Create Many Income Streams For Yourself

I don't know about you, but I thank God that I live in this day and age, and not in some earlier time when the opportunities to create a life of financial abundance were significantly more constrained.
Use your imagination to conjure up mental movies of what it must have been like to be born 5,000 or even 500 years ago in a society that made upward mobility difficult, if not impossible!
What if you and I had been born a long time ago into a family of barley farmers?

Or perhaps had lived as shepherds or miners in some distant land ruled by a dynasty of despots? There might have been intermittent periods in our lives when we experienced some slight measure of material 'abundance', perhaps during times of good harvests, healthy flocks or high ore yields. Yet it is vital to remember that during those ancient times, we would always have needed to hope and pray that the general prices of whatever goods we produced would stay high (denominated in the local currency, assuming money was already in use then, or at least in terms of relative barter value - lots of a fisherman's catch, say, for a little of our barley, wool or copper).

But how would we have fared if our production levels plummeted because of some plant or animal disease or a mine cave-in, or if a general glut decimated price levels?
And during the good times, how would we have stored our wealth safely and in a manner that generated growth before the advent of secure banks and regulated stock and bond markets?
You get the picture...
Today, in any nation where free enterprise reigns and where capital markets exist, there is an opportunity for regular people like you and me to earn a living in many, many, many ways! Nonetheless, most of us would still be better served honing our skills in one area of expertise rather than by dissipating our efforts in too many arenas.
So, are you a successful executive, sales person, doctor, lawyer, accountant, financial planner, pilot or dentist? Or are you a striving, struggling actor, artist, writer or poet?
The bottomline is it really doesn't matter what you do, as long as you do it well today and have a plan to continually improve your skills.
In our day and age, as long as we're capable of bringing in income, we are - at least in principle - able to create long-lasting wealth.
With numerous ways to turn a single active income source into lots of semi-active or wholly passive income sources, isn't it ironic that so few people ever bother to get to first base in this game?
Since you've penetrated so deep into this article already, chances are excellent that you are - or have the potential to be - among the elite minority of our 21st century. My assumption: You desire financial success in your life AND are willing to pay the price for it.
Consider then this simple but ever so powerful 3-part formula to long-term financial success:
1. Work hard to earn a decent wage;
2. Arrange your affairs so that you spend less than you earn;
3. Save and invest the difference... for a long, long time!
The manner in which you save and invest will determine whether you fail or succeed in moving from the, sadly, still conventional and thus 'normal' human condition of having just a single income source to the superior state of having many such streams.
Be warned, though: To succeed at this game, you must relinquish any residual negative attitudes about having lots of money. Many of us come from backgrounds that have imprinted our psyches with attitudes like...
rich people are evil
money is the root of all evil
money isn't important
It is interesting that the second of the three attitudes listed above is a very, very common misquotation (and misinterpretation) of a famous line from the Bible.
What the Good Book actually says (I suggest you not take my word for it but double check it for yourself in 1 Timothy 6:10a) is that '... the love of money is the root of all evil'.
I believe what that means is dangerous problems arise when we turn money into an idol, an end in itself, instead using it as a tool, as a means to achieve much greater, grander, more inspirational ends.
Because it will take awesome sacrifice, hard work and patience to get to the point where you have many sources of income instead of just one, it might be helpful for you to read how one of the richest men of his era felt about this subject.
America's 19th century steel king, Andrew Carnegie, once wrote an intriguingly entitled essay, The Gospel of Wealth, in which he stated:
"The fundamental idea of the gospel of wealth is that surplus wealth should be considered as a sacred trust to be administered by those into whose hands it falls, during their lives, for the good of the community."
If you reckon that making the world a better place is a good reason for you to improve your money management skills, here are 3 things you can do:
First, invest in yourself by reading and thinking about your area of primary expertise, then do the same on the subject of money.
Frankly, the more you know about your own area of employment or business, the more likely you are to be promoted by an employer or hired by richer clients. And the more you know about finance, the less likely you are to become helpless bait for (financial) sharks who prey on the naive and gullible. (If you'd like some suggestions in this second area, please help yourself to my FREE ebook 26 Books to Take YOU All the Way to the TOP! It's been written to help you embark upon your very own five-year mission of discovery through a self-study programme in personal finance, economics and investing.)
Doing so will allow you learn more about sound savings and investment options.
Second, begin to save some of your money in different fixed deposits (FDs) or certificates of deposit (CDs). Start small and opt for short tenures to begin with so that you get encouraged by the inflow of passive income into your main bank account intermittently throughout the year.
This will help you develop an appreciation for passive income.
Third, over the next few years, expand your sources of active income by considering starting side businesses (as long as these don't compromise your position with your primary employer), and multiply your sources of passive income by saving and investing your money in income generating instruments like bank accounts, money market funds, bond funds, equity funds, dividend yielding stocks, real estate investment trusts, and even rental property.
Putting each little 'brick' in place will take patience and a relatively rare willingness to give up consumption today to create a fresh, potentially perpetual income stream tomorrow.
If you are able to stick to your programme over the next decade or two you will wake up one morning to the wonderful realisation that your passive income sources are bringing in a deluge of money that exceeds your active income source, and which outstrips your personal and your family's cash requirements.
The day that happens will be the day you achieve true financial freedom.
Now only one thing remains for you to act on. Ask yourself if that distant goal is worth exerting yourself for. If you remain unsure, think back to what Carnegie alluded to:
The trickle or stream or gusher of cash you create through intelligent saving and investing may be used to not only improve your life and your loved ones' but also those of future generations.
So, ask yourself: Could leaving such a legacy be your highest calling or destiny?
In closing, if you are based in Malaysia, if what you've just read makes sense to you, if you are an English-speaking professional or business owner aged between 30 and 50, and if you genuinely believe you might benefit from my consulting services in the realm of financial planning and retirement planning, you're welcome to learn more about me here.

