Seven Golden Rules For Successful Retirement Planning

As the Baby Boomer generation continues to age, about 10,000 people in the U.S. turn 65 years old each day. That is an astonishing figure. Many of us worry about retirement planning and if we will be ready. It’s a very scary thought.

Everybody is concerned about retirement and retirement planning is critical. The recession over the last 8-9 years has really hurt many families who thought they had a nice, nest egg set aside for retirement.

Financial planners are needed more than ever to help navigate individual portfolios and manage retirement planning for their client.

Carl Edwards is the owner of C.E. Wealth Group there are numerous factors to be concerned with regarding retirement planning for baby boomers – the uncertainty about the future of Social Security funding and dealing with one’s workplace retirement accounts like a 401(k).

Edwards states, “Many advisors and clients rely too much on single product lines. This misuse often gives products and the financial industry in general a bad name.”

Edwards provides seven helpful points that everyone should know and better understand, related to your retirement planning.

• Avoid trying to time the market. Markets often move in cycles and some investors believe that they can boost their investment returns by buying at the bottom and selling at the top. The problem is that investors are terrible at correctly predicting market movements and multiple studies have shown that market timers usually end up with significantly smaller retirement savings than buy-and-hold investors. While it can be stressful to see your portfolio plummet during a market correction, it’s important to stay calm and focus on your long-term strategy.

• Use risk-appropriate financial vehicles. Retiring can be a risky business. The days of relying on employer-provided pension plans are largely over and retirees now have to deal with risks including investment, inflation, healthcare, longevity and others. Though the total elimination of risk isn’t possible, we can manage many of them through competent retirement planning and a clear understanding of factors like your goals, time horizon and financial circumstances.

• Complete a cash flow analysis. Retirement will involve major changes to your finances. Sources and timing of income will change and financial priorities may shift as you start generating income from retirement savings. A cash flow analysis will identify spending patterns and help ensure that you have enough income to support your retirement lifestyle.

• Consider the effects of inflation. Inflation is one of the biggest issues facing retirees because they are disproportionately affected by rising prices. Escalating food, fuel and medical costs can devastate a retirement portfolio unless these costs have been factored into your planning. Positioning your retirement portfolio to fight inflation is critical to ensuring adequate income in retirement.

• Invest in the most tax-efficient manner. Taxes can take a big bite out of investment returns, which is why we stress tax-efficient planning with our clients. While taxes are just one piece of the overall financial puzzle, it’s important to structure your investments so that you are able to keep what you earn.

• Guarantee your required income. For many retirees, having income that is not subject to market fluctuations is an important part of their retirement plan. Many will have at least some level of guaranteed income from Social Security or defined benefit pension plans. However, if you are worried that your expenses exceed your guaranteed income, a financial advisor can help you explore options for additional streams of income for life. Guarantees are subject to the paying ability of the income provider.

• Utilize longevity planning. Today’s retirees are living longer than ever and many worry about outliving their assets. Longevity planning is about preparing for a happy, comfortable and independent retirement and can help ensure that your wealth lasts as long as you need it to.

If you are concerned about retirement planning and are seeking a certified financial advisor, contact us today. We can refer licensed and respected financial advisor professionals in your area to help you. Return to follow this luxury blog and learn about other financial tips and investment industry news.




4 Keys for Baby Boomers to Consider Regarding Retirement Planning

Regardless of your age, retirement planning should be high on everybody’s list. Baby Boomers are generally defined as people who were born between 1946 and 1964. This important generation were part of the post World War II era and is now an important group of people as they enter the retirement age.

With about 75 million Baby Boomers alive today, about 10,000 boomers actually turn 65 years old each day. That is a staggering number and shines the light on the importance of retirement planning. It’s important to remember, it is never too late.

Michael Bivona is a certified public accountant who already retired about 20 years ago. He understands how critical it is to map your strategy and have a sound the retirement planning road map. People often dream of unlimited travel, sipping Mai Tai cocktails on a tropical beach, and having no worries about life. Well it’s reality check time!

