Thursday, February 26, 2009
5 Easy Ways to Save and Build Wealth
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Wednesday, February 25, 2009
Learn How to Bank Like a Banker
The business of banking has changed dramatically over the last decade. Because the cost of doing business the old-fashioned way is no longer effective, banks are interested in changing their customers' behavior by encouraging electronic banking alternatives whenever possible. They have done this by charging high fees for services that were once free. If you pay $200 or more in annual fees for banking, it's time to do some competitive shopping.
Before becoming furious with your bank, it may be that the products you're using no longer meet your personal needs. If you have an established relationship with your bank, inquire about the other types of lower-cost checking and savings account products.
By understanding the rationale of why a bank charges fees for different services will allow you to be a savvy banking customer. If human contact is required to serve you, such as a teller or personal banker, this is very expensive for the bank. The incentive is for banks to encourage more high-tech, "low-touch" methods of meeting your needs. This is accomplished by servicing as many customers as possible with automated telephone services, cash machines, and online self-service banking.
Since the bank needs to train their employees, provide a paycheck and benefits, pay for the branch building, in some cases supply uniforms etc., it is conceivable that your one banking transaction per pay period could cost the bank $3 or more for your one banking transaction.
If you conduct your banking via an automated telephone system, the cost of this type of transaction is much less expensive. However, if you then require assistance from a telephone banker, the price goes from $1 for the automated process to as much as $2 for human contact. For the same reasons stated above, the training, location, computer equipment, etc. become more expensive when human interaction is needed.
Now it is clear why electronic banking methods are preferred by financial institutions. In fact, most banks are rewarding their customers with lower fees the more the customer does his/her banking electronically. For example, even though Automatic Teller Machines (ATMs) costs the bank around $100,000 each plus the cost of the computer network and maintenance, the cost of these type of transactions drop to $0.50 - $1 each. Not only are these machines more cost effective, the 24-hour availability to customers is very convenient.
With the ease and convenience of Automatic Clearing House (ACH) payments, this "checkless" process drops the price to around $0.25 each. And finally, the Internet drops the expense even further to less than $0.10 a transaction. I realize that there is still some fear of banking electronically, but the security that banks have instilled with computer technology far surpasses the current security of traditional banking methods. If you lose your checkbook and wallet, the cost and worry of canceling these checks is very tedious. It's very possible that a thief could forge your name and deplete your accounts in a matter of hours. The sophisticated computer technology, however, although not perfect, has a far more secure system to protect you and your money.
Avoid being the bank's best customer. Attempt to cut your annual bank fees in half by educating yourself. Inquire about the options and products available to you with your banker. By asking about the alternative banking methods, you may find that your bank fees will drop considerably.
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Before becoming furious with your bank, it may be that the products you're using no longer meet your personal needs. If you have an established relationship with your bank, inquire about the other types of lower-cost checking and savings account products.
By understanding the rationale of why a bank charges fees for different services will allow you to be a savvy banking customer. If human contact is required to serve you, such as a teller or personal banker, this is very expensive for the bank. The incentive is for banks to encourage more high-tech, "low-touch" methods of meeting your needs. This is accomplished by servicing as many customers as possible with automated telephone services, cash machines, and online self-service banking.
Since the bank needs to train their employees, provide a paycheck and benefits, pay for the branch building, in some cases supply uniforms etc., it is conceivable that your one banking transaction per pay period could cost the bank $3 or more for your one banking transaction.
If you conduct your banking via an automated telephone system, the cost of this type of transaction is much less expensive. However, if you then require assistance from a telephone banker, the price goes from $1 for the automated process to as much as $2 for human contact. For the same reasons stated above, the training, location, computer equipment, etc. become more expensive when human interaction is needed.
Now it is clear why electronic banking methods are preferred by financial institutions. In fact, most banks are rewarding their customers with lower fees the more the customer does his/her banking electronically. For example, even though Automatic Teller Machines (ATMs) costs the bank around $100,000 each plus the cost of the computer network and maintenance, the cost of these type of transactions drop to $0.50 - $1 each. Not only are these machines more cost effective, the 24-hour availability to customers is very convenient.
With the ease and convenience of Automatic Clearing House (ACH) payments, this "checkless" process drops the price to around $0.25 each. And finally, the Internet drops the expense even further to less than $0.10 a transaction. I realize that there is still some fear of banking electronically, but the security that banks have instilled with computer technology far surpasses the current security of traditional banking methods. If you lose your checkbook and wallet, the cost and worry of canceling these checks is very tedious. It's very possible that a thief could forge your name and deplete your accounts in a matter of hours. The sophisticated computer technology, however, although not perfect, has a far more secure system to protect you and your money.
Avoid being the bank's best customer. Attempt to cut your annual bank fees in half by educating yourself. Inquire about the options and products available to you with your banker. By asking about the alternative banking methods, you may find that your bank fees will drop considerably.
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Tuesday, February 24, 2009
The 11 Best Money Saving Ideas of All Time - Part 4
At any time in history, no matter what the current state of the economy, no matter what the current trends, no matter what the unemployment rate is or where interest rates lurk, some money-saving ideas stay true.
Some of you may have heard of these ideas before, others may be entirely new to you. But whether you are familiar with these super secrets or not, it will be well worth your while to put them into effect in your own life. The magic they will work on your financial life is guaranteed. I urge you to put them to work - any one of these could change your life! Big changes come from small steps. One plus one does equal two, so if you add one from eleven different places, you will see big results.
This is a four part series giving you advice on saving your hard-earned money in a variety of down-to-earth ways. Nothing here is anything that anyone can't do on a daily basis.
Amazing Money Tip #9 You must set short-term goals and long-term goals. If you don't know where you are going, how do you expect to get there? It's simple but powerful logic. When you have a target sitting out there somewhere in the future, a target which is your goal, it can almost act like a magnet that pulls you toward it.
Setting solid goals which are attainable, yet still a challenge, have proved time and time again to be one of the most powerful methods of achieving wealth and success ever developed. It has been demonstrated in corporate training schemes. It has been used successfully again and again by countless individuals. Setting both short term goals and long-term goals has the effect of focusing your mind like a laser beam. It pulls you along toward higher and better things. It gives solidity to what you are trying to accomplish, and thus makes that which you want more real and likely to come into your life.
