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Covid-19: 4,577 Malaysians overseas brought home

KUALA LUMPUR: A complete of 4,577 Malaysians overseas have to this point been brought home by the repatriation train funded by the federal government, with contributions from political events, personal sector and people.

However, Deputy Foreign Minister Datuk Kamarudin Jaffar (pix) stated in a press release at the moment, there have been nonetheless 3,026 Malaysians reported to be nonetheless stranded in 45 nations, with the most important variety of 1,446 in India.

“Of the 3,026 stranded Malaysians, 2,016 are tourists or short-term visitors. The rest are Malaysians who are residing in other countries because of work or studies, but have made plans to return during the Movement Control Order (MCO) period, they can be categorised as stranded non-critical (persons),” he stated.

Kamarudin who can be chairman of the Foreign Ministry’s Covid-19 Team stated among the many nations with a excessive variety of stranded Malaysians had been Thailand (259 individuals), Australia (152), New Zealand (149), Pakistan (144), Vietnam (131), Arab Saudi (121), Philippines (97), Sri Lanka (61) and Nepal (50).

He stated two chartered Malindo Airlines flights, OD 210 and OD 212, which brought again 344 Malaysians stranded in Chennai arrived on the Kuala Lumpur International Airport at the moment at 4.35am and 5.10am respectively.

He added that the Foreign Ministry was additionally coordinating efforts to carry again the rest of Malaysians who’re nonetheless stranded in India and 7 chartered Malindo flights are anticipated to reach on April Three to five.

“Prior to this, the Foreign Ministry and the Malaysian Consulate-General in Chennai coordinated nine Air Asia flights and two Malindo Airlines to bring back 2,361 Malaysians who were stranded in India in an effort supported by funds from the Malaysian Indian Congress (MIC),” he stated.

Meanwhile, 310 Malaysian college students in Indonesia arrived home yesterday on a number of business flights and 126 extra college students are scheduled to reach at the moment at Stulang Laut, Johor, by ferry from Batam.

All returned home on their very own initiative and expense, with the cooperation of the Malaysian Embassy in Jakarta and the Consulate places of work as facilitators coping with the Indonesian authorities and airways.

Kamarudin harassed that any determination to carry again sponsored college students was topic to situations within the affected nation and consideration of the sponsoring physique.

He stated efforts had been additionally being made to carry again Malaysians stranded within the Middle-Eastern nations, and discussions had been being held by Malaysian leaders with the related nations.

“Today, (Foreign Minister) Datuk Seri Hishammuddin Tun Hussein contacted Saudi Crown Prince Mohammad Salman who is also Deputy Prime Minister and Defence Minister of Saudi Arabia to discuss efforts to bring back our citizens stranded there as well as the welfare of Saudi Arabians in Malaysia,” he stated.

Separately, the federal government acquired 1,000 COVID-19 check package models from Brunei Darussalam, offered by Acting High Commissioner of Brunei Darussalam in Malaysia, Pengiran Asnawi Arbi Pengiran Dato Paduka Hj Sharifuddin.

“The Brunei Darussalam Government was one of the first to express the intention to contribute to Malaysia in the efforts to curb the spread of the Covid-19 pandemic.

“The Brunei contribution is also reflective of the special relationship of 36 years of diplomatic ties and the high level of commitment between the two countries as members of Asean in tackling the Covid-19 crisis,” he stated. — Bernama

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April 3, 2020
What drives your fund costs up or down?

Wondering why mutual fund expense ratios change from time to time? Here’s a simple explanation.

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https://investornews.vanguard/what-drives-your-fund-costs-up-or-down/

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March 30, 2020
Babalakin Obsessed With The Vice-Chancellor’s Removal By Alabi Azeez

As expected, the Vice Chancellor’s response on the barrage of lies that Babalakin tried to peddle about the suspension of the 51st convocation of the university, elicited anger and rage from a faceless and dishonest ‘Concerned Stakeholders’ and a group of delinquent non-academic staff making scrupulous releases requesting for the Vice Chancellor to proceed on leave, because, for them Babalakin has an intimidating resumé and commands national respect.

