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Tag: Estate

  • 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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  • 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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  • A Review of the Nvaleo Multi Level Marketing Company

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    A Whois Search revealed that Nvaleo originally registered their company domain name in June 2009, so as of the time of this writing they are another new MLM Company on the block. The word Nvaleo is derived from the word En Valeo, which is the latin derivative and means and action or person of great strength that is right in front of you that has tremendows strength, power and influence. These dynamics ultimately lead to a higher quality of life and success.

    The heart of their system is the En Valeo HD Box. It is a very small, state of the art content delivery device. It fits right in the palm of your hand. There is supposedly no limit to the type of content that can be propagated and made live with this device. One example would be live, streaming events from anywhere in the world. You can access movies and Pay Per View Videos, connect to websites and use Internet TV channels. You can also access your personal media like your photos, videos and music.

    The company goes on to say that the En Valeo HD Box was designed to deliver Live Nvaleo Events. It also delivers exclusive On-Demand Training from some of the greatest marketing minds in the world. These highly trained professionals include Consultants, Instructors, Performers and Teachers that specialize in Personal & Business Development, Wealth Creation and Entertainment. This company provides you with high quality videos that are easily access through a never ending library.

    What this box can really do is deliver this media to your standard HDTV by way of the internet, and is what makes this product unique. So if you have an HDTV, a high speed internet connection and the En Valeo HD Box you can be in business with this company and be constantly privy to all the information they have to share. This is self-improvement type education delivered in a new way. The company calls this “lean back learning”.

    The Nvaleo Enrichment System also offers a wide variety of organizational tools in their online business and personal management system. This web based, custom desktop contains a day planner, contact manager and financial planner and even a real estate management system that you can use to track all your real estate transactions from start to finish.

    On the business opportunity side, they allow you to earn extra income by becoming a Distributor like all companies we review. The initial $98.00 enrollment fee gets you into the company where you can start building your sales team. One Pro Pack sale will earn you more than twice your original enrollment fee.

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    Source by Brian Garvin

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  • Rich Brother by Tobias Wolff

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    The Rich Brothers is a story of two brothers, their sibling rivalry and their contrast in everything including worldly success and failure. While Pete is rich and Donald is poor by the end of the story we are left wondering who among the two is actually rich in the real sense of the term.

    Pete, the older among the sibling is rich and successful. He exemplifies the American middle class dream – nice family life with a wife and two daughters, a house, a sailboat, and every other thing that money can buy you – of success that his hard work in real estate business could attain for him. Donald, the younger brother is just his opposite. He lives alone and survives out of painting houses. At times, he lives in a Berkeley ashram and lives in financial debt.

    Pete comes to rescue Donald out of his difficulties and donates him money right in the beginning of this story. The two are driving in a car when Pete gifts him $100. However, there is a subtle sub-text of sibling rivalry in the background during their childhood as also when they grow up. Donald for instance, reminds Pete how as a kid he wanted to kill him, to which Pete replies, “children always do such things”.

    Pete doesn’t bother to or perhaps doesn’t like to discuss his personal life with Donald, yet Donald asks him if he ever dreams of his younger brother. Pete, in fact has a recurring dream that he is blind and needs his brother’s assistance. Perhaps, the author has metaphorically hinted at the blindness inherent in material success and in need of genuine spiritual assistance from people like Donald.

    The story moves further even as we discover more contrasting characteristics of the two brothers. In comes a character Webster that tells them a mythic tale of his own dream experience involving goldmine and greed. Donald gives away $100 gifted to him by Pete. But Pete throws him out of the car on learning what he has done.

    Meanwhile, Pete ponders what would he answer his wife when she would ask him about his brother? Perhaps, he is not worried. Material wealth has blind his conscience; his sensitivity: “And in this way, smiling, nodding to the music, he went another mile or so and pretended that he was not already slowing down, that he was not going to turn back, that he would be able to drive on like this alone, and have the right answer when his wife stood before him in the doorway of his home and asked, Where is he? Where is your brother?”(Wolff 269)

    Wolff’s story parallels the biblical story of Cain and Abel. One brother is spiritual, God-oriented, helping and reaching out to others, while the other is materialistic, has least concern with God and can even go to the extent of trying to kill or hurt his brother. The contrast in the character of the two brother compels us to ask who is the rich brother? The one that has money or the one who lacks material wealth, but is endowed with human virtues? Who really needs whom? Does Donald really need money? If he really needed money, why would he give it away to Webster without a second thought? Pete can only pretend that he doesn’t need Donald. He can only pretend that he can go alone and will answer his acts toward his brother.