As you have probably heard, it is best to write your short- term and long-term goals down on paper and then post them somewhere in your workplace and home. The first thing you should do every morning is look over your goal list, and then put together your Top 10 to do list which will move you toward your goal. The last thing you should do every evening is review your short-term and long-term goals, and tell yourself as you go to sleep that you are going to do everything in your power to make those goals a reality in your life. Amazing Money Tip #10 Invest your money and make it work at multiplying itself. Saving money in a savings account is important as we said above, but the 2.3 percent interest rates most banks give you is not even enough to keep pace with inflation.
You must do more than save your money -- you must invest it. That means financial vehicles with super-high rates of return, such as mutual funds and stocks, or the more risky commodity markets.
A $5,000 investment in commodities can return you 10 times that amount -- $50,000 --in just a few weeks, although you could easily lose it as well. Invest your savings into a long term certificate (CD). You can often get one with an interest rate up 4.5-5%. They are 100% safe, and still give you a much better return than normal savings accounts.
The bottom line is, you should take a portion of your savings and put it in a high interest or high risk investment plans. That's the way to really get ahead. Amazing Money Tip #11 Have fun! Yes, this tip easily makes my list because it is so essential to your success. The great writer Ray Bradbury once said in an interview: "If you are not having fun, you might as well forget it. Do everything you do with joy and you'll be successful." You need to be having fun to stay positive, and you need to stay positive to make money. So come on! Get out their: laugh, clap your hands, live! Have a blast and rake in the cash! The world is waiting for you!
I hope you have learned many new ways to save your hard- earned money, and enjoy your day-to-day life more. Remember, nothing discussed in this 4 part series is anything that you can't do. If you put this information to good use, it is guaranteed that you will benefit from it.
Copyright © by Palyn Peterson
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Some of you may have heard of these ideas before, others may be entirely new to you. But whether you are familiar with these super secrets or not, it will be well worth your while to put them into effect in your own life. The magic they will work on your financial life is guaranteed. I urge you to put them to work - any one of these could change your life! Big changes come from small steps. One plus one does equal two, so if you add one from eleven different places, you will see big results.
This is a four part series giving you advice on saving your hard-earned money in a variety of down-to-earth ways. Nothing here is anything that anyone can't do on a daily basis.
Amazing Money Tip #9 You must set short-term goals and long-term goals. If you don't know where you are going, how do you expect to get there? It's simple but powerful logic. When you have a target sitting out there somewhere in the future, a target which is your goal, it can almost act like a magnet that pulls you toward it.
Setting solid goals which are attainable, yet still a challenge, have proved time and time again to be one of the most powerful methods of achieving wealth and success ever developed. It has been demonstrated in corporate training schemes. It has been used successfully again and again by countless individuals. Setting both short term goals and long-term goals has the effect of focusing your mind like a laser beam. It pulls you along toward higher and better things. It gives solidity to what you are trying to accomplish, and thus makes that which you want more real and likely to come into your life.
As you have probably heard, it is best to write your short- term and long-term goals down on paper and then post them somewhere in your workplace and home. The first thing you should do every morning is look over your goal list, and then put together your Top 10 to do list which will move you toward your goal. The last thing you should do every evening is review your short-term and long-term goals, and tell yourself as you go to sleep that you are going to do everything in your power to make those goals a reality in your life. Amazing Money Tip #10 Invest your money and make it work at multiplying itself. Saving money in a savings account is important as we said above, but the 2.3 percent interest rates most banks give you is not even enough to keep pace with inflation.
You must do more than save your money -- you must invest it. That means financial vehicles with super-high rates of return, such as mutual funds and stocks, or the more risky commodity markets.
A $5,000 investment in commodities can return you 10 times that amount -- $50,000 --in just a few weeks, although you could easily lose it as well. Invest your savings into a long term certificate (CD). You can often get one with an interest rate up 4.5-5%. They are 100% safe, and still give you a much better return than normal savings accounts.
The bottom line is, you should take a portion of your savings and put it in a high interest or high risk investment plans. That's the way to really get ahead. Amazing Money Tip #11 Have fun! Yes, this tip easily makes my list because it is so essential to your success. The great writer Ray Bradbury once said in an interview: "If you are not having fun, you might as well forget it. Do everything you do with joy and you'll be successful." You need to be having fun to stay positive, and you need to stay positive to make money. So come on! Get out their: laugh, clap your hands, live! Have a blast and rake in the cash! The world is waiting for you!
I hope you have learned many new ways to save your hard- earned money, and enjoy your day-to-day life more. Remember, nothing discussed in this 4 part series is anything that you can't do. If you put this information to good use, it is guaranteed that you will benefit from it.
Copyright © by Palyn Peterson
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Monday, February 23, 2009
The 11 Best Money Saving Ideas of All Time - Part 3
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Friday, February 20, 2009
The 11 Best Money Saving Ideas of All Time - Part 2
At any time in history, no matter what the current state of the economy, no matter what the current trends, no matter what the unemployment rate is or where interest rates lurk, some money-saving ideas stay true.
Some of you may have heard of these ideas before, others may be entirely new to you. But whether you are familiar with these super secrets or not, it will be well worth your while to put them into effect in your own life. The magic they will work on your financial life is guaranteed. I urge you to put them to work - any one of these could change your life! Big changes come from small steps. One plus one does equal two, so if you add one from eleven different places, you will see big results.
This is a four part series giving you advice on saving your hard-earned money in a variety of down-to-earth ways. Nothing here is anything that anyone can't do on a daily basis.
Amazing Money Tip #4
Ben Franklin said it long ago: "A penny saved is a penny earned." Yes, it's still true, and still one of the most powerful money-making tips in all history.
Implied within Franklin's famous statement is the difficulty of saving. It's tough to save and easy to spend! You know that! That's why every penny saved truly is earned - because it takes so much effort to hold on to that cash! But if you can do it, it will work magic in your life. Having a savings account will de-stress your life. Imagine being ahead of your bills, rather than behind. When you are ahead of your bills, you entire life comes under your control. You sleep better at night. Your mind is freer to come up with new ways to make more money and save more. Saving is contagious - once you let it get started!
