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How To Become Wealthy On A High Income - Forbes

To the average American, the title of this post sounds silly. She may wonder, "Isn't someone with a high income already wealthy?" This person has not yet learned a critical distinction and an important lesson in building wealth--income is not wealth. The most common measure of wealth is net worth--everything you own minus everything you owe. It is entirely possible to have a very high income and have a negative net worth . Likewise, it is entirely possible to have a very low income and yet possess vast sums of wealth. Income is not wealth despite how our tax code, innumerable newspaper articles, and the majority of people talk about it.

Even someone financially astute enough to recognize the difference between income and wealth may express surprise that an article like this one needs to be written; "Surely it must be easier to build wealth on a high income than on a low one, no?" The answer to that, of course, is yes, all else being equal. The problem is that all else is never equal.

As discussed in my very first column here at Forbes, high income professionals typically face a number of barriers to building wealth. These include a late start (their 20s and even part of their 30s is often spent in education and training), a high student loan burden, a progressive tax structure, high liability, high stress/burnout levels, and a general lack of financial literacy/business training. While most high income professionals should become wealthy eventually, the above factors prevent a surprising percentage of them from ever building significant wealth. (Remaining factors such as divorce and lack of financial discipline are common in all income brackets.) Net worth surveys of physicians in their 60s, generally at the end of a 30+ year career, show that one quarter of them have a net worth of less than $1 Million, and 12% have a net worth of less than $500,000!

The good news is that this is a relatively simple problem to fix. Applying a few rules of thumb to a simple spending plan can ensure that anyone with a stable, high income can build wealth rapidly.

# 1 Save 20% Of Gross Income For Retirement

The first rule is perhaps the most important. The secret to building wealth as a high income professional is to use your most important wealth-building tool, your income, to build wealth. This is done by not spending it and instead directing it toward wealth building activities like investing for retirement. Why is the recommended percentage 20% instead of the more commonly heard 15%? It's the high income professional factor. Your late start and smaller relative benefit from Social Security tax payments requires more savings.

It really doesn't matter what you do with the other 80%. You can spend it on a fancy house, a fancy car, fancy clothes, expensive vacations, private school for the kids, charitable contributions or heli-skiing. But that 20% is sacred. It must be dedicated toward saving for retirement. Combining the 20% rule with a high income, a reasonable investing plan, and a typical career will result in retiring as a multi-millionaire. It really is that simple. Remember that 20% is from your gross income, so if you take the taxes out first it is really going to be 25-30%. Also remember that any savings for other financial goals such as college, a house down payment, or a new car is going to be above and beyond that. Extra payments toward debt are also above and beyond the 20% for retirement. While it would be nice to be able to spend that 20% on whatever you like, the good news is that even 80% of a high income provides a very nice lifestyle compared to the average American.

# 2 Pay Off Student Loans Within 5 Years of Completing Training

Lenders will permit you to put your student loans on a 20 or even a 30 year payment plan. This is generally a terrible idea for someone who...


Clive Daniel Providing Interiors for Stock Model at Naples Reserve - Furniture Today

This press release is submitted and shown here in its original form, unedited by Furniture Today.

Naples, FL – November 6, 2018 – Clive Daniel Home the award-winning interior design powerhouse and home furnishings retailer, has recently been selected by Stock Signature Homes to provide furnishings for their new Marathon III model at Naples Reserve.

Located in the Canoe Landing neighborhood, the new home will showcase furnishings by multiple award-winning interior designers Rebekah-Errett Pikosky and Charlie Hanson of Clive Daniel Home. Completion of construction of the home is expected in January 2019. Pricing is to be determined.

Naples Reserve is a 688-acre gated community between Naples and Marco Island along the U.S. 41 Tamiami Trail/Collier Boulevard 951 corridor. Recognized for their exceptional custom estate homes, Stock Signature Homes is also offering a collection of single-family homes in Naples Reserve’s Sparrow Cay and Parrot Cay, an exquisite lakefront custom estate home neighborhood.

Created among 22 lakes and sweeping open water views, Naples Reserve emphasizes lakefront living with Southern Coastal-inspired homes and amenities along the water’s edge. Lakes provide prime opportunities for using the community’s new Hydro-bikes, kayaking, canoeing and paddle boarding. The centerpiece 125-acre Eagle Lake features a large tiki hut on destination Kontiki Island and also offers a mile-long stretch of lakefront nestled against the Picayune Strand State Forest, a 78,000-acre state park with protected pinelands, cypress swamps, marshes and wildlife.

