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How to Reliably Build Wealth
Everyone wants to be wealthy. Life has more options when you have a sizable bank account. However, the road to wealth is full of twists and turns, and there are infinite answers to the question, “How do I get rich?” Ultimately, the only way to be sure is by making steady investments and putting in the effort. Acquiring the wealth you desire takes a lifestyle of long-term thinking, and these three tips will help lead you down the golden road.
While Steve invested over three times as much as Ruby, Ruby has the larger account at 58. Steve’s account is only $540,741, while Ruby’s is $602,070. Change Your Mindset Your attitude is just as crucial for investment as it is for health and productivity. Adopting the right mindset produces good habits, allowing for steady long-term investment. Doing so leads to fantastic returns and expansive portfolios. One of the biggest threats to investment is a short-term mindset. When you get your paycheck, don’t think about what you want to buy — think about where to invest. It’s easy to be tempted by instant gratification, something like a new device or a decadent meal. But nothing is more satisfying than seeing your balance go up. Replace Time Wasters With Skill Builders Time is of the essence, both in life and investment. There are only so many hours each day, and it’s easy to spend those hours on time wasters — activities that bring you neither joy nor skills. Replace them with hobbies, education, and other activities that improve your quality of life. On average, people spend over two hours a day on social media. Many studies show the negative impact social media can have on mental health. Meanwhile, learning a language takes around 600 hours, but it improves memory, broadens career potential, and allows you to build more relationships. Spending time away from endless scrolling and instead applying yourself to new topics broadens your horizons and creates new possibilities to earn.
Investing Early and Often Those who want to make more money need to invest now. Investment benefits from starting early; the sooner you invest, the better. You don’t need tens of thousands to begin investing: Just putting a few hundred dollars a month in a brokerage account can lead to a sizable portfolio in the future. Early investment creates an extensive portfolio and lets you make significant gains from high compound interest. What is compound interest? It’s the interest on the interest you’ve already earned, and it steadily accumulates over time. Here’s an example of how effective it can be. Ruby and Steve want to build a retirement fund and benefit from a 7% annual interest rate.
It takes time to build wealth. Many get-rich-quick schemes are out there, but they are always risky (if they are legitimate at all),
and none are as effective or stable as gradual investments. The best approach is to make a plan and stick to it. Doing so allows you to retire early, build more capital, and even create generational wealth. -Louis Bernardo Berk
• At age 18, Ruby invests $5,000 annually until she turns 28. That’s $50,000 total over 10 years.
• Steve starts investing $5,000 at 28, where Ruby stopped. He continues investing until he’s 58. After 30 years, he invests a total of $150,000.
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How Someone Under 21 Can Legally Consume Alcohol WHEN MINORS ARE ALLOWED TO IMBIBE
When it comes to drinking age requirements, the U.S. is strict for a Western country. The National Minimum Drinking Age Act was enacted in 1984, which raised the minimum age for alcohol consumption from 18 to 21. It also set a precedent for the age requirement for other substances. The Food and Drug Administration (FDA) banned tobacco purchase for anyone under 21, and recreational cannabis is similarly age-restricted. While the law dictates that people under 21 can’t consume alcohol, that’s not the whole story. There are many exemptions nationwide, with every state having unique age requirement laws. Even counties can have special restrictions. American Indian reservations have independent sovereignty, so they don’t follow American laws at all. Religious Ceremonies and Services Currently, 26 states allow for religious exemptions for underage alcohol consumption. Alcohol is commonly used in many religious services; for example, Christian communion often involves a sip of wine. These legal loopholes are why priests aren’t arrested every Sunday. States that don’t have laws for religious exemptions never generally enforce the alcohol requirement on religious organizations, so they are practically legal. Medicinal Purposes People use alcohol for more than just recreation: it’s often used for medicinal purposes, too. For example, cough syrup uses it to break down ingredients. It is thus legal for medicinal purposes in 16 states, including Wyoming and Utah. Isopropyl and rubbing alcohol are distinct from the ethyl alcohol used in spirits, so they aren’t regulated similarly. Drinking for Education Alcohol is a culinary mainstay for many cultures, and many dishes include alcohol as an essential component — tiramisu, coq au vin, and flambé, to name a few. For minors interested in pursuing a culinary career, preventing them from accessing alcohol can be detrimental to their education. So, many states allow students enrolled in the culinary arts — including brewing, enology (the study of wines), and hospitality — to consume alcohol for educational purposes. For example, in Florida, students can drink as much as they want as long they’re on campus and have specific curriculums. Undercover Imbibing Minors can work for law enforcement. If they’re going undercover to expose illegal activities, there’s a good chance they’ll be offered
