Riding surging prices of his various telecom holdings, including giant mobile outfit America Movil (AMX), Mexican tycoon Carlos Slim Helu has beaten out Americans Bill Gates and Warren Buffett to become the wealthiest person on earth and nab the top spot on the 2010 Forbes list of the World’s Billionaires.
Slim’s fortune has swelled to an estimated $53.5 billion, up $18.5 billion in 12 months. Shares of America Movil, of which Slim owns a $23 billion stake, were up 35% in a year.
That massive hoard of scratch puts him ahead of Microsoft (MSFT) cofounder Bill Gates, who had held the title of world’s richest 14 of the past 15 years.
That’s some run-up in share price! If I were him, I’d liquidate it all and buy Baja timeshares!
I just added a new store to the Money Hacks site. I know, I'm a little late to the party, but that's my MO! 🙂
It's hosted by Amazon and it's filled with hundreds of personal finance books from authors like Jim Cramer, Andrew Tobias, George Soros, Peter Lynch, and Jim Rogers.
Check it out. There's still time to order before Christmas (I can say that, right)!
A New York man is suing Bank of America for $1,784,000,000,000,000,000,000,000 (I think that’s right).
If only they had that much. Reminds me of the old quote from the infamous Willie Sutton, bank robber:
Why do you rob banks?
Because that’s where the money is!
I want to start off this post by saying that I’m sorry I haven’t posted in quite some time.
You see, at the end of July, July 31 to be exact, I was laid off. I knew it was coming as it was part of the transition plan to acquire Washington Mutual by JP Morgan Chase.
So what have I been up to the past few months? At the beginning of August, I took the family on a long vacation (3 weeks) up through Oregon, then west to the Oregon coast, and back down. We stayed at a large ranch, visited Ashland (the Shakespeare Festival), saw my cousins in Junction City near Eugene, then we stayed 5 days in Portland.
Portland is a beautiful city. We took bike rides (that first mile up the trail in Forest Park is a killer, what with me towing a double-wide Chariot bike trailer loaded with my two boys), went to the Children’s Museum and the Portland Zoo, visited Powell’s (a killer bookstore).
Then we went to Astoria (nice coastal city) and stayed a few days. Then we went south, through Gold Beach (the 25 miles south of Gold Beach is the most spectacular coastline I’ve ever seen and I live in California), and many coastal towns between there and my home.
We had a wonderful time.
I am in no mood to look for more work, either. I kind of like staying home. But for now, that’s a big dream I have. October might be the month where I get really serious about a job. I will be looking in the Portland and Seattle areas, though — that’s for sure. Places like REI, Columbia, Yakima, Nike, and a few others come to mind as places I’ll target to find gainful employment.
I’ve let the blog carnivals slip. I kind of dread sifting through all the posts because there’s got to be a ton of them. I most likely will break them up into 5 or 10 bit chunks, just to manage them better and give each post more attention. Sound good?
In the meantime, I’ve got a ton of stuff to do around the house. I’ve reorganized the office closet and have eliminated a lot of clutter (but there’s a lot more). We’re going to be redoing the front patio with tile. We’ll also being laying down some more sod in the front and back yards.
Plus, we’ve got our back yard landscaping plans back. I haven’t even looked at them yet. This is one project where I’ll have to really think about how to chunk it up into much smaller pieces because if I tackle it all together, I will literally kill myself!
Also on my list of to-dos is to install (or have installed) a door in the office that leads to the new back yard.
Boy, have I got a lot of work to do!
I don’t have time to look for a job.
Meanwhile, I am still laying the foundation for my eventual exit from the corporate world. I have redesigned a lot of my sites and hopefully will be able to put a lot of them on semi-autopilot (I have tried “autoblogging” software and I just really don’t like the outcome on anything other than a news blog), so I’ll be posting a lot to my sites:
Computer Monkeys will get a redesign, too (at least the blog will) as well as a lot more posts added.
Photo-dodo is on hiatus. I love photography and took a ton of photos while on vacation, but I just don’t foresee finding the time to devote to the site.
That’s it for now. I hope to make some contributions to this site in the very near future.
By the way, if anybody wants to guest-post, I’m all ears! 🙂
Leave me a comment if you want to make a guest post or two about personal finance (please, no topics other than PF).
Last week, we talked about getting the proper mindset for building wealth. As you may recall, you can have everything: All the tools, money, advertising, etc. and still fail. It may be due to a mindset that isn’t quite right.
And it doesn’t mean that you have a bad attitude. It may be that your past experiences have set your expectations for yourself too low. If you don’t aim high, you may not hit your target. The world can be your oyster. If you make it so.
Today, we’re going to talk about how to parlay your interests into a wealth-building activity. There are many ways to build wealth: Real estate, investing in stocks or other securities, becoming an executive in a company that grows, etc.
But by far, what is within reach of most of us (i.e., YOU) is starting your own business. A popular approach is to take something you really like, something with which you are really, REALLY passionate about and find an angle that makes money from it. Here are some questions to get the creative juices flowing:
These are just a few questions that you could ask yourself to find out what kind of business you could start to begin your wealth-building empire. The how comes later.
Now, of course, there are many different methods and media in which to run your own small (no, BIG) business: Traditional “brick and mortar,” online, multi-level marketing, agent (as in Real Estate), or a service business (like running errands for the elderly or really busy). I suggest that you begin with the online aspect because the start-up costs are extremely low (in many cases, you can start a business for free), the barriers to entry are nil (online, you can look as big and BE as big as Amazon; nobody has to know you’re running your website out of your garage or spare bedroom), and the chances for success without killing yourself are pretty high.
Plus, virtually any business can be run from the web — even service businesses. Just target local consumers and you can build a thriving business in no time, selling services or products (or both — this is where you can differentiate yourself from your competition).
Advertising costs are low, as is setting up a database of customers and potential customers for future promotions that you might have (call them “leads” or “prospects”).
In short, virtually everything a business can do can be easily done online.
As your website grows, so too can your enterprise. Start a small website, branch out into a small office, then a second physical store, etc. The possibilities are endless!
One thing I’ll caution you on right now: Don’t get caught up in the technical aspects or let your fear of technology stop you from getting started. In subsequent weeks, I’ll show you how to do some of the technical stuff, but it won’t get very complicated at all. 10 years ago — even 5 years ago — you needed a lot of expertise to set up and run a successful online business. You can start one now with virtually zero technical know-how and very little money and time.
But I’m getting ahead of where we need to be right now.
So you asked yourself the questions above and arrived at a list of answers (you wrote them down, I know). Now, think like a customer: What do I want? Am I seeking information, product recommendations, or solutions to problems? How can YOU help me? Can you provide me information? Recommendations? Solutions?
If you can answer these questions, then you may well be on your way to creating a lucrative business for yourself, one that provides you the income you need and the wealth you desire.
Next week, we’ll brainstorm some more and define a concept for your business.
I am basing a lot of this introductory wealth-building information on what’s in this Action Guide, which, by the way, you can consider the “fast-track” to this first set of WBW posts. In other words, if you don’t want to wait for each week’s posts, you can just read the whole guide and go from there.