Bivona states, “I had a simple plan: When I stopped working I planned on living on my 42-foot Chris Craft cruiser with my wife, Barbara, which was a very pleasant pastime during my busy working years. But, after a few weeks, as we tried to make our dream a reality we found that we were bored out of our minds.”

But if you want a rewarding retirement, you need to assess your current situation and make the important changes if needed. Bivona continues, “Pre-retirees and retirees are rightly concerned about whether they can afford retirement. But not having enough to do is another kind of deficit that is frequently overlooked until it’s too late.”

He shares 4 keys for Baby Boomers to consider regarding retirement planning:

1) Make the most of your travels.
Traveling is a common bucket list item for most retirees. Of course, it’s going to cost you. That’s why this is a subject that perfectly combines the two great concerns for retirement: money and purpose, both of which can be maximized with “research, research, research, Bivona says. You might even parlay traveling with another interest, such as your family history. You may learn about your roots at www.Ancestory.com, and then visit areas based on your research. Or, you may be more interested in stretching your dollar. There are many cost effective deals to be had by researching your heart’s desire on the internet.

2) Try on a pair of dancing shoes.
For some, the thought of dancing may elicit a strong sense of aversion, but you may want to try it anyway. The benefits include exercise, coordination and possibly enjoying a romantic hobby with your spouse or others. Dancing is a beautiful art form that gives participants something with which to challenge themselves, Bivona says. A goal-oriented mindset is a healthy one especially when approaching the encore years.

3) Develop a social network with senior civic centers.
Civic centers, which usually have a department dedicated to the betterment of the senior citizens who live in their areas, can be found in almost every municipality in the United States. These centers offer a wide range of activities. Additionally, the following online search, “Fun Activities for Senior Citizens,” offers a nice list of activities and associated details that can be explored prior to retiring.

4) Stay sharp and keep learning.
The mind is much like the body: If you don’t use it you will accelerate the process of losing it. Building bridges to new adventures is the key to maintaining your mental acuity and increasing your vitality. There are an abundance of educational courses developed for seniors to keep them exercising their mental prowess. Remember, if you started working in your twenties and retire in your sixties, there’s a good chance you’ll spend as many years in retirement as you did working. So building bridges to what you want to do in a rational manner for your encore years is imperative if the last phase of your life is to be enjoyable for you and your love ones.

Don’t let you retirement dreams slip away. If you want to live a VIP lifestyle, it’s not going to happen on its own. Plan, plan and plan again. Retirement planning is so important and often overlooked. Don’t delay anther day, get back on the right path and enjoy your golden years of retirement …. worry free.

If you need a professional financial advisor to help with your Retirement Planning, contact us today. We can recommend someone who is licensed in your area to help you plan for retirement and look at your current and future financial situation. Read more about investing and financial planning by following this popular luxury blog.




Three Key Tips to Financial Retirement Success

No matter if you have millions of dollars saved up for retirement or very little, many of us worry about our retirement years. There are keys to retirement success but nothing is simply black and white.

Each one of us needs to assess our own situation, make changes along the way and be flexible when unexpected setbacks arise. For those with a financial advisor, it’s wrong to just step back and hope he or she is doing the right thing managing your investments.

You have a lifetime of earnings and hopefully a large savings, it’s easy to get comfortable and expect a financially secure retirement, particularly if you believe you are working with a reliable, financial advisor. Well don’t be so sure.

Bryan S. Slovon is both founder and CEO of Stuart Financial Group in Greenbelt, Maryland and he encourages each of us to take charge of our financial well being to ensure a financial retirement success.

Slovan says, “Life is rarely that simple or black-and-white and, unfortunately, neither is the financial realm. It’s worth reflecting on where your advisor is coming from,. If they are not fully independent – as in not working for a large institution – their advice may be biased toward sales.”

He continues, “Further complicating matters are various professionals in the financial industry. Whether or not a professional means well, the fact remains that many are actually trying to sell products.”

Slovon offers three key tips for financial wellness and hopes it leads to financial retirement success for us all.