© Rajen Devadason

Intelligent Borrower or Economic Slave?

Is it possible to live in our 21st century and stay out of debt? Most people would say no. Yet, there are those who are debt-free.
But even then, is it desirable to totally eschew or abstain from debt when it seems as though the global retail economy is powered by rising levels of consumer borrowing?
To answer that question intelligently, the first thing you should do before you read anymore is ask yourself whether you believe debt is a curse or a blessing. Well?

I've found a large part of my work as a licensed financial planner, consultant and professional speaker revolves around urging people to extricate themselves from the clutches of clinging debt!
Because of that, many people assume I believe all debt is bad... even downright wicked. Yet, nothing could be further from the truth.

In all fairness, though, I'm sure the title of one of my books, Liberty! From Debt-Slave to Money Master, helped entrench that 'Rajen-thinks-all-debt-is-bad' perception among many who've heard of that book but have never read it.The truth is few things in life are correctly viewed in monochrome! And debt isn't one of them.
Most of life involves the full spectrum of colour and hue. That includes the emotive subject of debt.Just like fire, debt can be a great friend if properly harnessed. But, also like fire, it can scar you for life or even permanently snuff out your breath if it is permitted to rage out of control.

Liberty! teaches - in stories involving three young men - principles and strategies that work well for those who want to get out from under the sometimes overwhelming burden of consumer debt.
In most countries, typical consumer loans are taken on for years at a stretch to buy items that go down in value, sometimes precipitously during just the course of the outstanding loan!

In most cases, for most people, I believe too much consumer debt is indicative of a well-entrenched inability to exercise one of the key criteria for long-term success, a commitment to delayed gratification - the willingness to give up something good today in anticipation of something far better tomorrow.
Embracing a philosophy of delayed gratification is, at least in my opinion, indicative of a person of superior emotional intelligence.

