Global Digital Store – Ebooks and Softwares

Category: Finance

  • Book Summary: Tax-Free Wealth – How to Build Massive Wealth by Tom Wheelwright

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    I was lucky as a kid to have my father as a business mentor. When the time came and I entered the business world, I could not lean on him as he passed away young. The Rich Dad / Poor dad books were my saving grace when it came to financial education. Several of the concepts I knew about because of my father but the advanced strategies and the “how to” really came from the Rich Dad books. Tom is a Rich Dad advisor.

    Why is this important to me?

    I am not doing this summary to waste your time. It is my vision to provide concise action steps that you can adopt right now to enhance your financial life and career. If you want to continuously improve, you have to be committed to continuous learning. Lever the continuous learning with the right associations and you will succeed in your career.

    The Cash flow quadrant really sums up the essence of financial success. If you focus on the left side of the quadrant then you can make an OK income but if you focus on the right side then you can become rich. Robert Kiyosaki points out in Rich Dad / Poor Dad that the left sides of the quadrant people make money, pay tax and then spend it. On the right side of the quadrant people make money, spend it and then pay their taxes. This is a huge difference and can be the biggest success lever in your financial arsenal.

    Tax-Free Wealth points out 24 Tax Strategies you can use on your way to Tax-Free Wealth. For the sake of time I will point out a few along with some commentary about each.

    1. Rule # 1 – It is your money, not the governments. People tend to run scared when it comes to taxes. Remember that you are the one creating the value and making the business work, be smart and utilize tax strategies to minimize tax and maximize your investment. The key here is tax avoidance NOT tax evasion. Every concept in this book is totally legal and encouraged by the IRS.

    2. Rule # 2 – The Tax Law is written to permanently lower your taxes. All financial plans need a solid foundation. This is why you simply can NOT focus on rate of return only. You can make a huge rate of return but if you can lose it because of a law suit or 50% gets eaten up in taxes then you will lose in the long run. 99% of the tax code is written as incentives to encourage people to start business. The reason the government does this is because businesses create jobs and that is the single biggest economic driver.

    3. Rule # 3 – The fastest way to put money in your pocket is to reduce your taxes. Businesses require investment. That investment is a business expense along with R&D, Travel and other business related expenses. You can combine vacation and work legitimately and write it off as a business expense. If you travel and sell items then go on sales calls in the vacation area. If you are a real-estate investor then travel where you may invest.

    4. 4. Rule # 24 – Build massive passive income through your tax savings. This is the strongest wealth builder in the book because you lever up compound interest, velocity of money and leverage. Utilizing these three vehicles along with investment stacking and you will be rich. The goal is to build your business and make the money there and turn it into passive income and then park the added money into cash flow investments like real estate. You want your money working harder than you do. You do not want to trade hours for dollars. Let me give you an example.

    In our software company there are two ways to build wealth and that is through intellectual property and maintenance agreements. These two things used together will build a company that can be sold for 2-4X revenues. Now to foster that investment with leverage, I use the “Infinite Banking Concept” to lend money to the business through “my own bank.” Now the money the business pays me comes back as investment income which means lower taxes. The new revenue the additional maintenance contracts bring foster new contracts. The next step is to use “good debt” to leverage our coverage and purchase more maintenance contract revenue with our software platform.

    In summary, you make money in your business and hold it in passive income generating assets using good leverage, velocity of money and compound interest.

    Tax-Free Wealth is a great resource that I encourage you to read. If you immerse yourself in these concepts, financial security and true wealth can be yours.

    I hope you have found this short summary useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as little as 21 days. One thing you can take away from this book is lever your financial education. If you take control of your education and schedule 30 minutes per day dedicated to this then you will reap results. You cannot put your financial future in the hands of somebody else. Take on the responsibility and good things will happen.

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    Source by Joe Mosed

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  • Astrological Combinations For Riches

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    There are various combinations for the riches in the horoscopes. Let us see which are the combinations for the big riches.