Here are some tips to help you save:
Don't settle for interest checking. Have a separate savings account that can't be as easily accessed as a checking account.
Keep your savings in another bank - one that's off your regular route, or perhaps even in another town. That way you won't be tempted to dip into it every time you visit the bank to make a checking deposit.
Buy short-term savings bonds, which have 6-month to one- year maturity dates. That way you will get a higher rate, while at the same time keeping your money close in case of real emergencies.
If you can, open the account under two names and require that both signatures be required to make a withdrawal. Two people can debate each withdrawal and keep each other in line.
When you get your paycheck, immediately put a minimum of 5% in your savings account. After just a year, you'll be surprised by how much you have actually saved and feel great about it.
Amazing Money Tip #5
Visualize wealth and abundance everyday. Am I actually suggesting that you practice some sort of airy-fairy mysticism that will make you into a "money magnet"? Maybe yes, maybe no. Call it what you will - a mind game, mysticism, New Age ga-ga -- but the solid fact is that behind every wealthy man and woman is a positive attitude toward money. Here's a quick demonstration:
(1) Person One with a negative money attitude has daily thoughts which go this way: "Jeez! $20 bucks is hard to come by! I seem to work so hard and get so little for it. Money just slips through my fingers. It's amazing how much money you have to earn to just get by these days. I'm never going to be able to afford that new car on my limited salary, but this job is still the best thing going for me right now. It's easy for some people to make a lot of money, but I'm not one of those people ..." and on and on.
(2) Person Two with a positive money attitude has daily thoughts which go this way: "You know, I bet if I work my butt off I can get a raise next month, and then I'll take half of the extra money I make and toss it in a savings account. There must be a 100 other ways I can bring in some extra cash. Money is not all that hard to earn if you work hard, watch your spending and save a little at a time. There's enough wealth for everybody in this country, and I can easily get my share, and more ..." and on and on.
Okay. Which person do you think will have a better chance of success? You don't need to be a Rhodes Scholar to see how Person One is dragging himself down with his thoughts, and how Person Two is giving himself a fighting chance.
Look at it this way: It costs nothing one way or the other to have either negative or positive thoughts. So why not have positive thoughts?
There have been many studies done on the thought patterns and the frames of mind of some of the richest, most successful people in the world. The one thing they all had in common was a positive attitude toward money and their ability to earn it.
The next of the 11 best money saving ideas of all time will be discussed in part 3. Until then, take note of what you have learned so far and put this information to good use. Read and reread this article; I bet you will notice a difference sooner than you think.
Copyright © by Palyn Peterson
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Some of you may have heard of these ideas before, others may be entirely new to you. But whether you are familiar with these super secrets or not, it will be well worth your while to put them into effect in your own life. The magic they will work on your financial life is guaranteed. I urge you to put them to work - any one of these could change your life! Big changes come from small steps. One plus one does equal two, so if you add one from eleven different places, you will see big results.
This is a four part series giving you advice on saving your hard-earned money in a variety of down-to-earth ways. Nothing here is anything that anyone can't do on a daily basis.
Amazing Money Tip #4
Ben Franklin said it long ago: "A penny saved is a penny earned." Yes, it's still true, and still one of the most powerful money-making tips in all history.
Implied within Franklin's famous statement is the difficulty of saving. It's tough to save and easy to spend! You know that! That's why every penny saved truly is earned - because it takes so much effort to hold on to that cash! But if you can do it, it will work magic in your life. Having a savings account will de-stress your life. Imagine being ahead of your bills, rather than behind. When you are ahead of your bills, you entire life comes under your control. You sleep better at night. Your mind is freer to come up with new ways to make more money and save more. Saving is contagious - once you let it get started!
Here are some tips to help you save:
Don't settle for interest checking. Have a separate savings account that can't be as easily accessed as a checking account.
Keep your savings in another bank - one that's off your regular route, or perhaps even in another town. That way you won't be tempted to dip into it every time you visit the bank to make a checking deposit.
Buy short-term savings bonds, which have 6-month to one- year maturity dates. That way you will get a higher rate, while at the same time keeping your money close in case of real emergencies.
If you can, open the account under two names and require that both signatures be required to make a withdrawal. Two people can debate each withdrawal and keep each other in line.
When you get your paycheck, immediately put a minimum of 5% in your savings account. After just a year, you'll be surprised by how much you have actually saved and feel great about it.
Amazing Money Tip #5
Visualize wealth and abundance everyday. Am I actually suggesting that you practice some sort of airy-fairy mysticism that will make you into a "money magnet"? Maybe yes, maybe no. Call it what you will - a mind game, mysticism, New Age ga-ga -- but the solid fact is that behind every wealthy man and woman is a positive attitude toward money. Here's a quick demonstration:
(1) Person One with a negative money attitude has daily thoughts which go this way: "Jeez! $20 bucks is hard to come by! I seem to work so hard and get so little for it. Money just slips through my fingers. It's amazing how much money you have to earn to just get by these days. I'm never going to be able to afford that new car on my limited salary, but this job is still the best thing going for me right now. It's easy for some people to make a lot of money, but I'm not one of those people ..." and on and on.
(2) Person Two with a positive money attitude has daily thoughts which go this way: "You know, I bet if I work my butt off I can get a raise next month, and then I'll take half of the extra money I make and toss it in a savings account. There must be a 100 other ways I can bring in some extra cash. Money is not all that hard to earn if you work hard, watch your spending and save a little at a time. There's enough wealth for everybody in this country, and I can easily get my share, and more ..." and on and on.
Okay. Which person do you think will have a better chance of success? You don't need to be a Rhodes Scholar to see how Person One is dragging himself down with his thoughts, and how Person Two is giving himself a fighting chance.
Look at it this way: It costs nothing one way or the other to have either negative or positive thoughts. So why not have positive thoughts?
There have been many studies done on the thought patterns and the frames of mind of some of the richest, most successful people in the world. The one thing they all had in common was a positive attitude toward money and their ability to earn it.
The next of the 11 best money saving ideas of all time will be discussed in part 3. Until then, take note of what you have learned so far and put this information to good use. Read and reread this article; I bet you will notice a difference sooner than you think.