Mature people can exercise delayed gratification with regard to consumer items. Immature people can't, won't or simply don't!
The dividing line often has little to do with chronological age.Yet I believe there is one type of debt that - under the right circumstances - can be productive.
It is viable business debt, although even here intelligent restraint should be used! In this instance, money may be borrowed, say at 10%, to engage in productive economic activities that yield perhaps 30%, 40% or more.The ability to do this again and again leads to burgeoning, upward spiraling profits, which are the cornerstone of sound, vibrant capitalism and the goal of all self-respecting capitalists.
Still, let the record show that I vehemently disagree with the oily character Gordon Gekko played by Michael Douglas in the iconic 1980s movie Wall Street. In it, Gekko declared, "... greed, for lack of a better word, is good. Greed is right. Greed works."Not to my mind. Not now, not ever!
I believe unadulterated greed is cancerously evil. But a healthy desire for profits, as long as they are achieved by ethical business practices devoid of gouging others, are not merely good, but wonderful.
After all, the fair exchange of useful goods and services for money is the cornerstone of a healthy economy. For instance, a simple, personal example where I exchange an understanding of the principles of sound time management for money is found at this page which features another of my books, this one entitled Unshackled.
Our entire way of modern life is centred upon the benefits of profits earned honestly.

Bernard Baruch described it best, I think, when he wrote, "Society can progress only if men's labour show a profit - if they yield more than is put in. To produce at a loss must leave less for all to share."If you believe Baruch's statement, and I believe it is wise to do so, then for your own sake make it a point to sit down tonight - there's nothing like striking while the iron is hot - to figure out how much you owe and to whom. Do all this figuring on a large sheet of paper.
As you do so, identify which financial debts are productive, good business-type ones, and which ones are the more common destructive, consumption-type that only make financial institutions richer at your expense!
Then embark upon a focused programme of debt-eradication within the second group.For this part of the exercise, here's what I suggest:

1. List all your debts on another, fresh sheet of paper;
2. Then decide whether you want to adopt one of two great strategies:
a) Paying off your debts in order of the most expensive ones (meaning those with the highest interest rates) first ; OR
b) Paying them off in order of the smallest ones first.The first strategy (2a) is mathematically more efficient, but I have found the second (2b) more emotionally satisfying.
Use the first if you're super-disciplined. Use the second if you're like most of us mere mortals and in need of quick reinforcement through positive feedback!
In closing, I wish you all the best in crushing the monster of excessive consumer debt and thus rescuing your future income streams from being devoured by this implacable foe.

FOR SERIOUS READERS: If you wish to consider this matter more deeply, you'll find these additional articles helpful:
Escaping Debt Slavery
Credit Cards – Friends or Foes?

Saving is an age old wisdom tip

Personalized Dinosaur Bank Teach kid about saving with this personalized, ceramic dinosaur "piggy bank". This pre-historic pal will not only safeguard spare change, but will make a great addition to children's room. Personalized Dinosaur Bank is 7" x 5". Please specify name for personalization.

Hiring a Financial Advisor

When hiring a financial advisor you dont want to simply hire someone who looks like they know what they are doing, but rather a financial advisor that knows what they are doing and has proof. You will need to ask your potential financial advisor several questions in order to get a real feel of whether this financial advisor is skilled or has no clue how to advise you on money matters. You will be able to find a financial advisor who is going to really help you with your finances by simply asking the following questions.

First of all, you want to ask the potential financial advisor what kind of education he/she has. This is important because a quality financial planner will have educating supporting this field of work, as well as credentials, continuing education certificates and the like. You will also want to ask what kind of experience the individual has as a financial advisor and how long the individual has been working as a financial advisor. This information will enlighten you as to the type of financial planner you are considering hiring.

Another question that should be offered to the potential financial advisor is how they receive payment. Does this particular financial advisor charge an hourly rate, work only on commission, or have some other fee schedule?

You will need to know up front how the financial planner plans on billing you before you agree to let them advise you on your finances.

Asking the financial advisor for referrals, especially past clients, is a great way to know if the financial advisor is for real and has been successful with other clients. If the financial advisor does not have any referrals, you might be skeptical about this particular financial advisor.

Finally, ask the financial advisor to give you an outline of what will be covered and how he/she can help you reach your financial goals. An experienced financial advisor will be able to tell you several topics he/she will want to cover with you.

Source: Free Articles

Does Your Business Card Work For You?

Submitted by sverdlow

Take a look at a typical business card and the similarities leap out so strikingly that they all seem to be following the same rules. Of course you have your name on there, and your business name.

