Author - Richard T. Feight, CFP®

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Mortgage Habits Of Millionaires
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3 Characteristics of the NexGen Millionaire
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3 Things You Can Do In Today’s Market
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Why Should I Have An Emergency Fund?
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3 Big Mistakes Most Investors Make and How to Avoid Them

Mortgage Habits Of Millionaires

Have you ever wondered if you should you get a 30 or 15 year mortgage? Do you every wonder what people with really good personal financial habits do? It might not be a bad idea to know if the credit crisis is finally lifted and lenders unclog their financial arteries and start lending again. Let’s look at what three different authors from three of my favorite personal finance books have to say about the subject:

Author 1 – Thomas J. Stanley The Millionaire Mind

After creating the Casablanca of personal finance books, The Millionaire Next Door, Dr. Stanley expands

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3 Characteristics of the NexGen Millionaire

After twelve years in the business you start to see similar characteristics of what makes up the millionaire’s mind. By millionaire I mean someone that is free from financial fear, or what everyone from Ameriprise to Merrill likes to call “financially independent”. In lay terms, this person has reached a state where money is NOT their primary concern. This puts them in a small percentage of the population.

Due to the economic downturn and decline in the stock market, a new mentality toward money is emerging. This mentality, born out of the current recession, contains characteristics similar to the mentality

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3 Things You Can Do In Today’s Market

1. PlanLet’s face it, most of these recessions are short relative to a long term time horizon. In fact, some economist are starting to call this recession over. (See http://bit.ly/jZQ9u).  By long term I mean, most people will be retired for 30 or more years. According to Jacqueline Doherty, in her Barron’s article Closer to the Bottom, she says that “the average U.S. recession lasts 10 months, and stocks hit their low about 3 months before the recession ends.” Even though this recession has lasted longer, with proper planning you will have enough money set aside for
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Why Should I Have An Emergency Fund?

Many people don’t have an emergency fund because when they accumulate some money, they spend it. An emergency fund should consist of 3 to 6 months worth of living expenses held in short term investments. Whether you have 3 or 6 months depends on whether you have one or two incomes. The rule of thumb is that a family living on one income should have 6 months worth of expenses. A family with two incomes may be able to get by on 3 months worth of expenses.

Disability insurance policies can also affect how much you should have in your …

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3 Big Mistakes Most Investors Make and How to Avoid Them

1. Procrastination

There are many variables in investing, unfortunately time is not one of them. Yes, you can extend when you are planning on retiring, or fulfilling a goal, but you cannot go back to when you should have started saving. We’ve all heard the saying “the best time to invest is 30 years ago, the next best time is now.” The truth in that saying is due to one principle: the power of compound interest. Compound interest is simply when your gains start earning gains. At that point your original investment isn’t the only money working for you. There …

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