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Tag: Security

  • 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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  • 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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  • Bullying Tactics of the Australian Government Over Gay Marriage

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    To say that most Australians are underwhelmed and disgusted by the latest move on the part of the Federal Government is an understatement. Most are just stunned by the hate it expresses towards gay people and the wriggle tactics it is using to avoid resolving the most important question at the moment. Now it has declared there will be a postal ballot to decide the issue of gay marriage.

    If that doesn’t take one’s breathe away nothing will. Already there are so many cracks in it that the quality of such a move is about as good as a wet cigarette. Many people in remote areas of Australia do not have a postal box because they don’t engage in that type of correspondence.

    Aside from the many issues that people have for or against the government’s decision there are so many other factors that come into play. We have a big multicultural community with people from many religiously focused countries, such as the Muslims and Catholics. That would mean that their attitude could be greatly against such a move.

    There is also the question of whether or not people will even care to return their votes. Many are already stating they won’t, and I personally feel the same way. Now there is a challenge to the High Court, lodged by a Tasmanian Senator, Andrew Wilkie, and highly supported by others, including a former judge of that institution.

    The cost of this tom-foolery is some 170 million dollars. Before one chokes on their biscuit they need to also know that this government has squeezed every cent they can from the poorest of the country. Unemployment and other social security measures have been so reduced that many are living well below the poverty line.

    Their excuse is because the budget is in so much debt that by taxing the lowest paid more and reducing welfare, as well as altering the Medicare system to save more money, they had to exercise these measures. As soon as one takes them to task over the mismanagement and bullying that is going on they instantly blame the Opposition.

    While this is called the lucky country it is also one that has apparently lost its way through the dictatorship and bull-headedness of government members. There have been some bad Prime Ministers and governments in the past but right now they look like mavericks compared to today’s effort.

    While come 26 countries have already passed laws allowing gay marriage the outright block to it in this one is unforgivable and based on religious ignorance.

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    Source by Norma Holt

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  • The Best Final Expense Sales Presentation Ever

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    Arriving At The Prospects Home

    When I arrive at the house, I like to park in the driveway because that is where family parks and they are more likely to greet me. I look for the door that they use the most and I go and knock on their door (usually the back or side door). While waiting for them to come to door, I look down at my clipboard and pretend to read. I try not to make any eye contact until they open the door.

    When they open the door, I greet them as if they have been waiting for me all day long. “Mrs. Jones? My name is Joseph and the reason I’m stopping by today is because you recently sent this card in and it’s my job to bring you that information you requested. I’d really like to go over this with you, can I come in?”

    If they say yes, GREAT!!! I’m in! If they say it’s not a good time, then I will schedule an appointment with them for the next day. Now you are off to your next one. Some people will let you in and some people will make appointments with you, some won’t be home. (Always make sure you go back or call if they’re not there.) Of course, some will slam the door in your face… ha (fortunately, not usually.)

    At the end of the day, you should have made 3-4 presentations and scheduled 4-5 appointments. The point is, you are out there working and making money. I’ve honestly made $8000 in commission in one day!!! No joke.

    Making Appointments

    Rather then drive around all day, some people prefer to make appointments or hire someone to make appointments for them. Personally, I hired someone to do this for me. I schedule my appointments an hour and half apart. Usually it starts at 10:30am and ends at 7:30pm. I try to get 7 appointments a day, 4 days a week. I always make my appointments the day before because they forget if it’s more than one day away.

    Script for Setting Appointments Yourself

    Here is an appointment script you can use:

    Good Afternoon ____________, This is ____________

    I have in my hand, a pink card that you filled out and sent in requesting information on the Social Security Death Benefit Program.

    Now, my job is to get this information out to you.

    The address I have here is ___________________.

    Is that correct?

    Okay… Great!

    On the card ________, you wrote down that you were 65 and that your wife was 63… is that correct?

    Awesome, awesome…

    Let me ask you a question: are you (you guys) working, retired or receiving disability?

    Oh yeah, that’s good, that’s good… What time… do you/she/he get off work…

    chit chat…

    anyway, like I said, my job is to this information out to you and I can either get it out to you tomorrow at ______ or ______…

    which is best for you?