1) Audit your current and future expenses; spell out your plan. If you don’t have a plan for your money then you’re just hoping for things to work out. You can do better than that, even though changes in your plan will likely occur at some point. The most basic aspect of a financial plan includes understanding your current budget, which could be compared to expenses expected in the future. The more technical side of things, such as how to save on taxes and make your money go further, would benefit from analysis by a truly independent financial advisor.

2) Listen to your doctor – so to speak. If you want to enjoy your golden years, good health is arguably the most important step – and it’s cost-effective. He states, “More specifically, doctors often tell patients that they can be of service only in as much as patients are doing their part for good health. A healthy diet, exercise, regular doctor’s visits, etc. are necessary. These things help provide good health. A similar kind of vigilance is required if you want to fully enjoy your money in retirement.”

3) Focus on your taxes, and perhaps tax-favored investments. An important part of understanding your budget, and making it work better for you, is getting reliable professional analysis on your tax situation. You may be paying much more than is necessary. If you are expecting to retire in the near future, you may especially benefit from analysis of your tax budget.

Slovon continues, “Most of us give our lives to our work and families our entire adult lives. If you’re nearing or in retirement, it’s time to focus on you. That means you’ll need at least some professional financial help. However, you are the best person to oversee your own economic fate.”

In closing he says, “Perhaps the arithmetic of personal wealth should be much simpler, but like it or not, the rules of economics are riddled with fine print, unexpected or inadequately explained conditions, and loopholes.”

So as you can see, it’s ultimately each of us who needs to be our own best financial advocate. Although you may need a team of professionals such as a CPA, financial advisor, lawyer, etc…, don’t forget to stay involved all along the way. You know the saying, “You snooze, you lose.” Make sure that doesn’t apply to you and stay on the right path for your own personal well-being and financial retirement success.

If you have questions or actively looking for a qualified financial advisor to help with your financial retirement plans, contact The Life of Luxury and we can refer you to a financial professional in your local area. If you like reading about financial topics, come back again to follow this luxury blog.




Luxury Market Demand Continues to Drive Ivory Poaching

China’s most highly regarded and well known in-depth talk show, Yang Lan One-on-One interviewed Derek and Beverly Joubert, while they were in China. A follow-up from her interview with the Joubert’s on her Village Forum, which was viewed on social media by 195 million people. Recently the Chinese government announced they would start the process of banning all ivory importation.

Derek and Beverly have lived and worked in Botswana, Africa for over 30 years. They are award winning filmmakers and have produced numerous articles for National Geographic Magazine. The Joubert’s have spoken about the rapid rate at which we are losing rhino, elephant, leopard and lion due to a limitless in-demand market in China and South East Asia.

Ivory poaching is a highly prized material in China. It has many usages, one being the material used to make chop-sticks. Amongst the necessities ivory is used for, the Asian hunger for wild animal parts claim to work miracles ranging from increasing virility, to curing cancer.

During the interview with Yang Lan, Dereck Joubert was quoted, “If we can draw on the ancient wisdom of care, compassion, respect, trust and empathy that is so prevalent over 2,000 years of Chinese culture from dynasty to dynasty, we will find a common language. And if China can shutdown the demand, we can handle closing off the supply with anti–poaching and crime fighting.”

The demand has driven ivory poaching and profits from illegal trafficking to record-shattering levels. Africa is losing 5 lions per day, 5 elephants per hour, and a rhino every 7 hours. The decline of these key species could threaten both the environment and the economy of Africa.

Even though this may be an African problem, controlling the demand and trafficking from China and the Far East could shorten poaching along with not ignoring the problem alone. Derek and Beverly have launched a new initiative to help save Africa’s rhinos. A huge part has to be creating awareness. Starting with Africa, and Asia.

If stories like ivory poaching and travel to exotic destinations around the world are appealing to you, be sure to return and read our luxury blog. The Life of Luxury is proud to present the latest news in the luxury industry.

Picture: Lufei Photo




Cruise in VIP Style – Ripsaw EV2 Luxury Tank

With all the turmoil in the world, it seems that wars and terrorism are always in the news. Well now you can feel a little bit safer and do so in VIP style, with the new Ripsaw EV2 Luxury Tank.

