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Archives : Bitcoin BlogsYou’re keeping up with the Joneses. Or, rather, you’re trying to keep up with the Joneses.
But, it’s tough. What are their secrets? How did they get so rich? More importantly, how did they get rich and stay rich? For many, staying rich proves to be an even harder task than accumulating wealth in the first place. A recent survey revealed these obvious desires.
TheВ Spectrum Group, which conducted a survey of wealthy and affluent investors, recently asked What do you wish you had done differently in the crisis? в
The rich answered:
1. Save More2. Do more of their own research3. Don’t take out debtIt took a lot of economic bleeding for many wealthy people to learn that Cash really is King. Wealthy people were crushed in droves during the 2008-2009 credit crunch.
Many wealthy people realized they had overborrowed, overspent, overextended and overconcentrated on a single asset or industry.
Wealth was volatile and more than ever cash would be needed so as to absorb shocks in the financial markets. В The lesson holds true today.
According to the new survey, those making $750,000 or more have the highest planned retirement ages.
Since the financial crisis began, the wealthy have become the nation’s top cash hoarders, filling up deposit accounts and money markets at a rapid pace.
American Express Publishing and harrison Group stated recently the savings rate of the wealthiest 1 percent soared to 37 percent in the second quarter of 2013. В That is up from 34 percent in the second quarter of 2012. This represents more than three times their savings in 2007, pre-banking crisis.
Bank of America’s own study discovered that 56 percent of millionaires have a substantialв amount of cash, with only 16 percent of them planning to invest that cash in the next couple of months. 40 percent plan to invest it over the next two years. Stock markets and other financial assets are near all-time highs despite all the cash on the sidelines. And the spending by the wealthy remains fairly strong by many indicators.
The Down and SP 500 dipped on Monday amid the thinnest volume of the year despite closing at record highs last week.
Nearly 100 companies are still set to report earnings, and the week has been thin on market-moving macroeconomic data.
4. 6 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, for the lowest full day of trading so far in 2013. Daily volume has averaged approximately 6. 4 billion shares this year.
Of the things the rich wish they had done more of, Gold Silver Bitcoin believes that number 2 Do more researc is the most important. Had the rich done that, perhaps they would have learned about the money preserving aspects of not only gold and silver, but the exciting prospects of decentralized digital currencies like Bitcoin.