    A person born in a poor family having the following combination in the horoscope is sure to be a very rich person:-

    1. Jupiter is in the Quadrant in Cancer, Saggitarius or Pisces signs.

    2. Moon is in the 2nd, 8th, 10th or 11th house, in the sign of Taurus, Cancer, Saggitarius or Pisces signs.

    3. Mercury is in 2nd or 10th houses in the sign of Gemini or Virgo.

    4. Mars is in the 4th, 10th or 11th house in the sign of Capricorn.

    5. Venus is in the 2nd, 9th, 10th or 11th house in the sign of Taurus, Libra or Pisces.

    6. Saturn is in the 4th, 5th or 11th house in the sign of Acquarius or Libra.

    Saggitarius or Pisces

    If the Ascendent is Aries or cancer:- And the Sun is in the Ascendent, 3rd, 10th or 11th house and Saturn is in the 4th or 7th house in Libra,and Mercury and Venus are in 2nd house in Taurus then, the native is bound to be a very rich person.

    If the lord of Quadrent is in the Trine and Lord of Trine is in the Quadrent, or both are either in the

    Quadrant or in the Trine, the native is a very rich person.

    If a native has Cancer as his Ascendent and has Saturn in the 4th house (Libra), Mars in the 7th house

    (Capricorn), Sun in the 10th house (Aries), he is also very rich.

    Astrologically, in a horoscope the lord of 11th house is the main planet to give income.

    A person will become very rich, through share market or speculation, if saturn is positioned in the 11th house in signs Libra or Acquarius.

    If Saturn (in sign Libra), or Mercury (in sign Virgo) or Moon (in sign Taurus) is positioned in the 11th house, the native earns huge wealth through the manufacture of machineries.

    Besides, in a horoscope, the 2nd house is the house of wealth.

    If the 2nd house is positioned by Venus in Taurus or Pisces, the native, becomes very rich through the

    business of white commodities like Silver, Cotton, Cotton Mills, Sugar.

    In a horoscope, 5th house is the house of speculation. If the 5th house is positioned by the Sun (in the signs Aries or Leo) or Jupiter (in the sign Cancer or Saggitarius), the native will get the huge money from race course and/or lotteries.

    In a horocope the 10th house is the house of Karma,

    If Saturn is situated in the 10th house in the sign of Libra or Acquarius,the native becomes rich through the business of oils.

    In a horoscope, the 8th house is the 11th (house of gains) from the 10th house (house of Karma), which if positioned by planets Moon (in sign Taurus), Mercury (in sign Virgo), Jupiter (in sign Cancer) or Venus (in sign Pisces), the native earns through speculation.

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    Source by Shashi Sharma

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  • The Central Theme of Rich Dad Poor Dad by Robert Kiyosaki – Look For Assets Not Liabilities

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    Rich Dad Poor Dad has been reviewed by many writers. The book, written in 1997 by Robert Kiyosaki, immediately became a success. The concepts expressed therein are the foundation of Robert Kiyosaki’s Rich Dad book series.

    Rich Dad Poor Dad expresses a number of concepts that seem contrary to the established norms of accounting and finance. Robert Kiyosaki defines an asset as anything that puts money in your pocket and a liability as something that takes money away from your pocket.

    In Rich Dad Poor Dad and indeed the entire Rich Dad series, Robert Kiyosaki encourages his readers to look for assets and avoid liabilities. This is the key message to those who want to become wealthy and prosper financially.

    Based on the definition of assets and liabilities is the concept of making money work for you instead working hard for money. Money works consistently and diligently for a wise owner multiplying beyond expectations. You cannot become rich by working for money.

    You earn passive income when you get your money to work for you, a concept explored exhaustively in Rich Dad Poor Dad. Passive income is the foundation of wealth as it gives leverage to your efforts. After setting up an income stream, it continues to make you money while you sleep.

    The Rich Dad Corporation has three main shareholders: Robert Kiyosaki, his wife Kim Kiyosaki and Sharon Lechter. The three of them are co-founders of the RDPD Corporation under which they have produced a range of RDPD books.