The luxury tank is built by Howe and Howe Technologies. Ready to handle any terrain, Ripsaw EV2 Extreme Luxury Tank is even equipped with an adjustable pneumatic suspension. This allows you to take off-roading to a whole new level!

EV2 stands for Extreme Vehicle 2. According to Howe and Howe, the EV! is a “demilitarized Ripsaw platform that has been designed specifically for private sector, commercial and recreational uses.” It’s also reported to be “the fastest dual tracked vehicle ever developed.”

Ripsaw EV2 Luxury Tank interior

The Ripsaw EV2 Luxury Tank has been getting excellent media coverage due to its uniqueness, even appearing on the cover of Popular Science magazine. The tank will feature a touchscreen entertainment system, in addition to a leather interior.

Ripsaw EV2 Luxury Tank

I assume there will be an extremely low quantity of these luxury tanks produced. Again, from the company – “a handcrafted, limited run, high end luxury super tank, developed for the public and extreme off road recreation. These vehicles take up to 6 months to fabricate and can cost well into the 100s of thousands depending on desired luxury and performance packages.”

The luxury tank offers 12″ of suspension travel plus a beefy 600 diesel horsepower engine. You won’t be breaking any land speed records but man – you will really impress your friends and family pulling up in this bad boy, luxury tank!

Whether the Ripsaw EV2 Luxury Tank is something you desire or if you have your sights on another luxury product, contact The Life of Luxury today. We have access to incredible, hard to find gifts and products from around the world. Stop by again to read this luxury blog and stay abreast of the latest luxury industry news.

Photo: Howe and Howe Technologies




Do You Desire A Life of Luxury? New Luxury Survey Tells All

So what do Americans desire? Most of us dream of extravagant things and living a life of luxury, with unlimited wealth to do as we please. Method Fitness conducted a recent, luxury survey of 1,000 people in the U.S. to better understand their ultimate luxuries.

Although it’s no surprise that we all want to enjoy luxury goods and services, the luxury survey also identifies most people don’t feel they will ever attain their dream items. An example, is over half the respondents think have a personal trainer is a luxury, but just 36% feel they can afford one at some point.

We hear that today’s younger generation is less concerned with wealth and name-brand luxury products, but the luxury survey showed otherwise. Between the age of 18 and 24, 60% or people stated they would buy luxury items. That percentage drops with age. For the over 55 year category, just 36% said they would purchase a luxury item. Older people realize material goods are not what’s important in life as they age.

David Guzman is the CEO of Method Fitness, which is a personal training supplier company. He was quoted, “Most folks just want a taste of what it feels like to be pampered, to be catered to, to feel important.”

Below are the interesting results of the luxury survey. Do the results match your wish list?

Top 10 Ultimate Luxuries:
1. Rolls Royce
2. Personal Chef
3. Beachfront Home in Hawaii
4. Rolex watch
5. Tiffany diamonds / jewelry
6. Personal driver
7. Bentley
8. Mansion in Beverly Hills
9. Porsche
10. Jaguar
11. Cartier diamonds / watch / jewelry
12. Beachfront home / condo in Malibu
13. Home in the South of France
14. Louis Vuitton handbag / luggage
15. Personal trainer (in home or while traveling)
16. Prada bag/luggage
17. Any diamond
18. Harry Winston diamonds/jewelry
19. Louis Vuitton shoes
20. Van Cleef & Arpels diamonds/jewelry

When naming their ultimate luxuries, American men put a Rolls Royce at the top of the list, while women opted for a personal chef, according to a national survey of 1,000 people conducted by personal training supplier Methodfitness.com.

Although viewing the list of luxury desirables, not surprisingly there are differences between men and women, both in brands as well as priority order. Some luxury items like owning a Rolls Royce, having a personal chef or driver, wearing a Rolex watch and purchasing beach front property in Hawaii are on both gender lists.

