Money Personality Quiz
Do you sock away pennies like a squirrel hoarding nuts for the winter?
Or do you subscribe to the “you can’t take it with you” philosophy of money management and spend it as fast as you get it?
Or do you prefer the “ostrich” approach … figuring what you don’t know about your finances can’t hurt you?
Turns out these common ways of “doing” money aren’t just quirks.
They’re huge predictors of how wealthy you’ll be.
Check out this quiz …
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Take the Money Personality Quiz
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There are 4 main “Money Personalities” … and this fun, 8-question quiz will quickly diagnose which type of Money Personality you have.
Your Money Personality determines:
- How easily you earn money
- How well you manage money
- What financial challenges you’ll face
- And how rich you’ll be
I just took the quiz. Let’s just say it was eye-opening. 
I highly recommend you take a minute and check this out. You’ll learn:
- What your spending and saving habits really mean (who knew? It’s almost like visiting a shrink)
- Which money habits you need to change to be financially free (it’s different for each “personality”)
- How to create the financial outcomes you desire (finally, a roadmap!)
Take the Money Personality Quiz now
My mother always told me that a nice personality would help me make friends and do well in business.
But who knew it could help you make money too!
I know it seems crazy to think that your personality can determine your financial success. But after taking this quiz, it made total sense …
The Money Personality Quiz is fun, fast, and free.
Best of all, it shows you how the way you “do” money – whether it’s hoarding pennies like doomsdayers stockpile canned goods or pretending your bills don’t exist – are sabotaging your success.
It’s only 8 questions long. Take 2 minutes right now and check it out:
http://www.peakambassador.com/cmd.php?af=mmi2196&p=mpquiz (Feel free to share this link with your friends!)
5 Reasons To Update Your Insurance
Insurance
You don’t have to change insurance companies every time you see a commercial on T.V. promising to save you 15 percent in 15 minutes. However, it’s a good idea to periodically review your coverage because various events in your life can have a dramatic and significant impact on the premiums you pay. Insurance companies are all state regulated, and they all contribute to a guaranty fund so you have some kind of protection if the insurer ever runs into financial difficulty. Even without state guaranty protections, most insurers are in a good financial position and buy insurance from other insurance companies (called “reinsurance”) to protect against insolvency. With that said, updating your insurance is a good idea if:
Doing the Roth Arithmetic
By Terry Coxon, Casey Research
It’s clear to me, even though it may not be clear to you, that unless there is something very unusual about your situation, if you have a traditional IRA, you should pay the tax now and convert it to a Roth IRA. Not just maybe, but definitely. Not just for a small advantage but for a big one. If you don’t convert today, you’ll ultimately surrender much more to the tax collector. You’ll be throwing money away. And you’ll keep throwing it away. It’s a result neither of us wants.
Your IRA is an object in motion, with money going in and out of it and investments turning over inside of it. It lives not just on your brokerage statement but across the years of your calendar as well. That’s why the Roth conversion question can seem so tangled. Because of the time dimension, deciding whether to convert isn’t as simple as deciding whether to replace one stock with another. But there is, as I’ll try to show, a way to look at the question that cuts through the complexity.
Comparisons
With a traditional IRA, you are allowed to contribute $5,000 per year of employment income (or $6,000 if you are 51 or older), and, if your income isn’t too high, you receive a tax deduction for the contribution. Earnings inside the IRA accumulate and compound free of current tax. Later, when you withdraw the money, it comes to you as taxable income (except to the extent of any contributions that weren’t tax deductible when made, which come out tax free).
With a Roth IRA, if your income isn’t too high, you may contribute up to the same $5,000 or $6,000 per year, but none of it is tax deductible. Just as with a traditional IRA, earnings inside the Roth accumulate and compound free of current tax. When the money comes out, assuming you are at least 59.5 years old and the IRA is at least five years old, the money goes tax free straight to your pocket. Continue reading
Is a House Ever a Good Investment?
By Vedran Vuk, Casey Research
Recently, my parents were considering purchasing some real estate. As the financial professional in the family, they asked me, “What do you think? Will it go up in value? You know… not now, but eventually?” I’ve heard the same thing over and over again. In response, I shared my opinion: “Would you pay the current market price to live there even if its value never increased?” If the answer is yes, buy the property.” Essentially, is the house worth it as a home, not as an investment?
In the past few decades, the concept of home ownership has been completely turned on its head. Previously, homes were considered a very long-term consumption good. Do you think anyone in the 18th, 19th, and prior centuries ever considered tripling the value of their homes by retirement time and selling them to move beachside? In the vast majority of cases, such ideas never crossed their minds.
Yet, somehow along the way, this became a reasonable investment expectation. Even today, home buyers still make their purchases with the hopes of escalating prices. But are homes really wise investments? Continue reading
Putting a Gleam in Your IRA
By Terry Coxon, Casey Research
You likely have seen invitations to open a “Gold IRA” or something with a similar name. Perhaps you should, but before you do, think about why an Individual Retirement Account might or might not be a good place to hold gold. That may tell you something about the best way to introduce gold into your IRA.