Copyright © by Palyn Peterson
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Thursday, February 19, 2009
The 11 Best Money Saving Ideas of All Time - Part 1
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Wednesday, February 18, 2009
Don't Work for Your Money, Make it Work for You!
Well, the New Year is around the corner and so are New Year’s Resolutions! It’s such a great time of year to consider what the past year has brought us and what we want to create in the coming year.
To help you get started thinking about the coming year, we are publishing a series of articles on top wealth creating habits. This series of articles will feature simple and practical ways that you can begin easily creating wealth in your life, no matter what your current situation. Ready? Let’s dive in!
Chances are, if you’re reading this article, you’re not wealthy yet. Chances are also that you are an employee, working for someone else, or you are a business owner but your business has not yet made you wealthy. In either case, haven’t you dreamed of being a wealthy business owner, whose business generates continuous wealth and income? Most of us have…but most of us also run up against the brick wall of not knowing how.
The best way to get started becoming a business owner with very productive employees is to get a business and hire some great employees. Now, most of us aren’t able to do that overnight, or we would have done it already, right? Wrong!
If you consider your money (assets or cash) as your employees, then you are an instant business owner. Voila! Think about it. When you invest your money or apply it toward a productive entrepreneurial venture, your money works just as hard to produce an income as you do when you go to your daily job. In fact, it works harder than most employees do – money has no family or personal problems and doesn’t argue with you. When you put what available money you have to work for you, you are now a business owner with employees (your money). When you realize that money has the potential to work just as hard as you do, then you’ve just enlightened yourself with one of the top wealth creating habits!
Now, to get a productive business that earns a good return for you, you need to keep adding “employees” to your business by saving your money and investing it. Whether it’s a dollar or twenty dollars, every “employee” counts. The wealth creating habit you want to cultivate in this regard is to save and invest your dollars rather than spending them on things that will give you short term pleasure but no long term benefit. Remember that every dollar you turn into an “employee” rather than spending in the moment will work for you for the rest of your life! Think about that the next time you feel tempted by some new trendy thing you’ve just got to have!
How can you get started on building this wealth creating habit in your life? It’s easy. At the beginning of each day, spend a few minutes experiencing what it would be like not to have to go to work every morning, but to be able to choose whether you want to work or not. During the day, as you are faced with spending choices, bring that experience back into focus to help yourself choose wisely. At night, keep a journal of your spending decisions for that day and note what percentage of the time you chose wisely. Your goal? To increase that percentage gradually to 100%.
Most experts say that it takes 21 to 40 days to create a solid new habit. That’s not long when you think about it. All you have to do is get started – now. Good luck!
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
To help you get started thinking about the coming year, we are publishing a series of articles on top wealth creating habits. This series of articles will feature simple and practical ways that you can begin easily creating wealth in your life, no matter what your current situation. Ready? Let’s dive in!
Chances are, if you’re reading this article, you’re not wealthy yet. Chances are also that you are an employee, working for someone else, or you are a business owner but your business has not yet made you wealthy. In either case, haven’t you dreamed of being a wealthy business owner, whose business generates continuous wealth and income? Most of us have…but most of us also run up against the brick wall of not knowing how.
The best way to get started becoming a business owner with very productive employees is to get a business and hire some great employees. Now, most of us aren’t able to do that overnight, or we would have done it already, right? Wrong!
If you consider your money (assets or cash) as your employees, then you are an instant business owner. Voila! Think about it. When you invest your money or apply it toward a productive entrepreneurial venture, your money works just as hard to produce an income as you do when you go to your daily job. In fact, it works harder than most employees do – money has no family or personal problems and doesn’t argue with you. When you put what available money you have to work for you, you are now a business owner with employees (your money). When you realize that money has the potential to work just as hard as you do, then you’ve just enlightened yourself with one of the top wealth creating habits!
Now, to get a productive business that earns a good return for you, you need to keep adding “employees” to your business by saving your money and investing it. Whether it’s a dollar or twenty dollars, every “employee” counts. The wealth creating habit you want to cultivate in this regard is to save and invest your dollars rather than spending them on things that will give you short term pleasure but no long term benefit. Remember that every dollar you turn into an “employee” rather than spending in the moment will work for you for the rest of your life! Think about that the next time you feel tempted by some new trendy thing you’ve just got to have!
How can you get started on building this wealth creating habit in your life? It’s easy. At the beginning of each day, spend a few minutes experiencing what it would be like not to have to go to work every morning, but to be able to choose whether you want to work or not. During the day, as you are faced with spending choices, bring that experience back into focus to help yourself choose wisely. At night, keep a journal of your spending decisions for that day and note what percentage of the time you chose wisely. Your goal? To increase that percentage gradually to 100%.
Most experts say that it takes 21 to 40 days to create a solid new habit. That’s not long when you think about it. All you have to do is get started – now. Good luck!
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Tuesday, February 17, 2009
You Deserve To Retire Early
The fact is that most people continue to work for a living, because they don’t have the means to live without that income. Do not get me wrong. You may enjoy doing what you do. If you do not have to worry about making a living out of this, could you do better, on your own terms?
Perhaps work fewer hours and spend more time with your family? Perhaps choose to take a few days to travel, without worrying about needing to ask for permission. Maybe spend a little time helping out your favorite charity?
There are a great many people who would not go to work, if they did not have to earn a living. Total Financial Freedom is about having that choice. If you quit your job, the organization will not shut down. They will find a replacement to do your job. They will continue their business. However, if you quit working for yourself, nobody will replace you. You owe it to yourself and the ones near and dear to you. When you have the choice, you may still continue to work. The big difference is in knowing that you have a choice.
Sometimes, we get so busy with our work and lives that we forget the potential within. You may be able make a huge difference in your community. You may be able to touch a lot of lives in a way that only you can. If you had the choice, you could explore this possibility. As I have already stated, your net worth is directly in line with the number of lives that you have positively affected.
I could be totally boxed in my profession of software engineering, management etc. I love that side of me. I had to take the time to write this book. I know that this book is going to make a difference in many lives. Why do I know that? I know that, because I firmly believe that I have something to offer. I know that, because I started this work with the steadfast desire to write a book that will have such impact. Above all, I know so, because I prayed that I be the instrument to deliver such a powerful message.
