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Highlights of the July 2007 Issue of
MONEY
[Full stories also available online at www.CNNMoney.com ] GETTING RICH IN AMERICA, by Pat Regnier, page 74 You know the path to wealth is often blazed alone. But is the life of an entrepreneur right for you? It may be more realistic than you think, once you get real about what it takes. Would you be better off working for yourself? Tough question. Certainly if you look at your neighbors with real wealth, you'll see a lot of entrepreneurs. Half the families with a self-employed breadwinner claim a net worth greater than $336,000, and folks who make it big push the average for such families to more than $1 million. Then again, you could meet more than a few business owners in the waiting room at bankruptcy court. In between are lots of people hustling for every buck. Unless you get past that stage, you'll likely make less than you do now. For many who take the plunge, it's a chance to build something of their own, to test themselves and to pursue new experiences. In this MONEY report on entrepreneurship, you'll meet a dozen people who turned their passion into a livelihood (see "How It's Done," page 78). But first let's talk about the big questions every would-be business owner must wrestle with. HOW IT'S DONE, by Josh Hyatt, page 78 A dozen entrepreneurs, a dozen success stories: proof that you don't need a lot of money to make a go of it, but you do have to be smart about how you invest your energy. And you do have to bring a lot of energy. You're ready to ditch the job, dump the boss and start your own business. What's stopping you? There's just that one nagging hurdle: You know nothing about starting a business. Well, nothing encouraging. You know that many fail (sure enough, about a third do in the first four years). And you know that becoming an entrepreneur costs a small fortune. That one, you'll be happy to hear, isn't necessarily true. Yes, you'll likely get your start-up money from savings and personal loans until you can win over funders with evidence of your success. But it won't take that much money. Last year, in fact, the median cost to start a business was only $10,000, according to a Wells Fargo/Gallup survey. As for the risk of failure, you can't ignore it. But you can alter the odds by following the example of the entrepreneurs you're about to meet: Lay the groundwork before you quit your job, keep expenses low, build on what you know, learn as you go and love what you do. To see how 12 smart success seekers are making a go of it today, start reading. HOW TO MARRY A BILLIONAIRE, by Marlys Harris, page 94 Sure, the challenge is steep. But this field guide to the mating habits of the ultrarich shows just what it takes to land Mr. or Ms. Big. True, it's not politically correct to go hunting for a marital meal ticket (or for that matter, to write about it). But just for a moment imagine the life that could be yours if you did. Forget the fabulous baubles, designer clothing, cutting-edge electronics and palatial mansions that your golden goose — uh, spouse — might heap upon you. Consider the more pragmatic bonuses of the good life. No more scrimping and scraping to make your annual Roth IRA contribution. No more working until you drop to ensure a comfortable retirement. And no more worries about where your children will get into college (or how to pay for it). Marrying a billionaire is not beyond your grasp, as long as you're willing to work hard toward your goal. (Yes, hard work — albeit of a different kind — is still a requisite for achieving wealth.) To aid in your efforts, MONEY analyzed the mating habits of 50 of the mega-monied to learn how they met their spouses. We scoured the how-to-marry rich literature and talked to society watchers, upscale matchmakers and wealth experts. And we pored over divorce news to see how spouse No. 1 was supplanted by spouse No. 2 (or 3). Unfortunately, those who had already made it to Fat City refused to say how they got there. "I am just not telling," said one billionaire's wife over her cell phone before hanging up. Nonetheless, our findings were encouraging. WHEN THE REBOUND COMES, by George Mannes, page 23 How you'll know when home prices are finally recovering Unrelentingly grim news about home prices is no secret. At least 42% of major housing markets are in decline, with some projected to fall by double digits over the next five years. One alarming sign: The National Association of Realtors has reversed its usually sunny outlook and is now predicting a 1% drop nationwide in existing home prices in 2007. Still, no bear market lasts forever, and indeed, predictor NAR, quickly recovering from its unusual flash of pessimism, is forecasting that prices will bottom out this quarter. How will you know? Because housing markets are intensely local, it won't do much good to check out national figures. Instead, MONEY outlines the leading indicators of recovery in your local market to watch out for.