Gold isn’t the only investment that raises the “Does it belong in an IRA?” question. Every investment does. And for every investment, the answer is, “It depends.” It depends on the nature of the other assets in your overall portfolio. It depends on how big the IRA is compared to your total holdings. And it depends on your judgment as to which investments are likely to be the most profitable.
It’s against the rules for you to buy anything from your IRA or sell anything to it. But there is a way for investments to commute between your personal accounts and the IRA. You can in effect take an asset that you now own directly and move it into your IRA by selling it from your personal account and simultaneously buying it for the IRA. And you can do the reverse. Continue reading
The Frugal Guide to Building Wealth
So you want to build up some savings and family wealth? There’s nothing wrong with that. It’s only the love of money that’s the root of all evil. The often misquoted verse is located in 1 Timothy 6:10.
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. 1 Tim 6:10
The Contemporary English Version puts it this way:
The love of money causes all kinds of trouble. Some people want money so much that they have given up their faith and caused themselves a lot of pain.
This is actually the theme of many modern movies. As the star chases wealth it results in his own destruction.
But the Bible also admonishes us to provide for our own families and take care of them and God blesses those who use their money wisely.
In this short guide you will get tips for gradually increasing your wealth while living up to your convictions. This is not a get-rich-quick guide, but a method of using wisdom and dedication to create the savings you need to provide for your family.
What’s Your Goal?
First of all, you need a plan for what you will do with the money. Perhaps you are saving to get your first home. Some people save for weddings, college funds for the kids, a retirement account or even a long-postponed family trip. It doesn’t really matter why you want to save, but it’s helpful to have goals in mind as you follow these steps. Continue reading
Strategy vs. Tactics in Investing
Strategies for Junior Mining Investors: The Whites of Their Eyes
by Louis James, Senior Editor, Casey’s International Speculator
“Don’t fire until you see the whites of their eyes.”
Most Americans were taught in school that William Prescott, commander of the colonial forces on Bunker Hill, gave this order to his men on the morning of June 17, 1775, just before the British attacked them.
Some may even remember that while the British took the hills, they did so at such great cost, it wasn’t much of a victory. The American forces repelled the British twice and were finally overwhelmed when they ran out of ammunition – an outcome that obviously concerned Prescott and provoked his order to conserve ammunition. It was vital to use each shot as effectively as possible.
I think of this often when contemplating investing, because I sometimes feel an urge to get all of my investment cash deployed NOW. I might miss the next big uptick! And even if not, modest double-digit gains are still better than money sitting in the bank. This urge gets strong when the market gets hot, as it has been over the past months – look at all the gains I missed!
Structuring IRA Distributions To Avoid Penalties – Secure Harbor Planning: A Few Useful Ways
IRA Distribution Rules are a mine field. One incorrect move and you can discover yourself faced with high taxes and penalties that may wipe out years of savings and investment. Complicating issues is the Darwinian evolution of IRAs that have taken place since the pioneer IRA was introduced in ’74 with the enactment of the Employee Retirement Income Security Act (ERISA ). Since ’74, IRA rules have altered dramatically and legislation was enacted to rigorously punish those who don’t follow the rules, to the letter of the regulation. IRAs come in a lot of flavors but, for purposes of this article we’ll focus on the two chief types of IRAs: Traditional IRAs and Roth IRAs.
Techniques for Minimizing Penalties on Early Distributions
Normally, any distribution from an IRA before you reach age 59 1/2 is considered an early distribution and is subject to a 10 percent penalty on the taxable quantity received in a distribution. There’re certain Roth IRA information that can be used to avoid the burden of this early withdrawal penalty. Continue reading
INVESTMENT PLANNING: Alternative Investment Broker Can Save Your IRA, 401k
Henry Ford said “Any customer can have a car painted any color that he wants so long as it is black.” Does it feel like Henry designed your 401(k)? You can put your money anywhere you want as long as it’s in one of these funds. Even if you have a choice of 3,000 funds, your money is still in the stock market. How’s that working for you? You need some better options. I’m sure you’ve heard the old saying “don’t put all your eggs in one basket.” Well no matter how diversified your investment in the stock market is when the market goes down, you lose. You need an Alternative Investment Broker for your investment planning.
Because you don’t have a lot of money or investment knowledge you’re probably not even aware of some of the ways rich people make money. A famous life philosopher Jim Rohn once said:” if you want to be rich study what poor people do and don’t do that”. Here is a list of some things poor people do. I have done every one of them, so I am speaking from personal experience. Continue reading
Stock Trading Education: A Primer For the New Investor
The stock market could very well be scary for any new investor. There are lots of difficulties and puzzling terms that may lead to difficulties (not to mention reduction of capital) for anyone trying to obtain stock trading education. So….what should an individual do to safeguard themselves while studying the basics of the market?
My advice is to read this article, absorb the info, and then put it to practical use.
This stock trading education write-up discusses the process of buying and selling shares, and clarifies the basic issues of just how investors gain or lose cash in the market. Continue reading
