Posts Tagged ‘Tax Savings’

The New Rules to Get Rich

Thursday, December 3rd, 2009

Best-selling author, Garrett Gunderson, teaches his “new rules to get rich” in today’s changing economy and lackluster investments. Learn how you can apply these new rules in your life to create change in your life today.

For more information on these rules, go to Garrett’s site - http://www.newrulestogetrich.com.

 
icon for podpress  Standard Podcast [19:35m]: Play Now | Play in Popup | Download

Should I Cash Out My 401k?

Friday, October 2nd, 2009

Chris Miles discusses options with a 401k. If you cash out your 401k, what are your options? Is it wise to cash it out, or should you leave it where it is? Learn 3 strategies to consider with your 401k, whether you leave it in a 401k or could you do something else.

Remember, these are only options, not recommendations. This is not intended to be advice, but merely given for informational purposes.

 
icon for podpress  Standard Podcast [10:31m]: Play Now | Play in Popup | Download

Fire Your 401k and Be The Bank!

Tuesday, September 15th, 2009

What strategy could be better than using a 401k? Learn a strategy used by the wealthy that allows them to use their money like a bank does. This strategy can be used with a number of investment vehicles, but we will discuss one that works most effectively right now. Learn to use your same dollar 2 or 3 times.

Note: This is not intended to be interpreted as advice. The strategies discussed is for educational and illustrative purposes only. Results vary based on the investor’s knowledge.

For more specific details, register for our weekly money tips to get the next tip on September 17th.

 
icon for podpress  Standard Podcast [24:52m]: Play Now | Play in Popup | Download

When Will the Recession End?

Tuesday, July 21st, 2009

Listen to know how to stop YOUR recession.  Also, listen to Great Depression 2.0.

 
icon for podpress  Standard Podcast [10:01m]: Play Now | Play in Popup | Download

What Are the Most Common Tax Mistakes?

Tuesday, July 7th, 2009

Most are being robbed by the IRS. Listen for tips to stop it.

 
icon for podpress  Standard Podcast [15:40m]: Play Now | Play in Popup | Download

Why Doesn’t Retirement Planning Work?

Monday, July 6th, 2009

Many believe that if they do everything they are taught by the financial industry, they will be financially free. From what I’ve seen and what common sense tells us, it’s a load of *%&@! Here’s a few reasons why:

1. Traditional savers still feel broke after years of saving. I have yet to meet someone in retirement that KNOWS their money will last for the rest of their life. Listen why. Some can do it for a certain number of years before they can’t enjoy retirement anymore. The only people I know that have peace of mind are those that invested outside of 401k/IRA’s, OR the financial advisers getting paid commissions on their clients hoping for better returns.

2. Numbers aren’t reality and people aren’t numbers.  Just because some suave salesman pulls out his fancy calculator and tells you it’s going to be alright, doesn’t mean it will be. Can he/she foresee your future? What if something changes in 20 years? 20 minutes?

By the way, Mr. Adviser, stop looking at my financial assets to produce returns for you and look at me as the REAL investment!

3. Average returns are not actual returns. If they tell you “Historically, this ‘investment’ has done ___%…” ask them if they will guarantee it in writing. THEY CAN’T!

Also, you can have a positive average rate of return, and in reality, still be losing money. Watch this video to learn how.

4. Inflation is much higher than what many believe. This is the most subtle way to tax the poor and middle class so the politicians look better. Listen here.

5. Your taxes will likely be higher. Even if taxes don’t increase (which I’m sure they will), you will likely have to pay more solely due to inflation. Things get more expensive over time meaning you need more money each year.

Besides, if your retirement accounts actually succeed like your adviser crosses his/her fingers for, wouldn’t you be in a higher tax bracket? If not, it’s probably because your accounts failed.

6. You cannot accumulate enough to only live off of the interest. Like I mentioned in one of my recent podcasts, it’s nearly impossible for even the best savers to live off of 4-5% of their money each year.

7. Paying off “debts” early will shrink your nest egg. Although I am in favor of paying off liabilities, there’s a catch. If pay off your liabilities, it will take money away from your retirement. Unfortunately, you cannot eat a paid-off home. Paying off “debts” is more in the self-interest of the banks than for you. Many retirees are currently asset rich/cash poor which restricts their freedom. For alternative strategies, listen now.

Stop “planning” for retirement!!!  Instead, make it happen by DOING THE OPPOSITE which gives you a better chance.  Learn the “art” of investing to start becoming financially free today!

If you need further convincing, check out these scary stats!

Cash Flow Tips Podcast

Saturday, January 3rd, 2009

We offer more ideas and details than the related blog we did last Fall.  Listen now!

 
icon for podpress  Standard Podcast [28:11m]: Play Now | Play in Popup | Download

Tips To Increase Cash Flow Productively

Monday, October 6th, 2008

The following are tips that one can do to increase cash flow and identify resources more productively to be applied towards your economic well-being and/or Soul Purpose. Remember, that one’s perspective is more important than just going through the motions. The key is discipline to be productive with the money freed up rather than spending it on consumptive or destructive items. Each of these points can be utilized to recapture lost dollars, but can also be abused in a way that could lead to financial misery.

    • Track income and expenses and eliminate expenses that are destructive to your human life value and Soul Purpose.This could include overdraft charges, excessively eating out, monthly charges for memberships that aren’t being utilized, etc.
      • Look to getting some food items by finding deals from local “grocery gurus.” Warning - do not just buy things because they are on sale. However, if you are going to purchase certain items anyway, then see if you can capitalize on special sales. For those in Utah, the web link for weekly specials is http://www.pinchingyourpennies.com/forums/forumdisplay.php?f=62 (Yes, I do think the name of the website is very ironic considering the conversation).
        • Increase tax exemptions. If you receive a tax return each year, increase exemptions to receive it on a monthly basis rather than yearly. Consult with your tax accountant to know what number is optimal.
          • Temporarily pay minimum payments on credit cards and other loans. If you are making extra principal payments or anything beyond the minimum payments, identify that as a resource. If you do not know what else could be more productive than paying down high interest credit cards, then please put it towards your credit card payments. If you are paying extra on your loans, be willing to question if that is the highest utility of your dollars.
            • Consider stopping contributions to 401(k)’s and IRA’s. This may be an obvious choice considering the volatility of the markets. Most would have been better in money market accounts over the last few years, if not the last 10 years.
              • Sell off any unutilized assets. This may be time to clean your clutter and get rid of things that are only taking space but providing no utility in your life. Look to sell these off or donate to increase tax exemptions.
                • Get rid of duplicate insurances. If you have life insurance tied to certain loans, it will likely be more cost efficient to get an individual term policy. Most life insurance offered through banks or credit unions are expensive for the coverage and benefit the banks more than the client.
                  • Consolidate, refinance, or negotiate lower interest rates on loans. Many of us can call our credit card companies and ask if they will lower the current interest rates on credit cards or other loans. Try it! You may be surprised.

                    For blogs on other topics I have written previously visit Garrett Gunderson’s Killing Sacred Cows website.