SUDDEN RICHES, SUDDEN DOUBT, by Amanda Gengler, page 37 Sure, a big fat inheritance would make your life easier. But are you really sure you'd know how to handle it? You're coming into a big inheritance… so what do you do? Prepay a mortgage? Purchase a vacation home? Invest it all for retirement? It's hard to plan for an inheritance. It seems greedy, for starters, and the money may never materialize. But if and when an inheritance comes your way, you may suddenly have some unexpected number crunching—and soul searching—to do. Your choices may seem infinite, but bequests are also full of potential pitfalls. But don't let the fear of doing the wrong thing prevent you from making some lasting improvements to your family's finances. MONEY provides you with some steps to get a leg up on some major financial goals.
PLUS: Three fast fixes: Making the most out of Mom's gift. WHOLE FOODS: THE WHOLE TRUTH, by Stephen Gandel, page 114 Learn how to get the biggest bang for your green buck when shopping at the pricey chain. Whole Foods, the nation's popular and fast-growing chain of "healthy" supermarkets, makes you feel about groceries the moment you enter. Its mountains of lustrous produce, farmer's-market ambience and declared mission to provide you with the freshest natural and organic products make it seem as though you're doing a good deed for yourself and the environment. But not everything at Whole Foods is all that wholesome. And buying there could cost you a lot more than at other supermarkets — which is why some dub the store "Whole Paycheck." So when you shop there, keep our MONEY pointers in mind. HIGH-YIELD STRATEGIES FOR A LOW-YIELD ERA, by Michael Sivy, page 89 Cash-gushing payouts. Vaultlike security. Four bankable portfolios for income-starved times. Ever wondered how you can find investments that offer high income at a time when most stocks and bonds are paying disappointing yields? Of course, everyone would love to find a way to get double-digit income without any risk. But that's not possible in today's market — if in fact it ever was. Even when interest rates were above 12% in the early 1980s, high inflation ate up most of those returns. But you can find alternatives that are considerably more rewarding and that will help you reach your financial goals, whether you're saving for a car or a house, stashing money away for retirement or drawing down your savings once you're no longer toiling for your daily bread. Just as important as the amount you earn, though, is the security income investments provide. Including them in your mix will smooth out the bounces in your portfolio while making the progress toward your goals more consistent. So you need to have an income-investing plan no matter how the stock market is performing or what you plan to do with your savings. In these pages, MONEY will teach you how to choose a strategy that works best for your time frame and goals. And you'll also find four portfolios that can help you get the right mix of yield and safety.
IS THIS BULL READY TO LEAVE?, by Stephen Gandel, page 59 Despite the signs of a slowing economy, the case for stocks remains strong. The tide that swept the Dow and the S&P toward record highs in early May came, as such tides usually do, with an undertow of anxiety. Sure, your retirement accounts are flush, but shouldn't you be worrying about the falling dollar, the collapsing housing market or the slowing economy? No one ever knows stocks' short-term path, of course, but nothing about this market, even at today's levels, should throw off your long-term plan. MONEY provides you with some points to consider. DEPARTMENTS START: How to Pay in Euros... or yen or yuan. The best ways to keep exchange costs down. Your Money & Your Life: Make the most impact with your donations: Pick a cause and stick with it. PLAN: The Boom Years: Going on vacation with friends can slash costs. Just don't let it put the Big Chill on your relationship. The Long View: Before you decide when and where to retire, ask your better half about her plans. HOME: Value Added: Forget the upscale remodel. Your kitchen can get a whole new look for a few thousand dollars. Home Economics: How to refi in today's tough mortgage market. SPEND: Field Test: A good pedometer adds efficiency to the oldest exercise around. INVEST: The Intelligent Investor: It's human nature to feel at ease with what's familiar, but in investing, that can cost you. Sivy on Stocks: As growth lags, profits and share prices are still holding up. MONEY is available in digital format. To access this version go to http://digital.money.com
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