Here is the breakdown between men and women:

Top 10 Luxuries For Men:
1. Rolls Royce
2. Rolex watch
3. Beachfront Home in Hawaii
4. Tiffany diamonds / jewelry
5. Bentley
6. Porsche
7. Mansion in Beverly Hills
8. Personal Chef
9. Personal driver
10. Cartier diamonds / watch / jewelry

Top 10 Luxuries For Women:
1. Personal Chef
2. Rolls Royce
3. Beachfront Home in Hawaii
4. Personal driver
5. Tiffany diamonds / jewelry
6. Rolex watch
7. Bentley
8. Mansion in Beverly Hills
9. Jaguar
10. Porsche

Women have long been categorized as “big spenders” but men said they would spend on average $45,000 on a single luxury item. But the average for women is less than half that – at only $20,000.

When asked what luxury means to them, one respondent said “Luxury in my world is all the bills are paid at once.” Another reply was “It means I’ve made it financially. I’m rich.” Of course some people could care less about a VIP lifestyle and traveling around the world. About 25% state they could care less about adding extravagance to their lives.

43% of answers to the luxury say they treat themselves to luxury items. About 25% say they have received luxury gifts before.

David Guzman states, “We see these things in store windows and in magazines, worn by celebrities and the rich and famous in movies and on television. And despite dreaming, we think it’s not possible. But with hard work, many of these things are within our reach.”

Living a good life means different things to different people. Remember to be happy with who you are and be grateful for what you have. Isn’t that what life should be all about?

If you are interested in making your luxury dream list a reality, please contact The Life of Luxury. We can help you plan your luxury vacation or buy that extravagant item. Be sure to come back again to read about other interesting news, published each week in our luxury blog.

Photo: Rolls Royce Phantom




Billionaire Lifestyle – See How The Mega Rich Live

For many years, being a millionaire was an elite status that most of us could only dream of. Well prior to the recent worldwide recession, the economic gain by those wealthiest people has risen to unheard of heights.

In a world of about 6.5 billion people, there is a group of people so rich and so wealthy that the numbers are staggering. There are now 793 people who have the title of billionaire!

These billionaire people live a luxury life can go beyond words. The world is there luxury playground and they have all the money to do or buy as they please. It truly is the ultimate lifestyle of the rich and famous.

As a billionaire, your luxury lifestyle is often shielded from public life. But everything you do is on a grand scale – mega homes, private jets, super yachts, fine jewelry and around the world luxury travel.

This incredible video details who some of these ultra rich people are who live an extravagant and billionaire luxury life. It’s a VIP lifestyle to the extreme. Some of those wealthy people featured include: Paul Allen, Bill Gates, Donald Trump, King Mohammed bin Rashid Al Maktoum, Mark Cuban, Larry Ellison, Prince Al Waleed bin Talal bin Abdulaziz al Saud, Sir Richard Branson, Jeff Bezos, Sergey Brin & Larry Page, Stephan Cappon, Roman Abramovich, Wayne Azengus, Stavros Niarchos, Amanda Hearst.

This list details the top 10 richest people today, including their billionaire net worth, age, wealth source and country of citizenship.

1) Carlos Slim Helu & family (photo above)
$73 B 73 – telecom – Mexico

2) Bill Gates
$67 B – 58 – Microsoft – United States

3) Amancio Ortega
$57 B – 77 – Zara – Spain

4) Warren Buffett
$53.5 B – 83 – Berkshire Hathaway – United States

5) Larry Ellison
$43 B – 69 – Oracle – United States

6) Charles Koch
$34 B – 78 – diversified – United States

7) David Koch
$34 B – 73 – diversified – United States

8) Li Ka-shing
$31 B – 85 – diversified – Hong Kong

9) Liliane Bettencourt & family
$30 B – 91 – L’Oreal – France

10) Bernard Arnault & family
$29 B – 64 – LVMH – France

 




Closed-End Funds a Good Investment Option for Baby Boomers

Closed-End Funds

There will be a literal mountain of cash raining down on the Baby Boomer generation.  Over the next several years, it is estimated that $10 trillion will be inherited by today’s Baby Boomers.

Due to fact that women outlive men by seven years on average, women will receive the lion share of this wealth will get the bulk of it according to a recent Cornell University study.

So the big question is what to do with all that money? Financial expert Scott T. Schultz, author of Scott Schultz’s Guide to Closed-End Funds has a surprising answer.