    Great…

    Do you have a pen and paper handy or do you have your calendar in front of you?

    I just want you to write down my first name… It’s Joseph. Last name Haworth, H-A….

    Now put down there ______am/pm on ___________day… that’s tomorrow.

    Well, I really appreciate your time, I look forward to meeting you and __________, at ______________am/pm _____day________.

    Have a great day.

    When you arrive at your appointment, smile BIG and assume you are getting in. Say you are there for the appointment and ask to come in. It’s easy to get in… most of them remember that you are coming.

    Presentation

    To put you at ease, I want you to know that I’m not a sales person at all. I’m the most passive, non pushy person you can imagine. There really is no trick to it. So relax your shoulders and have fun.

    Once you are in the door, you compliment their home, their yard, their dog, the smell of the house… you know… whatever! Just compliment. My favorite one is to mention how clean the house is. If it is really clean, it means they work really hard at it and they appreciate someone noticing. As I’m walking in the house, I look at the pictures and I either ask who is in the pictures before I sit down or I ask later. In any case, seniors love to share their pictures so make sure you ask about them.

    I’m always very casual and I do my best to avoid the sales presentation for about a half hour. I like to have them talk to me and tell me about themselves and their family and their problems etc. I honestly get sucked in. I’m right there, feeling their joy and pain and I’m concerned and interested. I don’t care about the insurance at that point. Eventually, you move to the presentation and by this time you are friends and this helps them listen and helps you know how to communicate to them. Here are the steps:

    1. You tell them why they received the card and what it’s about.

    2. You bring up the cost of a burial and the fact their family is going to have to pay $10,000.

    3. You find out why they sent the card in.

    4. Ask who their beneficiary is and if they have ever paid for a funeral (both these questions bring out emotion because they don’t want their kids to pay for the funeral and by asking if they have ever paid for one, this helps them remember the pain of paying all that money for a funeral.)

    5. Ask them what medications they take and what they are for. Then you ask how their overall health is. “Have you had any heart problems, or kidney, or liver or lung problems? If so, when?” You need to know when because most applications only care about the past 2 years or so.

    6. Now you know what they are going to be approved for and you can show them some prices. I usually write down 3 or 4 prices on the back of their lead card. I try to match what I think they can afford. Once I write them down, I go over the prices and then hand them the sheet. I say, “Now, Mrs. Jones, I want you to look over these three prices and you tell me which one is best for you?

    7. Before I give them the prices, I tell them about an immediate benefit and a graded benefit. The immediate benefit means that their family will get the full face amount if they died even after only one payment. The graded policy, however, makes them wait two years before they have full coverage. To find out which one they qualify for, I have to ask the questions on the application. (However, if you asked enough questions earlier, you already know….)

    8. Before I ask the immediate benefit questions, I ask them to pick out a price first. (This is called asking for the sale. You have to ask for the sale or you will not sell!!! Plain and simple). Knowing the price they will pay helps with the next step. When you know they qualify for immediate benefits, after you ask the appropriate questions (that you already know the answers to), you stand up and congratulate them.

    9. At that point, all you have to do is ask for their personal information. “Mrs. Jones, can I see your SSN and Drivers License”… the point is that you start writing the application.

    We hope you will join us to see the full presentation in print, audio and on video.

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    Source by Jody Haworth

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  • Annuities and Tax

    An annuity is simply a “series of payments made at equal intervals.” That means that your mortgage, insurance, savings, and pension are all annuities. Mostly what makes something an annuity is the regularity of the payments. But the kind of annuity we are talking about here is the kind of long-term investment where you pay into it over time, and then you collect payments from it over time – often for life.

    How Annuities Work

    Usually, the funds that are paid into the investment are tax-deferred until you start accepting annuity payments. The taxes you pay are only regular income taxes too, which means that you pay taxes on the income just like you would any other income you receive. However, you can purchase annuities with after-tax money too. If you do that, you don’t have to pay taxes when you receive it until you receive your principal back. All earnings from annuities are subject to ordinary income tax.

    Immediate Annuities

    The two types of annuities, immediate and deferred, both require you to pay ordinary income tax on your earnings. An immediate annuity is when you give the entire principal to the insurance company, and then they invest the money and set up equal payments to you for your whole life right away with no waiting.

