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December 11, 2006
Link Heavy. 10 Rules for Building Wealth
Link Heavy. 10 Rules for Building Wealth: Buy land not diamonds. That's what we always say. Yes, we know that reads like a judgement, but it's not. Every economist will tell you that. And hey, Big L said it in one of his raps. Ha! Sure diamonds look great, but land is probably one of the safest investments.
CNN Money has a fantastic article on building wealth. For example, "Start early! More than any one stock or mutual fund pick, the age you start investing will determine how much wealth you build. To illustrate: Employee A starts putting away $100 a month when she's 22. Her money grows at 8 percent a year, and after ten years she stops contributing - and lets her stake grow. Employee B waits until he's 32 to set aside $100 a month, also growing at 8 percent a year, and he keeps it up until he hits 64. When they both retire at 64, she will have $234,600, and he'll have only $177,400. Need we say more?"
Read 10 Rules for Building Wealth [Here]
Posted by taj at December 11, 2006 08:07 PM