Generation 1 in Norfolk, Virginia - Generation One in Norfolk !!!

@ForwardEverVirginia, Positive Vibes Inc. and 

WhereBlackBiz.com presents a screening of Lamar and 

Ronnie Tyler's documentary Generation One: The Search for 

Black Wealth starring Dr. Boyce Watkins and Dr. David 

Anderson. Special in-theater guest Dr. David Anderson 

(from the film) doing Q&A and Dropping gems like only he 

can ! Thursday 10-13-2016 @ 7:30 pm @ Naro Cinema in 

Norfolk, Virginia. 1507 Colley Ave, Norfolk, Virginia 23517 


Tickets are online at EventBrite or call 757-932-0177 or 

email WhereBlackBiz@gmail.com .


Generation One takes a hard look at the numbers, giving 

historical context to early wealth creation in the Black 

community and tapping the expertise of the nation’s top 

financial experts to weigh in not only on how Blacks fell 

behind, but surefire strategies families can implement to 

begin building a strong financial legacy for generations to 

come.

Buy your tickets here !
http://www.eventbrite.com/e/generation-one-in-norfolk-tickets-27794244333?aff=aff0eventful

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If you have consumer debt, and you'd like to reduce the interest rate, and the amount owed, give me a text or a call @ 757-932-0177. Seko Varner is from Positive Vibes Inc. This company combines entertainment, community activism, and financial literacy and debt reduction counseling. Seko is also in high demand as a special events DJ and owns an event marketing service. Seko has diverse background in business, financial services, real estate, radio, counseling and education (WHEW). Visit www.HappilyEverAfter.Be or call 757-932-0177 for more details. At the time of this posting Seko continues with debt removal services, yet he is not active with World Financial Group, nor with financial services marketing. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assistance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Nov. 7th, 2013 - Norfolk Virginia - Understand the Affordable Care Act

Come out to an Opportunity to  Understand the Affordable Care Act!

Greetings!    Blessings to you and your business/company!     This is a friendly reminder about an upcoming CPA meeting on Thursday, November 7th, the Calvary Professional Association is pleased to be able to have a special health insurance specialist who will conduct a timely workshop and discuss with entrepreneurs, business owners and professionals about the Affordable Care Act. The title of the workshop is: "Understanding the Affordable Care Act" Date: Thursday,  November 7, 2013 Time: Starts at 6:30 pm Location: Calvary Revival Church - Executive Building 5833 Poplar Hall Drive Norfolk, VA 23502    This workshop will focus on the following topics: * How to comply with the new law * The Individual Mandate Effective January 1, 2014 * What to expect regarding Insurance Plans Next Year * What will be your insurance Options? * Health Insurance Exchange Grids for Business Owners * What you need to know if you have any employees  Please come out and gain greater understanding of how this Act will affect you! You will also have the opportunity to ask questions of a professional in the insurance field who has been working with entrepreneurs and business professionals for many years. Patrick Moore of Moore, Moore & Christensen will be our special guest instructor for this workshop. His company has been working with small business owners for 21 years and it is a specialty of their business. Very few companies are qualified to work in this very unique marketplace. It can be extremely costly to not to be aware of your health care options and not to select the best plan for you or your business. The Calvary Professional Association is very appreciative that Patrick will be joining us for this informative workshop. This workshop is free and open to the public, so please feel free to invite a guest, business colleague, friend, or family member so they too can learn what their insurance options are for 2014. This workshop may be able to help you or others save hundreds of dollars on their health insurance. And if by chance you or someone you know are like thousands who do not currently have health insurance, I would strongly encourage you to not miss out on this upcoming workshop.   This is an opportunity to ask questions specific to your individual business and receive feedback.  Help us make this a great meeting by forwarding this email, tweeting this opportunity to your friends, and sharing on Facebook.  However, I do need you to RSVP if you would like to take advantage of this opportunity by sending me an email at:mrll@aol.com, or by calling 757-403-0530.

Equipping Business People to Be A Blessing It's All In The House, Jeffrey Taylor (mrll@aol.com)   Director, Calvary Professional Association

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These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assistance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Economic Empowerment - Michelle Singletary

Salud !
It's probably well known that I'm a big fan of Michelle Singletary. I normally refer many of my financial freedom clients to read her books or find her videos to provide them with a knowledge base that aids me when I assist them with investments, debt reduction, or insurances. Here is a gem ! I found a great video of her speaking at an Economic Empowerment summit. Also below is her website. Enjoy and be empowered ! If you know of anyone who is drowning in their debts, I always have time for your referrals ! Salud !Seko Varner
757-248-3820
positivevibesfinancial at gmail dot com

www.michellesingletary.com

Michelle Singletary, "Big Mama used to say it's not how much money you make that matters, but how you make do with what you have."

http://www.youtube.com/watch?v=RqjJZY7913g
Michelle Singletary, nationally syndicated columnist at The Washington Post, gave a speech at an economic empowerment meeting on February, 27th 2010. If you love Susie Ormond, Dave Ramsey, or Clark Howard..... You will love this sista'. Be improved ! This is the full presentation. Michelle Singletary is a nationally syndicated columnist for The Washington Post. Her column, "The Color of Money" is an award-winning column, which is now carried in more than 100 newspapers across the country including the Atlanta Journal Constitution. "The Power to Prosper, 21 Days to Finanical Freedom book is on sale now; obtain your copy! 