Same for your address and contact information: phone, cell, fax, and email. But so does everyone else. In fact, for the majority of business cards, the only discernable difference is the company logo. Blogger and public speaker Ethan Demme had a unique take on the modern business card. "Rounded edges," he points out with pride. His logic is that after a conference, when an attendee is thumbing through their stack of recently acquired deck of business cards, the break will naturally land on his. But he didn't stop there. Ethan borrowed heavily from one of his primary marketing tools: Facebook.

He copied not only the color scheme of the popular social networking site, but also the font and general spacing. At first glance, Ethan's business card looks a great deal like a cropped and rounded version of his social networking profile. The look, like the rounded corners, was done with a purpose. Ethan's clients and prospects frequently use Facebook, and visually associating himself with the site helps to create a connection long after Ethan has finished his pitch and flown to the next convention.

Ethan is not alone in his quest to make the business card more effective through creativity, nor is he the most adventurous. Reflections Dental Care has an impression of teeth on their cards. Matilda Jane, a boutique clothing company, has a floral print on their card with a red zig-zagging string stitched in. NGAP, the National Greyhound Adoption Program, opted for dog tags, complete with beaded chain loop. While these designs might seem extreme (and in all likelihood not very wallet-friendly), they represent a very important function of the modern business card – break the mold with something truly memorable that represents you and your business.
After all, your business card is a marketing tool and it should be selling your business.

Drilling down a little bit, what do you have on your business card? The usual contact stats? Ethan, obviously, has his Facebook contact information. Do you twitter? MySpace?
What about the website that you've worked so hard on? Much like the appearance of your business card, the content should also be representative of your business. What's more, your contact details should say how you want to interact with your clients - online, on the phone, or in person. Though it's a bit harder to accomplish than the physical design, the actual copy on your card should be unique and representative, effectively transforming your business card to fit your own personal requirements.

All of this creativity is for naught if your business cards stay in a box next to your desk. Much like the design and content of your business card, leveraging your cards creatively can pay dividends.
In fact, this is one area where your business card can still trump your website. After all, your website is bound to a computer screen, but your business card exists in the real world, where your customers are. DUI attorney Steven Breit puts his business cards exactly where his clients will find them - in bars. Granted, his business cards break from tradition, they're not cards at all, but rather matchbooks and coasters, but they perform all of the same functions as a business card.

It doesn't take much time or effort to toss a copy of your business card in with a mail order, but if you want your customer to keep the card, putting a coupon on the back side for future orders, or even a promo code, can help spur repeat business. And then there is the business-card-as-magnet. This novel approach has been used by people ranging from local shops to American Express - and the results are rather striking.

Suddenly the business card you so frequently hand out leaves the Rolodex and winds up on a fridge where the client, their family, and their guests see it on a daily basis. The rule of thumb should be making your business card valuable to your customer, and then placing that valuable item where it's likely to be seen.
Take a look at your business card again. How unique is it? How well does it represent your business?
Are you using your business card as a marketing tool, or merely a formality tacked on to either end of a business activity?
The logic of the business card is a sound one - a means of communicating information about your business - but the concept of the business card is entering a new age:
an age of individual empowerment.
After all, the business card is a pitch that your customer can walk away with, a handshake that they can put in a wallet, pocket, or purse.
Do yourself a favor, and put your business card to work; don't let it simply be an afterthought.

Business Cards "You only get one chance to make a great first impression, so make the most of it with high-quality, full-color premium business cards. Design and customize your own business cards with your logo or photo, or choose from our wide array of templates tailored to your industry. And, if you?re searching for a sleek, professional look, you can customize your business cards by selecting a matte or glossy finish, foil-accents and more. Get an electronic business card as well, and jazz up your email signature. Like all VistaPrint products, you can create your business cards in minutes and receive them in as few as 3 days."

Earn an income from your own website!

one month free

3 financial resolutions, and how to keep them.

Three Financial Resolutions You Can’t Afford Not to Make This Year

And how to actually keep them

By Steven B. Smith

Every January, millions of Americans determine to shed a few pounds and to finally get their finances in order. Unfortunately, most estimates indicate that less than 30 percent of those well-intentioned resolutions make it through the year. The reason most resolutions fail is because a plan is never laid out to help achieve the goal. If you are serious about finally getting your finances in order this year, here are the three resolutions you need to make, along with easy steps to help you actually keep them.

