionaire Inside” is hosted by Erin Burnett.
Millionaire Inside is “…an exciting series, featuring an unprecedented roster of top money mentors. With each show, [their] money mentors address a different topic in building and maintaining wealth.”
When I first watched this show, they featured Donald Trump and branded the show as “The Billionaire Inside”. Erin essentially interviewed Donald in front of a studio audience asking him questions about his businesses, how he became a success, etc. Since then, the format has changed.
If you visit the Millionaire Inside website, you’ll see a series of topics with celebrity financial gurus such as Robert (Rich Dad) Kiyosaki, David Bach, Loral Langemeier, and many other notable celebrities in the personal financial arena.
This show does not appear to be a regular series. Instead, it is appears to be a series of special reports. I suspect CNBC is currently evaluating the popularity and demand for this show. In the meantime, if you don’t subscribe to CNBC, you have two options. First, you can order a DVD from CNBC; it contains the first four episodes. Second, I recommend simply browsing their website. The expert money mentors have posted their advice online.
Enjoy!
US Tax Rebates: Get the Scoop
Feb 16th
If you haven’t heard yet, US lawmakers approved a $170 billion plan to spur the slowing US economy. The centerpiece of this plan is tax rebates. The following information summarizes the key facts.
Who qualifies?
One-time rebates will be sent to at least 117 million low- and middle-income households, 20 million senior citizens living off of Social Security, and 250,000 disabled veterans.
How do I qualify?
To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000 and joint filers must have AGI below $150,000. You must also file a federal tax return for 2007.
What will I receive?
Single filers with AGI below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200. In addition, parents will also receive $300 rebates per child under 17; there is no cap on the number of qualifying children eligible.
When will I receive the rebate?
Treasury Secretary Henry Paulson said it should take about 10 weeks to issue all the checks. As a result, you could see the money sometime between May and early July.
Are You Filthy Rich?
Feb 13th
Here’s a fun article from TheStreet.com’s Jeffrey Strain. Feel free to read the original article to see how you stack up. Meanwhile, I’m going to put my own personal spin on the ten traits described.
- Patience – This trait holds true beyond saving money. It also extends into investing or even starting / building your own business.
- Satisfaction – Another way to look at this trait is attitude. Are you a positive person? Or, do you always look at the glass as half empty and focus on the negative?
- Organization – If you’re not good at organizing, find someone who is and hire them to develop a system for you. Have you ever noticed that the wealthy have personal assistants and an “organization” to run their companies and/or investments? Having a good system in place will allow one to scale and accomplish more than one could do individually.
- Discipline – Another way to state this one is to focus on what’s important to you personally and financially. Don’t get distracted. This one compliments another trait below–setting goals.
- Reflectiveness – The key description here is to learn from your mistakes. Don’t be afraid to make mistakes and don’t keep repeating the same mistakes.
- Creativity - This is just another way of encouraging one to “think outside the box”. What’s popular is not always right and what’s right is not always popular.
- Curiosity - This trait is just another way of advocating continuous learning and education. Learn from those who are already where you want to be. If you want to become a better invester, study those who are already successful. If you want to become wealthy, learn how others achieved their wealth.
- Risk-Taking - I’m a big believer in this one. I also agree this doesn’t mean throw caution to the wind. Take calculated, measured risks to get to the “next level” personally and financially.
- Goal-Oriented - This one is huge in my opinion and based on my personal + professional experience. Any person that has been successful in life has set some sort of goal.
- Hard and Smart Working – My interpretation to this one is to work hard to earn money that pays the bills. They work smarter by educating yourself and learning how to get your money to work for you.
Of all these traits, the ones I consider the most important are goal-orientation, discipline, education (curiosity), attitude, and hard/smart working.