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Seko Benjamin Varner is from Positive Vibes Financial, a World Financial Group team of financial services agents. They specialize in debt reduction, investments, and insurances. Seko is in high demand as a special events DJ and owns an event marketing service. Seko has diverse background in business, counseling and education. He has been real estate agent, a school counselor, a special education teacher, and an Intensive In-Home Counselor. Seko is active with numerous Youth Mentorship programs and has a background in radio and television. Visit www.HappilyEverAfter.Be or call 757-248-3820 for more details.

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These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assistance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Making Your Retirement Assets Last

I recently read this article written by Anna Prior from the Wall Street Journal. This article was very timely as I've recently worked with three mature clients who didn't plan for retirement and will face some very tight days ahead. In all of these recent cases I unfortunately had to advise them to leave their retirement plans alone for 5 to seven years to be able to earn the money needed to for their golden years. Here is article in it's entirety. The link to the original article is:

http://finance.yahoo.com/news/making-retirement-assets-last-040100480.html

Read it. Then contact me, or your trusted financial planner to make sure that you are prepared !

Seko VArner
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Making Retirement Assets Last

By Anna Prior | The Wall Street Journal – Fri, Sep 7, 2012

It's a retiree's nightmare: outliving the assets in a retirement portfolio.
Between historically low interest rates dragging on fixed-income yields and uncertainties about taxes, not to mention the threat of future inflation and volatile markets that send skittish investors seeking shelter, retirees who are living longer are finding it challenging to keep their portfolios up to speed.
Recent calculations from the Employee Benefit Research Institute show that roughly 44% of those born between 1948 and 1978—baby boomers and Generation X—won't have adequate retirement income, and that is assuming interest rates go back up in 2014. But the current environment is weighing even on those heading into retirement with what seems like a tidy sum.
Retirees need an efficient plan of attack to squeeze all the juice out of their portfolios, ensuring they have sufficient assets for their golden years. Here are some strategies:

Retirees should map out a budget for necessities—include everything from housing to food, transportation, health expenses and utility bills—and set aside a chunk of a portfolio for these costs.
Many planners suggest putting funds to cover three to five years' worth of expenses into safe and liquid vehicles, so the retiree has cash on hand, even if the market drops.
"That way you don't have to liquidate in a down environment," says Marty Leclerc, portfolio manager for Barrack Yard Advisors in Bryn Mawr, Pa.
Even though money-market funds are returning basically nothing, funds earmarked to be used within three years should go into these instruments, says Michael Gibney, a financial planner in Riverdale, N.J. "There is no reason to put money that will be used within a short time period at risk," he says.
For five-year time frames, look to add in a short-term bond fund or certificate of deposit to gain a little more yield, he says.

With many people living well into their 90s, retirees need to think carefully about how to protect themselves from running out of money in their later years.
(Longevity calculators that factor in your family history and current health can be found at websites such as gosset.wharton.upenn.edu/mortality and livingto100.com.)
Some financial advisers say retirees should consider long-term-care insurance as a hedge against the future cost of nursing-home care, which has the potential to decimate even hefty nest eggs.
With 70% of people over age 65 running into some type of health problem that could necessitate some form of long-term care, it's a big expense that many retirees initially forget about in planning, says Robert Stammers, director of investor education for the nonprofit CFA Institute.

Critics say long-term-care policies can be pricey and may have limits on the benefits they pay out, so retirees need to make sure they understand what they are getting before buying. The average annual cost of such a policy for a 57-year-old single individual is about $1,900, while a couple of the same age would pay about $2,500, according to the American Association for Long-Term Care Insurance, an industry trade group. Annuities are another long-term planning tool that can provide a steady stream of income in later life, and a relatively new type of annuity known as longevity insurance is gaining in popularity.

Longevity insurance is similar to an immediate annuity in that it allows holders to take a lump sum and convert it into a lifelong income stream. It is different in that it requires policyholders to pick a date in the future to start getting that income, typically at age 85, says Christopher Jones, chief investment officer at investment adviser Financial Engines Inc.

This guarantees a retiree won't outlive a portfolio, some advisers say, plus delayed payments are typically larger than those from annuities that allow policyholders to start collecting money immediately.
"It takes a problem that has this uncertain length and turns it into a certain horizon," says Mr. Jones.
Advisers warn against falling victim to traditional wisdom: Portfolio protection through conservative investing in retirement could actually do more harm than good.

With bonds not generating enough income, "the math is scary," says Mr. Leclerc. "Retirees need a lot more money than they ever thought they would to produce simple income."
Retirees looking to generate more yield may be tempted to buy long-term bond funds, but advisers warn against locking in an investment now that could be disastrous when interest rates eventually start to rise. When rates rise, prices fall, so your principal would take a hit.

"So-called safe assets are paradoxically not safe right now," says Mr. Leclerc.
Some advisers suggest intermediate-term bond funds as a way to help mitigate interest-rate risk, while still getting more yield than what's available from short-term bond funds.
See additional numbers from Financial Engines on possible retirement spending amounts, based on an initial $100,000 nest egg. 