1. Automate your finances.

Why it’s important: If it’s not easy, most of us will quit before the New Year is a month old. The key to effectively managing your money is tracking where it’s going, and how much money you have allocated for specific categories. Paper and pen will do the trick, but be honest with yourself, do you plan on keeping that paper and pen with you for the next year, logging each and every purchase no matter how large or small? The Internet allows you to track all your accounts with no manual effort, and will even do all the math for you. If it’s automatic, you won’t get lazy, and you won’t forget to do it either.

Managing your finances online may also help keep your money safe. According to a 2005 study on identity theft by the Better Business Bureau and Javelin Strategy and Research, “electronic monitoring provides greater safety by sharply reducing time to detection, and potentially eliminates the paper records and mail that are possible avenues to many identity theft cases.”

How to keep your resolution: Set up a secure online budgeting system like Mvelopes Personal (http://www.jdoqocy.com/click-2719775-10410526?url=http%3A%2F%2Fwww.mvelopes.com%2Fbudgeting%2Fbudgeting4.php%3FaccessCode%3DD003001001). The subscription service will automatically track your expenses from multiple accounts and credit cards as well as provide you with balances of various savings and spending categories. Seeing where you are spending your money will let you know where you can cut back. Seeing your net worth rise in the net worth tracking feature will keep you motivated. With a 30-day free trial, if you do give up by February, you can simply call and cancel.

Set up automatic transfers with your bank to pay your mortgage and other fixed payments to avoid missing a payment or incurring late fees. Use online bill pay to save on envelopes, stamps, and time (Mvelopes Personal includes a free bill pay service, and most banks now offer bill pay for little or no extra). Set up an automatic transfer to a savings or money market account once a month. Find a high interest bearing account to maximize your savings. Many online banks, such as EmigrantDirect, are currently offering three to four percent APY on savings accounts.

2. Stop paying interest and start earning it.

Why it’s important: According to Bankrate.com, if you charge $1,000 on your credit card, and pay only the minimum payment (assuming an interest rate of 15 percent and a 2.5 percent minimum payment), it will take over 10 years to pay off and cost an additional $757.98 in interest. Conversely, if you were to take only the amount you would be paying in interest each month on that loan and invest it in an account earning ten percent, it would grow to $1,594.92 over that 10 years.

Even if you’ve gotten deep into credit card debt and can’t pay it off quickly, you can save a bundle by lowering your rate, and paying more than the minimum. By dropping the interest rate on your credit card in the example above to 11 percent and paying only $30 a month, you could pay off that $1,000 in just over three years with only $198.85 in interest.

How to keep your resolution: Always pay at least the minimum payment on time, and if at all possible, pay your credit card balance in full each month. Mvelopes Personal has a credit card tracking feature that automatically sets aside the exact purchase amount each time a purchase is made on your credit card to help you pay off the balance in full each month.

If you are carrying a balance from month to month, cut your spending to a minimum and allocate all the extra money you can to paying off your debt. Use the debt roll down principle to quickly reduce your debt. Make a list of all your consumer debts and prioritize them in order of interest (highest to lowest). Pay the minimum on all your debts and pay as much as you can on the one with the highest rate. Once your first debt is paid off, roll that payment amount into the next debt on your list.

Call your credit card issuer and try to negotiate a lower rate. If they decline, let them know you plan to roll your balance to another card and cancel the card with the higher rate. If your credit history is clean, you should be able to find a card with a 0 percent introductory APR. Don’t make any purchases on the new card as often the introductory period ends as soon as you make your first purchase. Be careful the interest rate doesn’t skyrocket after the introductory period, and make sure you cancel the card with the higher rate to avoid simply running up a larger debt load.

Check your credit reports to make sure they’re accurate. The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months.

