Optimism & Wealth Building

Learn why you must have an optimistic view of your future as you build wealth…

 

With uncertainty at a high level in the United States and many other parts of the world—whether it be hysteria caused by the mass shooting in Las Vegas Nevada, hostilities between North Korea and the United States, anxiety caused by the massive data breach at Equifax, massive fires in Northern California or unusual weather patterns in many areas of the Atlantic Ocean and Gulf Coast region such as hurricanes and earthquakes—many are suffering from anxiety or uncertainty about what lies ahead both globally as well as in their own lives.

 

Regardless of what is going on around you it is imperative that “you” have an optimistic view of how you can make “your” dreams come true.  As far as building your wealth goes–it is imperative that you see success in your credit and financial future.

 

Even though the creator of TheWealthIncreaser.com has recently dropped his $2,000 computer (broke the screen—first time I have dropped and broken a screen on phone or computer in over 30 years)) and is in a not-so-upbeat mood—joy and a positive response to adversity—along with an optimistic view of the future is still not only expected—but will occur!

 

You too must have confidence that the outcomes that you expect will occur!

 

In this discussion TheWealthIncreaser.com will show you that in spite of it all there is no reason for you to fear what lies ahead and definitely no reason for you to fear what lies ahead in your financial and wealth building future “if” you make the decision to do what you need to do.

 

TheWealthIncreaser.com at this time feels obligated to offer you—and other visitors to this site a more optimistic vision of your future and provide in some small way the know how or steps that you can take to help you build up your spirit at this time so that you can start—or continue achieving at a higher level of excellence throughout your lifetime with optimism about your future success playing a major part toward achieving that excellence!

 

In order to worry less—or not at all, you need a mental understanding of what you can comprehensively do as it relates to your finances so that you can achieve at the level that you desire—or at the level that you need to achieve at to make life more meaningful while you are here on earth.

 

You must see success in your future and you must have faith that things will get better in your life regardless of what is occurring around you!

 

That sounds great, but you don’t understand what I am confronting at this time—you say!

 

Whether you now lack the income, are facing life challenges from all directions, lack the financial know how or plain just don’t know where to start—you can change that now by focusing in on this page in a highly intentional manner so that you can not only gain an optimistic view of your future—but you can also learn practical steps that you can implement immediately and get momentum rolling so that you can put yourself and your family on a positive path to achieving more throughout your lifetime.

 

You must have an optimistic view of your future in spite of where you now are and you must know that achievement at a high level can–and “will” be in your future!

 

1)      You must know where you are currently at financially and then see what you need to do to get on a positive path to success

 

2)      You must have “mastery of your credit” and know what you can do in definitive terms to better manage your credit throughout your lifetime

 

3)      You must have a mental framework of what you can do to comprehensively manage your finances throughout your lifetime and you must have the mindset that you will comprehensively manage your finances throughout your lifetime

 

You must ask the following 3 questions and sincerely answer them if you are to effectively manage your credit and finances and gain an optimistic picture of your and your family’s future.

 

1)      Do You Know Where You Are Financially?

 

It is imperative that you know your monthly inflow and outflow of income (you must complete a personal cash flow statement or personal budget at a minimum).

 

You must calculate your monthly inflow and outflow of cash in as accurate and responsible a manner as possible.  In addition, it is worthwhile to know your inflow and outflow on an annual basis (personal income statement) as well.

 

Furthermore you must know who you owe (liabilities)—and the amounts—what you own (assets) and the amounts (by creating a personal balance sheet) so that you can derive your Net Worth.

 

2)      Do You Have Mastery of Your Credit?

 

Do you have an effective system that allows you to manage your credit effectively throughout your life?

 

Although confusing to some, credit management is not as difficult as you think if you are willing to put in a little time and effort to learn the basics.

 

By visiting the above link and utilizing the knowledge that you will gain you will have no problem managing your credit effectively and efficiently throughout your lifetime.

 

3)      Do You Have a Comprehensive Picture of How You Manage Your Finances?

 

It is also imperative that you know all of the areas of your finances that you must address.  You must be able to pull up from your memory all of the areas of your finances that you need to address at the drop of a hat.

 

You must know that you must look at and address your insurance needs, your investment needs, your taxes, your emergency fund, your education planning, your estate planning/wills and your retirement needs on the front end to be more effective throughout your life stages—or during your wealth building periods of your life.

 

CONCLUSION:

 

By asking and answering the above questions you must not be intimidated—even if you are new to personal finance or you don’t have experience managing your finances!   You must set meaningful and significant goals and have every intention on reaching or exceeding those goals! 

 

You must understand fully that by comprehending the material on this page and following the links on this page there is a high probability that you will find what works for you financially and what can possibly spark what needs to be sparked inside of you—that can lead to you following a path that can make your dreams come true.

 

You must realize that you don’t have to be a financial expert—but you must have a “practical understanding and overview” of what you can do to make your financial (and life) dreams come true. 

 

By gaining a real understanding of the 3 topics discussed above you have (or soon will) put yourself well ahead of most people in the general population when it comes to effectively managing your credit and finances. 

 

As a result of visiting this page you now have a more optimistic and realistic view of what lies ahead for you and your family regardless of what has happened around you, is happening around you—or may happen around you in your future.

 

If you are like most visitors, you will use this page and site as a springboard to achieve major success throughout your lifetime.

 

You now know that it is you who possess the keys to success as it relates to your future.

 

You now have an optimistic future in your sights…

 

You now have access to wealth building advice in small–but highly effective bites…

 

You must now play your part…

 

As you journey on your fresh start…

 

If you are or are not in a financial bind…

 

You must make effective use of your mind…

 

You can now use what you have inside…

 

And use this page and site as a highly effective guide…

 

All the best as you pursue your new and more optimistic view of your Wealth Building success…

 

TheWealthIncreaser.com is of the optimistic opinion that what you desire has already been achieved, now go do it!

 

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Pursuing Your Dreams & Wealth Building

Learn why pursuing your dreams at your highest level is the best approach for you to take if you desire true success as you build wealth…

 

It is important that you pursue what you want most with vigorous energy so that you can get more opportunities and ideas to open up for you as you chart your path to wealth building.

 

As the leaves fall in the October air in Atlanta Georgia, TheWealthIncreaser.com thought that an uplifting page on pursuing your dreams in a highly effective manner that could get you to achieve more during your lifetime was in order.

 

In this discussion TheWealthIncreaser.com will show you highly effective ways—and possibly more empowering ways—that you can pursue your goals and make the dreams that you desire occur in a more efficient and well thought out manner as you embark on your wealth building efforts.

 

It is you who must put into motion the serious pursuit of what you want to occur in your life and it is you who must put into motion the initial steps and consistent effort that is required that will help create momentum (and added motivation) that can move you toward your goals in a more timely manner and open up new opportunities for you that you may have never imagined.

 

If you pursue your dreams at your highest level more paths will open up (in addition to the one that you started on) for you that will take you toward the success that you desire.   You must always set new goals, pursue new dreams and have the mindset that you will reach them during your lifetime!

 

You must from this day forward never let rejection from others or obstacles along the course deter you from achieving your dreams.  In spite of it all you must still find a way to navigate toward the success and dreams that are all your own!

 

How bad do you really want it is a question that you must ask yourself and answer appropriately throughout your life if you are to achieve at your highest level?   How strong is your desire to work toward what you really want?

 

Most importantly, have you searched inside of your heart and mind and determined if you are truly ready to put in the required effort so that you can get your future moving in the direction that you desire?  Are you ready to believe itsee it (and say it)—and act on achieving it as far as your dreams are concerned—whether it be financial or otherwise?

 

Are you ready to say?   YES I CAN and YES I WILL

 

The above and other questions must be answered appropriately as that can lead to you achieving what you want to achieve and help increase your desire to put in the effort that will be required of you.  By answering the above questions appropriately you will also begin to dream big, however be sure to remain flexible as you pursue your dreams as life events can be uncertain.

 

Always have your antennae up for new ideas, take calculated risks where appropriate and have the attitude that you will never quit—as a persistent spirit always wins!

