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.

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.

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.

The Best Time to Buy Property

Here is some info' I read that I agree with !
For any buying or selling real esate needs in Hampton Roads Virginia consult with me !

Seko VArner,
Real Estate & Financial Freedom
Positively Great Homes & Finances
757-248-3820
www.HappilyEverAfter.Be

"The Best Times To Buy Property !"
The article's direct link:

A Conventional wisdom says that you need to stay in a home a minimum of five years to ensure that you recoup your purchasing costs. But with some markets soaring, this advice doesn't always apply. Article from Yahoo.com & Zillow.com !

It's All About the Market
Market conditions play a huge part in any decision about when to buy. Housing market values have varied widely from region to region in recent years. While the Florida market has seen meteoric rises in home values, Ohio has seen its real estate prices go into negative territory in the last year.

Do not buy high and sell low - if your market is softening or has hit its peak and is heading south, you may want to wait on your purchase.

The magazine Smart Money has created a worksheet to compare the costs of renting vs. buying using market appreciation calculations to determine at what point you come out ahead. Plugging in the price, down payment, your income bracket, interest rate, and current market appreciation rates, the worksheet will break out what you will gain.

For example, say you were to buy a $400,000 house in Boulder, Colorado and you estimate the market will soften from the current 11% appreciation to about 9 percent annually. If you stayed in the house three years, you would recover $88,750 in equity at the end of that period; if you stayed five years, you'd realize $120,360.

It's All About You
The top three reasons people file for bankruptcy are change of job status, divorce, and unforeseen health expenses. If you face any of these challenges and don't have a financial cushion, this may negatively impact your ability to pay a mortgage. Big life events dictate your readiness to buy now or to wait for a little more stability.

Signs you should not buy right now:

•Will you be moving within the next five years?
•Will you be having kids soon?
•Will you be making a job change?
•Have you recently filed for bankruptcy or is your credit score below 630?

If you answered yes to any of these questions, or you are experiencing other life-changing events like illness, marriage, divorce, or breakup, you may want to wait.

Your Financial Future
Aside from life events contributing to your decision, getting your financial house in order before you begin your home search is key. Even with all the programs available for buyers with a low-or-no down payment, if your debts are growing steadily and you don't foresee an increase in your income, you are putting yourself in greater financial risk by taking on a mortgage.

With only a few exceptions, many loans for people who are still repairing their credit or recovering from bankruptcy carry higher rates than those available once your credit is in better shape. So the question comes down to this: Do you buy now, before prices appreciate higher than you can afford, but do so with an expensive loan? Or do you wait and repair your credit, then get a favorable loan, and pay more for your home?

That's the sort of analysis you need to go over with a financial counselor or mortgage broker before you start hitting open houses.

Ways to Cushion the Blow
On the other hand, if you are willing to buy a home that needs a bit of work and, over time, you can afford to get it done, your home could appreciate faster, strengthening your financial position. If you are willing to take on a roommate or renter, you can also soften the expense of a mortgage, which almost always costs more than rent. Buying a home is a risk, and it's worth asking yourself hard questions about what you're willing to do to protect yourself from getting in over your head.

If you answered "no" the life-change questions, and have the down payment or equity from your current home, you still need to look at interest rates and at how buying affects your taxes. You can't time the stock market, but you can time interest rate hikes, as they are a little easier to predict. If they are going up fast, you can jump in before they rise too far; if they are already high, you will have to calculate how refinancing in the future affects your budget.

What to Do First
If you are anxious to get moving, be patient. You have a few things to do first:

1.Go to open houses - get the lay of the land
2.Talk to a mortgage broker to get pre-approved
3.Interview agents (You may want to find an agent at the same time as you look for a mortgage broker - a good agent can recommend reputable brokers and help you make sense of the terms of the loan) - Call Seko @ 757-248-3820
4.Review credit report and scores with mortgage broker to determine if any repairs are needed
5.Use Zillow.com to find info on neighborhoods that interest you and then use the Home QandA feature to ask current homeowners.

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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.

Only Common Sense

This is G&G; Financial Consulting e-Newsletter

This Only Takes Common Sense to Understand

Alafia (Peace & Blessings) G&G Readers,

It's all fun and games until somebody loses their IRA.

By now G&G Readers should all be familiar with the games central bankers play… print a little money here, prop up the market there, pass the buck like a hot potato, and do everything possible to keep the circus going.

We put up with the games mostly because… well… I don't really know why we put up with them. Maybe it's apathy or laziness. Or maybe we're all so busy trying to keep our own heads above water, we're not paying attention.

But we can't ignore what's going on in Europe right now. It’s painting a picture for what’s to come here is the US.

*** Side-Note: see archived newsletter “Uncle Sam Wants Your Retirement Plan” from March 30, 2010 at G&G Associates website.

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Internal Sponsorship

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 lifetime subscription 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 before the price increases in 2011.