You have a purpose in life. You have tremendous potential. Don’t let the power of a paycheck hold you back from becoming all that you can be. You deserve to retire early, so that you may spend your time fulfilling your dreams.
Do you need a Million dollars to retire? Not necessarily. You may choose to retire a lot sooner than that. No, I am not asking you to shrink your dreams. You may still go on to gain wealth far beyond a Million dollars. That is entirely possible. But, when you have made it possible to replace your current income from some other means, you can retire and pursue your dreams full time.
Get out of that bondage. Have the choice. Then do what you choose to. Retire early and enjoy your life.
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Perhaps work fewer hours and spend more time with your family? Perhaps choose to take a few days to travel, without worrying about needing to ask for permission. Maybe spend a little time helping out your favorite charity?
There are a great many people who would not go to work, if they did not have to earn a living. Total Financial Freedom is about having that choice. If you quit your job, the organization will not shut down. They will find a replacement to do your job. They will continue their business. However, if you quit working for yourself, nobody will replace you. You owe it to yourself and the ones near and dear to you. When you have the choice, you may still continue to work. The big difference is in knowing that you have a choice.
Sometimes, we get so busy with our work and lives that we forget the potential within. You may be able make a huge difference in your community. You may be able to touch a lot of lives in a way that only you can. If you had the choice, you could explore this possibility. As I have already stated, your net worth is directly in line with the number of lives that you have positively affected.
I could be totally boxed in my profession of software engineering, management etc. I love that side of me. I had to take the time to write this book. I know that this book is going to make a difference in many lives. Why do I know that? I know that, because I firmly believe that I have something to offer. I know that, because I started this work with the steadfast desire to write a book that will have such impact. Above all, I know so, because I prayed that I be the instrument to deliver such a powerful message.
You have a purpose in life. You have tremendous potential. Don’t let the power of a paycheck hold you back from becoming all that you can be. You deserve to retire early, so that you may spend your time fulfilling your dreams.
Do you need a Million dollars to retire? Not necessarily. You may choose to retire a lot sooner than that. No, I am not asking you to shrink your dreams. You may still go on to gain wealth far beyond a Million dollars. That is entirely possible. But, when you have made it possible to replace your current income from some other means, you can retire and pursue your dreams full time.
Get out of that bondage. Have the choice. Then do what you choose to. Retire early and enjoy your life.
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Monday, February 16, 2009
Virtual Millionaire
Let's begin this lesson with a definition of the term Virtual Millionaire. This is an expression, known to the CPAs, but unknown to the general public. Why? It's because the bank does not want you to know. Here is why...
Virtual Millionaire - An individual that has zero debt and a passive or near passive income of at least 60,000 a year.
For example, if you had $2,000,000 in the bank earning 6% interest, you would have $120,000 of yearly income. This income is known as PASSIVE income. It is called passive because you weren't active I the production of this income. In other words, you did not work to get it. Yes, you worked to save the $2,000,000, but the income from the $2,000,000 keeps coming in without work.
A person with $2,000,000 in the bank could spend 6 months traveling the world and they would still make $120,000 each and every year and still have their $2,000,000 in the bank.
Before developing this further, there is one other critical point to make. Most folks have ZERO concepts of millionaire and their lifestyles. If you were a retired multimillionaires with $2,000,000 in the bank and this money was your entire life savings, would you spend your $120,000 yearly income and ALSO spend part of the $2,000,000?
If you are like most folks, you might have the conception that millionaires that spend money hand over first as if there no limit to how much they could spend!
The person with the $2,000,000 in the bank knows that if they spend more than their $120,000 income, next year they won't have $2,000,000 to produce an income for future years. It will be less. Guess what? If they don't have $2,000,000 to produce income, then they will no longer have the $120,000 in income, unless the interest rate goes up.
For some time, I tried to get my mind around this while concept of wealth as it relate to quality of life. I have determined, without question, that it isn't having an immerse amount of money to throw away that provides a high quality of life. It is known that you would always have a very good income and that you could virtually anything you would ever want to do with your time and your life that produces the very highest quality of life (This doesn't take into account spiritual or health issues.
My friends, that is true wealth, or as a mentioned in the introduction, this is Financial Wellness. In my previous experience with my wealthy clients, I didn't appreciate the fact that multimillionaires, for the most part, don't spend all that much money in a year. Their FREEDOM come and go almost at will has a near- magical impact on quality of life. That's really living Well.
Based on my observations and experiences of working with the wealthy, I made a decision to focus my business in a different direction. I decide that I would pursue the creation of passive. INCOME, not the Creation of wealth or Assets.
You see, if you can produce $60,000 in a year in dependable passive income, this would be the equivalent of having $1,000,000 in the bank at 6%.
I determined that it would be much easier to create the lifestyle of a millionaire by focusing on creating income. So, I have done my best to become an expert in this very different way of thinking about the financial independence.
There are four ways to achieve financial independence. There is the traditional way, which is to work and save in a attempt to accumulate assets that will one day take care of your income needs. Some inherit it from someone else. A handful will win the lottery. And, finally the Virtual millionaire or income approach.
I want to suggest to you that the Virtual millionaire approach is not only far easier, but much more enjoyable in the process.
Consider this for a moment. If you are going to stay in the traditional way of thinking about financial independence, recognize that as folks work and save, they far too frequently deprive themselves of enjoying their life NOW.
I have seen folks so obsessed with saving money for some future unknown use that they become slaves to the future and have virtually no life, here and now. However the vast majority of people can't save. They go deeply in debt and the high cost of interest makes it almost impossible for them to dig out of debt in order to finally begin a savings and investment program.
I want to suggest that for many of you it is far better to hire yourself and invest in your own company instead of buying stock in someone else's company. Instead of trying save and invest to grow assets that you can some day live off, build your own business to produce an income that you can live off NOW and later.
My contention is that it is far easier to become a virtual millionaire than it is to achieve financial independence the traditional way. When you make a serious effort, you can achieve the extremely fast. By fast I mean a few years.
The virtual millionaire advantages are many. At the end of one year you won't need any encouragement to continue. You will be so excited that you will be unstoppable.
In summary, I want to encourage you to concentrate on becoming a virtual millionaire. It is far easier to produce the income of a millionaire than it is to create the assets of a millionaire. Remember… millionaires DON'T spend their assets, they spend their income. It is the income that provides that quality of life.