 

*live with passion

*always push forward

*create something of value for others–and your family

*focus intently on what you want

*ideas–make connections–look-listen-be curious–be a problem solver

*persist–don’t quit–never quit

 

When you pursue what you desire at your highest level a higher power is turned on inside of your mind and heart and you will begin to achieve at a level that you never imagined!

 

Always realize that you cannot let what is occurring in and around you be a distraction or reason that you use to allow yourself to do less during your lifetime.  You must gear your mind up to act and perform at your highest level of excellence on a consistent basis throughout your lifetime.

 

Conclusion

 

It is important that you pursue your credit and financial goals with the real expectation that you can achieve those goals.  You must also realize that your decision to do nothing as far as putting in the work that is needed to reach your goals—is also a decision!

 

By doing nothing you join the millions of other consumers from around the world who fail to seriously look at their current credit and finance position to find real and meaningful ways to improve them—and make their and their family’s living conditions much better while here on earth.

 

Today is a great time to change those dynamics and make your future work for you and your family and not against you and your family.  If you make a serious and decisive decision today to get a real understanding of your credit and finances—and you are willing to put a workable plan of action in place—you can possibly put yourself and your family in position for future success throughout your lifetime and even after you transition.

 

You don’t have to live your life in uncertainty if you know the action steps that you can take that will take you to where you need or desire to be and you have the determination and commitment to put those steps into action.

 

It is you who must develop a clear and concise plan that will provide you with the knowledge of what you need to do—and more importantly you must know how you can do it in a clear, concise and efficient way  (whether by the effective use of this page and site or any other manner possible) that works with your mind and not against your mind!

 

Navigating this site—or other top credit and financial sites—can help you decide for yourself if you can find a workable plan that will take you and your family to a higher level (and the level that you need to be at) in your credit and financial life.

 

Now is the time that  you take serious steps toward pursuing and achieving your dreams!

 

You must reach within—focus intently and consistently—and have the determination and commitment to see it all the way through!

 

You must have the attitude that you will always do what you need to do–to ensure that your dreams will come true!

 

Now is the time that you pursue what you desire!

 

Now is the time that you reach higher!

 

Rebalance your life, reawaken your spirit, rethink your future, reimagine your life and redefine your life starting today by pursuing your dreams in a different way–and at a level of intensity that you or the world has never seen!

 

You are far above average and you must never settle for the arithmetic mean!

 

All the best as you pursue your wealth building and life success…

 

 

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Protecting Your Identity & Wealth Building

Learn how you can build wealth and protect your identity by using the credit and finance system in a more diligent way…

 

With recent events in the credit industry (with the most severe being the Equifax credit breach) TheWealthIncreaser.com felt that the time was right to focus in on this topic in an attempt to help visitors to this site and those who desire to protect their credit do so in a more secure manner.

 

In order to more effectively protect your identity and build wealth you must first have an understanding of credit and know what the purpose of credit is before you can formulate high level security measures that are designed to protect your finances and preserve a way of life that you have become accustomed to.

 

There are a number of options that you can choose from and they all consist of you getting involved—if you desire to manage and protect your credit from hackers, identity thieves and others while building your wealth more efficiently.

 

Mastery of Your Credit

 

In order to protect your credit you must know what credit is and why you need to protect your credit.

 

Did you know that Negative information, how you Use your credit, the Time length that you have on your accounts, the Types of accounts that you have and the number of Inquiries that you have—all play a part in how credit rating companies rate your credit?

 

By taking the time now to master your credit you are positioning yourself and your family for a lifetime of financial success and you are gaining healthy money management habits that will propel you forward and help you build wealth in a more effective and well thought out manner throughout your lifetime.

 

If you at this time find yourself in a position where you have collection account(s) on your credit report you must realize that there are basically 3 ways that you can get those accounts removed.

 

1)      Dispute incorrect information and have it removed (if account is correct you will “wake up” that credit account and it could have a more negative effect on your credit than it had before you disputed the account).

 

Be sure you know the “statute of limitation” for the type of debt that is in collection as the period can vary depending on your state.  If the time limit has been reached you can by law have the account removed from your report.

 

2)      Ask for a Goodwill Deletion (late payments leading up to deletion will still show).

 

3)      Pay for Collection Company to Delete (you can negotiate to pay the full or partial amount—be sure to get agreement in writing prior to payment–again late payments leading up to deletion will still show).

 

Self-Monitoring of Your Credit

 

Since you have now mastered the factors that affect your credit—you are now in position to monitor your credit yourself and at the same time take steps to improve your credit.

 

You now know that you can go to annualcreditreport.com (free credit report—once per year from TransUnion, Equifax and Experian)) and myFICO.com—(get your FICO score for a stated fee) and review your credit report(s) and purchase your credit score.

 

In addition, you can monitor all of your financial accounts on your own by looking at your banking activity on a regular basis, signing up for financial alerts on your bank and credit accounts when a certain dollar limit is exceeded, shredding of your mail and particularly identifying information, using strong passwords on your financial accounts and changing them in a timely manner on a consistent basis.

 

Furthermore, make sure you have anti-spyware and anti-virus services on all of your electronic devices that are on a network–whether it be the world wide web or a private network.  Also avoid going to dangerous sites or those that you are not familiar with (including this site–hopefully you did some research prior to visiting) as they can plant malware (malicious software) on your computer and cause havoc for you.

 

Be sure to destroy, degauss or erase all data on your hard drives of all of your personal devices prior to disposal, recycling, trade-in or selling to others.

 

In addition you can secure credit cards that you may not use regularly (i.e., if you have 10 credit and banking cards but only use 4 regularly—why have all 10 on you at one time), pull your credit report regularly and do other things that may come to mind to secure your credit and financial data.

 

Credit Freeze on Your Credit

 

In addition to the things that you can do mentioned above—you can also have the credit bureaus help you in your efforts to protect against fraud and identity theft!

 

In order to freeze your credit you must contact all 3 credit bureaus individually and pay a stated fee for a credit freeze that can be permanent depending on your state.  You can unfreeze and re-freeze your credit if you desire to obtain a car loan, get another credit card, purchase your home or do anything else that requires the use of your credit.

 

With the massive data breach at Equifax your personal data may float around for an infinite period (many years) of time and be utilized by others to your detriment at any time in the future while you are alive and even possibly after your transition.

 

Although the exact scope of what was compromised for you individually is not fully known by you at this time—you must make the assumption that your personal data (your name, social security number, date of birth, past and current creditors, past and current addresses etc.) will float around for many years.

 

Monitoring Service and Your Credit

 

Now that you understand the high probability that your personal data will float around for many years you must seriously consider additional ways to protect your data.  If you have the financial capacity to purchase a monitoring service you must weigh the pros and cons.

 

In addition to the above protection methods you must seriously consider Monitoring Services that can add another layer of protection and come to your defense in a cost efficient way if your personal data is ever compromised.

 

There are many financial institutions and companies that offer credit monitoring service—usually for a stated monthly fee.  In addition to the more common names and companies search deeper for a company that may be able to meet your needs in a better way.

 

In addition, your credit card company(s) and bank(s) may offer you the option to enroll in alerts or “monitoring services” that can help you identify fraud such as a new inquiry or a new account on your credit report.

 

Conclusion

 

You can use self-monitoring to help protect against identity fraud and catch changes that you did not take part in by analyzing your accounts on a consistent basis.

 

If you notice fraudulent activity or you notice that your identity has been compromised based on activity on your credit report(s), credit card(s), bank account(s) investment account(s) or other financial account(s)–you want to catch it as soon as possible.

 

You can utilize chexsystems.com to check and see if other banking accounts have been opened or attempted to be opened in your name.  Keep in mind that all banks do not use the chexsystem so be aware that other accounts could possibly be opened using your identity that you may not be aware of.

 

In some cases you may have to file a police report to help in your efforts to clear your identity and/or get credit back for the funds that were fraudulently obtained in your name.

 

If you find an issue of concern on your credit report there are things that you can do:

 

*Double check the inquirer name

*Request a more detailed description

*Contact the Credit Reporting Agency

 

Always realize that many banks and credit issuer’s offer mobile apps that can help you keep an eye on your account at all times, and you must strongly consider using them.  In the end, you must always know that it is your responsibility to keep an eye on your credit and banking activity to protect your identity and help further ensure the future that you desire.