A cursory look at the individuals issuing these publications will tell exactly why they have taken such an undistinguished position. Interestingly, they could not use the SSANU platform which they have tried tirelessly in the pass to desecrate. The team is led by Mr Adetomiwa Adekola, who was impeached as SSANU Chairman on account of his financial recklessness and dubious land scheme he purchased for SSANU members. He is assisted by a rag tag, Mr Babatunde Oseni, who the SSANU electoral committee disqualified from contesting election into any SSANU executive position on account of his terrible records of service in the university.

What sort of stakeholders are these? Whose interest do they actually represent? Certainly not the interest of any known group in the university, but that of their paymaster who is hell bent on destroying the university.

Their position is not only laughable but also pedestrian and lacking in any form of logical reasoning. How can anyone contemplate the exit of a Vice-Chancellor who has achieved so much in two years, even under the worst of conditions? Maybe these fellows need a reminding that it was the selflessness and ingenuity of Prof Oluwatoyin Ogundipe that brought the University of Lagos to number one in Nigeria and eighth in Africa. The university during his Vice Chancellorship has attracted about N8bn in research grants. He created the much needed atmosphere for students to develop their entrepreneurial skills. Under Prof Ogundipe’s watchful eyes, the students and staff have won several international laurels and have become globally relevant. The renaissance of the research culture in the university is largely attributed to the Vice-Chancellor’s zeal to make UNILAG a research-based university. His tenure has given the University more international visibility and global respect. It is not surprising that even Mr Adekola and his cohorts rightly referred to the Vice Chancellor as a “scholar and administrator of repute.” This is particularly so because he singlehandedly won a lot of research grants as a scholar; and to the admiration of many, he has held various key administrative position in his over 30years in the services of the university. On the flip side we have a Pro Chancellor who has done everything in the last three years to give the university bad image and publicity.

Think for one minute, if Prof Ogundipe is the problem, why was Mr Babalakin also at logger heads with Prof Bello? If there is anything we should do at this material time, it is to praise the Vice-Chancellor, Prof Ogundipe, who in two years turned the fortune of the university around. Calling for him to take leave is pathetic and signs of the failings of the Pro Chancellor.

On the part of the Registrar, his Council Resolution Part 2 is a very interesting revelation. The reasons are not farfetched. He made a fair but failed attempt to divert the minds of the public away from the issue that made the university a subject of ridicule in the last three weeks – The suspension of the 51st convocation of the university. Mr Babalakin’s grand intention was to show the university management how powerful and highly connected he is by cancelling the convocation at the detriment of over 13,000 graduating students and then turned around to blame the Vice Chancellor and NUC. But the ploy failed woefully. The public saw clearly what went down, at least the letter from the Ministry of Education puts it pretty clear that the event was suspended at the instance of Mr Babalakin who claimed the ceremonies did not receive Council’s blessings.

The alumni and stakeholders who were tired of Babalakin’s repressive leadership style took to the social media to express their dissatisfactions and frustrations. The #saveMyUnilag trended for days on Twitter and Facebook. For many, it was crystal clear what the agenda was – a show of power. As Simon Kolawole succinctly puts it in his write-up, Babalakin the Bully, “…[Babalakin] he has gone too far by his latest power show which has forced Unilag to suspend its convocation…his ego fight at the expense of the graduating students and their families is ungodly.”

Secondly, the Resolution threw up a host of issues which he claimed was discussed at the Council meeting. One of such was the ‘Greek gift’ of 40 Hectares of land at Ogudu being proposed by the Pro Chancellor. First question to ask, is this not the same piece of land in dispute with the state government for many years? Little wonder the property has no title documents or survey. This is aptly validated by the Registrar’s statement that “it was resolved that steps be taken to retrieve the title documents and that Council should be updated” Haba! Now that he could not get contracts from Unilag, Babalakin has resulted to swindling Unilag staff of their meagre salary? It is important to urge Unilag staff to be vigilant and “shine their eyes” on this land matter o!!! Don’t forget the issue of the Lagos-Ibadan Expressway contract given to him, he did not do the job, yet collected huge sum of money to even accept to let go of the contract. Not even the road in Ondo State.

