Getting a Millionaire's Mindset

Let's face it; we all don't make millions of dollars a year, and the odds are that most of us won't receive a large windfall inheritance either. However, that doesn't mean that we can't build sizeable wealth — it'll just take some time. If you're young, time is on your side and retiring a millionaire is achievable. Read on for some tips on how to increase your savings and work toward this goal. Stop Senseless Spending
Unfortunately, people have a habit of spending their hard-earned cash on goods and services that they don't need. Even relatively small expenses, such as indulging in a gourmet coffee from a premium coffee shop every morning, can really add up — and decrease the amount of money you can save. Larger expenses on luxury items also prevent many people from putting money into savings each month. That said, it's important to realize that it's usually not just one item or one habit that must be cut out in order to accumulate sizable wealth (although it may be). Usually, in order to become wealthy one must adopt a disciplined lifestyle and budget. This means that people who are looking to build their nest eggs need to make sacrifices somewhere — this may mean eating out less frequently, using public transportation to get to work and/or cutting back on extra, unnecessary expenses.
This doesn't mean that you shouldn't go out and have fun, but you should try to do things in moderation — and set a budget if you hope to save money. Fortunately, particularly if you start saving young, saving up a sizeable nest egg only requires a few minor (and relatively painless) adjustments to your spending habits.
Fund Retirement Plans ASAP
When individuals earn money, their first responsibility is to pay current expenses such as the rent or mortgage expenses, food and other necessities. Once these expenses have been covered, the next step should be to fund a retirement plan or some other tax-advantaged vehicle.
Unfortunately, retirement planning is an afterthought for many young people. Here's why it shouldn't be: funding a 401(k) and/or a IRA early on in life means you can contribute less money overall and actually end up with significantly more in the end than someone who put in much more money but started later.
How much difference will funding a vehicle such as a Roth IRA early on in life make?
If you're 23 years old and deposit $3,000 per year (that's only $250 each month!) in a Roth IRA earning an 8% average annual return, you will have saved $985,749 by the time you are 65 years old due to the power of compounding. If you make a few extra contributions, it's clear that a $1 million goal is well within reach. Also keep in mind that this is mostly interest — your $3,000 contributions only add up to $126,000.
Now, suppose that you wait an additional 10 years to start contributing. You have a better job and you know you've lost some time, so you contribute $5,000 per year. You get the same 8% return and you aim to retire at 65. When you reach age 65, you will have saved $724,753. That's still a sizeable fund, but you had to contribute $160,000 just to get there — and it's nowhere near the $985,749 you could've had for paying much less.
Improve Tax Awareness
Sometimes, individuals think that doing their own taxes will save them money. In some cases, they might be right. However, in other cases it may actually end up costing them money because they fail to take advantage of the many deductions available to them.
Try to become more educated as far as what types of items are deductible. You should also understand when it makes sense to move away from the standard deduction and start itemizing your return.
However, if you're not willing or able to become very well educated filing your own income tax, it may actually pay to hire some help, particularly if you are self employed, own a business or have other circumstances that complicate your tax return.
Renting Versus Buying
At some point in our lives, many of us rent a home or an apartment because we cannot afford to purchase a home, or because we aren't sure where we want to live for the longer term. And that's fine. However, renting is often not a good long-term investment because buying a home is a good way to build equity.
Unless you intend to move in a short period of time, it generally makes sense to consider putting a down payment on a home. (At least you would likely build up some equity over time and the foundation for a nest egg.)
Buying Expensive Cars
There's nothing wrong with purchasing a luxury vehicle. However, individuals who spend an inordinate amount of their incomes on a vehicle are doing themselves a disservice — especially since this asset depreciates in value so rapidly.
How rapidly does a car depreciate?
Obviously, this depends on the make, model, year and demand for the vehicle, but a general rule is that a new car loses 15-20% of its value per year. So, a two-year old car will be worth 80-85% of its purchase price; a three-year old car will be worth 80-85% of its two-year-old value.
In short, especially when you are young, consider buying something practical and dependable that has low monthly payments — or that you can pay for in cash. In the long run, this will mean you'll have more money to put toward your savings — an asset that will appreciate, rather than depreciate like your car.
Don't Sell Yourself Short
Some individuals are extremely loyal to their employers and will stay with them for years without seeing their incomes take a jump. This can be a mistake, as increasing your income is an excellent way to boost your rate of saving.
Always keep your eye out for other opportunities and try not to sell yourself short. Work hard and find an employer who will compensate you for your work ethic, skills and experience.
Bottom Line
You don't have to win the lottery to see seven figures in your bank account. For most people, the only way to achieve this is to save it. You don't have to live like a pauper to build an adequate nest egg and retire comfortably. If you start early, spend wisely and save diligently, your million-dollar dreams are well within reach.

by Glenn CurtisTuesday, August 26, 2008
http://www.yeeyan.com/articles/view/27205/13320

Leaving Work to Watch the Sunset

I believe in mystery.
I believe in family.
I believe in being who I am.
I believe in the power of failure.
And I believe normal life is extraordinary.
This I Believe.