 

Another way to protect against identity theft and the unauthorized use of your credit is to maintain poor credit!  Your poorly managed credit would be of lower value in the eyes of identity thieves and they would more than likely move on to a more attractive target.  This approach is not advisable as it forces you too live at a level that is not desirable in most cases–and will not take you where you need or desire to be while you are here on planet earth.

 

In addition, always realize that you are entitled to receive one free credit report each year from each of the three major credit reporting agencies – TransUnion, Equifax and Experian.

 

To help you stay on top of your personal credit, many credit card issuers and banks are now offering “applications” that will give you weekly updates to your TransUnion, Equifax or Experian credit report(s)—and automatically alert you when your report changes.

 

Many are built right into the credit card issuer or banks Mobile app!

 

Additional Tips:

 

Be sure to consider signing up for transaction alerts for all of your credit and debit cards.   You can also set customized text or email reminders to stay on top of your accounts.  Always have your “antennae up” for scams whether it be by email, in person, over the phone or in any other way as scammers are all around you!  If you or a loved one are elderly, be sure to guard against cognitive impairments that sometimes come along as you age.

 

You can also occasionally check your credit report(s) for suspicious activity to catch activity that you did not create.  By doing so you can notice changes and take action in a more timely manner.   And as stated earlier in this discussion you can get your annual, free credit report from each of the three major credit bureaus by going to annualcreditreport.com and you can obtain your actual FICO score at MyFICO.com for a stated fee.

 

Be sure to use a safe and pre-cautious approach when protecting your identity by changing your passwords regularly, and never sharing your user name, password or security questions with anyone.

 

It is critical that you make protecting your credit and other financial accounts a top priority in your life at this time as by doing so you help ensure a more prosperous future for not only yourself—but future generations—thereby passing along a legacy that you helped create.

 

All the best to protecting your identity and your wealth building success…

 

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Housing Related Insurance & Wealth Building

Learn how Housing Related Insurance  can help you attain your Wealth Building Goals…

 

With the hurricane season in full force and hurricanes Harvey and Irma doing major damage to many southern states in the United States and the Carribean Islands–TheWealthIncreaser.com was inspired to create this page to possibly help you and others proactively guard against man-made and natural catastrophes that might occur during your period of home ownership that could cause undue hardship on your life and particularly your wealth building efforts.

 

Insurance basically protects you in the event of a covered loss and the following insurance types related to your home can help protect you from loss and help you continue to build wealth effectively and efficiently!

 

Even though ideally you want to be in position to never have to use insurance—you must put together a plan to have the insurance that you need (or is required) during the period in your life that you need it.  Some insurance is required if you have a mortgage or home loan (hazard insurance) and some insurance is optional (at your discretion), therefore be sure to take this discussion to heart and analyze your current insurance needs in a comprehensive way.

 

PMI or MIP

 

If you purchase your home and you put less than 20% down you may have to pay PMI or MIP if a government backed loan is obtained.  That additional premium is basically included to protect lenders in the event of your default on the loan (non-payment).  If you put 20% or more down their risk is reduced in their eyes to an acceptable level and you would not have to pay PMI or MIP.

 

Although you pay the insurance premium monthly, the payment is for the protection of the lender–not you–and works against your wealth building goals.  Ideally you want to purchase your home without mortgage insurance so that you can build wealth more efficiently.

 

You benefit by paying PMI/MIP primarily by having to come out of pocket with a low down payment such as 3.5% or 5% instead of 20% or more that allows you to avoid this premium. 

 

If you have PMI or MIP you may be able to refinance it out if it makes good financial sense to do so.  Otherwise your PMI or MIP payment will remain until you reach a certain equity position with your home and loan or the half-way point of the loan in almost all cases (refer to your closing documents for more specifics).   If you plan on selling your home–that is also a way out assuming you don’t repeat the cycle with your next purchase (you put 20% or more down on your next purchase).

 

The good news is that you can deduct MIP/PMI, along with mortgage interest, points and property taxes on your federal and possibly state tax returns (who knows how long that will last).  PMI/MIP can be financed into your monthly payments or paid by you in a lump sum at closing–and if you paid at closing you would not see the premium in your monthly payment.

 

Title Insurance

 

Another type of insurance that is not well known by many is Title Insurance.  Title Insurance protects your interest in your home from a “chain of title” perspective and is usually required by the lender at the time of closing and is optional for the home buyer.  It is highly recommended that you purchase this insurance to protect your interest in the chain of title as there is no way for you to realistically know with certainty who owned the home or land prior to your purchase.

 

Although title issues after closing are rare they do occur and for several hundred dollars you can purchase Title Insurance at closing or outside of closing and protect your home from title issues up to the purchase price in most states.

 

Homeowners (Hazard) Insurance

 

Homeowner Insurance is required if you have a loan on your house.  If you own your home free and clear Homeowner’s Insurance is optional but highly recommended unless you have a net worth that allows you to effectively “self-insure” your home and still meet the goals that you have during your lifetime and after you transition.

 

A standard homeowner policy allows you to add on (riders) that cover additional perils that you may face such as a loss from the theft of a valuable stamp collection, a million dollar painting, expensive jewelry and the like.  You can add an umbrella insurance policy that can provide you additional coverage related to certain events that may occur and you can add flood insurance on as well–and they will both be covered  in this discussion.

 

Umbrella Insurance

 

An umbrella insurance policy protects you against unforeseen losses as a result of accidents and provide additional coverage so that you won’t have to tap into your savings or other accounts to cover certain claims against you.   An umbrella policy is designed to help protect you and your family from major claims and lawsuits.

 

For several hundred dollars a year you can get additional coverage (up to a million dollars or more) that provides  liability coverage above the limits of your homeowners, auto, and boat insurance policies.

 

Flood Insurance

 

If you live in a designated flood zone  be sure to purchase flood insurance.  The cost usually is several hundred dollars per year up to several thousand dollars per year depending on where you live and the topography of the land in the area where your home and community exists.

 

It can even be a wise move to purchase flood insurance even if you live outside of a designated flood zone as weather patterns are becoming more unpredictable.  You can purchase directly from your insurer (some insurer’s have their own program) and the government also has a program (National Flood Insurance Program) that can also be purchased from your insurer–never directly from the government.

 

After a flood you must be aware of potential mold issues and other environmental concerns as the potential for serious health hazards may be present.

  

Renter’s (Tenant) Insurance

 

A rental insurance policy normally covers the policyholder (tenant) from certain losses that occur in their rental home or apartment and is usually for contents and not the structure.

 

If you were a property owner leasing out your home or apartment unit you would need to get a policy to cover the home or apartment unit.

 

The tenant would be the one who would purchase the rental insurance policy otherwise they could sustain total loss of their contents if a theft, burglary, fire, flood or other event occurred.  In many cases a standard  renter’s policy would cover the loss.  Be sure to consider additional riders to cover valuables or what is not covered in the standard policy that you may need–or desire coverage for!

 

Business Insurance

 

Although this discussion is primarily focused on home owners TheWealthIncreaser.com realizes that many homeowners also own a business.  If you own a business be sure that you have appropriate coverage based on the type of business and the risks involved.

 

Credit Life & Life Insurance

 

Many vendors offer credit life insurance policies that will pay off your mortgage in the event of your untimely death, injury or disability.  The premiums are usually quite high for the coverage amount.

 

Other options are whole life policies and term insurance policies that would pay your designated beneficiaries in the event of your untimely death.

 

If you chose your coverage amounts appropriately your beneficiary(s) could be in position after your transition to pay off the mortgage loan balance and own your home free and clear–and have proceeds to do other things that you may desire that they do after your transition,

 

Conclusion

 

Keep in mind that insurance is available to cover almost any hazard imaginable and there are mega insurance companies such as “Lloyds of London” that will insure almost anything (or anyone) imaginable and your desired coverage amount is available at varying premiums.

 

As far as your home owners policy goes, be sure to get adequate coverage to rebuild at current building costs.  Always consider your need for additional coverage and you must understand what is and is not covered.  Pay particular attention to “percentage deductibles” and other jargon that may limit the coverage amount on your loss.

