Leisure class gives way to workaholic elite scrambling to maintain their place in life

Being rich used to get you into the leisure class. Money meant freedom -- from work, money worries, household chores and screaming kids (via boarding school).

Now, however, the wealthy seem to be as besieged as ever. The leisure class has given way to what I call the workaholic wealthy -- an elite of BlackBerry-crazed, network-obsessed, peripatetic travelers who have to keep scrambling to maintain their place in life.

According to research by Daniel Kahneman, the Nobel Prize-winning behavioral economist, quoted in an article in the Washington Post, "being wealthy is often a powerful predictor that people spend less time doing pleasurable things and more time doing compulsory things and feeling stressed."

People who make less than $20,000 a year, for instance, spent more than a third of their time in passive leisure, like kicking back and watching TV. By contrast, those making more than $100,000 a year (I would call them affluent, not wealthy), spent less than a fifth of their time in passive leisure. "The richest people spent nearly twice as much time as the poorest people in leisure activities that were structured and often stressful -- shopping, child care and exercise."

In short, stereotypes about the leisure class no longer hold true. "In reality," Mr. Kahneman and his colleagues wrote in a paper they published in the journal Science, "they should think of spending a lot

Being "upside down" is usually a negative term when applied to financial matters, but multimillionaire Robert Shemin believes that sort of thinking is ... well ... upside down.

Shemin, author of "How Come That Idiot's Rich and I'm Not?" feels there are two positions when it comes to wealth: right side up and broke, or upside down and rich. Shemin prefers upside down. The best way to build and maintain wealth, maintains Shemin -- once considered the "least likely to succeed"-- is by breaking the rules you think and hear about when building wealth.

Following are eight rules worth breaking -- in upside-down order -- and what Shemin and other financial gurus have to say about them.

Diverging from the traditional mind-set may put you on the right course to riches.

8. Before investing, learn enough so that you're not going to make any mistakes
The problem here: Fear causes inaction, Shemin says. "Everything in life has a risk and a cost for doing it, and a risk and a cost for not doing it. Rich idiots focus on the risk of not doing something." In his experience, most people don't get started on stock market or real estate investing, or in estate planning, because they're so scared of making mistakes, they're overwhelmed.

"Of course you should expect to make mistakes when you start investing (or any time)," agrees Ramit Sethi. "But if you start with small amounts, any mistakes won't hurt you too bad. Plus, any mistakes can

If two heads are better than one, do couples have an advantage when it comes to investing?

The reality is that it's difficult enough for two people to share a closet, much less money styles, financial priorities and investing strategies.

As a result, there are a number of couple-related investing errors that planners and attorneys see again and again.

1. Too many accounts
With a lot of couples, investment accounts are spread over a number of banks, brokerage houses and financial institutions.

Result: "It's a little out of control," says Karen Altfest, vice president of New York-based L.J. Altfest & Co. "It's too much for most people to handle."

Andrew Tignanelli, CPA, CFP and president of Financial Consulate Inc., in Baltimore, sees this often when only one spouse is managing the investments. "What happens to your spouse if you're not around, and you have money in seven or eight places?" he says.

When he poses that question to couples, either the light finally dawns or one spouse produces a notebook with directions on where all the money is located, he says.

Still, for a partner who is not used to dealing with investments, going on a financial scavenger hunt is

If prices keep rising, you may need to think differently about a few things. Have you seen the price of milk lately? It's up 13% since last year.

The pain isn't only at the supermarket, however. Hospital costs are up 8%; gas, 33%; and prices overall climbed 4% (vs. less than 3% annually over the past decade). Plus, with the Fed pumping money into the economy, the price pinch probably isn't improving soon.

No wonder inflation ranked as the No. 1 financial worry in a recent CNN/Money poll. While we're nowhere near the 1970s - yet - it's a good time to review how inflation changes the rules.

Rule 1: You can lose by saving

A one-year CD now pays 1.97% a year on average. At 4% inflation, you lose 2% a year before taxes. Best strategy: Shop for top savings rates. Keep bond and CD maturities short.

