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Getting Rich vs Staying Rich

Now a days, people try to come up with ways to become rich. They may have an invention that took off, or maybe won the lottery. They tried everything to get rich and succeeded. Do they have what it takes to stay rich?

Check out what we have for you this week Plutus Family!

Everyone Says I Need a Roth IRA. Do I really? [Women Who Money] — “What could be more attractive than being able to salt away thousands of dollars each year, have that money grow over decades free of tax, and then withdraw both what you contributed and what you earned in dividends with no tax liability at all?”  (Submitted by Tarsha.)

Do you Have a Treasure Map? [Wallet Hacks] —”The Treasure Map is the qualitative explanation of our financial setup. It is a Word document that explains the purpose of each account, the point of contact, and how each of the pieces fit together. Our treasure map starts with our financial map – which is a drawing of how our accounts are interconnected. Together, they give you a complete picture of our finances.” (Submitted by J. Money.)

Getting Rich vs Staying Rich. [Fi Physician]— “Once you are rich, you aim human capital towards staying rich. While you should keep some concentration going (do what you love or what you are good at), it is also time to take some cards off the table. You’ve got to stay rich, too.” (Submitted by Tarsha.)