    Kim Kiyosaki has written her own line of Rich Women, Poor Women which is based on the same basic principles expressed in Rich Dad Poor Dad but is directed to a different audience altogether. Riding on the back of her husband, Kim Kiyasaki’s books have also been very successful, drawing millions of satisfied readers.

    Robert Kiyosaki has influenced the lives of millions around the world through his books, helping many to become aware and get rid of doodads, thus eliminating liabilities from their financial life. He has conducted millions of seminars and training programs. He is dedicated to educating humanity in business principles and handling of personal finances, thus helping them to escape poverty.

    The Rich Dad Series gives many practical examples of how to grow money using real estate, the stock market and business. The books confirm Robert Kiyosaki’s qualities as educator and motivator, and his understanding of economics and money concepts. Employing skills as educator and his knowledge of money matters, Robert Kiyosaki has been able to build an empire on the concepts expressed in Rich Dad Poor Dad.

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    Source by Robert Mato

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  • Investing 20,000 Dollars – Ways to Double it in a Month

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    $20,000 is a lot of money but $40,000 would be nicer, so let’s explore what you could invest that money in and consider possible scenarios that can double it in a month or less. This type of money is quite a decent amount of capital, however, it is not enough to buy real estate without taking out a loan. To double your money at any level is quite a feat, but as you will see, not impossible.

    First, a word about risk. All investors look at the downside or the risk profile of a potential investment before they even think to consider investing, no matter what the promised returns are. Risk is an important consideration and it would do us good to define the ideal risk free investment so we can picture better what to look for.

    First, when you hand over your money to another, that is the underlying cause and underpinning issue of risk. You have to trust and you have to hope that your money will be returned with the promised interest yield. When you hand over your money in most situations all you get is the evidence that your money is with them. You get no tangible collateral in exchange for that money.

    Consider a house on the other hand. A house, or any tangible item for that matter that has an existing liquid market, is a large piece of collateral and you have direct control over that asset in exchange for the money you paid. This means you can control the value to a degree and this is an important point.

    To double $20000 in under a month, you could look at a land investment. A paper re-hab, unlike a normal re-hab where you roll your sleeves up and paint a house, a paper re-hab is one where you fill in a few forms and immediately increase the value of land. For instance you could purchase a lot that is close to an industrial area and re-zone it industrial from residential. Providing there is a distinct shortage of industrial land in the area, you have just increased the value of that land tremendously. Or you could put in the paper work to split the block to subdivide. This would mean you have 2 lots almost worth the same as the original. This type of value manipulation is crucial to your risk profile and the ultimate level of returns.

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    Source by Terry Hart

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  • How to Lose 60 Pounds in 2 Months

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    Is it possible to lose 60 pounds in 2 months? Yes, it is, and many people have done this before. You can do this as well if you do the right way.

    Is it safe to lose 60 pounds in 2 months? Well, it depends as everybody is unique. It may be safe for others, but it doesn’t mean it is safe for you.

    So what’s wrong with dropping 60 pounds in 2 months? There is nothing wrong with losing weight quickly, as long as it’s done the right way. You know that in theory, one could drop as much as 20 pounds a week following a very ambitious eating and exercise plan, devoting more than seven hours per week to rigorous exercise, and under a physician’s care.

    You would need to lose only 7-8 pounds a week to reach your goal, which is far less than 20 pounds a week. I think there’s nothing wrong losing 60 pounds in 2 months if you don’t have any health issues. Do consult your doctor first before you go for it to be sure it’s safe for you as I already mentioned, everyone is different. What is safe for others may not be safe for you.

    The very important key to lose 60 pounds in 2 months is to plan your diet and exercise very well. You need a proper plan to stick with. The plan must fit your daily lifestyle, the one that you are able to follow, not just quit after a week or less.

    The first thing you need to do is to find out why you can’t lose weight.