Keep the duration at about five years, says Mr. Gibney, and look for low expense ratios and a well-diversified portfolio to keep default risk low.
As a category, intermediate bond funds returned an average 5.5% in the first eight months of this year, according to researcher Morningstar Inc.
Although inflation hasn't strayed far from the historical average of 3.2% annually in recent years, advisers says retirees can't ignore this "silent killer."

"When clients come in, it isn't the first five to 10 years that projections look bad, it's the second half of their retirement where they get beat up," says Frank Fantozzi, a Cleveland-based financial adviser.
To protect themselves, retirees should add to their portfolios multiple types of assets that can keep up with or even beat rising costs. Still, many advisers maintain that the best way to combat inflation in a well-diversified portfolio is by investing in equities.

"It's the only asset class that will give them returns greater than inflation," Mr. Gibney says.
Real-estate investment trusts, or REITs, can be an inflation hedge, but advisers say retirees should be cautious about which parts of the real-estate market they invest in.
"Focus on the most stable, high-quality corporate tenants," says Tim Lee, managing director of Monument Wealth Management in Alexandria, Va.

Market volatility can be nerve-racking for retirees, prompting some to flee to ultraconservative investments.
To iron out some of the big ups and downs—and therefore quell some of the urges to swing too far to "safety"—some advisers recommend constructing a diverse portfolio that includes a slice of alternative investments, including nontraded REITs, which are similar to traditional REITs but don't trade on exchanges, managed futures, which are futures positions entered into by professional money managers on behalf of investors, and long/short funds.

"Alternatives can help control risk because they don't tie or correlate well with fixed income and equities," says Mr. Fantozzi, who suggests putting 5% to 20% of a portfolio into alternative investments, depending on market conditions.

Long/short funds, for example, employ trading strategies similar to those used by hedge funds, simultaneously betting for and against a set of stocks. In a sideways market, these funds can be useful, says Mr. Fantozzi.
It's a particularly difficult time for tax planning, given the uncertainty surrounding next year's tax rates. Still, there are things retirees can do now to keep portfolio withdrawals as tax-efficient as possible.
The required minimum distributions that most retirees have to start taking at age 70½ are based partly on the plan's account balance as of the preceding December. To reduce that total balance—and potentially the required minimum distributions later on—some retirees might want to start taking withdrawals in their 60s.
This is especially true for early retirees who are currently in lower income brackets because of a recent job loss or forced retirement, says Michael Eisenberg, a certified public accountant in Los Angeles.
Still, it's not a simple decision. Each year, retirees need to weigh the consequences of pulling funds from one account versus another.

In a taxable account, net long-term capital gains are taxed at a rate lower than the ordinary income-tax rate for withdrawals from tax-deferred retirement plans.

Be aware that taking money out of a retirement account or selling securities at a sizable taxable gain—rather than pulling cash from a certificate of deposit, money-market fund, savings or checking account—could result in higher taxes on Social Security benefits if it bumps income above a certain threshold.
"When you reach a certain level of income, then some of your Social Security becomes taxable," says Mr. Eisenberg.
Ms. Prior is a reporter for Dow Jones Newswires in New York. Email her at anna.prior@dowjones.com.

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Let's be improved ! 

Seko Varner is from Positive Vibes Financial, a World Financial Group team of financial services agents. This team began in 2010 and is coached by WFG's Team Unstoppable and Team Tenacious. Seko also has ownership in and works with Positive Vibes DJs and the event marketing service Happily Ever After.Be. Seko has a background in counseling and special education. He was employed for 14 years with Portsmouth City Public Schools (Virginia) as a counselor and as a teacher. Seko has also worked as an Intensive In-Home Counselor for over 10 years. In addition to his business ventures Seko is active with numerous Youth Mentorship programs and has a background in radio and television media. Visit html://www.HappilyEverAfter.Be for more details. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assistance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Michelle Singletary's Financial Wisdom #1

Michelle Singletary's Financial Wisdom #1

Here is a gem I found today. I often use this sister's material as I assist families to move from debtors to savers to wealthy givers. (She's also very easy upon the eye....) Enjoy !
Seko VArner
World Financal Group, 15PNZ
www.HappilyEverAfter.Be
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Michelle Singletary was interviewed about her latest book, Your Money and Your Man: How You and Prince Charming Can Spend Well and Live Rich, published by Random House. She talked about writing a biweekly column in The Washington Post, an online newsletter, and an online chat room on personal finances. Topics included teaching children stewardship of money from early age, avoiding credit card debt, budgeting, college funds, and home ownership.

Direct link to the video: http://www.c-spanvideo.org/program/191933-1
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These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assistance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Wealth is what you save.....