Nigeria is yet to know when Babalakin will fully handover MM2 to government as we are not sure if he will not again change the end of concession date as he did previously. Besides, even if they come up with fake papers for the land, the purported land is located in a swampy environment and a professor who earns the highest salary in the university will struggle to put up a foundation for any building there.

Pages 3-6 of the resolution was largely on financial matters. This Council led by Babalakin should be ashamed of its conducts! Throughout last year, the University was on a standstill over allegations that a sum over N4bn was misappropriated, embezzled, squandered, lavished and stolen by the university management. In fact, the song on Babalakin’s lips was “catch am, catch am, thief, thief, thief, catch am, catch am, robber, robber.”

The same Council, led by same Babalakin, in less than a year, is now publishing a resolution that money is no longer missing, albeit, the University Managements (past and present) have saved far too long and too much to the tune of N9bn in the TSA account of the university! Then the Council goes on to propose a lavish spending of the savings meant for the DLI building, School of Foundation Studies building, College of Medicine and School of Postgraduate Studies building. How can you make money saved for more than five years for capital projects available for spending?

Babalakin is definitely set out to destroy the 25-year strategic plan that the Vice Chancellor swore to up hold, in one sweep! Babalakin has not facilitated any building to the university and yet he wants to share the money saved in the university development account by more than three Vice Chancellors to construct educational edifices for the great citadel of learning. Our dear Pro Chancellor needs to take a cue from what his counterpart in Obafemi Awolowo University is doing.

As any right discerning person can already see, Babalakin is trying hard to play the welfare game to divide and rule the staff of the university, further entrenching the acrimony, bad blood, discord and division that he already created in in the university. He is also struggling hard to divert attention away from the convocation issue. This is the biggest shame of leadership.

It is distasteful that the UNILAG Council matter has suddenly become a gutter matter that any individual can pick up on the streets of Lagos. Let us advise Council to stop wasting resources in printing resolutions. The next Council meeting should hold at the Main Bowl of the Sports Centre where all members of the university community, alumni and press can witness the plenary.

For many of us who are watching gleefully, the management of the university must be praised, in spite of all the grandstanding and unnecessary brinkmanship, the university rose to first in Nigeria and eighth in Africa.

No body and no lies can change what we already know, Babalakin cancelled the University of Lagos 51st convocation four days to the event.

On a lighter note or perhaps as a matter of national importance, the Pro Chancellor, Mr Babalakin was alleged to be in London on 11th March for Justice Oguntade’s birthday, he subsequently denied traveling to London but confirmed he was in Germany on medical trip. Whether London or Germany, since hi

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http://saharareporters.com/2020/03/28/babalakin-obsessed-vice-chancellor%E2%80%99s-removal-alabi-azeez

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March 29, 2020
Lower expense ratios on 22 Vanguard ETFs means more savings for you

Vanguard announces expense ratio reductions on more than 20 ETFs. See which ETFs are affected, and if you’re already reaping the rewards

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https://investornews.vanguard/lower-expense-ratios-on-22-vanguard-etfs-means-more-savings-for-you/

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March 20, 2020
Expense ratio cuts on 56 Vanguard funds mean more savings for you

Vanguard announces expense ratio reductions on more than 56 ETFs and mutual funds. See which funds are affected.

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https://investornews.vanguard/expense-ratio-cuts-on-56-vanguard-funds-mean-more-savings-for-you/

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March 14, 2020
The Cash Register and Their Uses
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We have all at least seen a cash register if not used one. Cash registers are an integral part of retail businesses and most cannot operate without one. Invented by James Ritty after the Civil War out of necessity for the running of his saloon. His main goal was to stop employees from skimming money and he got the idea after seeing a tool that counted the revolutions of propellers for steamships. Patented in 1883, the cash register soon took on a life of its own and after being sold a few times, finally settled into what it is today.

