Get Financially Fit!
Archive for July, 2006
A Message from T. Harv Eker
Jul 19th
“Give Me Five Minutes and I Can Predict Your Financial Future for the Rest of Your Life. Even Better, I’ll Show You How to Turn it Around Overnight!”
In just five minutes I can identify what is called your money and success “blueprint.” Each of us has a personal money and success blueprint ingrained in our subconscious mind and it is this blueprint, more than anything else, that determines your financial destiny.
Your “money blueprint” is simply your preset program or way of being in relation to money. This consists of your thoughts, feelings, and actions related to money.
Your financial blueprint consists of the “programming” you received in the past, especially as a young child. For most people, this would include parents, siblings, friends, authority figures, teachers, religious leaders, media, and your culture, to name a few. If you’ve been traveling in the wrong direction, I’m going to reveal how to set your blueprint for success. It’s simple once you know these secrets.
Your blueprint is like a thermostat. If the temperature in the room is 72°, chances are good that thermostat is set for 72°. Is it possible that because the window is open and it’s cold outside, the temperature can drop to 65°? Of course, but what will eventually happen is that the thermostat will kick in and bring the temperature back to 72°.
The only way to permanently change the temperature in the room is to reset the thermostat. In the exact same way, the only way to change your level of financial success on a permanent basis is to reset your financial thermostat, otherwise known as your money blueprint.
In Secrets of the Millionaire Mind , I reveal exactly what you need to do to reset your financial thermostat and program yourself for automatic success. And that’s just the beginning. I also help you identify the patterns of thinking that have been holding you back, and what you need to do to turn them around.
So snag your copy right now right now by clicking here. You have nothing to lose … and are you ever going to be happy with your new lifestyle in a very short time!
The seminar not only works but it’s a ton of fun as well. It’s a great opportunity to meet hundreds of other like-minded people.
So, if you’re not living a life of wealth and abundance now, chances are you never will. UNLESS you take a look at the way you “think” about money. I highly recommend you check out this FREE Introductory audio seminar immediately!
How to Develop Improved Spending
Jul 19th
by Paul Richard, RFC – ICFE’s Executive Director
1. Write down all of the poor spending practices that you need and want to change.
2. Write down how you plan to bring about the changes in each area.
3. Construct a cash-flow sheet showing income and outgo.
4. Set up and implement a spending-plan
5. Discontinue borrowing and use of all credit cards
6. Begin collecting and making notes on your cash purchase receipts.
7. Begin saving one dollar-a-day (or dollars) and all pocket change, everyday.
8. Look for alternatives and substitutes to spending
9. Start utilizing cents-off coupons and mail in for rebates.
10. Wait for the sales. Comparison shopping can save more than 50 percent
11. Take advantage of factory seconds rebuilt and used items where practical.
12. Start doing things for yourself that others were paid to do previously.
13. Separate shopping trips (when comparing prices, value, reparability, etc.) from spending trips (when actually making the purchase). Avoid carrying credit cards, much cash or a checkbook on the shopping trips.
Passing On Your Legacy
Jul 12th
by Eric Heckman
Have you thought about your plan to pass on your legacy to your children, grandchildren and beyond? Putting a legacy plan together requires much more than guesswork and simply jotting down a few notes in a journal expressing our wishes. For many, passing along a legacy involves heirlooms, antiques, traditions, morals and values. It also involves passing along your wealth.
There are many errors people make when it comes to passing along their legacy. If you’re thinking of passing on investments to your heirs, you need to be aware there is a possibility that those investments could be taxed.
Also, passing on your legacy is different from multiplying your legacy. That involves doubling the value of your legacy, protecting it from creditors and growing it without being subject to estate taxes.
Here are five steps to an effective plan.
1. Goal Evaluation – The first step is determining who you want to inherit your assets and how you want your property distributed. Do you want your money to go to your children’s education or to charity? Who would be a good candidate to serve as your personal representative and as a guardian of your children, if they are still minors at the time of your death? You can start this process by drafting a Personal Legacy Statement, which is a letter from you to your loved ones, sharing with them your love, your values and your life’s experiences.
2. Estate Inventory – Your next step is to inventory all of your assets. Once you create a listing of all your holdings, you’ll want to note how they are owned and place a fair market value on each asset. Lastly, you’ll subtract the sum of your debts from the value of your assets to determine your gross estate.
3. Will and/or Trust Preparation – You need to consider the tax ramifications of your plan and how to minimize liability. In addition, you need to know how to avoid excess administrative fees. Then you must determine the best vehicles to carry out your plan. Your will, or a trust, is the cornerstone of your legacy plan and will determine who will receive your assets and how those assets will be distributed.
4. Family Gifts – Lifetime gifts to your family can reduce your taxable estate and provide personal satisfaction. An individual may give up to $11,000 per person, per year, without reporting the gift to the IRS. If a couple makes a gift, the amount doubles to $22,000 per recipient.
5. Charitable Giving – You can make tax-free contributions to a qualified charity that may reduce estate taxes and result in a current income tax deduction.
There’s nothing that can be done after you’re gone to relieve your estate from taxes or to carry out your specific wishes. You’ll want to work with a trusted professional to make sure what you leave behind gets to your heirs the way you want it to.
An Experiment in Social Entrepreneurship
Jul 11th
Last week, I hatched an idea to experiment how this website could have an impact on financial literacy. The beginning idea that soon emerged is as follows:
- Partner with the Institute of Consumer Financial Education. Status: Not only have we exchanged website links, the director has given me permission to reprint his articles to help drive cross-promotion to the www.icfe.info“ICFE.
- Find out how this site could support the Jump$tart mission to promote greater finaicial literacy at a younger age. The goal will be to figure out how this site can generate $500 or more through the rest of this year.
- Based on Point #2, I came up with two strategies:
- First, while this website promotes various affiliate products and services, we have only generated ~$2.00 through your purchases. Then I thought to myself, “Why not donate all of the comissions earned to charity, after deducting the minimal expense to host this site?”
- Second, I intend to look into opening a Paypal.com account so anyone can just make a straight donation, even if it is a nominal amount. Imagine the multiplier effect and impact we could have if everyone contributed just the change in their pocket once?!
So, here’s what I’ve decided. If anyone needs to purchase products through Amazon.com (products directly displayed on this website or not), I’ll donate the proceeds to these non-profits. In addition, I’m going to look into a method to enable straight donation. Finally, as we start to accumulate donations, I’m going to publicly post the amount we’ve generated as a community.
Note: If you know of a better non-profit cause related to promoting greater financial literacy, let me know. Also, I’m not suggesting financial contribution is the only way to have an impact. If after reading this article you feel even more inspired or motivated, you can certainly contact any of these organizations directly to find out how you can volunteer; I already have an inquiry out to the California division of Jump$tart!
FREE Products from Loral Langemeier
Jul 8th
Dear Financial Fitness Pro Forum Readers:
Through our partnership with Loral Langemeier’s company, Live Out Loud, we have been able to secure a free eBook preview and the MP3 audio book tour.
You’ll find these goodies on our Products homepage. Check it out and enjoy a preview of “The Millionaire Maker: Act, Think, and Make Money the Way the Wealthy Do”.
Here’s to your wealth and success!
Brion