Here's another money matters article I found interesting. Remember to give me a call to address your needs in debt reduction, investments, or financial protection ! Seko VArner Team VArner Improvement Services 757-248-3820 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Wealth Is What You Save, Not What You Spend by Jennifer Waters Sunday, April 17, 2011 Want to be a millionaire? Don't overspend and use debt wisely. We all may not be millionaires but there are plenty of financial and life-planning secrets we can learn from the well-heeled. Most people know that wealth in the U.S. is in the hands of a small percentage of the total population. And, today, most of those folks with a net worth of $1 million or more have earned it themselves. They're mostly entrepreneurs who create everything from high-speed networks to garbage haulers. They dig ditches and build houses and grow corn and make jewelry. They deal stamps or coins or artwork and control pests and cut lawns. They also cure people and give them new teeth. Others will defend their neighbors or even feed them. And they're not big spenders. In fact, most of those with big bucks live well under their means -- think about Warren Buffett still living in that modest Omaha home -- and they put their money instead toward investments that help them stockpile more wealth. "Wealth is what you accumulate, not what you spend," according to Thomas Stanley and William Danko, the authors of the seminal tome on America's wealthy "The Millionaire Next Door," first published in 1996. "It is seldom luck or inheritance or advanced degrees or even intelligence that enables people to amass fortunes," the authors wrote. "Wealth is more often the result of a lifestyle of hard work, perseverance, planning, and, most of all, self discipline." Wealth is defined in many ways, though it's generally determined as the value of everything you own minus debts. But there's a difference between marketable assets -- things you own that could be liquidated rather quickly, like stocks, bonds, real estate -- and possessions like cars, clothing and household items that you use regularly and aren't likely to sell. Income alone does not make one rich. It helps, of course, to build wealth, but the financially independent look to their salaries as a means to an end, which is that pile of cash. "The wealthy don't spend their wealth on discretionary purchases," said Pam Danziger, founder of Unity Marketing, a consumer market-research firm specializing in luxury goods and experiences. "They get rich by maximizing the value of their investments." That doesn't mean they don't pay big bucks for pretty shoes or outfits, but that most choose those items carefully and shop for value and quality. "They truly evaluate the purchase as an investment, not an expense," Danziger said. What they do though is diversify those investments, which gives them more flexibility to ride out difficult times. "The wealthiest clients have very, very diversified portfolios that go way beyond just stocks and bonds into hedge funds, currencies, commodities and emerging markets," said Leslie Lassiter, managing director of the JPMorgan Private Wealth Management. "There are many, many mutual funds out there that will allow you to get exposure to those types of asset classes," Lassiter said. Among the biggest differences between those flush with cash and those wishing they were is in how they pay for things. Millionaires tend to use cash for most of their purchases, including cars, homes and boats. For the average wage earner, of course, that's not always an option but it still holds this lesson: Don't look to debt to fund your lifestyle. Most wealthy people use debt for investment purposes and are careful not to over-leverage themselves. "A prudent use of debt is an appropriate thing for anyone," Lassiter said. They also plan very well and spend a lot of time at it. Many are compulsive savers and investors who often say the journey to riches was far more fun than the reaching the goal. And they're patient, willing to invest in the long term and wait it out. "They stick with their investments and are more likely to have a financial plan," said Sanjiv Mirchandani, president of National Financial, a subsidiary of Fidelity Investments. Many take the long-term approach to investing because they're working at being financial independent. When they retire, for example, many will know exactly how much they need to live on, to give away and to leave as a legacy. "The best ones really understand how much liquidity they need to cover their expenses and make sure they have that much cash on hand," Lassiter said. "That's something the average person should do as well." At the same time, she said most are very careful about leveraging debt. "The wealthy tend to balance between the two," she said. Recommendations for accumulating wealth: Live below your means: People with high incomes who spend all that money are not rich; they're just stupid. Plan: That means plan for today, tomorrow and 30 years after retirement. Take time doing it too and spend time monitoring it every day. Use budgets and stick to them. Diversify: As Lassiter said, look for mutual funds that allow you exposure to asset classes that aren't related to each other. Reduce use of credit and turn to cash: It's easier, of course, for a prosperous person to pay for a house in cash than it might be for most folks, but credit-card debt for luxury purchases or extravagant vacations will never pave a road to riches. Have access to cash: While the rich keep much of their wealth invested, they can get cash when they need it. "Have some kind of line of credit available, like a HELOC (home-equity line of credit) that you never use," Lassiter said. "It's a safety valve." She suggests a year's worth of cash to cover expenses; Danziger thinks three years worth is a better bet. Spread cash around: When the wealthy pulled money out of the equities markets two and three years ago, they opened a bevy of bank accounts, all guaranteed up to $250,000 of deposits by the Federal Deposit Insurance Corp. Bring your children into the mix, and remember the importance of estate planning: The affluent can go to great lengths to teach their children about money and how to manage it -- something every family should do. Though talking about money with children consistently ranks as one of the most dreaded conversations, it's important that your heirs know where all the bank accounts and safe-deposit boxes are -- even that their names are on them, too -- who the attorney is, where the will and trusts are filed. This article is part of a series related to being Financially Fit

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Black Improvement Economics is a service of The Imani Foundation

http://www.imanifoundation.com/ These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

50 Cent makes Dollars (Follow him)

From Seko VArner,
Financial FREEdom
http://www.happilyeverafter.be/

Jan. 15, 2011: HipHopper 50 Cent Uses Twitter To Make $8.7 Million In One Day
Follow Fiddy's lead and profit as well !
When it comes to his style of Hip-Hop, I'm a fan. When it comes to money moves, I'm a follower. Follow this:
Posted Sat Jan 15, 2011 1:28pm PST by Billy Johnson, Jr.
Here is the full article link

Rappers have been known to influence interest in fashion trends, alcohol brands, and luxury automobiles. This week hip-hop mogul 50 Cent added the stock exchange to the list..