Today the cash register does not require you to break a nail while pushing down huge buttons that were known for sticking down and causing all sorts of problems. There are no longer number tabs that pop up to show you the amount being rung up, but rather most registers are computerized. Computer cash registers are available in many forms today and may consist of just a simple program that you run on your desktop computer that uses an interface just like a regular cash register to entire pos systems that come complete with bar code scanners, a till drawer and receipt printer. Pos cash registers are what most of us are familiar with today as all the large retailers use them.

Computer cash registers or pos cash registers are highly advanced and will do everything from ringing up the customer’s purchases to doing your taxes. Many of the systems will come with a program that keeps track of your inventory which will save you time and money by streamlining the process and not having to do physical inventory. Don’t forget the options like bar code scanners and laser receipt printers that will help keep your business running smoothly.

Touch screen cash registers are the first choice among restaurants and grocery stores. These registers will display menu choices and options that will make ordering quicker by just pressing the screen. Restaurant cash registers are designed so that the kitchen will receive the order when the wait staff enters it into the computer so they can begin preparing immediately. This makes for a much more efficient restaurant. Many of these pos systems also come with age verification software which is handy for those in the bar business. These registers also allow for unique user id’s that keep track of each person who uses the register, their orders and their sales. Most are able to download your business for that day or week into tax programs such as Quick-books.

The importance of cash register tape might seem little, but this is an important addition to any system and should be allowed some consideration before purchase. Today, most register systems and credit card machines use thermal paper for receipts. This paper requires special thermal printers that burn the image into the paper. Laser printers are also used and they have their own special type of receipt paper as well. These types of printers do not require ink, which is one less expense because in the long run ink will cost you a fortune, but they are much pricier up front than your regular paper receipt printers.

Below is a list of registers and prices that you can expect to pay:
- 8 Department Standard Electronic Cash Register (recommended for small businesses) starting at around $100 – These registers are very basic, but for the small retailer they are perfect – They use standard paper for their receipt printing
- 40 to 99 Department Standard Electronic Cash Register (recommended for small to midsized businesses) from $200-$350 – Same considerations as register above
- Touch Screen Cash Register (varies depending on size and bundles/options, recommended for restaurants and bars) $500-$2500 – These registers will almost always be used with thermal or laser receipt printers
- POS Systems (varies depending on size and options) $1500-$3200 – Used almost always with laser or thermal printers.
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Source by Gerald Hill

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February 6, 2020
Women Managers Leaving Corporations for Entrepreneurship

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Increasingly, women managers are choosing to “opt out” when corporations fail to meet their professional needs. Opting out–the latest catch phrase within corporate circles–describes the growing trend of leaving corporate positions for alternative career paths.

A significant number of women managers are leaving large companies to start their own businesses. In fact,

women are quitting corporate jobs in favor of entrepreneurship at twice the rate of men, making a significant impact on the traditional and online marketplace, according to Cheskin Research, a California-based strategic market research and consulting company.

Recent research indicates interesting trends for women entrepreneurs. According to the Center for Women’s Business research, the number of women-owned U.S. businesses grew at twice the rate of all firms between 1997 and 2002. And the U.S. Small Business Administration reports that women-owned businesses account for 28 percent of all privately-owned companies. They employ 9.2 million people and contribute $2.38 trillion in revenue to the U.S. economy.

Why Women Managers are Leaving Corporate America?

Women used to be willing to devote their time, energy, and effort to the corporation’s needs–at the expense of meeting their own professional goals. But not anymore. They’re starting their own businesses in an effort to gain more freedom, recognition, money, opportunities and other rewards.

Fifty-one percent of women business owners with prior private-sector experience cite the desire for more flexibility as the major reason for leaving corporate positions, according to a study by Catalyst, a nonprofit research and advisory organization working to advance professional women. Twenty-nine percent said restrictive glass-ceiling issues drove them out the door. Of those women, 44 percent felt their contributions were not recognized or valued.

“As women walk out the door after years of training,” said Catalyst President Sheila Wellington, “what really walks out is the potential that those women would have brought to Corporate America.”

