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5 Ways the Wealthy Stay Wealthy

Submitted by Moneywatch Advisors on November 1st, 2021

Steve: This article appeared on Forbes online on Oct. 20, 2021. As it is almost as good as something I would write myself, I thought I’d share. The link to the story is at the end.

Ever wonder how the wealthy stay wealthy? For one, they don’t just leave their money sitting around in some savings account. Here’s what they do with it instead...

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My Grandma Tootsie

Submitted by Moneywatch Advisors on October 5th, 2021

My Great-Grandma Tootsie was born in 1880, 15 years after the end of the Civil War! She lived to be 98 and died when I was 14 so I not only met her but I knew her and remember her well.

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Think Global

Submitted by Moneywatch Advisors on September 28th, 2021

Other than improving my golf handicap, a Sisyphus struggle if there ever was one, traveling overseas again is what I yearn to do most. But until the pandemic ebbs enough so there’s some level of certainty in hopping an international flight, I’m staying right here.

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3 Simple Steps For Your Retirement GPS

Submitted by Moneywatch Advisors on September 21st, 2021

I recently read about a 28-year old New Jersey man who typed the wrong address into his rental car’s GPS in Iceland and drove six hours in the wrong direction – SIX! – from the airport to a fishing village in the north of the country….when he was just trying to get to his hotel. Now, his first mistake is quite understandable.

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Considering a Career Change?

Submitted by Moneywatch Advisors on August 24th, 2021

In a recent review meeting, clients told us they were considering changing careers to be able to spend more time with each other and their kids and to reduce their considerable professional stress. They were approaching this in a thoughtful manner so want to consider the financial implications of such a move – both short-term and long-term.

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What is a Mutual Fund Anyway?

Submitted by Moneywatch Advisors on August 3rd, 2021

You’ve undoubtedly heard the term, mutual fund, but is it one of those terms you’ve heard so much that you’re afraid to ask what it actually is? Almost all investments within retirement accounts – 401(k)s, 403(b)s, etc. – are mutual funds so you own one or more of them already.

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Plan and Invest Using the Same Advice You Give Your Kids

Submitted by Moneywatch Advisors on June 21st, 2021

The other week I wrote about inflation and the uncertainty of predicting whether it is either temporary or here to stay. Fact: No one really knows for sure. So, how does one plan for a potentially disruptive force? Answer: By creating a margin of safety in our financial plans and our investments. Here are some ideas how to do that.

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Inflation Will Kill the Economy. Or it Won't.

Submitted by Moneywatch Advisors on June 7th, 2021

The list of things I don’t know would stretch from here to, well, I don’t know where. I’m perfectly comfortable admitting when I don’t know something so it amuses me when “experts” claim they know exactly what’s going to happen in the future.

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5 Steps for Successful Long-Term Investing

Submitted by Moneywatch Advisors on May 25th, 2021

Assuming imitation is indeed the sincerest form of flattery, consider this blog post a bit of puffery for J.P. Morgan’s recent thoughts on this subject that borrows heavily from the data in their 2020 Retirement Confidence Survey.

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What We Can Learn About Estate Planning From Prince

Submitted by Moneywatch Advisors on May 4th, 2021

Recently, the mother of a dear friend passed away without a will and it reminded me of this blog post I wrote a couple years ago.

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STEVE BYARS, VP MONEYWATCH ADVISORS


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ABOUT THIS BLOG

In 1996 Thomas J. Stanley, Ph.D. and William D. Danko, Ph.D. wrote a seminal book entitled, The Millionaire Next Door. These two researchers went in search of the rich in the country: Who are they? What do they do? What do they drive? How do they invest? They discovered, much to their surprise, that many of the wealthy in this country don’t live in the most expensive neighborhood or drive the fanciest cars but are ordinary people living right among us regular people. Because, remember, wealth is not the same as income. If one earns a high income and spends it all each year, one isn’t getting wealthier, just living high. Wealth is what you accumulate, not what you spend.

This blog is about and for those who live beneath their means, save their money, invest and, yes, get wealthy the old-fashioned way: steadily, over many years.

And I’ll occasionally share interesting stories that are completely unrelated to the main topic of financial planning.

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