In just one day, 50 Cent's promotion of the publicly traded H&H Imports, Inc. raised the company's stock price from .10 to .39 per share..

The G-Unit head urged his 3.8 million Twitter followers to invest in the company. "TVG's stock went from 5 cent to 10 in one day," 50 wrote about the subsidiary of H&H. "You can double your money right now. Just get what you can afford.".

50's fans responded immediately, purchasing $50 million worth of the penny stocks. The New York rapper made $8.7 million from those exchanges..

Last October, 50 Cent received 30 million H&H shares in a private placement, the New York Post reported. Just days before encouraging his followers to purchase the stock, he premiered a joint effort with TV Goods, Inc., a set of headphones called Sleek By 50..

Using his influence to generate so much activity for a company in which he owned stock prompted some experts to speculate whether or not he may have violated insider trader laws..

Jonathan Macey, a professor of securities at Yale Law School, does not believe 50 Cent did anything wrong. "How can they call it a take if he didn't sell his stock?" Macey said in an interview with Esquire. "All he said was that it's a great company.".

Let's hope Macey is right. But to be safe, 50 has since deleted from his Twitter page all of the messages..

Jay-Z, another one of hip-hop's most successful entrepreneurs, also revealed new business venture this week. The "Empire State Of Mind" rapper invested in Buffalo Boss, a chicken-wing restaurant co-owned by his cousin, Jamar White. Located in Brooklyn, the eatery specializes in the organic and spicy appetizers.

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Black Improvement Economics is a service of The Imani Foundation http://www.imanifoundation.com/

These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

When You Shouldn't Use a Credit Card

15 Times When You Shouldn't Use Your Credit Card
by Marcia Frellick
Thursday, October 7, 2010

There are plenty of reasons to use a credit card — convenience, accountability and safety among them — but when is it better just to step away from the swiper?

There are many out there who would say that there's never a good time to use a credit card, and that cash, debit or anything else would be a better choice. While forgoing credit for good may or may not be realistic, there are some times when it is best to just leave the card in your wallet or purse. Here are some times when you should never use your card:

1. After midnight. Paraphrasing Eric Clapton, after midnight tends to be when people let it all hang out — even financially. "After midnight is the time you get into more trouble rather than making a sound financial decision. If you're at a club or casino, just go home," says Michael McAuliffe, president of Family Credit Management in Chicago. Put the card away and take another look in the morning.

2. When you're near your credit limit. "You don't want to be even within a couple hundred of your limit or your credit score will go down," says Mary Ellen Nicol, counselor with CredAbility in Atlanta. If you're getting too close to your credit limit, ask your credit card company to raise your limit, switch to a card with a lower balance or find another way to pay.

3. When considering an extended warranty at the car dealership. You can probably get a better deal if you roll the warranty cost into the car loan. Even though you may have a slightly higher monthly car payment that way, wrapping it into a secured loan likely still beats paying high interest for it on your credit card, says David Johnson, bankruptcy counseling director at ClearPoint Credit Counseling Solutions in Los Angeles.

5. If you're paying off one card with another, and it's a habit: "If you're swapping your debt every six months, that's going to show up on your credit report," Bowne says. If it's a one-time thing, consider whether the offer is too good to be true. "Transfer fees have gone up at least a percent on average in the last year," Bowne says. "We're talking about 4 percent of your debt you're going to pay up front just to transfer the debt." Be clear on the rate you will pay after the promotional rate ends. It could be higher than the rate you're trying to escape from, she warns.

6. At a flea market: "It used to be that you always had to have a wad of cash. Now, through the magic of technology, some guy selling rickety, old wagon wheels can take your credit card," Williams says. This is the kind of purchase where convenience doesn't outweigh the risk, she says. Bring the cash.

7. If you think you're building your credit history: David Beddoe, counselor with American Financial Solutions in Seattle, says he hears that a lot. While your credit score goes up if you pay off the purchases you make, putting items on a credit card without paying them off will have the opposite effect on your score, he says.

8. If you can't pay for half of the purchase with cash on hand: Say you need new tires, Nicol says. If you don't have half the money right now to pay for the repairs, wait until you do. Then charge the purchase, pay off half right away and make a plan to pay the rest in one to two months. In the case of tires, you probably knew you needed them months ago and that would have been the time to plan ahead for the expense, she says. Check out public transportation or reduce your driving and save until you can afford at least half.

9. When it's all about the rewards points: Rewards points "should be nowhere in the equation for making that decision or not making it," says Michael McAuliffe, president of Family Credit Management in Chicago. "Base your decision on the merits of the purchase." Otherwise, you will tend to overspend. If you want to finance a vacation, skip the coffee or dessert or find cheaper parking and put away $5 a day for a year, he says.

10. When you think prices may drop: "For many things in our society, we're starting to see deflation. If you think it's going to cost less in three months, why start paying interest on it today?" McAuliffe says.