3. Stop procrastinating saving for your retirement.

Why it’s important: Time can be your biggest ally when investing for retirement. For example, if you begin at age 25 and invest $4,000 annually in a portfolio that provides a 10 percent average annual return, then stop contributing after 10 years, your investment will grow to $1,365,818.31 by the time you retire at 65. However, if you procrastinate investing until you are 35, then contribute $4,000 annually in a portfolio with the same 10 percent average annual return, and continue to contribute every year for 30 years until retiring at 65, your investment will only grow to $759,775.11. Even though you contributed $80,000 more over the life of the investment in the second scenario, you still ended up with $600,000 less.

How to keep your resolution: Contribute at least enough to your 401(k) to get the maximum company match. Talk to your HR department to find out the details of your company’s plan. If your employer offers a company match and you are not contributing to your plan, you are essentially turning down a bonus every year. And since your contributions are taken out on a pre-tax basis, as you increase your contribution, your taxable income decreases, meaning you pay less in taxes.

Open a Roth IRA. Your money grows tax-deferred, and just so long as the IRA has been open 5 years or more and you are at least 59 ½ when you start to withdraw, there are no tax penalties for withdrawal. The maximum annual contribution increases to $4,500 this year.

Make sure that no more than five percent of your portfolio for either your 401(k) or your Roth IRA is in a single stock. Diversifying is the best way to ensure maximum growth over time while minimizing the risk and volatility of the market. Select an index fund or target fund for an easy option that requires little oversight. Fidelity, Vanguard and T. Row Price are among the largest purveyors of mutual funds and all offer excellent funds for a variety of investing styles.

From start to finish. Regardless of where you stand financially, the New Year provides an excellent opportunity to review your finances and make improvements. Make sure that this year you don’t just start fresh, but that you also finish strong.

Steven B. Smith is president and CEO of In2M Corporation

Tax Elimination, Wealth Strategies and Your Children

Tax elimination is my favorite type of tax planning because it permanently reduces taxes. A lot of tax planning is focused on just temporarily reducing taxes, this means you pay less tax today but will pay more in the future. In other words, the tax is just being deferred. Tax deferral has its place in a tax strategy but first I like to look for ways to eliminate tax and create permanent tax savings.

- How to Create Wealth with Tax Elimination Strategies

-Even greater than the tax savings from eliminating taxes - which are substantial

- is the potential of what to do with those tax savings. Tax savings and wealth creation are two powerful tools that create amazing synergy when used together. Whenever I do wealth coaching with a client, one of the first steps is to create their tax strategy because the tax savings work to supercharge their wealth creation.

- More Tax Elimination Strategies

-Here is my C Corporation tax elimination tip in case you missed it:Use a C Corporation's initial tax brackets of 15% and 25%. If you are in an individual tax bracket of 25% or higher, then there could be an opportunity to eliminate taxes by shifting some of your income to a C Corporation.What makes this strategy work is the shifting of income to a taxpayer (your C Corporation) in a lower tax bracket than you. What other taxpayers do you have in your tax strategy that are in lower tax brackets?

Here is one: Your Children!- Get Your Children in the Game -Of course, the IRS has special tax rules for children age 18 or younger (and in some cases age 23 or younger) but understanding these rules can provide opportunity to legally reduce your taxes.These special rules tax unearned income received by your children at your tax rate. This means interest, dividends and other types of unearned income are taxed at the same rate as if you received them personally. In other words, no lower tax rate is available on this type of income.
However, these special tax rules do NOT apply to earned income. This means your children's earned income is taxed at your children's tax rates.What is so exciting about using your children's tax rates is that they can be even better than C Corporation tax rates!
Your children's tax rates start at 0%!
What Can Your Children Do For Your Business?
What tasks can your children do for your business?
Your answer to these questions will help you with your strategy to reduce your taxes.
Are you ready to use this tax elimination strategy to reduce your taxes?

Ledger book

I've gotten in the habit of filling in a ledger every expense that we do as a family.

Gas, Car Repairs, Groceries, Eat out, even business is recorded, household and monthly bills.

I've been able to see much more clearly where we spend too much and adjust accordingly.

For example, almost each month, the longest column is eating out, so that's where we have to cut down and I have to do better groceries and make better meals, because when the needed food items are not in the cupboards or in the fridge, it's very tempting to just eat out!

Now last month, we splurged in the household department, so accordingly, we made a commitment to not spend anymore in household until the new year.