    1. Can you reduce high calorie foods and drinks?

    2. Do you feel stressed when you don’t have your favorite foods?

    3. Is exercise killing you?

    4. Are you too tired to exercise because you’re obese?

    5. Are you bored with following the diet program?

    6. Do you think you have tried many weight loss programs but they don’t seem to work for you?

    The list goes on and on. As you may already know that the basic rule of losing weight is to eat less but to maintain a healthy diet and exercise more. It sounds very simple to say but it isn’t in practice. You could overcome this issue by gradually changing your lifestyle. I understand that it takes time and you may not lose 60 pounds as fast as you want. That’s why you need to find out the right plan for yourself by trying out many weight loss programs and see what works best for you. Most people who successfully lost weight may have had many failures but it didn’t stop them from trying. You need to keep your motivation high in term of weight loss. Think positive and you’ve already won half the battle.

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    Source by Susan Boyce

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  • How Many Pots of Coffee Does 1 Pound of Coffee Yield?

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    Sometimes it can get perplexing to determine how much coffee you are going to get from a bag of freshly ground coffee beans. First of all, it is important to understand that all coffee must be freshly ground before brewing, otherwise it will go stale. When coffee beans are freshly ground, they begin to go stale within 30 seconds! The best course of action would be to purchase a simple kitchen grinder that you can use to freshly grind your coffee beans so that your pot of coffee will be as premium as possible.

    When ordering or purchasing freshly roasted coffee beans, it is important to purchase the right amount. Coffee is a perishable item, so if you purchase too much, the beans will go stale within up to two weeks after being freshly roasted. On the flipside, if you purchase too little, you may run out and not get your daily fix to make it through your workday!

    When it comes to brewing, 40 ounces of water within your coffee machine will brew seven 6 ounce cups for 40 ounces of water. With this ratio, 1 pound of fresh coffee beans should brew 30 pots of coffee at 40 ounces per pot. This is also something that needs to be taken into consideration depending on how you like your coffee. Many people add more coffee grounds to their coffee before brewing to make a stronger cup of Joe. The best rule of thumb to use is to always go stronger in your brew process because you can dilute a strong cup of coffee, but you can’t change a weak cup of Joe after it has been brewed.

    When it comes to purchasing coffee, it is always best to purchase beans that are freshly roasted. The important thing to keep in mind is that these beans will begin to go stale within up to two weeks, so it is ideal to purchase from an online retailer that sells beans that are freshly roasted the day that they ship. The other alternative would be if you have a local roaster in your area that you can conveniently purchase coffee beans from whenever you need them.

    One other thing to take into consideration when you are calculating how much coffee you will get from a pound of coffee beans is that you probably will not always be brewing a full 12 cup amount to fill up your coffee pot. It is much better to brew a smaller amount so that coffee is not left sitting on the burner to become bitter if you are not going to drink it all at once. The best recommendation is to use up to 3 tablespoons of fresh coffee grounds for every 8 ounces of water, which again, is a little stronger than the average coffee drinker makes their daily Java. This is the proper strength and consistency used for coffee brewing, and it will allow you to have continual freshness and flavor in every cup that you drink.

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    Source by Mark Ramos

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  • How to Collect and Invest In One Dollar Bills Using Serial Numbers

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    A one dollar bill may not seem like a lot of money, but some are rare and can become part of an investment. The key to knowing if a dollar bill is worth more than face value is to examine the serial number. Serial numbers are a combination of a letter, eight numbers and another letter at the end. You can find them easily because they are printed in green and are located twice on each bill. One is close to the bottom left of George Washington’s portrait and the other is located at the top right of his portrait. Combinations of serial numbers are keys to determining the rarity and investment value of a bill.

    The first letter runs from “A” to “L”. These 12 letters are codes for the cities where they were printed. The last letter indicates the number of times that the Bureau of Engraving and Printing used the sequence of serial numbers. So, “A” means that the serial number has run only one time. “B” indicates a second time and “C” is the third. The number of letters goes through the 26-letter alphabet.

    Between the letters are eight numbers representing how many one dollar bills were printed in one year. The first one printed will be “00000001”. The last is “32000000”. The lower or higher the numbers, the more they’re worth as investments. For example, a bill with a low number like 00000095, or one with a high number 32000022 can fetch between $25 to $100.

