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Archive for September, 2011

I love when the uncertainties in financial markets present a wonderful opportunity to make money with little effort.

We often hear that there’s no free lunch. True most of the times but not always!! This opportunity has been there for a while but has become even more attractive in recent months.

The worsening job and housing markets have forced the US Government to keep interest rates low for some time. Many credit card companies are now offering one of the best balance transfer deals that I have seen in years. Some 0% interest  offers have the transaction fee as low as 1% ( Do let me know if you find lower than 1%), which means the total cost of funds is 1%. Now you have to ask yourself: Can I earn a better return than 1%? How about long term bonds or a real estate investment that has decent positive cash flow? Perhaps it is time to pay off an auto or student loan that has higher interest rate.

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This post is meant for everyone. I mean even though you’re planning to be in the corporate world or in a business for another 10-30 years, you cannot ignore the importance of preserving and growing your wealth.

It usually takes anywhere from 5 to 30 years to build a good chunk of savings and investments which will be sufficient for retiring comfortably. We need to be mindful of our actions that create or slowly erode our wealth.

I’m more concerned with the habits or actions that erode our wealth. These might not seem big but can significantly reduce our wealth over the years. Imagine a large water tank with tiny holes, you know what will happen to it eventually.

Let’s discuss the Top Five Money Leaks for now to keep it short and focused. I’ll discuss these briefly and will get into the details of each one later. I know my friends in the Insurance and Investment industry won’t like it but the Truth must be told. 🙂

So here are the Top Five:

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Creating wealth is a slow process, it doesn’t happen overnight. Sorry, if I disappointed you. 🙂 Actually, you don’t want it to happen overnight. If it does happen, it won’t be sustainable. You might have heard of many renowned athletes, movie or rock stars being in debt or in some trouble even after they made their millions.

It is a long journey and requires us to focus on many aspects of money management.

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Not. 🙂  I wanted to set this straight before we get into the practical ways of Becoming Wealthy.

No, I haven’t won the lottery or received any inheritance, nor was I born Rich. I come from a middle class family as most of us do. It wasn’t an accident either, we planned for it almost eight years back. I had even shared this vision with some of you along the way, so it wasn’t a secret.

How did it all start?

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