    The author through contradictory characters of the two brothers has tried to dig the real meaning of wealth. A person can remain unfulfilled despite all his wealth as shown through the metaphor of dream where Pete is blind and in need for assistance. Donald is pious, happy and harbors no grudge against Pete, and therefore, is quite capable of helping Pete learn how to be a good person.

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    Source by Ajit Kumar Jha

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  • How Do You Metabolize Your Emotions

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    Emotions are not something that you wear like makeup or clothing. Emotions are not something that you acquire like a rash or a physical injury. Emotions are not something that are part of you like your skin. Emotions are like food. You cannot move through your handful of days without eating from the human emotional banquet each and every day. This is an “All You Can Eat” sort of Cosmic buffet. It caters to one and all be they rich, poor, educated or illiterate, male or female. This emotional buffet cares not whether you are a Christian, Muslim, Buddhist or Jew.

    Many people forget that emotions, like nutritional food, are necessary for our very existence and well being, and like food, move through our system and hopefully become digested and metabolized. Too often though, we tend to hold on to our emotions for their metaphorical/symbolic significance. We often adopt our emotions like abandoned pets. We want to OWN them. Emotions MUST BE METABOLIZED and allowed to move through our entire system of consciousness. A person will often choose certain drugs like coffee, cigarettes, alcohol, chocolate as well as the more dramatic drugs, as a way of stimulating a specific emotional (or the memory of that emotion) response. These emotional memories are often selected as one would select an entree at a grand buffet. Often people will even come together and couple-up in an attempt to stimulate certain specific emotions within themselves as well as within the other.

    We are not our emotions. Our emotions are but a lingering trail of experiential sensation. Our emotions are like a foggy breath on a cold morning or like the trail of after images left by a flashlight as you attempt to write your name in the dark night sky. Emotion is not the object, it is not the event. When we experience something we have a “feeling-emotion” about it, there is a slight time delay there, where we can assign a level of magnitude to the emotion (remember the emotion is NOT the experience). But once we assign a value and magnitude to the emotion which trails after the experience, we own it. Then the experience will move on but we will be left with the emotion (and the memory of that emotion). It will have become the event. Often we become wrapped up in these trailing emotions like tangled balls of yarn, rope, or chain. Often we cannot even find an end. “When did this start?”, “How did I come to be so wrapped up in this emotion?”, “Where did I pick up this feeling about??” “How did I come to feel this way?” And a very popular one, “When will it end!” At the same time we are lamenting the presence of one emotion we are often creating others. We own them as if they were real estate! They are not real. But often we become collectors.

    Now how can we reduce our addiction to emotion, because that’s what it is, addiction. Drugs are merely metaphors for preferred emotional states. Most habitual behavior is a searching for an emotional memory. So how can we reduce our incessant quest for emotional memories. Quite simple. Sit down, get quiet and simply “watch” your mind. Simply observe it. Don’t argue, cajole or threaten. Just sit there and be quiet. It is an art of increasing the spaces, removing the old thought/image/emotions and not replacing them with…anything.

    Some call it meditation. Usually when meditating I notice long trains of thought and image. The other day I was sitting with myself, being empty, but actually watching the train of thought going by, when I noticed that, like a real train, there were small spaces between the thoughts. It was as if I was parked at a railway crossing waiting for a long train to pass. I could see the spaces between the cars. At first I was fascinated with the rolling stock. What were the logos on the sides of the cars, how were they different from one another, where were they going, where had they been? Gradually I began to move my attention into the spaces between the individual thoughts, between the cars and then suddenly-I was in the clear, on the other side.

    The lesson here is to go for the space and forget the content. Emotion is a process and not a product. Release the emotion, increase the space and embrace The Light.

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    Source by Jann Burner

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  • How to Make Money and Become Richer Every Day

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    There are countless ways of making money. It all begins with your motivation to get creative and be determined to go for success. The world’s richest entrepreneurs started with an idea that just came into their mind and they decided to chase their goals. You have heard from the several forums they have been invited on to give inspirational speeches. The bottom line is your determination to reach success. You can then start a business that will see you making more money every day. Here are some of the tips you should have in mind so as to make money.