The Catalyst research–co-sponsored by the National Foundation for Women Business Owners, the Committee of 200, and Salomon Smith Barney–also revealed that:

o A third of the women surveyed by said they weren’t taken seriously by their employer or supervisor.

o Fifty-eight percent of them said that nothing would attract them back to the corporate world.

o Twenty-four percent said they could be lured back by more money, and 11 percent by greater flexibility.

Keeping Women in Corporations

Experts say corporate America isn’t doing enough to keep women from walking out the door. Companies need to focus on providing flexibility, as well as continuing challenges and opportunities for personal growth, to retain women whom they view as high-potential or who are already significant contributors, says Catalyst. In addition, companies should identify potential women managers early in their careers, reward women’s bottom-line contributions, and recruit female entrepreneurs to corporate boards and senior line positions.

Expanding opportunities for women in leadership will require corporate change, as well as accommodations on the part of women themselves. Corporate cultures must support initiatives such as giving women high-visibility assignments, making gender diversity a part of succession planning and holding managers accountable for women’s advancements.

Women managers can hone their leadership ability by seeking out risky, high profile assignments. If they need to strengthen their leadership skills to meet new challenges, they should consider hiring an executive coaching firm. For example, QuadWest Associates of Michigan offers a variety of business coaching and leadership development services to help executives optimize their skills and performance.

By investing in coaching services, women managers can position themselves to expand their boundaries. This can help them excel–whether they remain in a corporate setting or strike out on their own.

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Source by Susan West

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February 4, 2020
Repricing on Health Insurance Claims

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We have all heard the stories of the emergency room claim that cost $10,000 for a broken thumb, or the person who had to file bankruptcy from the huge bill while using a network outside of their HMO. These stories have been the fuel for arguments on what should be done with our Nation’s healthcare system. The truth is these stories occur more than most people realize, and many have misconceptions on how this happens. This is why it is crucial to have the right billing network to take advantage of most favorable, predetermined pricing available.

Lets take a look at a couple of scenarios where one person is stuck with a high medical bill and the other is protected. Suppose that two people walk into an emergency room for the same injury, one having adequate health insurance and the other having none. The emergency room is going to immediately know that each patient will be billed differently. The person with the right network billing plan will be able to take advantage of a nationwide network, allowing predetermined pricing for most any medical condition you can name. The other will be at the mercy of what the emergency room decides to charge. Depending on the medical condition, the difference of what is paid out could be upwards of tens of thousands of dollars. The catch is, in order to receive this predetermined billing you must have access to the participating billing network.

When you take a closer look at how these billing networks work it becomes clear where you may be exposed, especially on smaller networks. No one knows this better than the self employed and those who do not get insurance offered through work. When an individual purchases health insurance on the exchange (Healthcare.gov), the only network options available in Texas are HMO, or restricted networks. These networks are formed for the insurance company and the medical institution to share losses, while hoping to bring in excess volume of patients to offset the claims. Even these smaller type of HMO networks can have big holes in their billing networks. For example, if an individual has a surgery within their HMO network they may still have an unpleasant surprise when the final bill comes. Although their surgeon is likely covered, both the anesthesiologist and the surgical tools rented for the surgery might fall out of the billing HMO network, causing thousands of dollars to be paid by the patient. You guessed it, not a word of warning, just a bill that the health insurance will not cover well after the surgery.

The only way to avoid a small HMO network pricing trap is to take advantage of much larger billing networks, allowing you to avoid the uncovered pitfalls. These larger networks, or providers, can have hundreds of thousands of doctors and medical institutions participating coast to coast. Many of these nationwide networks make it mandatory for their preferred discount to be the primary, or front runner, method of billing, protecting the patient’s financial interests from any threat of overpricing. In fact, these predetermined pricing modules are so accurate some insurance companies form their coverage to mirror the preferred billing, therefore limiting the out of pocket expense by thousands of dollars. Those who utilize this service can rest easy knowing that their interests will be protected moving forward from the right billing network with unrestricted networks nationwide.

