Berg - Be a millionaire next year: strategies to use today to build your wealth tomorrow

Michael R. Berg

Humanix Books

Be A Millionaire Next Year

Copyright 2016 by Humanix Books

All rights reserved

Humanix Books, P.O. Box 20989, West Palm Beach, FL 33416, USA

Library of Congress Cataloging-in-Publication Data

Names: Berg, Michael R., author.

Title: Be a millionaire next year : strategies to build your wealth quickly and permanently / Michael R. Berg.

Description: West Palm Beach, FL : Humanix Books, [2016]

Identifiers: LCCN 2016019644 | ISBN 9781630060640 (pbk.)

Subjects: LCSH: Finance, Personal.

Classification: LCC HG179 .B4554 2016 | DDC 332.024/01dc23

LC record available at https://lccn.loc.gov/2016019644

No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any other information storage and retrieval system, without written permission from the publisher.

Cover Photo: ben-franklin-12659207 ( Shippee)

Interior Design: Scribe, Inc.

Humanix Books is a division of Humanix Publishing, LLC. Its trademark, consisting of the words Humanix is registered in the Patent and Trademark Office and in other countries.

Disclaimer: The information in this book is intended solely for information purposes and is not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or sell or trade in any commodities, currencies, or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Past results are no indication of future performance. All investments are subject to risk, which should be considered prior to making any investment decisions. Consult your personal investment advisers before making an investment decision.

ISBN: 9781-630060640 (Trade Paper)

ISBN: 9781-630060657 (E-book)

Playing Catch-Up When Youre 40, 50, or Older

20 Smart Financial Moves You Can Make Now

How the 4 Percent Rule Became Less Than 3 Percentand What It Means for You

How You Can Build an Incredible Retirement Income Stream

A Guide to Using Leverage to Increase Your Assets

Nine Ways to Shield Your Assets from Taxes

Four Savvy Ways People Are Still Making Money in Real Estate

Eight Ways to Put Your Money to Work for You in a Health Savings Account

Buy and Sell Tax Liens Like a Pro

Follow These Proven Steps to Freelance Success

Eight Final Thoughts on Spending Less, Saving More, and Creating Personal Wealth

B ased on the title of this book, you may be assuming a get-rich-quick scheme awaits you in the following pages. That, we admit, is not the case. Depending on where you begin, you probably wont cross the $1 million mark in your very first year. With that said, here is the reality: You can become a millionaire in due time if you change your mind-set and put an array of financial forcesall within your controlinto motion on your behalf.

Does that mean making every decision perfectly? Are you doomed if you havent always paid yourself first when income rolls in, havent cut up all your credit cards, or cant help but spend $6 on a latte here and there?

The reality is, many of us tend to make mistakes with money. Despite the well-meaning advice of all the so-called financial gurus out there, we often flail. I admit, Ive thrown away money on lottery tickets despite the dismal odds. I bought a condo near the height of the housing bubble and sold it in the throes of the bust. Ive moved cross-countrytwiceand across state lines nine times. Ive divorced, Ive cashed out a 401(k) to pay off debt, and Ive opted for the sport utility vehicle (since sold) when a more economical sedan would have done just fine.

Hey, Im human.

That said, Ive never lost sight of my goal: financial freedom. And every decision, great or small, is made with that in mind. Selling that condo? It was to pursue a job opportunity, as were most of my moves. I havent paid a lick of interest on a credit card in years (while earning plenty of rewards cash), and in fact, I live debt free. I contribute religiously to my retirement accounts. And I have a written breakdown of my assets, liabilities, and financial goals that I review almost daily, always heeding the famous business maxim, What gets measured gets managed.

What Ive learned through my own setbacks and accomplishments is that the pursuit of financial freedom shouldnt be about extreme sacrifice. It should be about making smart choices that take into consideration not only pure dollars but our happiness. Its about eliminating debt that weighs you down and considering the highest and best use of each dollar that passes through your hands instead of carelessly spending it.

As I approach my first $1 million in assets, I look back on every mistake as a learning opportunity. It has been a journey of pure determination, a save-first mentality, and the good fortune to marry someone as dedicated as I am to creating the best life possible. The idea is not to live like a miser for 40 years so you can try to enjoy the next 40. Its to live richly within your means throughout your life... and to keep relentlessly expanding those means.

Thats the aim of Be a Millionaire Next Yearto help you think differently about money and set yourself on the path to your first million, and then more.

Here, weve gathered the best ideas uncovered by the Franklin Prosperity Report newsletter team. These are experienced journalists who have done the due diligence, conducting the in-depth research required and speaking to the top experts for their insightspeople youd normally have to pay hundreds, sometimes thousands, for their assistance and advice.

In these pages, youll find out how to

• calculate how much money you need in order to retireand how to accelerate your savings strategy if you find youve fallen behind;
• maximize your Social Security payments;
• adopt the most important attributes of the millionaire mentality;
• harness the incredible income-producing potential of dividend-paying stocks;
• understand numerous legal options for lowering your income tax bill;
• make money in real estate beyond flipping;
• cut health insurance costs while creating a powerful retirement asset in the process;
• explore the tax lien marketplace;
• start your own business.

In closing, this book really isnt about being a millionaire by next year. Because truly, in many respects beyond your bank account, you can be a millionaire right now. Its all about believing in yourself and taking the simple steps to transform your relationship with money, day by day. To think of money as your ally in your ongoing quest to live your life exactly how you want to. To pursue your dreamsacross state lines, if need be. To earn what youre worth, to acquire assets while shedding liabilities, and to slowly but surely build a portfolio of multigenerational wealth. Make that commitment, and the end result becomes a fait accompli.

Meanwhile, if you happen to order a latte or two along the way, so be it. Lifes a journey to be savored, after all. Heres to your first million.