I want you to think what your life would be like if you were totally debt free and you have at least $60,000 a year coming in year after year. You would be amazed at how much more joy you would have in your life.
The exciting thing is that there is nothing to stop you from working as hard as you choose to continually grow your income. With my approach, you still get to enjoy your life NOW while also preparing for early retirement.
Just for the record, if you develop your own business to the point that it is providing with a dependable $60,000 annual income then YOU ARE ALSO AN ASSET MILLIONAIRE.
The reason that is true is that, in the world of accounting, you don't just place values on things; you also place value on stream of dollars.
This is exactly what annuities are all about. Every day millions of dollars are given to annuity companies in exchange for an income for life. These people purposely save their savings for an income the they can't outlive.
The virtual millionaire approach places all the emphasis on creating a Business Annuity. Let your business produce the income stream you will need for debt elimination and for early retirement. When you do you will join the ranks of those who have achieved true financial wellness.
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Virtual Millionaire - An individual that has zero debt and a passive or near passive income of at least 60,000 a year.
For example, if you had $2,000,000 in the bank earning 6% interest, you would have $120,000 of yearly income. This income is known as PASSIVE income. It is called passive because you weren't active I the production of this income. In other words, you did not work to get it. Yes, you worked to save the $2,000,000, but the income from the $2,000,000 keeps coming in without work.
A person with $2,000,000 in the bank could spend 6 months traveling the world and they would still make $120,000 each and every year and still have their $2,000,000 in the bank.
Before developing this further, there is one other critical point to make. Most folks have ZERO concepts of millionaire and their lifestyles. If you were a retired multimillionaires with $2,000,000 in the bank and this money was your entire life savings, would you spend your $120,000 yearly income and ALSO spend part of the $2,000,000?
If you are like most folks, you might have the conception that millionaires that spend money hand over first as if there no limit to how much they could spend!
The person with the $2,000,000 in the bank knows that if they spend more than their $120,000 income, next year they won't have $2,000,000 to produce an income for future years. It will be less. Guess what? If they don't have $2,000,000 to produce income, then they will no longer have the $120,000 in income, unless the interest rate goes up.
For some time, I tried to get my mind around this while concept of wealth as it relate to quality of life. I have determined, without question, that it isn't having an immerse amount of money to throw away that provides a high quality of life. It is known that you would always have a very good income and that you could virtually anything you would ever want to do with your time and your life that produces the very highest quality of life (This doesn't take into account spiritual or health issues.
My friends, that is true wealth, or as a mentioned in the introduction, this is Financial Wellness. In my previous experience with my wealthy clients, I didn't appreciate the fact that multimillionaires, for the most part, don't spend all that much money in a year. Their FREEDOM come and go almost at will has a near- magical impact on quality of life. That's really living Well.
Based on my observations and experiences of working with the wealthy, I made a decision to focus my business in a different direction. I decide that I would pursue the creation of passive. INCOME, not the Creation of wealth or Assets.
You see, if you can produce $60,000 in a year in dependable passive income, this would be the equivalent of having $1,000,000 in the bank at 6%.
I determined that it would be much easier to create the lifestyle of a millionaire by focusing on creating income. So, I have done my best to become an expert in this very different way of thinking about the financial independence.
There are four ways to achieve financial independence. There is the traditional way, which is to work and save in a attempt to accumulate assets that will one day take care of your income needs. Some inherit it from someone else. A handful will win the lottery. And, finally the Virtual millionaire or income approach.
I want to suggest to you that the Virtual millionaire approach is not only far easier, but much more enjoyable in the process.
Consider this for a moment. If you are going to stay in the traditional way of thinking about financial independence, recognize that as folks work and save, they far too frequently deprive themselves of enjoying their life NOW.
I have seen folks so obsessed with saving money for some future unknown use that they become slaves to the future and have virtually no life, here and now. However the vast majority of people can't save. They go deeply in debt and the high cost of interest makes it almost impossible for them to dig out of debt in order to finally begin a savings and investment program.
I want to suggest that for many of you it is far better to hire yourself and invest in your own company instead of buying stock in someone else's company. Instead of trying save and invest to grow assets that you can some day live off, build your own business to produce an income that you can live off NOW and later.
My contention is that it is far easier to become a virtual millionaire than it is to achieve financial independence the traditional way. When you make a serious effort, you can achieve the extremely fast. By fast I mean a few years.
The virtual millionaire advantages are many. At the end of one year you won't need any encouragement to continue. You will be so excited that you will be unstoppable.
In summary, I want to encourage you to concentrate on becoming a virtual millionaire. It is far easier to produce the income of a millionaire than it is to create the assets of a millionaire. Remember… millionaires DON'T spend their assets, they spend their income. It is the income that provides that quality of life.
I want you to think what your life would be like if you were totally debt free and you have at least $60,000 a year coming in year after year. You would be amazed at how much more joy you would have in your life.
The exciting thing is that there is nothing to stop you from working as hard as you choose to continually grow your income. With my approach, you still get to enjoy your life NOW while also preparing for early retirement.
Just for the record, if you develop your own business to the point that it is providing with a dependable $60,000 annual income then YOU ARE ALSO AN ASSET MILLIONAIRE.
The reason that is true is that, in the world of accounting, you don't just place values on things; you also place value on stream of dollars.
This is exactly what annuities are all about. Every day millions of dollars are given to annuity companies in exchange for an income for life. These people purposely save their savings for an income the they can't outlive.
The virtual millionaire approach places all the emphasis on creating a Business Annuity. Let your business produce the income stream you will need for debt elimination and for early retirement. When you do you will join the ranks of those who have achieved true financial wellness.
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
Friday, February 13, 2009
10 Wisdom-Based Wealth-Building Strategies
“It’s the business of your life…
and you’re the CEO!” Dennis Zabawa
Imagine that you’re Noah and God is telling you that you need to build the ark. You might suspect that Noah was a bit skeptical. Could it actually rain for such an extended period of time that a small ship would be required to survive the storm? According to the Bible, the answer is “Yes!”
So, when I suggest you build an ark of your own – one of the financial variety – how much convincing will you need? Fortunately, this ark won’t require a that you assemble a seemingly useless structure in your backyard and it won’t require a 1,000 year flood to come in handy either. This ark will be something you can be proud of and it will provide you with financial security every day of your life.
