Guest Author - Sharon Michaels
Abundance and Wealth Newsletter readers have asked me to begin compiling the weekly "Did You Know" questions and answers into special articles.
Here's the first set. I’ve also included the “Pearls of Wisdom.”
You can always find the answers to the “Did You Know” questions on the Abundance and Wealth forum the same day the newsletter is sent to subscribers.
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This collection covers November 12, 2007 -- December 9, 2007.
As the new Abundance and Wealth Editor, the first newsletter I published was November 12, 2007.
Featured article:
Financial Gifts For Any Holiday (Including birthdays, weddings, showers, etc.)
Here’s the link:
Financial Gifts For Any Holiday
“Did You Know” Question:
Did you know the currency in Australia is the:
a. dollar
b. peso
c. pound sterling
Correct answer: a. dollar
The dollar is the currency of the Commonwealth of Australia with the paper dollar replacing the Australian pound in 1966. It is currently the sixth-most-traded currency in the world.
“Money, if it does not bring you happiness, will at least help you be miserable in comfort.”
Helen Gurley Brown, Cosmopolitan Magazine
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November 18, 2007
Featured article:
Wealth Begins On The Inside
Here’s the link:
Wealth Begins On The Inside
“Did You Know” Question:
Did you know that every dollar used to pay off high-interest debts is a better investment than putting your money in savings?
True
False
Correct answer: True
Rule of thumb -- always attack high-interest debt first. Very few people can get an interest rate on savings to compete with the rate they pay on their debts. The high interest debt is taking out more from the budget than any savings interest can add.
A good guide – 20 percent of your paycheck should go to repaying debt and adding to savings. Start to pay off debt, one debt at a time. Here are some more hints:
1. Stop taking on more debt.
2. Stop using credit cards
3. If you do use them, pay off credit balances each month
4. Put extra money into savings. Don’t spend it just because you have it.
“The earning law stated: All wealth is created in the human mind. Increasing your wealth is a matter of increasing your thoughts . . .”
Paul Laut, author Money Is My Friend
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November 25, 2007
Featured article:
Wealth, Children And Career
Here’s the link:
Wealth, Children And Career
“Did You Know” Question:
Did you know that experts estimate you’ll need about ___________ percent of your pre-retirement income to maintain your current standard of living during retirement?
Correct answer: 70-80 percent
This is a big one for everyone but especially women!
If living in the United States, you can expect to receive retirement money from:
~ Your Social Security benefits and those of your spouse
~ Personal savings and investments
~ Medicare
~ Pension plans (if you have one)
Generally, women work fewer years than men, earn less income and live longer. Retirement savings is vital! The sooner you begin preparing for retirement (even if you’re currently in your 20’s) the more time your money has to grow. Devise a plan and stick to it. What are your retirement goals?
“The only way not to think about money is to have a great deal of it.”
Edith Wharton – American author in the early 1900’s
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December 2, 2007
Featured article:
Creating Passive Income
Here’s the link:
Creating Passive Income
“Did You Know” Question:
Did you know that in 1970 a new house cost twice the annual salary of a married couple even with only one person working? Today a new house costs
a. 5 times
b. 8 times
c. 10 times
the annual salary with couples both working.
Correct answer: b. 8 times
Sounds like it takes two incomes to make ends meet, doesn’t it? Savings, investing and understanding financial goals is vital! A financial planner or other professional can help you prepare for future purchases.
The increases in the cost of living means it is more important than ever to know what you want and how you’ll financially achieve it. It’s time to sit down and ask yourself, “How many ways can I?” Planning and implementation are keys to financial security.
“Being rich is having money; being wealthy is having time.”
Author Margaret Bonnano
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All past issues of the Abundance and Wealth Newsletter are archived at:
Archived Newsletters
All past Abundance and Wealth featured articles are archived at:
Archived Articles
Answers to the past Newsletter questions can be found on our forum:
Abundance and Wealth Forum