11. To buy something from a website with an obscure foreign extension: Don't charge online if you don't know who you are dealing with, says Catherine Williams, vice president of financial literacy for Money Management International. "While you always have protection under the Fair Credit Billing Act, the damage that can be done during that 30 days (until you see it on your bill) is just crazy." Study the website -- watch for suspicious wording — to make sure it is legitimate.

12. If you don't have a plan for paying it off: "We always recommend paying a purchase off in no more than three months. Without a game plan, you're playing credit card roulette. That's when people get into trouble," says Kathy Virgallito, a regional director for Apprisen Financial advocates.

13. If you're charging things that you used to pay cash for: That's a red flag that you're getting overextended, Virgallito says. You need to review your credit card statements and identify where the budget issues are. If you're suddenly having more car repairs or travel expenses to visit a sick relative, you may need to create a specific savings account for those things rather than relying on credit, she says.

14. When you feel that you'll save money by purchasing something you want rather than need. Beddoe gives the example of someone saying, "If I buy this 60-inch TV right now, I can save $200 on it." If you never planned to get that TV in the first place, it's hardly a savings, says Beddoe.

15. When the temptation for a big impulse buy strikes: "We instituted the 24-hour rule at our house," Williams says. "Anything over a certain dollar amount that isn't food, we have to wait 24 hours to buy. Had we not observed that ...I would have a fire engine red wicker chair. It would have been so cute on the Fourth of July for about 20 minutes."

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Black Improvement Economics is a service of The Imani Foundation http://www.imanifoundation.com/
These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

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The Best Government Loophole or Trick Ever

Black Improvement Economics presents:

This is G&G Associates Tax & Financial Consulting e-Newsletter

The Best Government Loophole or Trick Ever

Hotep G&G Readers,

On December 31, 2010, the government will close an amazing loophole… one that affects 60% of the U.S. population.

In an attempt to collect taxes today to pay for its excesses, the government is promising to never tax our retirement money in the future. Let me explain…

It turns out, close to 90 million people are holding $7 trillion in either IRAs or 401(k) plans.

Some of you are holding it in the wrong accounts.

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If I can’t show you how to save a $1000 on your taxes next year, then I’ll give you a free year’s subscription to the G&G Investment Society (GGIS) newsletter service. Somehow I think you can use the money more than your Uncle.

Give me a call and I’ll show you how to implement this strategy and keep 30 cents on every dollar by doing so as well. This is what you call SMART planning and investing.
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When you put money in a traditional IRA or 401(k), the government defers taxing it until you start withdrawing the money after age 59 and a half. Roth IRAs are the opposite. You pay taxes on the money before you put it in. The money you earn in the account is tax-free and you don't pay taxes when you take out your savings.

This year only, the U.S. government is letting everyone – no matter their income or assets "convert" retirement money in traditional IRAs and 401(k)s into a Roth IRA. To encourage you to do so, the government has sweetened the deal.

Usually, when you do a conversion, you pay the taxes in full at the time of the conversion. But right now, if you agree to convert to a Roth by the end of the year, you can delay paying the taxes until next year. You can even split the bill 50-50 between 2011 and 2012.

So, you have to make sure you have a professional taking care of your taxes who is familiar with this conversion to make sure you are covered and G&G Associates will be able to take care of you if you choose to make the conversion.

If you're one of the millions with a traditional IRA or 401(k), taking advantage of this loophole could save you thousands of dollars in retirement.

If you defer your tax bill and split it, you'll essentially get a tax-free loan for eight to 20 months. And T. Rowe Price data showed a 45-year-old man who puts $25,000 into a Roth ends up with $53,300 more by the time he is 85 than if he left it in a traditional IRA. And that even factors in a drop in his tax bracket from 28% today to 15%.

If your income tax rate will be the same as today or higher in your retirement, converting is even more attractive. And trust me, taxes are going higher in the future.

Next year alone, tax rates are scheduled to rise. The two top marginal rates are rising to 39.6% and 36% from 35% and 33%, respectively. It's only a matter of time before they rise again.

But perhaps the most powerful reason for converting to a Roth is the ability to continuously build money over both your lifetime and your beneficiaries'. I call it the "The Next Generation Plan" because it allows you to keep the money growing until you die. This is not true for traditional IRAs and 401(k)s.

When you turn 70 and a half years old, traditional IRAs require you to stop putting money in and start taking money out. It's known as the Required Minimum Distribution, or RMD.

Roth IRAs have no such rules. So using a Roth allows you to grow the account longer and take advantage of the power of compound interest under a tax-free umbrella.

Even better, you don't ever have to take money out of your Roth. The money goes tax-free to your spouse and your beneficiary.

Moreover, you can contribute money into the Roth at any age, as long as you have "earned income." This means at 75, 80, or 85, you can fund your account and continue to see it grow.

Converting to a Roth protects your retirement savings and allows it to grow in several ways. And now (with the 2011-2012 split available) is an ideal time to do it.

It's not often the U.S. government gives us a loophole this important to our retirements. But the feds are cash-starved and desperate to take in as much tax money as possible. The time to take advantage is now.

There are lots of things to consider before you make the conversion, and I didn't have room to go into all of them here. But if you want to set up a one-on-one consultation to discuss further, please contact me to set up an appointment.

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With the falling dollar and the explosion in gold, silver, oil and other natural resource prices, you need to stay on top of your game and manage your “OWN Finances.”