    Also, a specific combination of numbers can add value. If you have only two numbers in the set, like “2” and “4”, such as 22424442. This number is worth a little more than face value. But, if you have a repeating pattern, like, 24242424, or 24224224, your investment just increased by about $1,000. This special combo is called a “binary bill.”

    You might also get a set using three numbers, such as “2”, “4”, and “7”, you can have them in no special order, such as:27244727, or 59577975 Of course, if they follow a repeating order, they are worth more. You must know that a two number combination will be more valuable than the three number combination. These are called “trinary bills,” which could only fetch $3 or $5.

    Another type is called a “ladder,” which is a direct count from 1 to 8: 12345678 or, backwards: 87654321.

    A “radar” bill reads the same numbers backwards and forwards, like a mirror: 14622641. A “super radar” bill only includes two numbers, with the same one only at the beginning and end: 59999995. Radars can fetch about $25, while super radars might be worth about $70.

    Two or more separate bills with consecutive serial numbers, like 25348793 and 25348794, are two bills printed one after the other.

    “Doubles” occur when you have two of the same numbers: 33774499. A “double quad” is two sets of four of the same number: 33335555. Even a bill with one number repeated eight times: 44444444 might bring $500.

    You can also find a “star note.” If you see a star at the end of a serial number, it means that it’s a replacement bill for one with the same serial number that was damaged.

    Special combinations of serial numbers from one dollar bills vary in value, from just a few dollars to a few thousand. My advice is to go to your bank and ask for a one-dollar “strap” which is a pack of 100 one dollar bills. Go through them and see what patterns of serial numbers you can find. Sometimes, a fresh new pack of one dollar bills will come to a bank straight from the Bureau of Engraving and Printing. So you might have a good chance of finding consecutive bills, which could possibly earn you a few more dollars if you sold them to a collector. Just remember that any bill with a special serial number is a rare item. Now, you have a good reason to check the dollar bills in your pocket or purse.

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    Source by Harrington A Lackey

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  • Book Summary: The Millionaire Messenger: Make a Difference and a Fortune Sharing by Brendon Burchard

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    I read this book sitting in a Thai food restaurant on the Oregon coast. The food was outstanding and what was very interesting was the fact that at the cash register there was a book and DVD set talking about going to college for free. The author was a young guy who graduated from Harvard. The whole book series was designed to show college students and parents how to find money to pay for college. Come to find out the author was the restaurant owner’s son. This is a classic example of the Millionaire Messenger in action.

    Why is this important to me?

    I am not doing this summary to waste your time. It is my vision to provide concise action steps that you can adopt right now to enhance your life. The best way to financial freedom is through a business. Now most people cannot simply quit their jobs and to start a new business. Typically you need to work your job and your new business until you have enough sustainable revenue to take your business full time. The Expert Industry is a caring community of people who share their advice and knowledge with the world and get paid for it.

    You may be thinking I am not an expert in anything. This mindset has everything to do with Self-Esteem & Self-Confidence. Brendon addresses these concerns in the book. Think about this – every person has a unique finger print and unique life experiences. Those experiences with additional research can yield you an expert.

    I want to start with a potential example of being an expert in something. I have a good friend of mine that has been doing cement work for over 20 years. He does this with his four brothers. He does not think of himself as an expert. Have you ever considered how successful Home Depot is as business? They cater to the do it yourself community. My friend could simply film different cement jobs and sell them as a do it yourself venture. It would look like this:

    1. Create simple how to videos on the basics and give them away for free.

    2. Create a deeper video series on how to do a full patio, sidewalk or stairs and sell it with a checklist manual.

    3. Offer paid for consulting for job layouts with customers.

    4. Take high priced large concrete jobs that are above the do it yourself community and name your price.

    This is a simple example of releasing 100 years of combined cement expertise that could easily be parlayed into a seven figure business model.

    The Millionaire Messenger is packed with great how to advice. For the sake of time, I am going to chat about the 9 reasons you should consider unlocking your knowledge and passion in the expert business.