While any approach to creating financial security must suit the values and needs of the individual, these are the Top 10 Wealth-Building Strategies that I believe will ensure that you can weather any storm life sends your way.
1. Use the A-R-KTM Technique.
A. A is for Accumulating Assets. This may seem like a simple concept but in today’s challenging circumstances it is much too easy to spend everything you make and more.
B. R is for Retiring Debt. Debts aren’t called liabilities for nothing. You need to work towards reducing and eliminating debt when everyone else is focused on using every ounce of equity.
C. K is for Keeping Commitments. Once you make a commitment to yourself to apply the A-R-K TechniqueTM, you need to keep it! You build confidence in yourself and others this way.
2. Prepare for the inevitable rainy day.
A. Understand life’s cycles. It is a fact of life that you will experience challenging times – in a way times like these are meant to adjust your course. Life’s challenges are much easier to face with financial security.
B. Maintain a positive AND realistic attitude. It might not seem like positive thinking to plan for a rainy day. I believe planning and preparation are the most valuable tools you can use to deal with life’s problems.
C. Develop plans for your A-R-K. You need a plan. God gave Noah a “blueprint” to build from. You need a financial blueprint. What will your ark look like when it’s completed?
3. Acknowledge where your wealth comes from.
A. GUS is the source. Some call it "God", some "Spirit", others "the Universe", and still others have developed their own term to relate to. The acronym GUS (God's Universal Spirit) honors all the wisdom traditions.
B. Give back to those who gave to you – spiritually and otherwise. You might consider this tithing. Tithing is your way of demonstrating your faith in an endless supply.
C. Subscribe to the Universal Law of Use. This universal law applies to every department of your life. Get rid of clutter and anything else that isn’t serving a purpose. One person’s junk is another’s treasure.
4. Develop sufficient liquid resources.
A. Cash is King! I can’t stress enough the value of having funds readily available that can be accessed without a significant reduction in value. This is the “hull” your ark is built on.
B. Calculate your cash reserve requirement. Do you know how much you would need to meet your minimum financial responsibilities for a period of six months?
C. Define “liquid”. Liquid resources are assets that can be converted to cash without penalty or market fluctuation. You need a six month cash infusion plan that is easy to execute in an emergency.
5. Understand real estate investments.
A. Own your home “free and clear”. Mortgage brokers encourage you to borrow every dollar you can – especially with interest rates at historical lows. With this approach, you’ll forever make house payments!
B. Use conservative values for planning purposes. With real estate, values can fluctuate dramatically based on factors completely out of your control. How much would you realize if you HAD to sell?
C. Are you prepared to run a business? Owning real estate (unless it’s your personal residence) requires you to run a business that you may not consider a valuable use of your time.
6. Understand equity market investments.
A. Evaluate your risk tolerance. Investment advisors typically discuss the concept of risk with their clients, but don’t face reality. Investments come with a significant chance that value will decrease significantly.
B. Accept that the stock market is illogical. There are many “systems” available today that purport to make the market predictable. The truth is there isn’t much logic behind market values.
C. Fund managers are paid even when they’re wrong. Most mutual funds underperform the market by 3%. This is in part due to the fact that fund managers are paid handsomely whether they perform well or not.
7. Know the value of your income stream.
A. Build a sellable business. When you’re ready to “retire” will the work you’ve done to build your business have lasting value, with or without you there? With proper planning, your business is a valuable asset.
B. Create lasting value from your career/job. If you aren’t working in your own business, you can make the most of the income stream from your paycheck and benefits. Take advantage of employer-sponsored programs.
C. Supplement with investment income. Your investment strategies can generate additional cash flow if required. Depending on the phase of your financial plan, you have the option of adding to useable resources.
8. Limit your “use” assets.
A. Depreciating assets are necessities or luxuries – maybe both. In most geographical locations, a vehicle is a necessity. Does your vehicle meet your transportation needs or does it satisfy a desire?
B. Know the hidden costs of expensive “toys”. We all have them – assets that are nothing more than grown-up toys. You need to know what those toys really cost to maintain.
C. Money buys experiences. When people are surveyed about what makes life more satisfying, the answers vary. Consistently, people agree that they enjoy traveling, dining and the outdoors. It takes money to have fun!
9. Set goals.
A. Have a target you’re moving towards. Without a comprehensive plan, you will have difficulty adjusting when you face life’s challenges – financially or otherwise.
B. Define your wealth-building strategy. Once you know where you want to end up, you can determine which strategies should be implemented to meet your goals.
C. Embark on the journey. Just get started! Realize that you will have setbacks, but you will never get there unless you start rowing in the direction you’ve determined you want to go.
10. Protect what you’ve built.
A. Buy insurance for predictable losses. Property insurance protects some of your assets, but you should also consider the risk of losing your income stream. Life and disability insurance can provide added protection.
B. Add layers of protection for unpredictable losses. There are many ways to protect assets from the uncommon disaster – a lawsuit or other occurrence. Asset protection tools can help you rest easy.
C. Create a succession plan. Whether you own your own business or want to provide for your family in the event you are unable to do so, any effective financial plan should consider succession.
You might be feeling like a sound financial plan leaves no room for fun or enjoying life’s pleasures. On the contrary, your plan should serve your individual needs and put you on the path to financial freedom. If you dream of driving a luxury vehicle or taking a cruise around the world, your plan should factor in the costs so you know you are creating a financial future that is real and lasting – not just a “mirage”.
Albert Einstein (1879 - 1955) called compounding interest the 8th wonder. It can work for you, or against you. When you invest it works for you. When you borrow it works against you! There is a reason God told Noah to take a male and female of each species aboard the ark…to multiply. That is what compounding interest does for you and your financial ark. Creating a wisdom-based financial plan can help you put the 8th wonder to work for you.
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
and you’re the CEO!” Dennis Zabawa
Imagine that you’re Noah and God is telling you that you need to build the ark. You might suspect that Noah was a bit skeptical. Could it actually rain for such an extended period of time that a small ship would be required to survive the storm? According to the Bible, the answer is “Yes!”