 

For an additional premium you can add “riders or special endorsements” to your policy that will cover other perils not directly stated in the standard policy.   Be sure to consider additional riders that may be of benefit to you and your family prior to (DO A REVIEW AT THIS TIME) a catastrophe or other unplanned event occurring.

 

After a natural disaster or catastrophe grants and/or loans (FEMA/SBA) may be available after you exhaust your insurance and they may require a credit evaluation and a look (review of your past payment history) at your ability to repay.

 

Emergency grants may be made available to you immediately depending on the nature and severity of the catastrophe and you may be eligible for those regardless of your income or current credit readiness!

 

Insurance is an area of financial planning and wealth building that must be approached in a serious and analytical manner and in an all-consuming or comprehensive manner so that you can achieve the goals that you desire.  You must understand fully at this time that in some areas of insurance (i.e. homeowner’s insurance policy and auto insurance policy for sure and possibly other areas as well)–insurer’s take your credit standing into consideration when determining the rate that you will pay.

 

The good news is that you can request that they lower your rates if you have bad credit and you make improvements.  However, if you fail to request that they re-analyze your insurance rate after you  improve your credit–your credit improvement will go unnoticed by your current insurer(s)–and in almost all cases your rate will remain the same!

 

Always remember (even at a time of disaster) that if your local, state and/or federal agencies declare your area a disaster area  or issue a state of emergency you may have additional options available such as including some of your losses on your tax returns as a casualty loss (can possibly amend prior year return to get proceeds in a more timely manner) or filing a claim for spoilage of food from your freezer or file a claim for debri removal  if caused by a power outage or wind–without having to meet your deductible–depending on your state and the details of your policy.

 

In addition, if you have a Fannie Mae or Freddie Mac backed mortgage loan (which is a high probability) and you suffered damage as a result of a catastrophe in a federally declared disaster area–you may be able to suspend your mortgage payment for up to 12 months.  Even if you have another type of loan it may be wise to review your closing documents or have an attorney help you sort it out to see if you can avoid paying penalty free on your loan for a period of time.

 

Try to get your bank and other companies that you have financial relationships (Automated Teller Machines, utilities payments, insurance payments etc.) with to waive your penalties for a period of time if you find making payments difficult after a disaster.

 

Whether you are now recovering from hurricanes Harvey or Irma or facing adversity on other fronts TheWealthIncreaser.com would like to leave you with some encouraging words.

 

Ironically this site was created due to a weather related incident and it is important that you use your imagination and have your antennae up for inspiration that may come your way in times that appear to be difficult at the moment and in actuality are difficult at the moment.

 

During times such as those the birthplace of big ideas can be found for those who are looking–and ready to act!

 

It is also important that you use HUMOR as a major tool to help you cope in times of adversity as by doing so you keep your spirits in “upbeat mode” so that your mind can act in a more appropriate manner during difficult times.

 

It is the desire of TheWealthIncreaser.com that this discussion has helped you get started on a path to analyzing your insurance needs in a more comprehensive manner and has put you on a path to achieving more during your lifetime without the added stress of unexpected and costly losses and experiencing the dark and empty feeling of not knowing the steps that you can (or need to) take to make your journey toward success much more favorable for you and your family.

 

All the best to your Insurance Coverage & Wealth Building Success…

 

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Credit & Insurance

 

Other helpful sites that may be of benefit in time of disaster:

 

RedCross.org

 

Salvation Army

 

National Housing Conference

 

Frequently Asked Questions About Flood Insurance

 

Flood Insurance Website

 

National Flood Insurance Program

 

EPA.gov

 

FEMA.gov

 

SBA.gov

 

CharityNavigator.org

 

Guidestar.org

 

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Smart Homes & Wealth Building

Learn how you can build or convert your home and make it smarter—and build wealth more efficiently…

 

Although smart homes are becoming increasingly popular with millennials and those born in the past 30 years or so—the concept of smart homes has been around for over 30 years.  However, with the boom of the internet in the 1990’s and the subsequent advances in technology over the past 20 years–smart homes and what they offer are now available for the masses.

 

In this discussion TheWealthIncreaser.com will show you how you can use smart home technology to help you build your wealth more efficiently.

 

Did you know that the creator of TheWealthIncreaser.com has a penchant for technology and is A+, Network+ and Security+ Certified?

 

Whether you are purchasing a new home, purchasing a resale (existing home) with remodeling in mind, purchasing a rental, or purchasing a home to gut out and resell—smart home concepts should be a part of your mindset based on the time period that we live in and the technology that is now available.

 

Shop for your smart home products at…

 

Smarthome.com

 

Home Assessment

 

Did you know that you can go to SMARTHOME.COM and learn more ways that you can make your home more technologically efficient and possibly more energy and environmentally friendly and efficient?

 

To get an idea of some of the products that can make your home smarter go to https://www.cnet.com/topics/smart-home/best-smart-home-devices/

 

For the latest news on Smart Home Technology go to https://www.wired.com/insights/2014/10/smart-homes-of-the-future/

 

Existing Home

 

Any device in your home that uses electricity can be put on your home network and work at your command. Whether you give that command by voice, remote control, tablet or smartphone, the home reacts.

 

Most applications that relate to lighting, home security, home theater and entertainment, and thermostat regulation can be incorporated into your existing home to make life more manageable for you and your family!

 

New Home

 

In a new home any device in your home that uses electricity can be put on your home network and at your command turned into a smart device.  Whether you give that command by voice, remote control, tablet or smartphone, the home reacts.   If you are purchasing a new home you must seriously consider incorporating smart technology in your home in ways that can make your life more enjoyable.

 

In a new home your options are wide open as long as you know the “smart concepts” that you want in your home upfront.  By visiting this page you are now in position to have your builder implement the smart concepts in a more economical way (as the home is being built) as you can get the wiring, controls and other smart technology in place in a way that is smoother and easier on the construction crew and your wallet.

 

Bath Area

 

Although smart technology is available for virtually every room in your home, many have found smart technology in the bath area to be of high value.  In large part due to sensor operated innovations like self-cleaning toilets, moisture sensing ventilation fans and digital shower controls you can now turn your bath area into one of the smartest rooms in your house.

 

Whether you are upgrading or considering the purchase of a new home you must consider improvements in the bath area that will make your home smarter and help you build wealth (will help your home sell at a higher price) during your ownership and increase your sales proceeds when you decide to sell your home.

 

Your Shower Area

 

You have a vast number of options when it comes to smart improvements in your shower area.

 

Whether you want shower heads with light and sound, digital temperature and water pressure controls that you can set from your smartphone and many other features you can make getting clean smart and fun.

 

If you are a conservationist consider a showerhead that senses what you are doing and adjusts the water flow.  If you are washing your hair, shaving etcetera–a sensor will adjust the water flow and help you conserve water.

 

Your Toilet Area

 

A toilet that cleans itself is now available and there is now a model available that allows you the option of never touching the toilet.

 

The Toto NEOREST AC  (although costly) has a model that uses the latest technology so that you won’t even have to touch the toilet.

 

Gravity and high speed jets and proprietary technology allows the model to use less water and still clean the toilet in an environmentally clean manner.  Visit totousa.com to learn more about this product and other bath products that use smart technology.

 

Your Ventilation Area

 

Don’t overlook this vital area of your bathroom operation.  Your ventilation system removes moisture and humidity that could promote the growth of mold and mildew and can help exhaust unpleasant odors.

 

Smart technology now sense humidity after a long hot shower and turns on the ventilation to help remove excess moisture from the room—some can even communicate wirelessly with wall switches or with an app that allows you to control the fan from your smartphone.

 

Your Mirror Area

 

You can now jazz up your mirror and cabinet area with smart technology that allows you to watch tv as you bathe or shower, integrate your home security system into the screen, defog your mirror so that you can shave faster, charge your electronics on a USB or other port on your cabinet, cooling cabinets that keep your medicine and cosmetics at the right temperature and other things that you might dream up.

 

Other Accessories for Your Bath Area

 

Accessories allow you to put your personal stamp on your bathroom area and there are many high tech solutions that allow you to do that with style, functionality, flair and personality that is all your own.

