About Build and Maintain Financial Wealth

Spend less than you earn

I have seen people who earn $100,000 a year and spend $110,000. They will never build wealth. I have seen people worth over $5 million spend much, much more than they earn and lose everything.

I have seen people earn $60,000 a year, but save $10,000 a year. They are on the path to building wealth (although at an admittedly slow pace.)

Give the IRS as little as possible

Utilize all tax saving techniques available. This is difficult, because most accountants are not familiar with unique tax saving strategies like cash balance plans, K plans, and dash plans, which substantially reduce income taxes while building money for the future.

Many frustrated taxpayers have expressed the opinion accountants are working for the IRS. Most accountants deny this and would argue they represent their clients and are not servants of the IRS.

However, the government has been relentlessly extending varied tax penalty provisions applicable to accountants and advisors to the point where advisors and accountants are caught in a dilemma.

Overly aggressive representation of clients can easily put an accountant or advisor into a position where they can

Psychology of Money

Money messages – your earliest memories about money, often passed down by your parents – influence your financial perspective in an extremely powerful way. For instance, one of my clients has a strong memory of his father putting change in a huge container in the living room every evening, explaining that when it was full, they’d be able to go on a vacation… and teaching the value of saving for a goal. This client uses the same tactic with his kids, tweaking it slightly so they realize that when their containers are full, they can exchange the coins for bills.

Those who were raised to believe that money equates to power, freedom and control are going to behave much differently than those who were taught that money isn’t a good thing. Among the money messages some people learned as a child are:

  • You have to work hard and suffer to earn money.
  • Having a lot of money isn’t “spiritual.”
  • Money is too hard to manage.
  • You’ll never be rich.

If you were brought up with these beliefs, you can actually sabotage yourself as an adult with respect to making financial decisions. Your upbringing will also have a lot

Save Money While Avoiding Debt

Debt can cause stress, unhappiness in one’s life, and anxiety. Having too many debts can limit and restrict a person’s options. Having too many debts can also ruin families’ relationships and cause someone to work longer hours and further contribute to all types of health issues.

One reason to avoid debt is that it limits your options. Debts can force you to work long hours in a job you don’t like and limit the amount of quality time you spend with your family. Debts and too many of them can lead to divorce. In fact, expert agrees that the number one reason for divorce is too much debt. Another reason to avoid personal debts is the stringing interest banks are charging you. Too much debt can lead you to file bankruptcy.

Strain of debt usually results in breakups or divorces. In fact, experts cite debt as the number one cause of divorce today. Another reason why we should avoid debt is that it can send us in a never-ending debt cycle that is complicated to get out off. Any type of debt or credit option is stringed with an interest increasing at high rates. If you

Payday Loan Debt

In such cases, the intelligent thing is to opt for a settlement and not sitting and thinking what to do as with every single day, the problem is going to intensify. A short summary of the procedure of payday loan settlement has been listed below.

Firstly, tell the lender that you are presently not in a place to clear the payments. Unfortunately, with this notification, your account will be sent to some collection agency for verification.

Next, ask the collection agency to contact you only through writing. If they refuse, let them know that you are full aware of the consumer rights and as par the national Federal laws, the agency is bound to follow a legal procedure in making transactions.

Inform the agency that you are willing to settle your payday debts. The agencies might try to threat you with necessary legal actions but does not panic as agencies generally never turn to the courts simply because it is not worth neither money nor time.

Hire a payday loan settlement company to negotiate with the collection agency. Hiring experts will not only make the task simpler for you but at the same time

Debt Management Companies

This makes the first logical question that someone dealing with this issue would ask and it would be something along the lines of why they should in fact pay for a service they can get for free? Obviously the free choice on the surface appears to be the way to go and it then simply becomes a matter of locating the particular charity that one will be working with.

The fact of the matter is though that in the UK there are still over four hundred of these debt management companies doing business for profit. This fact should raise the next question which should be how are they maintaining their business when others are giving away the service for nothing? There has to be some sort of viable explanation explaining this. Exactly what are the specific differences that separate these two different potential options?