Scott T. Schultz was quoted, “Women already control 60 percent of the nation’s personal wealth – they outnumber men and they are traditionally the shoppers.”

Scott T. Schultz has had an exceptionally successful career and is a respected expert on the subject of financial investing. He began his career in 1983 at E.F. Hutton and was ranked the nation’s No. 1 Separate Account Money Manager by USA Today for three consecutive years using GIPS verified/audited performance numbers supplied by Morningstar, Inc. Schultz was a GOP nominee for U.S. Congress in 1988, and met with Presidents Ronald Reagan and George H.W. Bush at the White House.

As the first of the boomers begin reaching the age of 65 this year, the U.S. will see an even greater number of retirement-aged women holding this country’s financial wealth.

“Many will inherit money and property from their parents and/or their husbands, and many will live another 30 to 40 years,” Schultz says, citing the Cornell study. “They’ll need to invest their money to ensure they have enough to avoid that impoverished retirement they fear, but they – and the nation – have lost confidence in the stock market; April 2011 saw the lowest number of investors since 1999.”

According to Schultz, what brokers are not telling their clients is about closed-end funds. Schultz was ranked the No. 1 Separate Account Money Manager for three consecutive years by USA Today. He says these limited-issue stocks are available only in finite numbers and because watchful brokers can find them “on sale,” they’re a better bet as an investment for those who are willing to sit on them awhile.

Why is the American public so in the dark about closed-end funds? Noting his book is the first written on the topic in more than 20 years, Schultz says there are a few reasons:

• Brokers can’t generate a lot of commissions from them. Brokers move open-ended funds quickly because they earn a commission with each transaction. It’s easy money for them, Schultz says. Closed-end funds require a longer term investment strategy, so brokers who want to get rich quick won’t use them.

• They require more effort from the broker, who has to work to find the “sales.” One advantage of closed-end funds is that they can sometimes be purchased at a discount, so the investor starts off ahead of open-end investors who are paying full price for stocks, Schultz says. Even if the fund never gets back up to its full value, any increase at all is a gain. But the broker has to be willing to work to find the good investments with good discounts. And then he or she has to be willing to sit on them.

• Closed-end funds are boring! For a lot of brokers, it’s just plain fun to trade stocks in products and initiatives with an exciting ring to them, whether it’s Facebook or a treasure-hunting ship. These brokers are constantly trading stocks – and generating transaction feeds, lawyer fees and underwriting fees every time – because that’s what they like to do. Closed-end funds require thoughtful, sometimes tedious research before buying, and then the patience of a saint as both the broker and the investor wait for the bid price to increase.

To learn more about Scott T. Schultz and his thoughts on Closed-End Funds, please visit: www.closedendfundguru.com




Learn the Seven Secrets of Self-Made Multimillionaires

millionaire wealth

Becoming a millionaire is a lifetime dream for many. Some people achieve it rather simply via an inheritance, or maybe hitting the right stock pick or lottery.

But for those fortunate enough to have become a millionaire, it usually entails very hard work, strategic thinking, dedication, and sometimes even a little luck.

Just becoming a millionaire isn’t a guarantee you will be set for the rest of your life.  Fidelity Investments conducted a study in 2011 of millionaires and discovered that 42 percent of them do feel wealthy.  On average, they believe they would need $7.5 million of investable assets to actually start feeling rich.  Of course, it’s all relevant right?

The below list titled Seven Secrets of Self-Made Multimillionaires is about generating multimillion-dollar wealth and enjoying it during the creation process. Enjoy and best of luck in achieving your dream of a wealthy lifestyle and a Life of Luxury!

No. 1: Decide to Be a Multimillionaire — You first have to decide you want to be a self-made millionaire. I went from nothing—no money, just ideas and a lot of hard work—to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: “I am worth over $100,000,000!”

No. 2: Get Rid of Poverty Thinking – There’s no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meets. Many of the lessons she taught me encouraged a sense of scarcity and fear: “Eat all your food; there are people starving,” “Don’t waste anything,” “Money doesn’t grow on trees.” Real wealth and abundance aren’t created from such thinking.

No. 3: Treat it Like a Duty – Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don’t lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.