 

You can now choose small robot vacuums and mops, Bluetooth enabled toothbrushes that communicate with your smartphone to determine how well you are brushing your teeth (take that dentist—I don’t want to hear your comments), smart scales that can track your weight and health goals–and touch free soap dispensers that allow you to wash your hands more efficiently.

 

Conclusion

 

By upgrading in a tech savvy way you can enhance the value of your home and increase your living standards from the comfort of your home.

 

Challenges of smart technology for some include cost as the price for some technology can seem high for those with low disposable income.  Another major concern is security as personal information and data that goes across the web can potentially be compromised by illegal or unauthorized access.

 

Hacking is a real concern with smart technology or any data that crosses over a network (whether it be the web or a private network).   Will your information really be secure is a real question that you must ask?  Will your smart locks to your doors really be secure or can it possibly be bypassed?  The same goes for your smart alarm security system.   Be sure to choose your smart technology products in a wise manner and with the above concerns in mind.

 

In addition, be sure your smart technology is inter-operable with other technology that you may purchase in the future as systems vary on what will work on their smart technology platform.

 

Whether heating, ventilation, air conditioning, lighting, electronics, kitchen appliances, laundry, your morning coffee or many of your bathroom elements—you can make your home smarter and build wealth more efficiently by taking a look at this time on ways that you can make your home smarter whether you are remodeling or building your home from the ground up.

 

It is now possible to make your home as technology savvy as your imagination allows you to go and when it is time to sell—you will have a home that will really show!

 

All the best to your smart home and wealth building success…

 

Learn more about smart homes by visiting these helpful pages:

 

http://www.smarthomeusa.com/smarthome/

 

https://www.theguardian.com/technology/smart-homes

 

http://time.com/tag/smart-homes/

 

https://www.fastcompany.com/3066847/what-smart-homes-will-and-wont-do-in-2017

 

http://home.howstuffworks.com/smart-home.htm

 

http://www.popsci.com/smart-homes-for-beginners

 

http://marketintelligence.spglobal.com/blog/smart-homes-in-the-u-s-becoming-more-common-but-still-face-challenges

 

https://www.zillow.com/atlanta-ga/smart-house_att/

 

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Financial Planning, Family Planning & Financial Success

Learn why Financial Planning and Family Planning go hand in hand for those who desire Financial Success throughout their lifetime…

 

Isn’t it time you let go of your thoughts that make you weak and embrace the thoughts that make you strong!  In this discussion TheWealthIncreaser.com will show you how you can use the power of your mindand the right action to effectively plan your and your family’s future so that you can make life more enjoyable while you are here on planet earth.

 

It is important that you educate yourself so that you can take appropriate action in your financial future.  Or, another way of looking at it is you must take an intelligent, consistent and proactive look at what you desire to occur in your financial future.

 

You can attain more joy and fulfilment in your life by asking the right questions about your financial future at this time.  You must be strategic about your future and use what will help you achieve your goals more effectively—and more efficiently.

 

You don’t have to confront your future in an emotional or random manner where any direction at that moment will satisfy you!  Isn’t it time that you pursue a future that can not only lead you to phenomenal financial success, but one that also allows you to spend more time enjoying life and positively shaping the future of your family, friends and society?

 

It is the desire of TheWealthIncreaser.com that you will start on a path (go only in the direction that will lead you to true success) today that will allow you to do just that—and more!

 

Financial Planning

 

The decision by you at this time to analyze your finances in a sincere manner can lead to you reaching your goals in a timely manner.

 

Financial Planning is a process that can benefit many, however very few actually “get out in front” of their finances in a proactive manner (before something bad happens or before they feel they are forced to do so) so that they can achieve more.

 

TheWealthIncreaser.com asks that you take an introspective look at your past, your present and your future so that you can begin to seriously plan for the success that you desire.

 

Family Success

 

You can achieve your goals earlier and have a definite feel of what you can do at a particular time in your life (while you raise your kids) by creating a written plan of action at all of the major levels of your finances.

 

The ability for you to send your kids to private school, take yearly vacations, go on weekly family outings, reach your investment goals, reach your retirement goals and reach many other goals that are unique to what you and your family want to achieve—will come into clear focus once you write down and formalize the action that you need to take.

 

By writing down what you desire to occur you can put yourself in position to reach many of your goals and help actively raise your kids.  You will know with more certainty what you can do at particular points in your life!  You can help prepare your children for their college years and you can nurture them along the way with confidence because you will have the knowledge and practical understanding of what you can do on monthly, annual—and long-term basis!

 

Financial Success

 

Your ultimate financial success will depend on what you have done on a daily basis to prepare yourself and your family for the future that you desire.

 

By effectively creating a cash flow statement or budget, mastering your credit at a level that is the best that is within you and analyzing and addressing your finances in a comprehensive manner—you set yourself and your family up for the ultimate success that you desire.

 

Conclusion

 

You can go about your life without planning for your and your family’s future (or inadequately planning) or you can choose a comprehensive, intelligent, consistent and proactive approach that has the potential to help you see in clear terms what you can do at the various stages in your life.

 

By using your heart and mind to plan for your and your family’s future success you are embracing the thoughts that make you strong! 

 

You are positioning your mind for success on the front end and you are getting out in front of your finances in a way that will lead to true success.

 

In a nutshell you are making up your mind to give it your best and you are actively putting yourself in position to nurture your nest (helping to cultivate positive results for your family)!

 

All the best to your lifetime of success…

 

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Personal Credit Makeover & Wealth Building

Learn how a Personal Credit Makeover  can help you Build Wealth more efficiently…

 

Improving your credit in the current economy has been the goal of many over the past few years and particularly since the major market downturn of 2008.  Those of you who are in need of a credit makeover often wonder—exactly where do I start.

 

After hours of contemplation and re-arrangement in our last discussion in order to make the topic understandable to the largest number of people possible,  TheWealthIncreaser.com will try to concisely explain how you can have a personal credit makeover that can position you and your family properly–so that you can experience wealth building throughout your lifetime in a more efficient manner.

 

As you pursue your personal credit makeover or start on a path to establishing and/or improving your credit—there are critical questions that you must ask yourself (and answer appropriately) prior to even getting started!

 

3 of the most critical questions that you must ask yourself are:

 

1)      What can I do about my current credit position?

 

2)      What am I going to do in regards to my current credit position?

 

3)      What do I desire to achieve and more importantly “how” will I go about achieving what I desire to achieve in my credit and financial life?

 

You must answer those questions in a careful, analytical, accurate and critical manner.  As you journey on your path to managing your credit in a more focused and highly beneficial manner you must ask yourself the following questions and come up with real solutions that must be catered to your unique goals and outcomes that you desire as you work diligently to improve your credit.

 

1)      What can I do about my current credit position?

 

It is important that you ask yourself that question and it is important that you have an appropriate answer to that question.  You must search out and find the best ways to achieve your goals—or you must find a way that will work for you—that will lead you toward making your dreams come true.

 

Do I have a blueprint in my mind of the steps that I can take to achieve in a more efficient and effective manner and improve my current credit position in a definite manner?  Now is the time for you to answer and address those questions in as a sincere manner as possible.

 

2)      What am I going to do in regards to my current credit position?

 

What are the concrete steps that you are going to take as a result of your credit education that you have attained throughout your lifetime and that you are mastering at this time?  Are you at a point in your life where you are determined to take consistent action in a sincere manner

 

Now is the time that you force your mind to answer this question honestly and then you must take the action (or inaction) that you have decided to take!  You cannot half-heartedly approach your personal credit makeover goal and you must realize that it is your consistency in action that will lead to you taking on another role!

 

3)      What do I desire to achieve and more importantly “how” will I go about achieving what I desire to achieve in my credit and financial life?

 

Do you want to improve your credit to a level that allows you to do what needs to be done to reach your goals?  If so, you must have a comprehensive plan that takes you toward your goals.  Once you reach your credit goals you must not stop—re-imagine your life and go about achieving at your highest level of excellence while you are here on earth.

 

You must have the preparation and knowledge that is needed so that you will know how (the steps that you need to take) you will go about improving your credit and building wealth more efficiently!