Although these billing network giants are elusive in today’s ACA health insurance environment, they do exist across the nation, Texas included. In fact, I have helped dozens and dozens of clients take advantage of these unrestricted networks over the last few months alone, at much more reasonable premiums than ACA policies. It is important to consider the network billing plans when choosing the right heath insurance plan for your family, especially for those who do not qualify for a subsidy (Federal income credit given to those with limited financial means). It is extremely important to speak to a health insurance professional who has access to these unrestricted billing networks, in order to protect your financial interests.

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Source by Cal J Burgess

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February 4, 2020
Categories of Ethical Dilemmas in Business

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First published in Exchange, the magazine of the Brigham Young University School of Business, the following twelve categories were developed to cover the root or cause of most ethical business dilemmas that one might encounter in their jobs. I have summarized them to keep them short and simple.

1. Taking Things That Don’t Belong To You

Everything from taking highlighters from the storage room, to sending personal mail through the mailroom, to downloading unauthorized games to play on your work computer fall into this category. A CFO of a major corporation took a cab from the airport to his home in the city. When he asked the cabbie for receipt, he was handed a full book of blank receipts. Apparently this dilemma of accurately reporting business expenses involves more than just one employee.

2. Saying Things That You Know Are Not True

When a car salesperson insists to a customer that a used car has not been in a previous accident, when it has, an ethical breach has occurred. When a clerk in a store assures a customer that a product has a money-back guarantee, when only trade-ins are allowed, another ethical violation occurred (and perhaps a violation of the law).

3. Giving Or Allowing False Impressions

There is an urban legend in which 2 CD’s were being sold on a TV infomercial that claimed that that all the hits of the 1980’s were on the CDs. The infomercial emphasized over and over again that all songs were performed by the original artists. When they received the CDs, upon closer inspection, they found that all songs had been covered by a band called The Original Artists. While technically true, the impression given by the infomercial was false.

4. Buying Influence or Engaging in Conflict of Interest

When a company awards a construction contract to an organization owned by the brother of the attorney general, or when a county committee who is charged with choosing a new road construction company is traveling around the state looking at roads at the expense of one of the bidders, a conflict of interest arises which might affect the results of that choice.

5. Hiding or Divulging Information

Failing to divulge information from the results of a study on the safety of a new product, or choosing to take your companies proprietary product information to a new job are examples that fall into this category.

6. Taking Unfair Advantage

Have you ever wondered why there seem to be so many product safety rules and procedures? It is primarily the result of laws passed by government institutions to protect the consumer from companies that previously took unfair advantage of them because of their lack of knowledge or through complex contractual obligations.

7. Committing Acts of Personal Decadence

Over time, it has become increasing clear that the acts of employees outside of work can have a negative effect on a businesses image. This is one of the primary reasons companies are minimizing social interactions or events, outside of the office, so that drug or alcohol related events can not be tracked back to the company.

8. Perpetuating Interpersonal Abuse

At the heart of this category of ethical misbehavior is the abuse of employees through sexual harassment, verbal lashing, or public humiliation by a company leader.

9. Permitting Organizational Abuse

When an organization chooses to operate in another country, it sometimes butts up against social culture in which child labor, demeaning work environments or excessive hours are required. It is at this point that the leaders of the company have a choice…whether to perpetuate that abuse or alleviate it.

10. Violating Rules

In some cases, people or organizations violate rules to expedite a process or decision. In many of these cases, the results would have been the same regardless, but by violating the rules or required procedures for that outcome, they can potentially scar the reputation of the organization they work for.

11. Condoning Unethical Actions

Suppose you are at work one day and you notice that a colleague of yours is using petty cash for personal purchases and fail to report it. Perhaps you know that a new product in development has safety issues, but you don’t speak out. In these examples, failing to do right creates a wrong.

12. Balancing Ethical Dilemmas

What about a situation that would be considered neither right, nor wrong? What should be done here? Should Google or Microsoft do business in China when human rights violations are committed daily? Sometimes an organization must balance the need to do business with any ethical dilemmas that might arise from doing business.

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Source by John Bascom

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January 11, 2020
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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January 9, 2020