Tips for building wealth

From Anita T. Conner & Associates, P.C.

Some wealthy folks hail from a long line of aristocrats and industrial magnates. A lucky few win the lottery. But about 80% of the millionaires in America are "first generation" rich. They're the first in their families to have attained a high net worth through traditional means. How did they do it? Many of these folks developed small businesses over decades; others earned advanced degrees in demanding fields. Most followed simple principles that the rest of us can apply, including the following.

1. Avoid debt. If you can pay cash for an item, do so. Only take out loans for items that will likely generate a return on investment, like a house or an education. Paying interest leaves less money in your pocket for building wealth.
Invest in equities. With the volatility of the stock market in recent months, many people are pumping their money into bank accounts, certificates of deposit, and Treasury notes. If you have a long term horizon (say, five years or more until you'll need the funds), a well-diversified portfolio of stock mutual funds is still likely to be a wise choice.

2. Value education. Especially in certain professional fields (such as business, engineering, healthcare, and law), you can expect a college degree to pay off over time.
Live within your means. As the old saying goes, "You can't get ahead if you're always behind." Curbing your spending habits requires discipline. Watching your neighbor park his latest toy in the driveway (often purchased on the installment plan) may be irritating. But building long-term wealth isn't about keeping up with the Joneses.

3. Pay yourself first. If your company offers a 401(k) plan, contribute as much as possible directly from your paycheck. If you're in business for yourself or work for a company that doesn't offer a retirement plan, investigate other retirement plan options and make annual contributions.
Work hard. Never underestimate the value of your own labor. Life isn't always fair, and some lazy people have risen to the top. But most folks who have developed profitable businesses or found success in their professions have earned that position by focusing their energies over long periods.
Don't give up. Along the way, you're certain to encounter obstacles — unanticipated expenses, job losses, market setbacks, unappreciative bosses. Don't let them sidetrack you from your financial goals.

FREE FINANCIAL WORKSHOP JANUARY 21, 2012

Red wine is healthy!!!!

And again red wine enters the grand world of health breakthroughs! For those who like a glass or two of pinot noir, the news is...good! A new study has found that red wine could help women shield themselves from breast cancer.

Since cancer prevention is always a vital topic for us all, such breakthroughs like this are welcome. This one suggests women can use red wine -- in moderation only -- as a weapon against one of the major causes of death amongst U.S. women. The new study challenges the widely held belief that alcohol consumption in general increases one's risk of developing breast cancer. The notion has been that alcohol increases the body's estrogen levels, fostering the growth of cancer cells.

US need for Translation Services is on the rise

The other day I visited my niece’s Junior High School in Philadelphia, PA, where I ran into a childhood friend who teaches there. We talked briefly and as his students started piling into his classroom, I heard a few different languages. The thought that immediately came to my mind was "TRANSLATION SERVICE"! If I were a teacher, I'd want to know what these students are talking about! I agreed to wait 45 minutes to have lunch with him and I asked about the many different languages that I heard, and how did that affect his teaching. Boy, did I open a can of worms!

He expressed his frustration with multiple language barriers. When I asked about the translation services that the district provided, he laughed. “Do you know how long it takes to get that service? I have 10 parents who I need to speak with and I need a Russian, Spanish and French (Haitian) interpreter. I suggested that he write them letters and use an on-line translation tool for the various languages needed and mail them out. He was grateful for my suggestion and said he’d try it.

With the many immigrants flooding U.S. cities, the need for translation services is quickly on the rise. They are needed in schools; they’re needed in various agencies that provide resources and information and, although immigrants don’t have the right to vote, I think they should be able to understand what’s happening.

Animal Planet

Author: Joyce Mccall

My daughter got married in May of last year. She and her husband moved close to us just outside of Plano, Texas. My son in law is this really huge guy at six foot four inches. He was very athletic growing up and now has whittled it down to playing a mean game of tennis with a team he has joined. He has always loved being outdoors camping or hiking or even hunting. The other day he was making reference to some weird animal that he had seen on Animal Planet on www.directstartv.com. I never knew that he knew so much about animals except for the ones he hunts. He told me that he watches Animal Planet all the time. I am constantly finding out new things about my son in law. He even got into this big discussion about how Big Foot is still around, and that people are still hunting for him. I even watched one of the shows with him one time that was about these guys hunting Big Foot at night. All I can say is that you would never catch me hunting something like that at night. I am too big of a chicken.

Filing bankruptcy can stop foreclosure.

During the recent fall of the US mortgage industry, many home owners found themselves threatened with losing their homes. After falling prey to predatory lenders who avoided proper lending practices while adding small print that allowed for adjustable mortgage rates, many found themselves trapped and went from paying a $1,200/mth mortgage to $2.400 over a 3-4 year period – THAT’S DOUBLE THE AMOUNT THEY ORIGINALLY ANTICIPATED PAYING! Needless to say, the homeowner falls behind, and after several months of not being able to keep up the payments, the bank puts their home in foreclosure.

Many have found that signing up for a credit counseling course before filing for bankruptcy very helpful. Others find that filing for bankruptcy a very viable solution. As soon as you file for bankruptcy, the court issues and “Order of Relief” or an “Automatic Stay”, which instructs creditors to cease collection activities and postpones foreclosure sales.

There are some time sensitive documents and procedures, so if you’ve received a notice of default from your lender and are considering filing for bankruptcy, you should act immediately.

The new face of “Special Ed” students.

When I began working for the Philadelphia School District, I was surprised to see the new face of “Special Ed” kids. They didn’t look like the Special Ed kids that I remember as a child. They didn’t appear to have down syndrome, nor were they physically disabled. They weren’t blind, deaf or dumb. Upon talking to them one-on-one, they didn’t appear to be mentally handicapped either, yet MANY students had been labeled “Special Ed”.

Upon further investigation, I learned that there were two categories of Special Ed Students. You had the students who made it to the 9th grade, but were at a 3rd grade reading level. So they were labeled due to a perceived learning disability. Then you had the students who were labeled with Attention Deficit Disorder (ADD) or Hyper-active Attention Deficit (HADD). This particular group confused and concerned me.

These students weren’t any different than any ordinary inquisitive, curious, mischievous child, yet they were labeled and put on medication. As an incentive for parents to ok this often erroneous diagnosis without question, they received a check each month for their “Special Ed” child. The schools also received additional funds for Special Ed students. So, everybody was happy.

Let me say that I’m sure there are some children who fit that bill, but there are too many who are given this diagnosis for the wrong reasons. It’s sad. It’s a racket. It’s a disservice to our children. Mislabeling them at an early age can’t be good for their future. They’re being conditioned to think that they are a certain way…and it doesn’t stop with the Special Ed students either.

Does anybody else even care about this stuff besides me?