Wealth building from Forbes

Ad Majorem.....Wealth Builders

From Forbes Wealth builder | published in 2008

In USA, almost 10 million individuals have networth of one million or more, and  half million have networth of $l0 million.

How do you become wealthy:

l.  Start early and have income that exceeds your expenses so that you can have something to invest;

2.  The formula of hard work, thrift (frugality) and entrepreneurship of Horatio Algiers work.

3  Let the power of compounding do the rest for your money.  At 12% per annum, your money doubles every 6 years (the rule of 72 for compounding)

4.  Next comes the preservation of wealth and getting off the hand of tax man from your wealth.  Learn about:

       l.  Free donation every year to your heirs;

       2.  The power of foundation to free from donors/donees tax, and estate tax.

      3.  The very little tax you pay on stock transactions at bourses (vs capital gains tax on ordinary transactions)

      4.  Tax exempt govt bonds and security.

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