The $7 million Island Club social center features a 5,160-squarefoot clubhouse and an adjacent 3,500-square-foot fitness center with state-of- the-art equipment and a movement studio for spinning, Zumba and yoga. Outdoors, a resort-style zero-entry pool offers dedicated lap lanes and ample room for relaxation. Indoor and al fresco gathering areas at the Island Club include a lakeside fire pit and casual beverage and dining options at the Chat ‘n Chill Tiki Bar and Latitudes Cafe. Naples Reserve residents receive complimentary one-year social memberships at Walker’s Hideaway Marina of Naples, a yacht club along the Gordon River offering a marina, indoor storage for 600 boats, two waterside restaurants, outdoor pool and sauna, and access to Naples Bay.

Clive Daniel Home is located on U.S. 41 in Naples and has won over 306 awards for excellence in creative design since its inception in 2011. A second store is located in Boca Raton, Florida. Contact Daniel Lubner at 239-292-3717.

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The South Street Seaport Museum Hosts Memorial Service for Jack Putnam - Broadway World

The South Street Seaport Museum family mourns the death of longtime Museum historian, educator, Melville scholar, and friend Jack Putnam. A memorial service will be held in Jack's honor on Saturday, November 17, 10am, at St. Paul's Chapel, 209 Broadway, New York, NY 10007. Reception to follow, between 1pm and 4pm, at the Seaport Museum's Melville Gallery, 213 Water Street, New York, NY 10038.

In the words of Saul Austerlitz in The New York Times, Jack was the official historian and unofficial conscience of the museum. Over a span of decades, Jack was a champion of the Museum and its efforts. He put his shoulder to the wheel in myriad ways but in all respects was stalwart in support of the mission. Many will remember him best as Herman Melville himself, reciting "Chapter One: Loomings" from memory.

"Whenever I find myself growing grim about the mouth; whenever it is a damp, drizzly November in my soul; whenever I find myself involuntarily pausing before coffin warehouses, and bringing up the rear of every funeral I meet; and especially whenever my hypos get such an upper hand of me, that it requires a strong moral principle to prevent me from deliberately stepping into the street, and methodically knocking people's hats off-then, I account it high time to get to sea as soon as I can."

Jack spent his time at sea, and was as romantic about it as a fellow can get. But he also had a clear-eyed view of maritime New York and the critical importance of the port. He saw Albion's Rise of New York Port as regular required reading for all at the South Street Seaport Museum.

In 2013, after Hurricane Sandy and when the Museum was closed to the public, Jack regularly attended our weekly staff meetings, despite having no official role at the Museum. The effort to bring back the museum he loved was what mattered to him, so he showed up. And he paid us the complement of praising our work. We were all buoyed by him, and his cheerful disposition will be sorely missed here.

We join with Jack's many friends, colleagues, and shipmates in celebrating his life. We're grateful that he spent so much of it with us.

John B. Putnam of Staten Island, NY, died Sunday, September 9, 2018. Jack was born July 2, 1936, in Boston, MA, to Philip Austin Putnam and Thelma Arthur Putnam. He grew up in Belmont, MA, attending Belmont Hill School and graduating from Belmont High School. His treasured memories of childhood included hiking in the White Mountains with his father and the parades and fireworks occasioned by his birthday, even though he eventually came to the disappointing realization that these were actually in celebration of July 4th. In 1958, he graduated from Harvard College, where he was a founding member of the Dudley House Drama Society and a member of the Navy Reserve Officer Training Corps. Jack then served on active duty based at Naval Station Norfolk.

After completing his active duty, Jack embarked on a peripatetic period during which he and his wife, Dianne, and their infant daughter lived briefly in Belmont, then moved to New Jersey, where he worked as an editor at Princeton University Press. He left Princeton to spend eighteen months as editor at the East-West Center at the University of Hawaii at Manoa, then moved to Evanston, IL, to serve as managing editor at Northwestern University Press. In 1971, when Jack was appointed executive director of the Association of American University Presses and president of AAUP Services in New York City, the family moved to Wilton, CT. During his time at Northwestern and AAUP, Jack traveled in developing countries in Africa and behind the Iron Curtain in support of emerging writers, experiences that informed his view of the world for the rest of his life. He also served in the U.S. Navy Reserve, eventually receiving an honorable discharge as lieutenant commander. During the 1970s, Jack earned his private pilot's license, fulfilling a lifelong dream.

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2010 Bennington 20 SFI – Pontoon Fishing Boat. Price $16,995 Fish model. Colors available are black, blue or red. The 2010 Bennington 20 SFi Pontoon fishing boat is a fishermen's dream as it is well equipped for a good day of fishing. The boat has 3 fishing chairs on it, one in the stern and two on the front.

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