Every other week, we broadcast our series "This I Believe" and invite you to send in your own essay about personal conviction. Today's come from listener Laurie Granieri, a newspaper reporter from Milltown New Jersey. Here is our series' curator, independent producer Jay Allison.

Many people who write for our series talk of beliefs that challenge them to do more, not Laurie Granieri. Her belief challenges her sometimes just to stop. Here is Laurie Granieri with her essay for This I Believe.

I believe in leaving work at five o'clock.

In a nation that operates on a staunch Protestant work ethic, this belief could be considered radical. Working only 40 hours a week? I just don't know many people who punch out at five o'clock anymore. It seems downright quaint, like pocket watches and shoe-shines.

My father tried to teach me the importance of hard work, long hours and dedication to a career. But then there are the things he taught me unintentionally, like when he arrived home from work for the last time and crawled up the stairs.

My father, a self-employed sales trainer, was that sick, that tired. His body was wracked with liver cancer, and he suffered the effects of a diabetic ulcer. Still, he insisted on traveling to honor his commitment to give a seminar. He probably earned a lot of money that day, and he paid the price: He returned to the hospital soon after and was dead within three months, at age 58.

It's been 10 years since I saw my father come home that night, and since then, I've thought a lot about work. I've decided something: I will never crawl up the stairs. As much as I love my job as a newspaper reporter, I will never work myself into the ground, literally or figuratively.

The idea of leaving work at work didn't come easily to me. After all, I am my father's daughter. In college, I wasn't going to keg parties in a frat basement; I was the girl who lingered on the library steps each morning, waiting for the doors to open. I even dreamed about schoolwork.

My dad once told me he was unable to just gaze at a sunset; he had to be doing something as he looked at it — writing, reading, playing chess. You could say he was a success: He was a published author, an accomplished musician, fluent in German and American Sign Language. That's an impressive list, but here's the thing: I want to gaze at sunsets. I don't want to meet a deadline during them or be writing a column at the same time, or glance at them over the top of a book.

This raises the question: If I leave work at five o' clock to watch the sunset, what are the consequences? Do I risk not reaching the top of my profession? Maybe, because honestly, knocking off after eight hours probably won't earn me the corner office or the lucrative promotion.

But hey, leaving work at five o' clock means I eat dinner with my family. I get to hop on my bike and pedal through the streets of my hometown as the shadows lengthen and the traffic thins.

And I get to take in a lot of sunsets. That's got to be worth something.

Laurie Granieri with her essay for This I Believe. Granieri says that high stress levels have become almost the competetion among her friends and co-workers, a marker for success. And it's a mindset she is trying to avoid. We hope you'll have some spare time to consider our invitation to write for our series. You can go to npr. org to find out more. For "this i believe", I am Jay Allison.

Jay Allison is co-editor with Dan Gediman, John Gregory and Viki Merrick of the book, This I believe. The personal philosophies of remarkable men and women.Next monday on all things considered, an essay from Cellist Yo-Yo Ma.

Support for This I believe comes from Prudential Retirement.

How To Build Muscle: The Definitive Guide

Internet & magazines are full of misinformation & myths on how to build muscle. Countless methods promise results some struggle to achieve.

If you don’t get results, you’re using ineffective methods. Which is a shame. Not getting results is the chief reason you end up quitting.

It’s easy to build muscle the natural way. But you have to know how. These 10 tips will help you - How to Build Muscle: The Definitive Guide.


1. Get Stronger. Strength training builds muscle. The stronger you are, the stronger you’ll look. Check out the Beginner Strength Training Program if you don’t know where to start. It takes 3 x 30 mins a week.

2. Use Free Weights. Free weights are your best tool to get stronger. Free weights are:

Efficient. Work more muscles, learn you to balance & control the bar.
Safe. Work your body through natural motions, not fixed ones.
Versatile. Plenty of exercises with one barbell. Great for home gyms.
Start with an empty barbell to avoid injuries. Add weight gradually. Read articles on exercise technique & get Starting Strength.


3. Train Your Legs. Don’t lose your time training abs, chest & biceps only. You need to train your whole body, especially the legs. If you could do only one exercise, it would be the Squat.


4. Eat. Food speeds up recovery & builds muscle. Eat at least your body-weight in lbs x 18 calories. Eat every 3 hours. Eat post workout.

Strength training burns calories. You’ll need to eat more to keep your current body-weight. Never starve yourself to death. Even if you want to build muscle while losing fat.


5. Eat Healthy. Limit junk food & alcohol consumption to once or twice a week. Eat healthy the rest of the time, you need:

Vitamins & Minerals. All kind of veggies & fruits.
Whole Grain Carbs. Brown rice, bread, pasta, oatmeal.
Healthy Fats. Fish oil, saturated fat, flax seeds, olive oil.
Fiber. Green veggies, flax seeds, whole grains.
Go for whole food. Use multi-vitamins & fish oil supplements if you want. It doesn’t need to be expensive, you can eat healthy while keeping it cheap.