 

Conclusion

 

By creating a cash flow statement or budget—cutting expenses and living beneath your means for a limited time you can put yourself in position to pay off or pay down your debt and begin to make your money grow.  By thinking at a higher level on a daily basis and using your creativity—and this page—you can set yourself and your family up for a lifetime of success.

 

You don’t have to make first-time mistakes, you can learn from others how not to do it—you can learn from this site how to do it right and you can learn how to create systems and develop strategies that will take you toward your unique goals.  And always realize that hope is not a plan but it is a good starting point.  You must make it a point to consistently remain active and engaged as you pursue your goals!

 

You must always realize that after your credit makeover when you apply for a loan, lenders typically assign interest rates based on what bracket your score falls into.  If you plan on purchasing a car, home, insurance or even seeking new employment—many lenders are using credit scores as a “first look” to see how responsible you are.

 

You must also understand that the most widely used score comes from a company called FICO.  Your actual credit score will fall in a range from 300 to 850 based on the FICO weighting factors—and the higher your number, the better.

 

You want to aim for anything over 740 (is considered excellent) because it will qualify you for the best rates.  If your score is below 640, you’ll pay much higher rates on loans and credit cards, and some lenders will even deny you a loan.

 

Even a small drop in your credit score can make a big difference in what you’ll pay for credit in the current economy. If you have a score of 640 you could possibly get a 30-year mortgage at 4.3% at today’s rates; if your score was 730 you’d qualify for a loan at just 3.5%.

 

That’s over a thousand dollars a year less in interest, or over $30,000 over the life of your loan that you would pay!

 

Your credit score is generated based on the information in your credit report. The way your FICO score is calculated is not precisely known but the way in which FICO weigh the various factors are known:

 

35%    Negative information or payment history

 

30%   Utilization or amount owed

 

15%    Time or length of history

 

10%   Type of credit used

 

10%   Inquiries or new credit

 

After your mastery of the credit factors and this page, don’t forget that it is also very important that you not allow adversity  to destroy your commitment level and your determination to continue even when you face setbacks.  Faith and patience go hand in hand when you are facing adversity!  You also need a written plan of action that will take you to a place that you know you need to go—or that you want to go.

 

In the end it will be your faithpatience and a plan of action that you believe in that will take you to where you should be.

 

By knowing that you can get through any adversity that you face and realizing that better days lie ahead—you position your mind to take the necessary action that will lead you toward your goals!

 

You must always realize that you must confront your reality in order to change your reality.  You cannot go along in life hoping that things will change or going along with the flow (taking what life dishes out at you).  It is imperative that you at this time make the decision to confront what you need to confront and know that success lies in the horizon.

 

The bad decisions that you have made in your past and that you may make in your future must not deter you from taking action now.   By making the decision to give it your best in all that you do–you are setting your heart and mind up for making your dreams come true.

 

It is important that you understand that it is how you learn from your challenges and bounce back–knowing  that the success that you desire lies ahead if you continue to believe–and continue to achieve!

 

You must always know that you can get through adverse situations—just as you have done in past situations that looked bleak at a particular time in your life.

 

By doing so—you put your mind on a path to real success and you put your mind in a more “joyful mood” even while you travel through adverse situations.

 

All the best to your personal credit makeover and wealth building success…

 

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SEP-IRA versus SOLO 401k

 

Learn what the best choice is for your retirement future if you are a single employee at your company or you are a small company considering whether an SEP-IRA or a SOLO 401k is your best choice

 

If you operate a small company or you are a single person owner–you may be deciding among a number of retirement plans to stash away money for your retirement years.  Trying to decide the best option can be a daunting task for those who are new at facing retirement options or have recently opened a business for the first  time.

 

In this discussion TheWealthIncreaser.com will present ways that you can make this sometimes grueling decision—less grueling and help put you on a path to enjoying your retirement  in the manner that you desire and provide you with more clarity so that anxiety will not play a role in your life as you build wealth for yourself and your family.

 

It is the desire of TheWealthIncreaser.com that you will use this page as a guide so that you can experience joy on the inside that will lead to your retirement portfolio and your conscience experiencing a smoother ride!

 

Retirement Plan Options:

 

Depending on your line of work there could be many retirement options available to you.

 

Some of the more common include IRA’s (many versions), 401k’s, 403b’s, SIMPLE IRA Plans (Savings Incentive Match Plans for Employees), SEP Plans (Simplified Employee Pension), SARSEP Plans (Salary Reduction Simplified Employee Pension), Payroll Deduction IRAs, Thrift Plans, RRB Plan (Railroad retirement Benefits Plan), Traditional Pension such as Defined Benefit Plans, Money Purchase Plans, ESOPs (Employee Stock Ownership Plans), Government Plans, 457 Plans, 409A Non-qualified Deferred Compensation Plans and other profit sharing options.

 

If you desire a more in-depth understanding of the various retirement types or you feel that a SEP-IRA or a SOLO 401k is not right for you—consider going to the following links to learn more about the retirement account that may be a better choice for you.

 

https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans-1

http://www.realty-1-strategic-advisors.com/retirement-and-personal finance

 

If you are a small operator, depending on your yearly income—you could be choosing among a number of options but in the end the choice of which “Retirement Plan Option” is best for most and possibly you as well—normally comes down to the choice between an SEP-IRA versus SOLO 401k as they both allow you to maximize your contribution limits and control your investment options better than other plans.

 

However, as a practical matter it is important that you look at and  appropriately analyze all options available to you and not just base your decision on how you feel or think or based on what others are doing.

 

You must analyze all retirement options to see where you will benefit most from a revenue, savings, tax and goal oriented perspective.  After thorough analysis (and possible professional advice) you can select a retirement vehicle that serves your future goals and allow you to maximize your savings and tax advantages on an annual basis.

 

SEP-IRA

 

A SEP-IRA allows you to make contributions that are capped at 25% of your income after a reduction for self-employment taxes.  A SEP-IRA is used by those who have a small firm and solo entrepreneurs as well.

 

SEP IRA contributions for sole proprietors, on the other hand, are limited to 20% of your net self-employment income (business income minus half of your self-employment tax), up to a maximum contribution of $54,000 for 2017.

 

SEP Contribution Limits (including grandfathered SARSEPs) controls what an employer can contribute to an employee’s SEPIRA.  The amount cannot exceed the lesser of 25% of the employee’s compensation, or $53,000 (for 2015 and 2016, $54,000 for 2017).

 

Example: Lets say you are 52 years old and earned $60,000 in income after receiving your w-2 from your Limited Liability Corporation business in 2017.

 

Your total contributions would be capped at $15,000 for 2017!  

 

If you earned $144,000 your contributions would be capped at $36,000.

 

If you earned the maximum income for the year $270,000, your contributions to the SEP-IRA would be capped at $54,000.   The reason being that you have exceeded the contribution limit.

 

Can I make catch-up contributions to my SEP-IRA?

 

Because SEP IRA’s are funded by employer contributions only, catch up contributions  usually don’t apply because you as an owner (employer) would be making the contributions.

 

Catch-up contributions apply only to employee elective deferrals.

 

However, if you are permitted to make traditional IRA contributions to your SEP-IRA account, you may be able to make catch-up IRA contributions.

 

Compensation doesn’t include amounts deferred under a Section 125 cafeteria plan.

 

Compensation is limited to $270,000 in 2017 and $265,000 in 2015 and 2016.

  

SOLO 401k

 

A SOLO 401k allows you to stash away up to $18,000 in 2016 and 2017, or $24,000 in 2016 and 2017 if age 50 or over.

 

In addition, you can also use SOLO 401k’s to make ROTH 401k deferrals of after-tax money that you can withdraw tax free during your retirement years.

 

Solo 401(k), (also known as a Self Employed 401(k) or Individual 401(k)), is a 401(k) qualified retirement plan that was designed specifically for employers with no full-time employees other than the business owner(s) and their spouse(s).

 

A one-participant 401k also goes by other names, such as solo-k, Uni-k, one participant k and possibly other names as well as they are becoming more popular.

 

Although unknown by many in the general public a one-participant 401(k) has been around for a while (early 2000’s) and is basically a plan covering a business owner with no employees or just their spouse–and have the same rules and requirements of any 401(k) plan!

