A strong jobs report and reassuring comments from the Federal Reserve chairman helped stocks surge Friday. The U.S. added 312,000 jobs in December –
Every Day — An estimated 10,400 Americans will turn 65 each day in 2019. This group represents the ninth year of the 19 years in which waves of baby boomers will reach age 65. An estimated 11,500 Americans will turn 65 each day in 2029 (source: Government Accountability Office, BTN Research).
Cost of Our Debt — In April 2018, the Congressional Budget Office forecasted that interest paid on our national debt will increase from $390 billion in
Shifting the Risk —Between 1975 and 2014, the number of defined benefit pension plans in the private sector fell by 57 percent while the number of defined contribution plans increased by 208 percent (source: DOL, BTN Research).
WEEKLY FOCUS – A New Year Resolution: Developing a Wealth Mindset
So, the New Year has begun and you’ve yet to claim a resolution. It’s never too late. Why not resolve to strengthen your strategy on wealth building?
Since you’re reading this, you’re probably already on the path to financial success. But it doesn’t hurt to compare your financial habits with those of the already-wealthy. If you haven’t adopted these tactics, maybe it’s time you should. If you’ve already embraced them, recommit to them and pass them on to your children or heirs.
A review of the top books on what it takes for financial success reveals some common tactics in those who’ve achieved it.
Develop a wealth mindset. Those who believe accumulating wealth is a given are those who most often get it. Success must be a given. Bruce Lee once said, “As a man thinks, so he is.” Granted, the man was a martial arts phenomenon, not a financial wiz, but the principle remains that same.
Don’t be a sheep. If you follow the advice of most people, you’ll end up like most people. But – most people aren’t wealthy. So why follow their actions or advice? Traditional advice on attaining wealth is based on risk avoidance and fear. But wealthy people are usually described as risk-takers.
Embrace simplicity. Thomas Stanley interviewed hundreds of millionaires for his book, “The Millionaire Next Door.” He discovered most of them led frugal, simple lives. Indeed, the typical millionaire lives in a middle-class home and drives a two-year-old or paid-off car, according to Dave Ramsey. Trying to embody the physical trappings of a stereotypical millionaire is expensive and could end up costing you substantially.
Beef up your financial literacy. The more you know about finance and your personal economics, the better equipped you are to make sound wealth-building, retirement
Don’t work for your money – make your money work for you. Every penny is a seed, with the potential to grow more. Wise investments accumulate wealth for you, even while you’re sleeping.
Call our office today. We can provide you with the financial advice you need to ensure your money is working hard for you – and not the other way around.
The Dorion-Gray Team
Securities offered through Securities America, Inc., Member FINRA/SIPC. Advisory services offered through Securities America Advisors, Inc. a Registered Investment Advisory Firm. Dorion-Gray Retirement Planning is a trade name of Dorion-Gray Financial Services, Inc. located at 2602 IL Route 176, Crystal Lake, IL 60014. Dorion-Gray and the Securities America companies are separate, unaffiliated entities.
© 2019. Dorion-Gray Financial Services, Inc.
* The Standard & Poor’s 500 (S&P 500) is an unmanaged group of securities considered to be representative of the stock market in general. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. NASDAQ Composite Index is an unmanaged, market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Morgan Stanley Capital International Europe, Australia