    1. Your work is based entirely on your passion and knowledge. This is really important because it no longer seems like work when you wake up each morning doing what you love.

    2. Relating and Creating – Your work activities center around gaining trust and relating to your audience as well as creating useful content that add real value to their lives.

    3. Anytime / Anywhere – Creating information how to products allows you the comfort of working on your schedule from anywhere. I can tell you from personal experience that setting up your business to do this one great step toward personal freedom.

    4. Work with who you want – This is a big deal because stress statistics show that stress related illness is interconnected with who you work with or bad working relationships in general.

    5. Promotions based on promos – The amount of money you make is directly related to the promotional efforts you put into marketing your content. This is all up to you and your work ethic.

    6. Pay equals value – This is the strongest and most relevant point in the book. If you deliver great value, people will pay you for it and you can decide what to charge. You are not trading hours of your life for dollars.

    7. Small Teams – You do not need a big team to do this. You can outsource several of these steps so that your payroll does not spiral out of control. There are information marketers that make millions of dollars a year with very little staff.

    8. Tools are cheap – Technology today really is cheap. There are so many excellent software packages that are free that you can craft your whole infrastructure for next to nothing.

    9. Financial Income can beat that of other industries. There are six ways to market your stuff and each has a different price point. The best business models are summed up in one phrase – “one to many”. Creating something once and selling it over and over is the true key to unlocking the wealth puzzle.

    The Millionaire Messenger is a good book that will give you the direction you need and the questions required to get you on the path to personal wealth and freedom.

    I hope you have found this short summary useful. The key to any new idea is to work it into your daily routine until it becomes habit. Habits form in as little as 21 days. One thing you can take away from this book is one to many. When crafting your business model or tweaking an existing model, remember to leverage the power of “one to many.” In our software business, we create a software module once and sell it many times. This is how Microsoft and Oracle generate billions of dollars each year.

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    Source by Joe Mosed

    Views: 0

  • The Front Door Money Modality

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    This is a very easy modality to implement. It’s a one time modality if you want it to be- you do it and forget about it. You can do it again every Spring, every equinox, or, every full moon, if you want to. Or you can do it once, and forget about it. It’s really about the intention you infuse into this modality while you do it.

    The art and practice of Feng Shui is something that seems confusing and elusive at first. There are many ways to approach the subject and there are many Practitioners who interpret Feng Shui and implement it in their own unique way. Basically, Feng Shui concerns itself with how Energy is directed, deflected, and capitalized on based on certain Baguas, or, areas of your home. The theory is, that by changing how Energy is channeled and flows throughout your home, you also begin to change your very own Energy.

    What flows into your home via your Front Door? What energy are you allowing into your place of residence? This particular modality will assist you in channeling the Energy of abundance and wealth into your home. Although many Feng Shui practitioners have advocated this modality, I suggest some preparation work before doing it.

    In essence, you place nine coins under your front door’s welcome mat. The coins can be a mix of loose change, silver dollars, or, antique coins. They will form a V pattern, with four on one side and four on the other, the ninth coin will be placed at the apex of this pyramid. The top of the pyramid faces your door, the widest part of the pyramid faces outward. This type of shape is conducive to channeling and redirecting the Energy of Abundance and Wealth to the person(s) receiving it, inside your Home.

    That’s it. If you’d like, you can do some preparatory work.

    a) Let the coins sit in a cup or bowl of sea salt or kosher salt overnight. This will release all the Energies built up on the coins from previous owners.

    b) Before placing the coins under your doormat, Bless them. Set an Intention that the Energy of Abundance and Wealth and Financial Freedom flow into you through those coins.

    That’s it! A simple modality to allow the Energy of Abundance and Wealth into your Home.