Become a GGIS subscriber now and you’ll be sure that we make sure you stay on top of your Tax and Financial Future to make sure your BUSINESS … AT HOME is protected. Remember…most people look after their bosses business, but fail to look after their own Business At home.

Take advantage of our 2010 discount offer if you are not yet a member of the GGIS paid newsletter service and you’ll be on your way to knowing how to protect your portfolio...at least what’s left of it. I’ll keep you informed on the “REAL DEAL” in our economy so you can protect your wealth. So....Sign up today!!!

To become a member of the G&G Investment Society newsletter subscription, send an e-mail to GGIS@gngassoc.com and/or visit our website at http://www.gngassociates.net/ and click on the “Products & Services” link and we’ll get you signed up right away.

DON'T WAIT ANOTHER DAY!

- 1 year subscription - $49
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- Lifetime subscription - $199
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If you missed a past G&G article, click on the link below to visit G&G Associates archive:
http://ezinedirector.com/admin/publisher/archive/public/?fuseaction=a&e=7944575E0843077440

Until the next time!
Asante Sana (Thanks)
Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
866-361-3872 toll free fax
http://www.gngassociates.net/

"Your mind is like a parachute, it only works when it is open."
C. Brown

P.S. If you're not a GGIS Paid Subscriber reader yet, it's not a bad way to start the year. The recent dollar rally has actually given everyone some new opportunities to invest on the cheap. And currently, our GGIS portfolio is packed with great plays to kick-start your "anti-dollar" portfolio for 2010. Click here www.gngassociates.net for details about how to subscribe now (and get access to our members only website where you get or all kinds of extra bonuses and premium reports), for just $49 a year or $199 for a lifetime subscription.

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LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.

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Black Improvement Economics is a service of The Imani Foundation http://www.imanifoundation.com/ These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.

Secrets of Self-Made Millionaires

5 Secrets of Self-Made Millionaires
Reader's Digest Magazine, Fri Apr 30, 2010

By Kristyn Kusek Lewis

They’re just like you. But with lots of money.

When you think “millionaire,” what image comes to mind? For many of us, it’s a flashy Wall Street banker type who flies a private jet, collects cars and lives the kind of decadent lifestyle that would make Donald Trump proud.

But many modern millionaires live in middle-class neighborhoods, work full-time and shop in discount stores like the rest of us. What motivates them isn’t material possessions but the choices that money can bring: “For the rich, it’s not about getting more stuff. It’s about having the freedom to make almost any decision you want,” says T. Harv Eker, author of Secrets of the Millionaire Mind. Wealth means you can send your child to any school or quit a job you don’t like.
According to the Spectrem Wealth Study, an annual survey of America’s wealthy, there are more people living the good life than ever before—the number of millionaires nearly doubled in the last decade. And the rich are getting richer. To make it onto the Forbes 400 list of the richest Americans, a mere billionaire no longer makes the cut. This year you needed a net worth of at least $1.3 billion.

If more people are getting richer than ever, why shouldn’t you be one of them? Here, five people who have at least a million dollars in liquid assets share the secrets that helped them get there.

1. Set your sights on where you’re going
Twenty years ago, Jeff Harris hardly seemed on the road to wealth. He was a college dropout who struggled to support his wife, DeAnn, and three kids, working as a grocery store clerk and at a junkyard where he melted scrap metal alongside convicts. “At times we were so broke that we washed our clothes in the bathtub because we couldn’t afford the Laundromat.” Now he’s a 49-year-old investment advisor and multimillionaire in York, South Carolina.

There was one big reason Jeff pulled ahead of the pack: He always knew he’d be rich. The reality is that 80 percent of Americans worth at least $5 million grew up in middle-class or lesser households, just like Jeff.

Wanting to be wealthy is a crucial first step. Says Eker, “The biggest obstacle to wealth is fear. People are afraid to think big, but if you think small, you’ll only achieve small things.”

It all started for Jeff when he met a stockbroker at a Christmas party. “Talking to him, it felt like discovering fire,” he says. “I started reading books about investing during my breaks at the grocery store, and I began putting $25 a month in a mutual fund.” Next he taught a class at a local community college on investing. His students became his first clients, which led to his investment practice. “There were lots of struggles,” says Jeff, “but what got me through it was believing with all my heart that I would succeed.”

2. Educate yourself
When Steve Maxwell graduated from college, he had an engineering degree and a high-tech job—but he couldn’t balance his checkbook. “I took one finance class in college but dropped it to go on a ski trip,” says the 45-year-old father of three, who lives in Windsor, Colorado. “I actually had to go to my bank and ask them to teach me how to read my statement.”

One of the biggest obstacles to making money is not understanding it: Thousands of us avoid investing because we just don’t get it. But to make money, you must be financially literate. “It bothered me that I didn’t understand this stuff,” says Steve, “so I read books and magazines about money management and investing, and I asked every financial whiz I knew to explain things to me.”

He and his wife started applying the lessons: They made a point to live below their means. They never bought on impulse, always negotiated better deals (on their cars, cable bills, furniture) and stayed in their home long after they could afford a more expensive one. They also put 20 percent of their annual salary into investments.