 

Contribution limits in a one-participant 401(k) plan

 

In a SOLO 401(k) plan the business owner (you) are both employee and employer.

 

You must always realize that contributions can be made to the plan in both capacities and you as the owner can contribute both:

 

  • Elective deferrals up to 100% of compensation (“earned income” in the case of a self-employed individual) up to the annual contribution limit of $18,000 in 2016 and 2017, or $24,000 in 2016 and 2017 if age 50 or over; plus

 

  • Employer non-elective contributions up to 25% of compensation as defined by the plan

 

For self-employed individuals:

 

Total contributions to a participant’s account, not counting catch-up contributions for those age 50 and over, cannot exceed $54,000 (for 2017; $53,000 for 2016)

 

Example: Lets say you are 52 years old and earned $60,000 in W-2 wages from your S Corporation in 2017.  You deferred $18,000 in regular elective deferrals plus $6,000 in catch-up contributions to the 401(k) plan.

 

Your business contributed 25% of your compensation to the plan, $15,000.

 

The total contributions to your plan for 2017  that would be allowed is $39,000 with your maximum contribution for the year being $60,000 “if” you earned $144,000 in 2017 ($144,000 * .25 plus $24,000).

 

This would be  the maximum that you could contribute to the plan for Tax Year 2017.

 

If you had income from other sources and you participated in another 401(k) plan–your deductions would not be allowed and you would have to take corrective action.  By reading this discussion you now know that your limits on elective deferrals are by person, not by plan–meaning once you reach the limit–that’s it!

 

In essence, you must consider “the limit” for “all elective deferrals that you makes during a year”–regardless of source to ensure that you don’t exceed the limits and have to take corrective action–that could get costly!

 

Contribution limits for self-employed individuals

 

You must make a special computation to figure the maximum amount of  non elective (25% of your earned income) and elective ($18,000 in 2016 and 2017, or $24,000 in 2016 and 2017 if age 50 or over) contributions that you can make for yourself.

 

When figuring the contribution, compensation is your “earned income,” which is defined as net earnings from self-employment after deducting both:

 

  • one-half of your self-employment tax, and

 

  • contributions for yourself.

 

Testing in a one-participant 401(k) plan

 

A business owner with no common-law employees doesn’t need to perform nondiscrimination testing for the plan, since there are no employees who could have received disparate benefits.

 

The no-testing advantage vanishes if the employer hires employees. No matter what the 401(k) plan is called by a plan provider, it must meet the rules of the Internal Revenue Code.

 

If you hire employees and they meet the plan eligibility requirements, you “must include them in the plan” and their elective deferrals will be subject to nondiscrimination testing (unless the 401(k) plan is a safe harbor plan or other plan exempt from testing).

 

A one-participant 401(k) plan is generally required to file an annual report on Form 5500-SF if it has $250,000 or more in assets at the end of the year.

 

If you are a one-participant plan with fewer assets you may be exempt from the annual filing requirement.

 

Alternatives to a one-participant SOLO 401(k) plan and SEP-IRA

 

Other possible plans for a single business owner that might work for you depending on your business revenue and future goals include:

 

SEP

IRA

ROTH IRA

 

Conclusion

 

With a SOLO 401k you could contribute up to $54,000 for 2017 with a $6,000 catch-up provision if you are over age 50 (maximum contribution $60,000).

If you desire to establish a SOLO 401k you can go to: http://www.kiplinger.com/article/retirement/T001-C001-S003-set-up-a-solo-401k-with-low-fees.html

 

If you had annual income of $250,000 with a SEP-IRA you could contribute up to $54,000 for 2017.

If you desire to establish a SEP IRA you can go to: https://www.irs.gov/retirement-plans/establishing-a-sep

 

Be sure to consider other factors as well such as your years in business, when you plan to exit, tax ramifications now–and in your future, setup fees and administration fees, your anticipated future income, company growth and other factors that may be unique to you or the business that you operate.

 

You can choose to use an SEP IRA or SOLO IRA  if you are a sole proprietor, LLC or Limited Liability Company, S Corporation and possibly other legal structures that meet the IRS guidelines.

 

As you might expect the SEP IRA was once cheaper to set up and administer, however  that has now changed as many brokerage companies offer low cost SOLO-IRA setup and administering.  In addition, you must look at more than just  setup costs and the administrative fees as those are just a small piece in the overall puzzle toward your retirement goals.

 

Always keep in mind that SEP IRA contributions for sole proprietors, on the other hand, are limited to 20% of your net self-employment income (business income minus half of your self-employment tax), up to a maximum contribution of $54,000 for 2017.

 

You may have more investment choices with a SEP IRA as opposed to a SOLO 401k.

 

With a SOLO 401k you have the 25% employer contribution amount (non-elective deferral) based on your income minus the self-employment taxes–plus the elective deferrals and catch-up provision that would allow you to save more annually than a SEP IRA generally–depending on your income.

 

With both plans you would have to pay taxes on withdrawals, however at that time you might be in a lower tax bracket.  Both plans allow you to use the power of compounding to help you reach your retirement number.

 

Early withdrawals or tapping into  the account by you will result in serious tax penalties and vary depending on your age, years of contributions and whether an exception may apply.

 

Investments and Withdrawals basically follow the same guidelines that the IRS has set for IRA’s and 401k’s in general!

 

If you know that you will come out of the gate making $150,000 the decision as to the best choice will be much clearer for you.  However, if you come out of the gates slow and steady with your income increasing steadily from a low amount such as $20,000 in year one–$40,000 in year two and a steady upward trend an IRA SEP may serve your best interests during your early years.

 

In the end “proper analysis” and not just going on what you hear or see others doing –or what you feel will work is the real key.  It is the hope of TheWealthIncreaser.com that this discussion has at least provided you a starting point toward making your retirement dreams come true.

 

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25% of compensation as defined by the plan

How to Make Your Home Sell

PRICE, SMELL, LOOK OF HOME AND WORDS THAT MAKE YOUR HOME SELL…

 

With the Home Buying Season in full swing TheWealthIncreaser.com thought that a helpful page that could help you prepare your home for the current market was in order.

 

In the end you must always remember that the right price, curb appeal, how your home smells along with what you (or your real estate agent) say about your home is critical if you desire to sell your home in a timely manner.

 

PRICING YOUR HOME

 

By pricing your home right–right from the start you help get your home sold faster and in a way that is more beneficial for all parties concerned.

 

It is important that you realize that the final listing (the price that you decide to sell with a real estate agent on the listing agreement) and selling price is your choice in the end.

 

However, if you decide to list too high—some real estate agents won’t take your listing because they know that the price is unrealistic and they know that an over-priced listing will have a negative effect on their reputation/brand and more importantly will not get you the sale that you desire.

 

CURB APPEAL

 

It is important that you realize that the exterior of your home determines if many potential home buyers will even want to enter your home, therefore it is important that your exterior is in the best position possible because potential buyers form an opinion of the value of your home based on the exterior.

 

If the exterior is not up to par in a potential home buyers mindthey will feel that the inside has been neglected even if it appears that there has been no neglect.

 

The curb appeal of your home is the first impression that a home buyer gets and it is important that the first impression is a positive one.  Many real estate agents often preview a home prior to showing the home and in some cases just a drive by is donebecause they realize that if the curb appeal does not meet the standards of their buyer they won’t even enter the house.

 

SMELLS OF YOUR HOME

 

The hard reality is that the smell of your home plays a larger role in successfully selling your home than most home sellers realize.  The “sense of smell” is very important to almost all buyers as it is a sense that goes to the brain immediately and affects the brain immediately (creates a positive or negative experience) in most potential home buyers mind.

 

Use one of the following scents to help neutralize odors in your home.  Multiple combinations don’t seem to work as well as just one scent based on experience that Realty 1 Strategic Advisors has had over the years while assisting home sellers.