alcohol or put into situations where drinking is advisable. In Hawaii and Michigan, undercover agents are allowed to purchase or consume alcohol so long as it pertains to their assignment. With Family Some parents prefer that their children drink at home for various reasons. A few argue it discourages drunk driving and other risky behavior. Others just like to share a beverage with their children at dinner. Regardless of the reasons, several states allow underage drinking in the presence of a family member or guardian. The details of this exception vary widely. For example, some stipulate that a family member must provide the alcohol, like in New Mexico. Many states restrict alcohol to home use only, such as in Nebraska. Texas and other states allow the exemption in any location, such as restaurants. Drinking is distinct from possession, in case things weren’t complicated enough. In 19 states, minors can possess alcohol with parental consent. Other states, like Utah, prohibit alcohol possession at all times. Other Complexities The law is always nuanced, but few are as complex as the tangled web of alcohol restrictions. States like Pennsylvania restrict the drinking age and require sellers to fulfill strict requirements, like only selling beer and wine under 5.7% alcohol. Meanwhile, Louisianians sell daiquiris from drive-thrus (so long as they don’t have straws). The bottom line is that the U.S. has so much variety because it allows the states to set their own guidelines, and the differing cultures within states and counties affect their drinking laws. “The bottom line is that the U.S. has so much variety because it allows the states to set their own guidelines, and the differing cultures within states and counties affect their drinking laws.” ”
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BIGFOOT IS AN ENDANGERED SPECIES!? A Washington County’s Unique Hunting Ban Most people don’t consider the legality of Bigfoot hunting, but in Washington state, it’s part of the law. In Skamania County, it’s illegal to kill the mythological ape. Should someone murder the creature, they’d face a stiff penalty. Bigfoot — sometimes called Sasquatch — is an elusive ape- like cryptid said to roam the forests of North America. It allegedly has reddish-brown fur, a gorilla-like body, and its namesake big feet. Some claim Bigfoot is the “missing link” between walking apes and our ancestors, who walked on all fours. Most scientists dispute the claim, saying that any ancestor this old likely would’ve adapted or gone extinct. Bigfoot was first spotted in California in 1958, and most sightings since occur in Washington state. Per every 100,000 people, 9.12 sightings are in the Evergreen State. That’s a third more often than its neighbor Oregon, the runner-up at 6.06. If there were a Bigfoot capital of the world, it’d be in Washington. On April 1, 1969, the Skamania County legislature enacted Ordinance 1969-01, the first law prohibiting the killing of Bigfoot. Anyone convicted of murdering the cryptid would be classified as a felon and imprisoned for five years. While modified decades later, it set an important precedent: Bigfoot is a protected species. Tourism picked up shortly after that. Bigfoot mania officially hit the U.S. in the 1970s as directors released films like “Sasquatch, the Legend of Bigfoot.” New Bigfoot enthusiasts started to visit Washington in droves, hoping to be the first to find proof of its existence. While locals appreciated the influx of cash from tourism, they didn’t appreciate the influx of guns from Bigfoot hunters. County legislatures enacted a new ordinance in 1984. It further clarified the regulations on Bigfoot and designated the ape as an endangered species. As such, hunting Bigfoot with the intent to kill is illegal. However, the ordinance softened the penalty for hunting Bigfoot, lowering the penalty for poachers to a year in prison or a fine of up to $1,000. Every law has some logic; no matter how frivolous it may seem, there’s a reason why lawmakers went through the trouble. While this law may seem unnecessary, it protects “Bigfoot” and the Skamania County citizens alike.
TAKE A BREAK
Chipotle-Inspired Chicken Burrito Bowl Inspired by EasyChickenRecipes.com
Ingredients
• 2 boneless chicken breasts • 2 tbsp olive oil • 1 tsp paprika • 1 tsp cumin • 1/2 tsp chili pepper • 1/2 tsp salt • 1/2 tsp pepper • 1 cup white or brown rice, cooked • 2 cups shredded romaine lettuce • 1 cup canned corn
• 1 cup canned black beans • 1 avocado, cubed • 1/4 cup sour cream • 1/4 cup shredded cheese For Salsa • 1 tbsp chopped cilantro • 1/2 tomato, chopped
• 1/2 onion, chopped • 2 tbsp white vinegar • 4 tbsp lime juice • Salt, to taste
Directions 1. Cut chicken into bite-size pieces. In a medium-size bowl, add chicken, olive oil, paprika, cumin, chili pepper, salt, and pepper. Mix until chicken is evenly coated. 2. In a skillet over medium heat, cook chicken for 7 minutes or until cooked through. Set aside on a plate. 3. In a large bowl, layer the rice, lettuce, corn, beans, and cooked chicken. 4. In a separate bowl, mix together salsa ingredients, then pour over the chicken mixture. 5. Top with avocado, sour cream, and cheddar cheese. Enjoy!
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INSIDE THIS ISSUE 3 Tips for Earning More
1
When Minors Can Drink
2
Chipotle-Inspired Chicken Burrito Bowl
3
Why Bigfoot Is a Protected Species in Washington
The Marketing Campaign That Cost Red Bull Over $6 Million
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MARKETING CAMPAIGN DISPROVED IN COURT RED BULL DOESN’T GIVE YOU WINGS
For decades, Red Bull has run the marketing campaign that its energy drink gives people wings. Most assume it’s a joke, an exaggeration of the beverage’s stimulating effects. The courts disagreed. A group of Red Bull drinkers in 2014 filed a class action lawsuit against the Austrian company, accusing them of false advertising. Despite the company’s claims, they alleged that the drink does not give you wings. To be more specific, the suit alleged that the ad campaign uses flying imagery to convey that the beverage is better than other caffeinated drinks. While the brand’s messaging claims it improves response times and concentration, the suit alleges the beverage isn’t much more effective than a cup of coffee. Red Bull settled for over $6 million. They also agreed to compensate customers who were disappointed about the drink’s wingless results. Such claimants could receive $10 or
a voucher for $15 of Red Bull products. But before you go writing a letter to Red Bull for your voucher, know that customers are no longer eligible for this compensation. In Red Bull’s words, they settled to “avoid the cost and distraction of litigation,” noting that their ad campaigns and can labels “have always been truthful and accurate.” Red Bull denied any wrongdoing. What Red Bull did was tread the line between false advertising and “puffery,” the legal term for extravagant claims about a product. The law allows for some lofty claims — such as “World’s Best Coffee” — so long as they are opinions. “Red Bull gives you wings” sounds like a factual statement, so it doesn’t fall under puffery. The energy drink company has continued using the slogan in its marketing in event sponsorship and TV ads. So, while Red Bull may not actually give you wings, it did pay out a lot of money in a court settlement over the claim.
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