Within ten years, they were millionaires, and people were coming to Steve for advice. “Someone would say, ‘I need to refinance my house—what should I do?’ A lot of times, I wouldn’t know the answer, but I’d go find it and learn something in the process,” he says.

In 2003, Steve quit his job to become part owner of a company that holds personal finance seminars for employees of corporations like Wal-Mart. He also started going to real estate investment seminars, and it’s paid off: He now owns $30 million worth of investment properties, including apartment complexes, a shopping mall and a quarry.

“I was an engineer who never thought this life was possible, but all it truly takes is a little self-education,” says Steve. “You can do anything once you understand the basics.”

3. Passion pays off
In 1995, Jill Blashack Strahan and her husband were barely making ends meet. Like so many of us, Jill was eager to discover her purpose, so she splurged on a session with a life coach. “When I told her my goal was to make $30,000 a year, she said I was setting the bar too low. I needed to focus on my passion, not on the paycheck.”

Jill, who lives with her son in Alexandria, Minnesota, owned a gift basket company and earned just $15,000 a year. She noticed when she let potential buyers taste the food items, the baskets sold like crazy. Jill thought, Why not sell the food directly to customers in a fun setting?

With $6,000 in savings, a bank loan and a friend’s investment, Jill started packaging gourmet foods in a backyard shed and selling them at taste-testing parties. It wasn’t easy. “I remember sitting outside one day, thinking we were three months behind on our house payment, I had two employees I couldn’t pay, and I ought to get a real job. But then I thought, No, this is your dream. Recommit and get to work.”

She stuck with it, even after her husband died three years later. “I live by the law of abundance, meaning that even when there are challenges in life, I look for the win-win,” she says.

The positive attitude worked: Jill’s backyard company, Tastefully Simple, is now a direct-sales business, with $120 million in sales last year. And Jill was named one of the top 25 female business owners in North America by Fast Company magazine.

According to research by Thomas J. Stanley, author of The Millionaire Mind, over 80 percent of millionaires say they never would have been successful if their vocation wasn’t something they cared about.

4. Grow your money
Most of us know the never-ending cycle of living paycheck to paycheck. “The fastest way to get out of that pattern is to make extra money for the specific purpose of reinvesting in yourself,” says Loral Langemeier, author of The Millionaire Maker. In other words, earmark some money for the sole purpose of investing it in a place where it will grow dramatically—like a business or real estate.

There are endless ways to make extra money for investing—you just have to be willing to do the work. “Everyone has a marketable skill,” says Langemeier. “When I started out, I had a tutoring business, seeing clients in the morning before work and on my lunch break.”

A little moonlighting cash really can grow into a million. Twenty-five years ago, Rick Sikorski dreamed of owning a personal training business. “I rented a tiny studio where I charged $15 an hour,” he says. When money started trickling in, he squirreled it away instead of spending it, putting it all back into the business. Rick’s 400-square-foot studio is now Fitness Together, a franchise based in Highlands Ranch, Colorado, with more than 360 locations worldwide. And he’s worth over $40 million.

When extra money rolls in, it’s easy to think, Now I can buy that new TV. But if you want to get rich, you need to pay yourself first, by putting money where it will work hard for you—whether that’s in your retirement fund, a side business or investments like real estate.

5. No guts, no glory
Last summer, Dave Lindahl footed the bill for 18 relatives at a fancy mansion in the Adirondacks. One night, his dad looked out at the scenery and joked, “I can’t believe we used to call you the black sheep!”

At 29, Dave was broke, living in a small apartment near Boston and wondering what to do after ten years in a local rock band. “I looked around and thought, If I don’t do something, I’ll be stuck here forever.”

He started a landscape company, buying his equipment on credit. When business literally froze over that winter, a banker friend asked if he’d like to renovate a foreclosed home. “I’m a terrible carpenter, but I needed the money, so I went to some free seminars at Home Depot and figured it out as I went,” he says.

After a few more renovations, it occurred to him: Why not buy the homes and sell them for profit? He took a risk and bought his first property. Using the proceeds, he bought another, and another. Twelve years later, he owns apartment buildings, worth $143 million, in eight states.

The Biggest Secret? Stop spending.
Every millionaire we spoke to has one thing in common: Not a single one spends needlessly. Real estate investor Dave Lindahl drives a Ford Explorer and says his middle-class neighbors would be shocked to learn how much he’s worth. Fitness mogul Rick Sikorski can’t fathom why anyone would buy bottled water. Steve Maxwell, the finance teacher, looked at a $1.5 million home but decided to buy one for half the price because “a house with double the cost wouldn’t give me double the enjoyment.”

Direct link:
http://shine.yahoo.com/event/financiallyfit/5-secrets-of-self-made-millionaires-1370279/

Posted by:

Seko Varner of World Financial Group

Contact me for assistance in your real estate,

financial or insurance needs.

757-248-3820

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Black Improvement Economics is a service of

The Imani Foundation

http://www.imanifoundation.com/

These posts provide information that may aid financial improvement. The information on this site is provided as opinion and should not be construed as professional legal advice, nor professional financial advice, nor professional tax advice. The end reader is advised to seek professional assitance to address one's particular situation. The posts on this site may be third party information and may not be copyrightwritten by the poster of the information.