When you think of millionaires, words like “privilege” and “opulence” often come to mind. What about “comfort”? That’s a term more commonly associated with the middle class. But while most American families enjoy creature comforts, they yearn for a more enduring variant—the peace of mind that comes from knowing you have the financial freedom to pursue whatever life you want.
That sense of comfort is more attainable than you might think. The truth is, becoming a millionaire isn’t about living like the 1%. It’s about doing all the little things at work or in your portfolio or in your budget that can move the dial 1% here and 1% there to achieve your financial goals.
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You’ve landed on the dreaded “Go directly to jail. Do not pass go. Do not collect $200.” You may be locked up for three turns, but even from your perch behind bars, you can pick up skills on how to become a smarter investor.
Monopoly, that beloved board game you from your childhood, provided hours of entertainment, but it may also have taught you valuable lessons on risk assessment, timing and diversification—all useful tools for investing in the real world. In the eyes of Philip Orbanes, there’s no better financial starting point.
Orbanes, author of the new book “Monopoly, Money, and You: How to Profit from the Game’s Secret of Success,” has spent more than 30 years judging the United States and World Monopoly Championships. He knows how the game is played; now, he’s sharing his knowledge of its intricacies to show what investors can learn from a few hours spent handling multi-colored money and building little green houses.
Click here to read the Q&A with Orbanes and watch him discuss the book in our video interview.
While online banking continues to expand rapidly, financial advising has just begun transitioning to the Web. The gravitation toward online wealth management represents an interesting shift in the financial services industry, but the question on many consumers’ minds is whether they feel comfortable entrusting a program—or a person they’ve never met—to pilot their investments.
For many, it’s not an easy decision, but a number of financial industry experts believe online advising can be useful for a segment of the population that’s largely untapped by traditional wealth-management firms: the lower to middle class. “These websites provide financial advice to people with less money to invest, and at a lower price point,” says Robert Stammers, director of investor education at the CFA institute, a global nonprofit organization of investment professionals. Since traditional firms require clients to have substantial financial assets (some a portfolio size of at least $1 million), many cash-strapped Americans can’t afford to hire a financial adviser.
Targeting that demographic are online-only financial advising startups like Personal Capital, LearnVest, and FutureAdvisor. Click here to read about their approach and why wealth management is moving to the Web.