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- Wiley
More About This Title Moving Up to Millions: The Life Calculator Guide to Wealth
English
In Moving Up to Millions: The Life Calculator Guide to Wealth financial guru and former California State Controller Kathleen Connell outlines a dynamic and digitally accessible interactive approach to securing anyone’s financial future. It contains practical advice on overcoming life’s adverse financial events as well as a winning game plan that can be instantly updated for these uncertain times. It also includes a sophisticated, yet easy-to-use financial calculator that enables readers to create an unlimited number of personalized, real-time “what if” scenarios and calculate their optimal financial plan.
Aimed at readers in their peak earning years to those a few years away from retirement, this book offers both profiles of individuals and families who address financial challenges and reposition their careers and personal lifestyles to redeem their finances, as well as the actionable tips they follow on the road to financial freedom. A digital platform encourages readers to access weekly on-line expert panels and blog sites where they can interact with the author and access extensive web references for further education.
Kathleen Connell Washington, D.C is currently President of the Connell Group, an investment advisory firm located in Washington, D.C. and teaches International Finance at the U.C. Berkeley Haas Graduate School of Business and at the Georgetown University McDonough Graduate School of Business. Dr. Connell has twenty-five years of experience in the field of finance and served as a trustee for CalPERS and CalSTRS for eight years, which together comprise the largest pool of retirement assets in the world.
English
Kathleen Connell is currently President of the Connell Group, an investment advisory firm located in Washington, DC. She also teaches international finance and corporate goverance at the UC Berkeley Haas Graduate School of Business. Dr. Connell has twenty-five years of experience in the field of finance and served as a trustee for CalPERS and CalSTRS for eight years, which together comprise the largest pool of retirement assets in the world. She was recently honored by SmartMoney magazine as one of the thirty smartest people in investing.
English
Introduction ix
The Life Calculator Online Program xiv
Acknowledgments xv
Chapter 1 Meet Your Neighbors 1
Moving Up to Millions 5
You, Too, Can Be a Millionaire! 6
Not All Millionaires Are Equal 8
Do You Really Need a Million Dollars? 13
The Four Rules of Making Millions 16
Chapter 2 Threats to Millionaire Status 23
Why Your Life Cycle Is Not Like Your Parents' 24
It's More Than Just a Number, It's a Life Plan 36
The "Number" 36
Let's Get Started—Becoming Your Own Financial Advisor 38
Chapter 3 Click Your Way to Personal Wealth 41
The Three Es of Financial Planning 42
Power Your Future: The Life Calculator Is Your Personal Financial Advisor 43
How to Start 47
What the Life Calculator Will Show You 48
Identify Your Optimum Future 49
LifeCalculator.Net 49
Ten Guiding Principles 51
Chapter 4 Calculating Your Odds of Disaster and Preparing for Life Changes 55
The Dirty Dozen Adverse Events 55
Adverse Events Planning 56
Potential Windfalls 68
Your Best-Case Scenario—Is It Enough? 69
Optimum Strategies for Getting from Here to There 70
Chapter 5 It's a Blur between Work and Play 73
Say Hello to Phased Careers and
Delayed Retirement 73
Working to 70 and Beyond 75
Targeting Growth Industries 78
What Industry Sectors Show Promising Job Growth? 80
Benefit-Rich Industries 82
Flexible Careers 84
Enhancing Your Skills 87
Chapter 6 Home Is More than the Place You Live 89
Too Much Housing—A Risky Bet? 89
Timing the Market: Cashing Out at the Peak 92
Sometimes It Pays to Be a Renter in a Mobile Society 95
New Kind of Commune: This Time You Want to Belong 97
Assisted Living: What's Likely to Happen? 99
Bringing Your Parents Home 101
Your Home Can Stay in the Family 102
Berlitz Crash Course: Retiring Abroad 105
Tax-Friendly States Beckon 107
Living Where You Want: Connecting to Where You Need to Be 109
Chapter 7 Insurance: Protecting Against Downside Exposure 111
You're on Your Own—Employers AWOL on Healthcare Insurance 111
Long-term Care Insurance—The Best Investment You'll Make 116
Disability Insurance—More Important than You Realize 121
Anti-aging Science and Virtual Medicine 122
Life Insurance You May Outlive—or Sell for Cash 123
Longevity Insurance 126
Estate Planning: Taking Care of Those You Care About 128
Chapter 8 Meet the Forties and the Fifties: Fearless and Fantastic Years 131
Forties Decade: Child Rearing and Career Advancement 131
Forties Profiles 132
Fifties Decade: Maximum Earnings and Retirement Savings 144
Fifties Profiles 145
Chapter 9 Join the Sixties and Seventies: A Successful and Safe Life 155
Sixties Decade: Transitioning into a Second Career 155
Sixties Profiles 157
Seventies Decade: A Time of Enjoyment 162
Seventies Profiles 162
Endnotes 171
Index 183