Rule 2: Stuff beats paper assets...on paper

When inflation is high, tangible goods - gold, oil, gems, art, wheat, even canned tuna - tend to have an edge over securities, especially bonds.

Reason: Because of their rarity, beauty or usefulness, these items have an intrinsic worth that doesn't

It could be that managers and workers have a different take on what it means to be a top performer, and so they disagree on who should get the corporate spoils.

Most workers think that if they know what their job is and do it well, hitting all their goals on time and within budget, then they're doing a good job and deserve to have raises and bonuses heaped upon them. That would be true in a pure meritocracy. But in the real world, the politics of compensation are not that simple. Here are five keys to increasing your salary and benefits:

1. The boss's priorities rule

From the boss's perch, the biggest raises and plumpest perks go to the people he values the most and doesn't want to lose. These are the people who help him to get things done, meet his goals, and generally look good. In short, your performance and the raise it garners are less about you and all about him.

This is why leadership expert Rebecca Shambaugh, author of It's Not the Glass Ceiling, It's the Sticky Floor, says that your campaign for a bigger raise starts with finding out what your boss values. Talk to him about it both formally and informally. And talk to people who know the important things happening at your company and your boss's role in them.

"Executives value people who fit in well with them and with the team, who understand the culture and can help them get the results they want," she says. "So find out what's on the top of your boss's mind, and

Spending on remodeling is expected to reach $316 billion this year alone and the number is still climbing, according to the Home Improvement Research Institute. So make sure you know exactly how big a renovation you can afford and whether it justifies the time you intend to spend in your revamped home.

The Nest, a home-improvement Web site, says before making any big changes to your home you should ask yourself these big questions:

1. How long do I plan to stay in my house after the renovations? The longer you plan to live there, the more creative you can be. But if you're planning on selling the house in the next five years, keep potential buyers in mind with your choices. In the latter case, for instance, go with neutral colors in the kitchen and bathroom, and consider maple cabinets. Some people hate oak, others hate cherry, but the majority can live with maple.

2. Am I doing just cosmetic fixes or am I ready for an all-out overhaul? It's OK to make small changes one at a time, but think long-term about the next step. For example, if you're buying a new sink, buy one with enough holes on the deck for the faucet, sprayer and soap dispenser you might want to add on later. (Cutting more holes into stainless steel or porcelain after the sink is installed is an onerous job you don't want to get stuck with.) And if you know you're going to buy new cabinets later, don't replace the countertop with expensive granite now. The chances of reusing it are very slim -- either it breaks

Payment strategies, last-minute tax shelter, and more

Are you a procrastinator? If you live in Chicago, New York or Houston, chances are you'll be among the millions who file a tax return in the few days before April 15, according to TurboTax's annual ranking of the top 10 procrastinating cities in the U.S. Los Angeles didn't quite make it, coming in at No. 12.

Since you're making a concerted effort not to be one of the last to file, let's see what you can do to make your tax experience a bit easier this month.

Give Up and Move On

You're having a hard time getting all the information you need. Partnerships and pass-through entities which have your money are late sending K-1s to you. Forms 1099 you received were wrong or you're still missing some. Same with some straggling W-2s.

Chill out, and file an extension. Use Form 4868 to get an automatic six-month extension to file your tax return.

Use Form 7004 to get an automatic six-month extension to file your partnership (Form 1065), gift tax

Betting isn't the only money issue surrounding March Madness, the NCAA Division 1 Men's Basketball Championship.

The traits of the tournament's best teams can make your personal finances worthy of winning a trophy.

Here are lessons about money you can learn from watching the games:

1. Good Coaching Creates Success

The teams that make it to the tournament have talent, but they also have good coaching. The coaches are able to get the most out of the talent and make them better as a team than they are as individual players. They also instill goals and a winning attitude in the players to achieve the most that they can.

You should also have a personal finance coach, whether that be someone actively helping you out or an author that motivates you to do the right things to get your finances in order through books and other media.

There are many to choose from, but having someone to coach you along the way will make the financial