Financial Planning, Inna Rosputnia's life, Investments, Trading Secrets, World economy & politics

Getting rich and becoming a millionaire is a taboo topic. Saying it can be done by the age of 30 seems like a fantasy.

It shouldn’t be taboo and it is possible. At the age of 21 I was broke and in debt, and now I am 29, I am a millionaire.

Here are the 10 steps that will guarantee you will become a millionaire by 30.

1. Follow the money. In today’s economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that.

Start following the money and it will force you to control revenue and see opportunities.

2. Don’t show off — show up! I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income. I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.

3. Save to invest, don’t save to save. The only reason to save money is to invest it.  Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income).

4. Avoid debt that doesn’t pay you. Make it a rule that you never use debt that won’t make you money. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.

5. Treat money like a jealous lover. Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.

6. Money doesn’t sleep. Money doesn’t know about clocks, schedules, or holidays, and you shouldn’t either. Money loves people that have a great work ethic.  Never try to be the smartest or luckiest person — just make sure you outwork everyone.

7. Poor makes no sense. I have been poor, and it sucks. I have had just enough and that sucks almost as bad. Eliminate any and all ideas that being poor is somehow OK. Bill Gates has said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”

8. Get a millionaire mentor. Most of us were brought up middle class or poor and then hold ourselves to the limits and ideas of that group. I have been studying millionaires to duplicate what they did. Get your own personal millionaire mentor and study them. Most rich people are extremely generous with their knowledge and their resources.

9. Get your money to do the heavy lifting. Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work. If you don’t have surplus money you won’t make investments.

10. Shoot for $10 million, not $1 million. The single biggest financial mistake I’ve made was not thinking big enough. I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.

Apply these 10 steps and they will make you rich. Steer clear of people that suggest your financial dreams are born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there too. Start your movement to new life with Lady F today! 

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Weekly Market Outlook

Asian shares held near a one-year high, while European and U.S. equity index futures advanced as rising oil prices bolstered sentiment following disappointing data in the world’s three largest economies.

The Topix index fell and the yen fluctuated after Japan announced slower economic growth than analysts forecast. The Shanghai Composite Index jumped by the most since May as takeover speculation outweighed Chinese figures showing a slump in new lending. The yuan weakened by the most in a month. U.S. crude climbed for a third day, while nickel rebounded following its biggest one-day loss since July.

Global equities are trading near a one-year high as evidence of uneven growth in the world’s biggest economies both unnerves traders and fuels optimism that central banks will come to the rescue by way of stimulus. The probability that the Federal Reserve will increase interest rates this year eased to 42 percent in the futures market on Friday, from 49 percent a day earlier, after reports showed U.S. retail sales stopped expanding in July and wholesale prices unexpectedly fell.

“The U.S. economy may have lost a bit of momentum on its way up,” said Shoji Hirakawa, chief global strategist at Tokai Tokyo Research Center. “Still, weak numbers mean concern over tightening recedes.”

Stocks

The MSCI Asia Pacific Index was down 0.2 percent as of 7:10 a.m. London time, after rallying 3.1 percent last week. Markets in South Korea and India were shut Monday for holidays.

The Topix index declined 0.5 percent as Japan posted an annualized expansion for the second quarter of 0.2 percent, below the 0.7 percent projected by economists. Officials in Asia’s second-largest economy are struggling to ignite price growth, with the central bank running negative interest rates and an unprecedented asset-purchase program, and the government also bolstering fiscal stimulus.

Hong Kong’s Hang Seng Index climbed 0.8 percent to a nine-month high after government data showed the economy expanded in the second quarter at the fastest pace since 2001. The Shanghai Composite Index advanced 2.7 percent to its highest since January after stake purchases by China Evergrande Group spurred takeover bets among property developers. The Shenzhen Composite Index climbed by the most since June after the Hong Kong Economic Journal reported that a proposed exchange link with Hong Kong will be announced as soon as this week and start in December.