Let’s try to take a look at both and see if the answer to this question can be discovered. The charity debt management companies offer online at no charge their anonymous advice. The counselling they offer is truly impartial. In many cases for those that feel they require even additional assistance there

Debt Settlement Companies

Now, how do the debt settlement companies work? These companies work in close collaboration with the banks and financial institutions. Once you approach them they will let you know about their debt settlement help services, which starts with debt counseling. If you are not in favor of this then they go for negotiation with the banks where you have a loan or own a credit card. You may be paying the credit card bills for a quite a long time now but your debt has not decreased due to the high rate of interest. In all such scenario, the amount of time you are paying the due is taken into consideration. If you are paying the card dues for more than 10 years you may possibly get a discount of 50 t0 60 percent of the amount that is remaining and will be able to pay the due within 12 to 60 months in easy EMI and low interest rates.

When choosing a debt settlement company the most important thing is to check for the fees that they are offering. There are many companies that will promise you a service but will fail to deliver. It is

Levels to Win Financial Freedom

Level I – Handle all bad debt

Bad debt is distinguished by it being used for consumption rather than production. Bad debt typically does not have beneficial tax treatment like good debt does. By getting rid of all bad debt, you’ve established you can budget and you can produce more than you consume. These habits are critical to achieve financial success. In addition, these habits must be learned before anything else can be accomplished.

Level II – Start a Retirement Account and add 10% per year

Retirement is the first goal you should tackle after handling your bad debt because you want to add small amounts of money over a long period of time. You need your money to have a chance to compound over time. So, you need to start a retirement account as early as you can, preferably in your 20’s. I like the automatic investing approach provided by “robo-advisors” such as Wealthfront, Betterment and Personal Capital. The earlier you start, the more time your money has to compound and the easier it will be to retire with enough money.

Level III – Create a Savings Account with three months of expenses

Advanced Tax Strategies

Farming has changed from when I was a kid, 60 years ago, growing up on the outskirts of rural Joliet and Kankakee Illinois. Then, many small-time farmers could support their families with a 160-320 acre farm and a part-time job during the winter. Today, farms are huge enterprises and some of the folks I met farm 3,000-10,000 acres. Machinery is costly, with combines costing $300,000 or more. So, one needs a lot of acres to amortize the high cost of machinery.

In the past 5 years, there have been record crop prices, reaching as high as $7 per bushel corn; $16 per bushel soybeans; and $10 per bushel wheat. With high crop prices and large farms operated, net profit form farming is no longer small potatoes. A number of the farmers have net profits of $250,000 to $1,500,000 in a good year. So, they now have more cashflow than ever and therefore tax problems. They also have the cash to do things for the family that were previously unheard of. Let me cover their concerns as well as advanced strategies that are solutions:

I have big profits and want to save income tax: Earlier in 2013,

Negative Aspects of Consolidating Debt

Finding a debt consolidator company right for you

When you are in the market of consolidating your debt, the number of companies available is not the problem that you have to worry about. Finding the right consolidator for you is what will become the major task.

It will be in your best interest if you compare and contrast multiple companies before making a final decision. The interest rates in which you will have to pay can vary depending on the debt consolidator. What you want is the lowest interest rate possible. If you rush too soon you may miss out on a great opportunity to not only pay back your debt, but save money in the long run.

High interest Rates Can Increase

Unfortunately, it seems that high interest rates are justification of the risk of helping your business. However false this assumption may be, if you miss a payment and do not consult with your debt company or agent specifically to set an alternative payment date, the interest rates could skyrocket even more. This is not a situation you want to be in as you are trying to pay off debt, so make

About Auto Bill of Sale

Seller Pitfalls

The seller usually assumes that once they receive the funds associated with the transaction, they do not need to worry anymore. This is correct as long as the bill of sale is proper and contains an odometer disclosure form. The odometer disclosure form specifics the number mileage on the vehicle the date the ownership is transferred to the seller. This is important down the line in many scenarios that include:

  • The buyer in turn sells the vehicle and alters the mileage on the car in order to obtain a higher price. The new buyer discovers that the mileage was altered and reports the fraud. Without the odometer disclosure form, it is very hard to ascertain if the fraud was committed by the original owner or the second owner. Therefore, a proper bill of sale would ensure the original owner is free from any unforeseen developments.
  • The buyer alters the odometer reading in order get repairs under warranty. As outlined above, again it is almost very difficult to determine who committed the fraud. The last thing the original owner wants is to be liable for something they did not do.

Additionally, a proper