    Deferred Annuities

    As mentioned above, you can also buy an annuity with after-tax money – in which case only a portion after your principal is taxable. The deferred annuity means that you may not receive payment for several years while you keep investing your money and let the money keep growing tax-deferred until retirement. After that, the rules are the same; you pay taxes on the income you receive from each payout.

    Ordinary Income Tax

    You only pay taxes on your earnings at the ordinary income tax rate. What’s really exciting about this is that once you retire, your income will go down as you won’t have income from working. You may then be receiving social security retirement, your annuity, and other investment payouts. But at least on the annuities, you’ll only pay ordinary income tax on your earnings.

    Annuities are a good idea if you believe you’re going to need a set income for life. You will pay ordinary income taxes on it and you don’t get a better deal than you’d get if it were considered capital gains, but you do get a safe investment that guarantees you money for life. It’s all dependent on what risk level you like to take on investments. And, as always, it’s a good idea to diversify your investments so that you have many options when you retire. As to how annuities are taxed in states versus the federal government in the USA, you will have to check with your state as it’s different in each one.

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  • Created To Bond – Changes That Heal – Part I

    Created To Bond – Changes That Heal – Part I

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    Since God is a relational being and we were created in His image, we too are relational. We were created as relational beings and it does not matter who we are or what we may possess materially, we still need an emotional connection to other human beings. When we are outside of relationship, we lack the very essence that makes us who we are as a person. One of the most pervasive truths is that close connection with others is fundamental to our existence.

    It has been said that no man is an island. Every person on the earth is related to someone else through family, associations, employment, religion and a myriad of other ways. At our very core we are relational beings and must be connected in some ay to others. In order to survive we draw on the resources of others for things that we do not have within ourselves nor can provide for ourselves without the assistance of someone else.

    If we are to prosper and grow, we need to be connected to God and to one another. This connection fuels our transformation and causes us to blossom and bear fruit. Many times we find ourselves in a state of barrenness because we think that we can survive without other people. It is evidenced in some of our verbal expressions such as, “I can do it on my own; I don’t need you; I don’t need nobody.”

    As this attitude of emotional and spiritual isolation continues serious problems arise because with relationships to others we cannot be ourselves. This lack of relationship and bonding brings about alienation and a sense of emptiness that leads to pain, depression and hatred. Often times we remain in this state not understanding that it is the lack of relationship that is causing the pain and we are not willing to renew relationships in order to alleviate that pain.

    This unwillingness leads to our tying to hold ourselves together not knowing that in order to do so we need the support of those whom we refuse to connect with. Therefore, we find that we remain alone and our world becomes increasingly chaotic. Truly, no man is an island for even an island must be in relationship even if it is with what is not like it (the ocean) otherwise it could not be what it is.

    Developing And Renewing Relationships

    We are born in a state of non-conformity. We move from a warm, safe environment to a harsh and cold one. Often the first thing we feel is pain as the doctor or nurse whacks us on the behind. We are now in a position where we have to depend on fallible people to care for us. Yet, as we grow, time and the relationship that develops with others, specially our mother, help us to begin the bonding process. Many people believe that as children, we automatically love our mother. They have not come to the understanding that the emotional bond between a mother and child is one that develops through the love, closeness and care that the mother provides for the child. As time passes, the child internalizes his mother’s care and comfort that gives him a greater sense of security. It fills his memory storehouse with thousands of loving memories from which to draw in times of loneliness and grief. These memories are also an encouragement to him during his passage through hard times in his life because they leave an indelible impression on him as to his worth. This impression is a means for him to have a sense of being emotionally secure in who he is even though he may be alone. It also helps him to connect with others.

    All sorts of emotional, psychological, and neurological processes begin in a child based on the child’s emotional bond with its mother. As the child develops and is nurtured he develops a sense of security and belonging. This is the mechanism that propels the child out into the world to establish other friendships and helps him to bond as he begins to feel as apart of the group.

    In time, this confidence that emerges from being a part of something bigger than themselves leads to a desire to separate from their home and enter into the adult world where emotional attachment can be formed to fuel and support them for the rest of their lives.

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    Source by Franklyn T. Johnson, Ph.D

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