“The road ahead may be bumpy but Asian equities ex-Japan are relatively undervalued, under-owned and under-appreciated,” said Vasu Menon, vice president for wealth management research at Oversea-Chinese Banking Corp. in Singapore. “It could do better than other regions over the next few years once we see greater stability in China and greater clarity with Fed policy.”

Futures on the Euro Stoxx 50 Index gained 0.2 percent, while contracts on the S&P 500 Index added 0.1 percent. The U.S. benchmark slipped 0.1 percent from a record high on Friday.

Currencies

The yuan weakened 0.2 percent to 6.6466 per dollar in Shanghai. China’s broadest measure of new credit increased in July by the least in two years, a report showed late Friday. Data earlier that day showed factory output, retail sales and fixed-asset investment all slowed in Asia’s biggest economy.

Thailand’s baht reversed earlier losses to trade 0.2 percent stronger after the government reported better-than-expected economic growth. Gross domestic product expanded 3.5 percent in the three months through June from a year earlier, more than the 3.3 percent increase forecast in a Bloomberg survey.

Commodities

West Texas Intermediate crude climbed as much as 1 percent to $44.95 a barrel. It jumped 6.4 percent last week, its best performance since April, as Saudi Arabia signaled that it’s prepared to discuss stabilizing markets at informal discussions being held by the Organization of Petroleum Exporting Countries in September. Venezuela’s oil and foreign ministers will visit producer countries to lobby for price increases ahead of the talks, President Nicolas Maduro said.

Nickel added 0.3 percent in London, after sinking 4 percent in the last session. The metal used in stainless-steel making is the best-performing base metal in the second half and UBS Group AG rates it one of the best bets among commodities, saying a Philippine clampdown on polluting mines is crimping supply amid rising demand. Copper was up 0.2 percent and gold rose 0.3 percent.

Bonds

The yield on U.S. Treasuries due in a decade was little changed at 1.51 percent, after dropping by five basis points on Friday. The rate on similar-maturity Chinese debt dropped was also steady at 2.66 percent, the lowest in ChinaBond data going back to 2006.
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Weekly Market Outlook

Pound traders may have more reasons to fret next week amid economic reports that will show the true extent of the fallout from the U.K.’s decision to exit the European Union.

Sterling, already this year’s worst performing major currency, could come under further strain as reports on inflation, retail sales and unemployment benefit claims provide more detail on how the U.K. economy is faring after the referendum. The pound has been one of the most obvious causalities of Brexit, undergoing its worst-ever day when the result became clear, while losses deepened in the last week in the wake of the Bank of England’s decision to cut interest rates and boost its stimulus plan.

“The risks are to the downside in the data,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “It’s going to be a case of another week of a challenging backdrop for sterling.”

Sterling has dropped more than 13 percent since Britons opted to leave the EU, and fell below $1.30 this week for the first time since July, approaching the three-decade low of $1.2798 reached in the wake of the vote. It has already surpassed its post-Brexit low against the euro, sliding to its lowest since August 2013 on Friday.

While surveys since June 23 have shown contractions in construction, manufacturing and services, next week’s figures will provide more concrete evidence of the vote’s impact on the economy. The data is forecast by economists to show jobless claims increased in July, while retail sales barely grew.

The pound slid 1.2 percent this week to $1.2920 as of 5.55 p.m. London time on Friday, after touching $1.2909, the lowest since July 11. It slid 1.9 percent to 86.44 pence per euro, after touching 86.53 pence.

The latest move lower in the pound has been driven by the Bank of England, which last week cut interest rates to a record-low and restarted its quantitative easing plan.

The BOE’s buying got off to a rocky start this week as an operation Tuesday saw it fail to receive enough offers for longer-term bonds. The purchases will resume on Monday, with the following day’s buying of debt due in more than fifteen years likely to be closely watched for more signs of scarcity.

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