 

Cinnamon or Cedar

Lemon

Orange

Vanilla

Extract of Pine or Basil

 

Prior to putting your home on the market for sale be sure to:

 

  • Wash all bed covers and wash or dry-clean drapes

 

  • Clean windows and blinds thoroughly–replace if necessary

 

  • Clean bath and kitchen areas thoroughly–including sinks, tubs and trash compactors

 

  • Have the carpet and ventilation system cleaned or, if necessary, replaced

 

  • Mop hard-surface floors with a lightly scented or unscented cleaner mentioned above

 

  • Scrub the bathrooms top to bottom, again being careful to use lightly scented cleaners or to allow time for the room to air out prior to putting your home on the market

 

  • Store old shoes in plastic boxes with lids and store other items in storage if clutter is an issue in the presentation of your home to potential home buyers

 

  • Wash pet and pet bedding thoroughly

 

  • If possible, move pet items and litter boxes to a garage or other area that is away from the main living areas

 

  • Clean walls, baseboards and ceilings–paint if necessary but allow house to air out the paint smell prior to putting your home on the market

 

  • Clean ceiling fans, chandeliers and lighting fixtures

 

 

When you are trying to sell your home for the best price in the least amount of time you want to create an atmosphere that says to the potential buyer upon entry that the scent in the home is familiar but not too overbearing.

 

When preparing a home for sale, homeowners (you if you desire to sell at this time at the best price possible) need to remove or clean the sources of any bad smell– including trash, cooked food, dirty home appliances, clothing and shoes, pets, smoke and mold – even un-cleaned air vents can cause potential home buyers to frown.

 

MARKETING OF YOUR HOME

 

By stating that you have a fenced backyard, a split floor plan, a master  bedroom on the main level, a split bedroom or floor plan on the main level, laminate or hardwood flooring, an updated kitchen, a finished basement, a home that is move in ready, a home that has recently had landscape improvements, a home with an open floor concept, a home that is single story with no steps, a home that has a natural daylight environment, a  home that has a kitchen foyer, a home that has stainless steel appliances, a home that has vaulted or high ceilings, and/or any other highly descriptive details that apply to your home that gives a potential home buyer a better mental picture of your home–that will “aid in the showing” and “ultimate selling” of your home in the current market.

 

Fenced yards, quartz counter-tops, and flooring with natural stone tile is very popular for homes priced 250 thousand dollars and up.  For luxury homes–golf course, gourmet kitchen, acres, two stories, custom built, ceramic tile, formal dining room, large kitchen, granite counter-tops, first floor etcetera are popular buzzwords that help homes sell at a more rapid pace.  However keep in mind that the higher end homes are taking longer to sell in most markets across the United States.

 

A highly skilled selling agent will help you craft powerful word combinations and phrases that can help you get your home sold faster and at top dollar.

 

CONCLUSION

 

Prior to putting your home on the market AT THE RIGHT PRICE AND CREATING AN INVITING ENVIRONMENT FROM THE OUTSIDE (CURB APPEAL)  take the time to clean out your home in a thorough manner.  If you are not up to the task pay a cleaning company–it could be money well spent as you will normally more than recoup the amount spent when your home is sold.

 

By cleaning your home thoroughly it will help permanently remove scents in your home that might be of concern to home buyers. 

 

In addition it is just plain good living to clean your home regularly so that you can avoid stale or undesirable odors that can linger in the air–however if you don’t clean regularly you may not realize that the odors are lingering!  When you decide to use a fragrance–use one that can help neutralize odors without being overbearing.  Furthermore, by cleaning your home on a regular basis you help maintain and/or improve your and your family’s health.

 

In addition be sure you are aware of environmental concerns both inside and outside of your home!

 

Always keep in mind that the sense of smell is the “strongest of all of our senses” and it is important that you get this often overlooked area of preparing your home for sale–right.  Don’t run away potential buyers by having a home with a bad odor.  Help ensure that buyers will connect with your home by having the “sense of a bad smell” removed from their list of objections to your home.

 

Be sure to change the filters in your ventilation, heating or air conditioning system prior to putting your home on the market to help avoid allowing a smell to circulate in your ventilation system. This will not only deter lingering smells throughout your house, but it will help keep those systems working better and longer.

 

Also, check air vents and wall outlets as an odor source, because there may be a rodent, pest or something else in the wall that might be causing your home to smell.  As an added step make sure your attic is neat and in good order–clean or repair if needed.   In addition take a thorough look at your roof from inside the attic with a high beam flashlight to ensure that there are no water leaks or other obvious damage.

 

A pre-listing home inspection might also be a worthwhile investment depending on your property and your level of upkeep during your ownership.

 

Finally, realize that by using powerful word combinations to market your home–you can possibly put yourself ahead of the competition in your market and that could be the decisive edge that you need to get the showing and ultimate sale at  a competitive price that allows you to pursue your other goals that you have after your successful selling of your home.

 

While you can’t do anything about other homes going on the market for sale this year–“you” can take the steps mentioned in this discussion to help your home sell in a more timely manner–and at top dollar.

 

All the best to your timely home selling success…

 

 

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Vision & Wealth Building

Learn how seeing your wealth building future with more clarity helps you achieve more…

 

Did you know that your vision of the NOW, your vision of the HOW, your vision of the THEN and your vision of the WHEN provides you more clarity and helps you direct your financial future at a very high level?

 

Although not in a blogging mood, TheWealthIncreaser.com was presented with this uncanny and unusual topic with the speed of a bolt of lightning and the vision of this page was made clear in a manner that TheWealthIncreaser.com had to act.

 

In a similar manner that the inspiration to create TheWealthIncreaser.com came—so too did the inspiration or vision to create this page on this day occur!

 

Your Vision of the Present or What You Can do NOW Must be Made Clear Inside of Your Mind

 

Your precise understanding of where you are now at financially is a critical element to you achieving more in a timely manner during your lifetime.  You must know your monthly inflow and outflow of cash and you must know at this time if you have excess income (discretionary income) to work toward your vision of the future that you desire for yourself and your family.

 

If you are currently spending more than you take in on a monthly basis that must be corrected and you must see yourself making the right decisions as it relates to the monthly management of your finances.

 

You must know your current credit position NOW—and make improvements or adjustments where and if necessary!  You must know your “money management style” and do what you can do “at this time” to improve your money management as best you can and in as “comprehensive a way” as possible.

 

Your Vision of HOW You Will Achieve What You Desire in Your Future Must be Made Clear Inside of Your Mind

 

You must have a clear vision of the “steps that you need to take” or you must know within your mind how you will achieve the goals that you desire.  Will you put a written plan in place that will provide you more direction?

 

Will you approach the steps that you need to take in a sincere manner—or are you just kidding yourself?   You must have a serious approach and you must know how you will move toward taking the steps that you need to take.

 

Your Vision of Accomplishment Sets You Up for the THEN so that You Can Pursue Other Goals or Visions that You May Have

 

Once you achieve your goal or vision that you saw—will you come up with more inspiring goals or continue to pursue other goals that you already had in mind and committed to writing?

 

Once you begin achieving the goals that you saw in your mind on a number of occasions you can get momentum on your side and use that momentum to achieve more in a more definite way.

 

By Seeing Your Present & What You Can Do NOW, Knowing HOW You Will Do What You Need to Do and THEN Accomplishing What You Saw In Your Mind You Will Know WHEN You Can Achieve a Number of Goals and Live Out Your Life in a More Comfortable Manner

 

By putting it all together within your mind (knowing what you can do now, knowing how you will do what you will do now and accomplishing what you set out to accomplish on a number of occasions) you can know WHEN you can start enjoying life in the manner that you envisioned.

 

That yearly vacation that you always dreamed of, that vacation home that always seemed to be beyond your reach, the payoff of all of your creditors that you once only dreamed of—or many other goals that are “uniquely” your own, can now be accomplished in a possibly reasonable and realistic time frame because you took a committed look at the HOW and NOW and the THEN and WHEN as it related to your financial future.

 

CONCLUSION

 

You have the ability to know WHEN you can start enjoying life on your terms if you put together a written plan for success that you formulate (or formulate with others) at this time.

 

Your clear vision of HOW you will achieve at a higher level will give you added clarity that can “take away the stress of managing your finances more effectively” throughout your lifetime—possible.

 

It is the desire of TheWealthIncreaser.com that this page has provided you with some clarity as to how you can jumpstart the management of your finances and achieve at your highest level of excellence.

 

All the best to your new VISION for Success…

 

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