6. Drink Water. Strength training causes water loss. Drink water to avoid dehydration & help muscle recovery. One gallon a day will do.


7. Get Protein. Proteins are the muscle building blocks. You need protein for recovery & to build muscle. Plenty of sources you can choose from:

Meat. Beef, pork, lamb, deer, buffalo, ?
Eggs. Eat the yolk, it’s full of vitamins.
Poultry. Chicken, turkey, duck, ?
Fish. Tuna, salmon, sardines, mackerel, ?
Dairy. Milk, cheese, cottage cheese, yogurt, ?
Whey. Not necessary but easy for post workout shakes.
Eat at least 1g protein/body-weight in lbs daily. Feel free to experiment with higher protein intakes.


8. Rest. Muscles grow after your workout, not during. Give your muscles time to recover & grow.

Don’t Train Daily. Keep one day rest between two workouts.
Sleep. 8 hours of sleep on average should be enough.

9. Plan Ahead. Career, business, family, friends, hobbies, etc. All will interfere with your goal to build muscle. Plan ahead:

Free Time. Train early in the morning or directly after work.
Prepare. Prepare your food for work, prepare your gym bag.
Shop. Go to the grocery store, get the food you need to build muscle.
Build a lifestyle that helps you achieving your goals. Build the exercise habit.


10. Persist. Don’t believe the hype. It takes time to build muscle. If you’re a beginner: at least 2 months to see serious change. Measure your muscle gains & keep a training log to keep yourself motivated.

The only thing that will prevent you achieving success is you. Persist.

http://www.bspcn.com/2007/09/28/how-to-build-muscle-the-definitive-guide/

red wine can extend life

A natural substance found in red wine can extend life and counter the negative effects of an unhealthy high-fat diet, researchers at the Harvard Medical School and the US National Institute of Aging said.
Researchers have discovered that a compound in red wine called resveratrol caused lab mice to live longer. Not only that, the mice also experienced a reversal in genes associated with heart disease, diabetes and other weight-related maladies.
They carried the study out on mice fed on a diet so high in saturated fats that it was equivalent to eating a cream cake with every meal. Mice on the fatty diet became obese, suffered health disorders such as liver and heart disease and died significantly earlier than mice on normal diets.
But when a second group of mice on the high-fat diet were given resveratrol, a plant extract found in grapes, their health and longevity were almost indistinguishable from normal mice, although they still became obese.
Resveratrol has already been identified as the chemical behind the so-called French Paradox, the phenomenon in which French people have low rates of heart disease even though their diet is traditionally high in meat, cheese and bread.
The resveratrol, had already shown the same benefits on worms, fruit flies and yeast.
"What we really would like to be the final answer, and can't quite say yet, is that resveratrol will mimic the effects of calorie restriction," said Joseph Baur of the team of Harvard.
But the study on mice is the first to show that resveratrol has survival benefits in a mammal, Harvard Medical School said in a statement

Use strong passwords

Risks
The best security in the world is useless if a malicious person has a legitimate user name and password. They can do everything you can do.
Some people’s passwords are just easy to guess, like “password”.
Others use plain words that can be guessed by a hacker’s program that tries every word in the dictionary.
If you use the same password for every site, a hacker only has to break it once to have access to everything.
Do use strong passwords
A good password:
Needn’t be a word at all. It can be a combination of letters, numbers and keyboard symbols.
Is at least seven characters long. Longer passwords are harder to guess or break.
Does not contain your user name, real name, or company name.
Contains a mix of upper and lower case letters, numbers and keyboard symbols (i.e. ` ~ ! @ # $ % ^ & * ( ) _ + - = { } [ ] \ : " ; ' < > ? , . /).
However, be aware that some of these punctuation marks may be difficult to enter on foreign keyboards if you are travelling.
Is changed regularly.
Don’t use weak passwords
Avoid weak passwords. This means:
Using no password at all.
Using a commonplace dictionary word.
Something that is easy to work out with a little background knowledge. For example: favourite football team, birthday, spouse's name etc.
The most common password is ‘Password’ so that’s an obvious one to avoid.
A password you haven’t changed in more than a couple of months.
Look after your passwords
Never disclose your passwords to anyone else.
Don't enter your password when others can see what you are typing.
Use different passwords for different services. In particular have a unique password for banking sites.
Change passwords regularly.
Don’t recycle passwords (e.g. password2, password3).
Don’t write passwords down. Instead, use memory tricks to remember them. For example, make a password out of the first letters of each word in a memorable phrase or substitute numbers for letters (for example: 5 for s, 3 for e).
Don’t send your password by email. No reputable firm will ask you to do this.
If you think that someone else knows your password, change it immediately.

http://www.getsafeonline.org/nqcontent.cfm?a_id=1127