    Start with the Little You Have

    The little money you have should be used in generating more. All you need is a business idea and a clear business plan so as to get you started. Therefore you need to know that the money you have cannot grow to make you successful in life unless you invest it in some viable project. Banks interest rates are not that good to get you to success. However, if you did a good research today on a good business idea that you have always had, that way you will be ended to success.

    Don’t Let Any Coin Pass Your Way without Trying to Get It

    If you are an entrepreneur, you understand what that statement would mean. It means don’t let an opportunity you are viable for pass your way. You should consider the money making opportunities, not the spending opportunities. Although you have to spend to gain some more, there needs to be more than an equilibrium in your favor. Therefore, if you have not been keen to identify opportunities, you should be keen from today. There are so many opportunities you just need to be keen so that these opportunities don’t pass you.

    Don’t Just Look on One Direction, Opportunities Are Everywhere

    As much as it is good to concentrate on one item before looking for the other, you also need to be aware that this can lead to loss of opportunities. You need to aim at diversifying your money making ideas. The most successful entrepreneurs offer multiple services. Although they are in one business line, you will find that they have other side gigs to keep them going. Therefore you need to be vigilant to identify opportunities where you can diversify your business so that you can make more money by tapping into different opportunities.

    Decrease Expenses and Save More to Make More Money

    Even the moment your business more profits than normal, you need to save more so as to get richer. Reduce your spending and increase your savings is a formula that will help you accumulate your wealth. You can save in the bank or by buying assets that you can sell in future.

    Invest in High Returning Ventures

    Think of projects that will give you more value in the future. Don’t invest in projects that keep you in the same position, you need to grow. Therefore some investments like real estate that are always increasing value can be good.

    Entrepreneurs are always self-motivated. They have the intrinsic determination, and their goals are their inspirations.

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    Source by VanNess Vaughn

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  • Where to Get a Small Business Loan? Learn About Your Options and How to Choose a Good Organization

    Where to Get a Small Business Loan? Learn About Your Options and How to Choose a Good Organization

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    When they are first starting out, small businesses usually require loans to help them get going. Depending on your type of business and industry, you might need funding for inventory, strengthening your firm’s foundation, advertising, expansion, etc. “Where to get a small business loan?” is a very common question by owners of start-ups. Your choice of a lender could either help you in your success or cause damage to your business, so it’s important that you choose wisely.

    According to estimates, over 60% of small employer businesses have some sort of debt they are dealing with. If you choose the wrong lender, you could end up in an even worse situation. While many entrepreneurs and start-ups are turning to crowdfunding sources, this approach often requires a great deal of hard work, and most campaigns fail to reach their goal. There are also “Venture Capital” and “Angel Funding” solutions, but these types of alternative funding only play a small role in overall business financing.

    For many businesses, it’s still better to go the traditional route and apply for a small business loan. How do you know which lender to trust? How do you know where to get a small business loan from a reputable organization? A free quote is always a good place to start. You’ll definitely want to check with the Better Business Bureau as well. Only consider lenders that have at least a 3-star rating. Any complaints submitted concerning that particular firm should have been resolved.

    Where to Get a Small Business Loan That Won’t Scam You

    Reputation is also another important factor. Has a company you are interested in appeared in major financial publications, websites, or even television programs? Forbes Magazine, CNN Money, Business Insider, and INC 500 are always a plus.

    If you are in need of a particular type of service, there should be an ideal financial solution for you. For instance, some small businesses require a Working Capital Loan, some require financing for equipment, and others need assistance with vendor programs. There are also businesses that require real estate loans. Whatever your need capital for a start-up or need assistance expanding your small business, there should be a solution tailored just for your needs.

    Not only should you be able to obtain a free quote, the application process itself should be simple and straightforward. You’ll be required to provide some financial statements and personal background information, which will vary depending on the lender and what kind of small business loan you are interested in.

    As to the question ” Where to get a small business loan? ” It’s a good idea to start with US Business Funding. It has an A+ rating at the BBB and has appeared in the aforementioned publications. You can get a free quote if you apply today.

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    Source by George Botwin

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