    Big Hugs,

    J.Henry

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    Source by J. Henry

    Views: 0

  • Rolling Deposits – Uncovering the Granddaddy of Cash Fraud

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    The Shift Manager of the fast food restaurant sat in his car, under a shade tree in a parking lot. On the floor board are unused disposable deposit bags and a destroyed deposit bag that had been sealed with last night’s closing deposit. The manager had sliced open the deposit bag and the passenger seat is littered with the contents – ones, fives, tens, twenties, and change. He will use one of the unused bags to make a new deposit. The manager counted the funds several times, his stress level mounting. The amount is not enough to match a deposit slip for a deposit dated two days ago. Two days ago? What is going on here? Why did he open a deposit bag today for funds to match a deposit ticket that is two days old? Do you know?

    This is a theft scheme called “rolling deposits” and unfortunately it is not uncommon when retail and restaurant managers prepare deposits and make deposit runs to the bank. The employee steals all or a portion of the day’s deposit and makes up for the stolen cash from the contents of future deposits to cover the thefts. The scheme continues as long as the manager has access to deposits.

    The tell tale sign of the “rolling deposit” theft scam is deposits taken to the bank by a particular manager are consistently validated by the bank several days after they should be. Deposits taken to the bank by the other managers are validated on time. The stress level of the manager who is scheming mounts as the need to match deposit funds with unvalidated deposit tickets becomes increasingly complicated. As in the example above, the deposit the manager opened is not enough to cover the past deposit ticket. The manager will now have to wait to add funds from tomorrow’s deposit to conceal his thefts.

    If the business is using disposable deposit bags and the deposit was prepared by another manager, our shift manager involved in the theft scheme makes the bank run with the deposit. As in the scenario above, the shift manager in order to continue his thefts, must cut open the sealed deposit bag and remove the cash and the accompanying deposit slip.

    With no intervention, these theft schemes can go undetected for a long time and the cash losses can be staggering. Experienced security and loss prevention professionals can easily reveal the fraud with a little investigation. In my experience, the manager conducting the rolling deposit fraud will readily confess when interviewed properly. They are so stressed trying to keep the scheme floating, they are generally relieved that it is over.

    There are tried and true protocols in establishing sound loss control practices to prevent this type of scheme and ways to easily uncover it. If you suspect one of your employees of rolling deposits:

    1. Develop a chart – across the top of the chart list these columns: Date, Shift (deposit), Amount of Deposit, Bag #, Depositor Name, Date of Bank Verification. Make a separate line for each deposit. Down the left side of the chart, list the sequential days of the month. Fill in the corresponding information starting with the first of the month.

    2. Analyze the chart – Look for patterns and discrepancies such as missing disposable bag numbers from the sequence, “leapfrogging” of bag numbers and deposit validations from the bank. Look for a pattern of the same manager taking the deposits to the bank when the discrepancies occur.

    3. Action – Prohibit suspect’s access to deposits. If rolling deposit scheme is occurring, a deposit will soon show excessive shortages or missing altogether. Track the deposit activity for past months to get a better indication when the discrepancies first appeared.

    4. Prevention

    * Require all deposits be sealed in disposable deposit bags

    * Eliminate the vinyl/canvas/zippered pouches

    * Record deposit bag number with corresponding deposit

    * Require depositors to sign for deposits they take to the bank

    * Check all deposit validation dates from the bank with the dates of business

    * Develop strong cash and deposit auditing programs looking for deposit bags and validations out of sequence

    * Have a bank representative notify you of “late” deposits (> 3 days late)

    * Consider SMART safes or armored car service

    Taking deposits to the bank is a common practice for Fast Food (QSR) restaurant and retail management. It is fraught with issues such as time away from management responsibilities in the restaurant or store, exposure to traffic accidents and crime, and this “rolling deposit” theft scheme. Although seemingly the cheapest way of getting funds to the bank, it may be most costly should the manager be seriously injured or killed in a car crash or armed robbery during the transport. Stealing tens of thousands of dollars from deposits may pale in comparison.As new technology is developed, armored cars service becomes more competitive, and ways of banking become more progressive it may be time to rethink how we get our money to the bank and eliminate the exposures to our people and our profits. So what is going here? Why are certain deposits getting to the bank several days late?

    Now you know, and now you can do something about it.

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    Source by Libby Libhart

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