No. 4: Surround Yourself with Multimillionaires – I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can’t learn how to make money from someone who doesn’t have much. Who says, “Money won’t make you happy”? People without money. Who says, “All rich people are greedy”? People who aren’t rich. Wealthy people don’t talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?

No. 5: Work Like a Millionaire – Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they’re not good at or aren’t a productive use of their time, such as household chores. But don’t kid yourself that those who hit it big don’t work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.

No. 6: Shift Focus from Spending to Investing – The rich don’t spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can’t write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.

No. 7: Create Multiple Flows of Income – The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience. Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It’s a mystery to them why others don’t get rich. They know they aren’t special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people.

Source: Entrepreneur.com




Flaunt Your Wealth and Endulge In These Extravagant Splurges

Royal Suite at The Savoy - London
Royal Suite at The Savoy

Some wealthy people like to flaunt their money while others are more reserved and keep a low profile.

Well if you are part of the former group and really like to lavishly spend your money, then here are some ideas.

We’ve put together short list of six fun ways to splurge on some extravagant things:

1. Buy Out a Hotel
Live lavishly at The Chanler at Cliff Walk, a boutique style mansion hotel in Newport, R.I. with personal butlers, private meals prepared by Executive Chef Tom Duffy, couples massage, and a personal chauffeur. Each of the 20 rooms, estimated at $1 million to create, is uniquely designed based on a historical period with handpicked decor from around the world. The “Private Experience Package” starts at $5,000 per night.

2. Make Your Own Wine
Be the vintner of your own custom wine barrel alongside expert winemaker Conor McCormack at Brooklyn Winery in Williamsburg, NY. Crush, ferment, and bottle approximately 300 bottles of your choice varietal — just don’t drink it all at once! At the end of the season, discuss your newfound love of oenology and days of wine making in New York’s hippest borough with friends over a bottle graced with your own personalized label.  Full Custom Barrel Packages are $5,700.

3. Stay in London’s Royal Suite
Live like the King of England at the ultra-luxe 1066 square foot Royal Suite at The Savoy, recently reopened after an ambitious $350 million hotel renovation. The suite boasts sprawling views of the Thames, a 24-hour butler, and service kitchen for those traveling with their own chef. Get around town in the decadent Savoy Rolls Royce Phantom at $6500 per day and sip on a $25,000 Methuselah of Cristal 2002 at the Beaufort Bar before retiring to your posh palace. Rates for the Royal Suite start at approximately $15,500.00 per night.

4. Charter a Super Yacht
Climb aboard 270-foot Alfa Nero and prepare for seven unforgettable days at sea exploring the Mediterranean from Santorini to St. Tropez with a 28-member crew prepared to meet your every need. The sleek, extravagantly designed superyacht boasts a beach club, cinema, and swimming pool that converts to a dance floor or helipad. Starting at approximately $1.1 million per week.

5. Party Like a Rockstar with a Nightclub Takeover
With an exclusive buyout of FLUXX nightclub in San Diego, you can have the ultimate nightlife experience with up to 900 of your closest friends. The 11,000 square-foot nightclub has solidified its reputation as the city’s hotspot, catering to A-list celebrities and exceptionally stylish clientele. Your VIP party will include the venue’s three bars, circular dance floor, state-of-the-art sound and lighting system, DJ or live entertainment, FLUXX dancers, valet and security, and more. FLUXX exclusive buy-outs start at $60,000.

6. Rent a brand new private Villa Estate
Paradise awaits at Anguilla’s brand new Ani Villas, a private, 5-star, world class resort perched on breathtaking cliffs above the shimmering Caribbean. The ten-bedroom, 25,000 square-foot estate with two fully serviced villas is perfect for hosting you and your 20 friends, or choose a more intimate group and live luxuriously in just one of the villas.  Designed by the award-winning architect Lee Skolnick, the Villas create a sense of bringing the outside, inside. With light flooded rooms and floor to ceiling windows, the magnificent views and open-plan island experience is never lost, wherever you are.




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Browse through The Life of Luxury our depth of information on living a luxury life style. The best the world has to offer regarding luxury, is now available for you to enjoy.