So, when I suggest you build an ark of your own – one of the financial variety – how much convincing will you need? Fortunately, this ark won’t require a that you assemble a seemingly useless structure in your backyard and it won’t require a 1,000 year flood to come in handy either. This ark will be something you can be proud of and it will provide you with financial security every day of your life.
While any approach to creating financial security must suit the values and needs of the individual, these are the Top 10 Wealth-Building Strategies that I believe will ensure that you can weather any storm life sends your way.
1. Use the A-R-KTM Technique.
A. A is for Accumulating Assets. This may seem like a simple concept but in today’s challenging circumstances it is much too easy to spend everything you make and more.
B. R is for Retiring Debt. Debts aren’t called liabilities for nothing. You need to work towards reducing and eliminating debt when everyone else is focused on using every ounce of equity.
C. K is for Keeping Commitments. Once you make a commitment to yourself to apply the A-R-K TechniqueTM, you need to keep it! You build confidence in yourself and others this way.
2. Prepare for the inevitable rainy day.
A. Understand life’s cycles. It is a fact of life that you will experience challenging times – in a way times like these are meant to adjust your course. Life’s challenges are much easier to face with financial security.
B. Maintain a positive AND realistic attitude. It might not seem like positive thinking to plan for a rainy day. I believe planning and preparation are the most valuable tools you can use to deal with life’s problems.
C. Develop plans for your A-R-K. You need a plan. God gave Noah a “blueprint” to build from. You need a financial blueprint. What will your ark look like when it’s completed?
3. Acknowledge where your wealth comes from.
A. GUS is the source. Some call it "God", some "Spirit", others "the Universe", and still others have developed their own term to relate to. The acronym GUS (God's Universal Spirit) honors all the wisdom traditions.
B. Give back to those who gave to you – spiritually and otherwise. You might consider this tithing. Tithing is your way of demonstrating your faith in an endless supply.
C. Subscribe to the Universal Law of Use. This universal law applies to every department of your life. Get rid of clutter and anything else that isn’t serving a purpose. One person’s junk is another’s treasure.
4. Develop sufficient liquid resources.
A. Cash is King! I can’t stress enough the value of having funds readily available that can be accessed without a significant reduction in value. This is the “hull” your ark is built on.
B. Calculate your cash reserve requirement. Do you know how much you would need to meet your minimum financial responsibilities for a period of six months?
C. Define “liquid”. Liquid resources are assets that can be converted to cash without penalty or market fluctuation. You need a six month cash infusion plan that is easy to execute in an emergency.
5. Understand real estate investments.
A. Own your home “free and clear”. Mortgage brokers encourage you to borrow every dollar you can – especially with interest rates at historical lows. With this approach, you’ll forever make house payments!
B. Use conservative values for planning purposes. With real estate, values can fluctuate dramatically based on factors completely out of your control. How much would you realize if you HAD to sell?
C. Are you prepared to run a business? Owning real estate (unless it’s your personal residence) requires you to run a business that you may not consider a valuable use of your time.
6. Understand equity market investments.
A. Evaluate your risk tolerance. Investment advisors typically discuss the concept of risk with their clients, but don’t face reality. Investments come with a significant chance that value will decrease significantly.
B. Accept that the stock market is illogical. There are many “systems” available today that purport to make the market predictable. The truth is there isn’t much logic behind market values.
C. Fund managers are paid even when they’re wrong. Most mutual funds underperform the market by 3%. This is in part due to the fact that fund managers are paid handsomely whether they perform well or not.
7. Know the value of your income stream.
A. Build a sellable business. When you’re ready to “retire” will the work you’ve done to build your business have lasting value, with or without you there? With proper planning, your business is a valuable asset.
B. Create lasting value from your career/job. If you aren’t working in your own business, you can make the most of the income stream from your paycheck and benefits. Take advantage of employer-sponsored programs.
C. Supplement with investment income. Your investment strategies can generate additional cash flow if required. Depending on the phase of your financial plan, you have the option of adding to useable resources.
8. Limit your “use” assets.
A. Depreciating assets are necessities or luxuries – maybe both. In most geographical locations, a vehicle is a necessity. Does your vehicle meet your transportation needs or does it satisfy a desire?
B. Know the hidden costs of expensive “toys”. We all have them – assets that are nothing more than grown-up toys. You need to know what those toys really cost to maintain.
C. Money buys experiences. When people are surveyed about what makes life more satisfying, the answers vary. Consistently, people agree that they enjoy traveling, dining and the outdoors. It takes money to have fun!
9. Set goals.
A. Have a target you’re moving towards. Without a comprehensive plan, you will have difficulty adjusting when you face life’s challenges – financially or otherwise.
B. Define your wealth-building strategy. Once you know where you want to end up, you can determine which strategies should be implemented to meet your goals.
C. Embark on the journey. Just get started! Realize that you will have setbacks, but you will never get there unless you start rowing in the direction you’ve determined you want to go.
10. Protect what you’ve built.
A. Buy insurance for predictable losses. Property insurance protects some of your assets, but you should also consider the risk of losing your income stream. Life and disability insurance can provide added protection.
B. Add layers of protection for unpredictable losses. There are many ways to protect assets from the uncommon disaster – a lawsuit or other occurrence. Asset protection tools can help you rest easy.
C. Create a succession plan. Whether you own your own business or want to provide for your family in the event you are unable to do so, any effective financial plan should consider succession.
You might be feeling like a sound financial plan leaves no room for fun or enjoying life’s pleasures. On the contrary, your plan should serve your individual needs and put you on the path to financial freedom. If you dream of driving a luxury vehicle or taking a cruise around the world, your plan should factor in the costs so you know you are creating a financial future that is real and lasting – not just a “mirage”.
Albert Einstein (1879 - 1955) called compounding interest the 8th wonder. It can work for you, or against you. When you invest it works for you. When you borrow it works against you! There is a reason God told Noah to take a male and female of each species aboard the ark…to multiply. That is what compounding interest does for you and your financial ark. Creating a wisdom-based financial plan can help you put the 8th wonder to work for you.
Dennis Zabawa is an Leading Authority in Business Funding. Dennis is available to come and be a speaker at your next event. He has a great topic, "Why are you not wealthy?" For further information, please visit the website, www.creditiswealth.com
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