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 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 (2011 Price Increase -- $99)
- 2 year subscription - $89 (2011 Price Increase -- $189)
- Lifetime subscription - $199 (2011 Price Increase -- $399)

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Last week, Ireland's government announced it would use (confiscate, seize, steal) $30 billion from the country's public pension program to purchase Irish government bonds. Hungarian officials announced a similar program using $15 billion of public pension assets. French officials also surrendered to the idea and are putting $45 billion of pension assets into France's sovereign debt.

Just to be clear… Much of the proceeds these governments receive from selling bonds are used to fund social programs such as welfare, health care, and unemployment benefits. So, by using pension fund assets to buy these bonds, the governments are taking long-term savings from hardworking, industrious individuals… and giving the money to those who are currently down and out.

What happens years from now when the hardworking, industrious folks decide to retire and discover their money isn't there, or it's worth only a small fraction of its original value?

Of course, government officials will argue this is a temporary measure to bridge the funding gap caused by the weak global economy. When the economy improves, tax revenues will increase, and they'll be able to pay down the debt and replenish the pension fund coffers.

Bull Shigidy!!!

The funding problems are systemic. They're not the result of economic downturns. They're the result of stupid politicians making stupid promises to gullible people. "From those who can to those who need" may sound good on paper, but it fails miserably in practice.

The real issue, however, goes beyond the politics of socialism and/or communism. What does it say about the quality of a government's debt when the only entity willing to purchase it is the issuing government itself? {Can anyone say Ponzi Scheme}

Now, you can dismiss this as a European problem – just a bunch of Irish, French, and Hungarian politicians doing whatever they can to appease the masses and keep their cushy offices. Why should we care?

We should care because it's happening here too – in the good old U.S. of A.

The Fed is already using taxpayer money to prop up the bond market and keep interest rates artificially low. Once again, what does it say about the quality of a government's debt when the only entity willing to purchase it is the issuing government itself? {Again…Ponzi Scheme}

And… does anybody remember the trial balloon the current administration floated several months ago? You know… the one about using public pensions to buy annuities backed by U.S. Treasury securities.

None of this happens by accident.

Central bankers talk to each other. They know the ticking time bomb everyone is trying to kick down the road. And they know if it gets to the United States, it's a dead end. There's nowhere else to go.

So what can you do?

*** First, if you're a government employee and have a government pension, you need to do whatever you can to take control of the assets yourself. NOW… Talk to your administrator and find out what your options are.

***Second, sign up and become a GGIS Paid Subscriber and I’ll tell you what else to do to save your retirement.

*** Or, you can keep doing nothing and watch your retirement be gone…your choice.

Until the next time,

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You are most likely aware that gold prices have been higher each of the last nine calendar years and have averaged about 15% annually. And, in this tenth year, The Wall street Journal reports that gold is now up 22%. This confuses most of the public, political scientists, scholars and journalists.

However, a true economist, using fundamental macro-economic monetary principals, can easily understand what has happened and what is in store. Seriously, is the astronomical growth in the monetary base of U.S. dollars, in which gold is denominated, any secret? A highly acclaimed book that is perceived as an ''easy-read'' for those who want to gain insights into this issue is titled AFTERSHOCK. It can be found on Amazon for about $15 at the following link:

http://www.amazon.com/Aftershock-Protect-Yourself-Financial-Meltdown/dp/0470481560

On Amazon.com, a reader from Houston said this about the book: ''I find this to be the most complete and comprehensive analysis of America's ongoing economic problems that I have thus far encountered. In addition: the reasoned deductions which the authors draw from their analyses are far ranging and logical; and, for the most part, the conclusions which they reach are well justified and difficult to dispute. So, if you are looking for a book that will give you some valuable insight into what is happening to the U.S. economy today, and why; which explains how the ultimate collapse of that economy and the U.S. dollar will take place; and which forecasts what the United States and the world at large will be like following that calamity, then this is certainly a book which you should read.''

If you sign up to become a 2 year or lifetime GGIS Subscriber, I’ll send you a free copy of AFTERSHOCK. So, sign up today so I can get you a copy of this must read book.


Ankh Uja Snb (Life, Health, Strength),

Asar Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
866-361-3872 toll free fax
www.gngassociates.net

G&G Associates & G&G Travel are on Facebook, join our fan page.

"Any fool can make something complex, but it takes a genius to make something simple"
Woodie Guthries

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.

P.S #2 If you are looking to Travel and looking for steep discounted travel, visit www.gngassociates.net, click on the “G&G Travel” link and let your travel planning begin. Let us know where you want to go and we’ll do our best to find you the best deal your money can buy. Become a Fan of G&G Travel on facebook.

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.

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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Internal Sponsorship:

Do you have a Home-Based Business (HBB)? If not, Why? This is your quickest, safest and most assured way to get a GUARANTEED 25-35% ror on your investment. Remember, with a HBB you get to deduct over 422 business expenses. Without a business you get about 7-10 business deductions. Look at it this way…if you are in the 30% tax bracket (25% Fed & 5% state); for every dollar you deduct 30 cents goes to you. For every dollar you do not deduct 30 cents goes to Uncle Sam.

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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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.

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If you missed a past G&G article, click on the link below to visit G&G Associates archive:
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Until the next time!
Asante Sana (Thanks)
Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
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"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

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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.