Preparation & Wealth Building

 Learn why you must prepare for wealth building success and always give it your best…

 

In the current economy anxiety and a feeling of uncertainty is inside the mind and heart of many, however those who have “prepared for success” are less likely to exhibit stress and anxiety at this time (or in the future) than those who “failed to prepare” for success in their past.

 

With the  stock market around the globe fluctuating wildly and the COVID-19 virus running rampant in many parts of the world, many are feeling uncertain about their financial future and their future well-being in general.

 

In this discussion TheWealthIncreaser.com will discuss how those who prepare for success–experience less stress as they move along at the various stages of their life–because they have chosen to give it their best.

 

It is important that you gain a real understanding of the following paragraphs as it can allow you the opportunity to pursue the success that you desire in a manner that allows you to win continuously during your lifetime.

 

Knowledge of what needs to be done…

 

It is important that you have knowledge of what you need to do to make your wealth building (and life) dreams materialize during your relatively short stay while here on planet earth.

 

That all starts with knowing what you need to do  in clear and cohesive terms so that you will know what you need to focus on–and move to action on–during the various stages of your life.

 

Action plan to do what needs to be done…

 

You must know that by preparing in advance by properly establishing an emergency fund at the earliest time possible you are showing a real desire to achieve long-term success.

 

Even though conventional wisdom says that a three to six month emergency fund is appropriate you may have a need for an even greater amount in your emergency fund.

 

If you are a business owner, real estate investor or you like to invest in the markets more aggressively than the average investor you may have a need for an even greater amount in your emergency fund.

 

In addition, you want to prepare for your future properly, therefore you must know your inflow and outflow of cash on a monthly and yearly basis as well as having a real understanding at the earliest time possible of your net worth and what you can do to increase your net worth more efficiently.

 

Furthermore, you must have mastery of how you manage your credit so that you can know if you can possibly manage your credit more effectively.

 

In addition, you must take action in a comprehensive way by looking at and improving your finances in all areas so that you can achieve more throughout your lifetime.

 

Constant review and improvement where necessary…

 

Even though you may have done all of the above, or plan on doing so–the journey does not end there!

 

You must prepare your mind for systematic reviews of your finances so that you can make adjustments and improvements where necessary.

 

You cannot do like others who get complacent and comfortable about where they now are and show no initiative to move forward in a better or more efficient way.

 

You must see the relationship among personal financial statements, credit management and the management of your finances in all areas.  By doing so you can achieve far more and put yourself in position to do what you enjoy on a more frequent basis while you are here on earth.

 

Conclusion

 

By preparing in advance whether it be your finances or any other area of concern that you may have you open up the possibility to achieve far more during your lifetime and you put yourself and your family in a better position for short and long-term success.

 

If you are a college student, just entering or leaving the job market, a seasoned veteran on your job–or you are trying to find a better way to manage your finances you must realize at this time that it all starts with preparing your mind for what you desire to occur in your future.

 

By preparing for your “wealth building success” you can put your mind and heart in position to give it your best.

 

All the best as you give deep thought to your future of unlimited success…

 

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Field of Sight & Wealth Building

Learn why on many occasions you can’t achieve the wealth building goals that you don’t see clearly…

 

In the current economy many are uptight and have a certain level of uncertainty about what lies ahead for varying reasons.

 

In spite of what is occurring in your country and on the world stage it is important that you have in “your field of vision” what you want to occur most in your future.

 

In this discussion TheWealthIncreaser.com will discuss the power of focus and concentrating on the goals that you desire in your and your family’s financial future.

 

In the following paragraphs you will learn what you need to have in your “field of sight” if you desire to make the goals that you desire happen in a more time-efficient manner.  It is important that you have a “clear view of what you need to do” to make your dreams come true.

 

This discussion is designed to get you started fast on your journey toward achieving what you desire in a manner where you encounter fewer roadblocks because all obstacles have been cleared out of your way–and you can see what lies ahead clearly.

 

View of the steps that you need to take…

You must see clearly how you can use financial statements to reach your goals in a more efficient manner.  Your usage and understanding of a personal cash flow statement can help you plan and reach the goals that can make a real difference in your quality of life.

 

By having clarity or a clear view of what you need to do–you set yourself up for making your dreams come true.

 

You cannot effectively address what you don’t see, therefore, “how credit operates” is something that you must see–if you desire to be all that you can be.  You must have mastery of your credit so that you can achieve more during your lifetime if you are one who have a need or desire to achieve more.

 

You cannot strive to reach what you don’t see, therefore you want to know all areas of your finances that you must address–so that you can strive to reach a higher level of success.

 

By knowing what you must address you put your mind in position to look at your insurance, investments, taxes, education planning, emergency fund, estate planning/wills and retirement planning in a more balanced and beneficial way where the advantage can go in your favor as opposed to creditors and others.

 

Clarify that what you see is what is meant to be…

Is the inspiration that you see true inspiration and what you should act upon or is the inspiration  something that you should take a pass on?  Are the goals that you desire to achieve really what you should go after?

 

If what you desire is something that you should act on you won’t feel insecure or doubtful about what you are about to embark upon.  Quite the contrary, you will joyfully pursue what you desire and do all that you can do as you reach higher.

 

If what you see is what is truly meant to be you won’t be fearful and afraid to move forward.  Quite the contrary,  you will be moved in a focused and sincere way to move forward–starting today.

 

Vision of your mindset or mental toughness to achieve what you desire…

You must see yourself thinking through what you need to do to make your financial dreams come true.  You must have a view of your future where you see “what you desired to achieve” has already occurred–and you are in effect experiencing at the time of your thoughts the reality of “what you visualized” to occur at a future date.

 

You must determine if what you see is what is truly meant to be.  You do so by giving serious deep thought to what you desire most so that you can gain the strength that you need to put into action what you see.

 

You must see yourself on a daily basis doing the work that is necessary to make what you really desire occur in real time.  Do you see yourself occasionally looking at your finances in an intense manner and making improvements where necessary?  That is the mindset or mental toughness that is needed by you if you desire to achieve consistent success throughout your lifetime as you build wealth.

 

Conclusion

It is important that you look out into the horizon and see what lies ahead as far as your financial future is concerned.

 

You must see yourself achieving whatever it is that you want to occur both in your financial life and outside of your financial life.  You must bring into “focus” or “your field of vision” what you want to pursue in a sincere and never relinquishing way–starting today.

 

By frequenting the links on this page you can bring into your “field of vision” a real pathway to achieve and reach your destination in a way that allows you to give it your absolute best–consistently.

 

You can visualize a new way toward achieving success and you can gain the determination to always give it your best.

 

TheWealthIncreaser.com asks that you make a real commitment to dig within–so that you can win and achieve what you desire again and again.

 

All the best, as now is the time that you truly see success.

 

Now is the time that you do it right, because the success that you desire is within your sight.

 

Arm yourself with the right knowledge and go out and achieve your dreams!

 

Achieving the success that you desire is no longer as hard as it seems.

 

All the best to a lifetime of success…

 

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 Note: TheWealthIncreaser.com is not a Search Engine Optimized site (SEO) but a “Your Mind Optimized site (YMO)” that is intentionally designed for your continuous wealth building success…

 

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Due Diligence & Wealth Building

Learn why you must do your due diligence before, during and after you build wealth…

 

In this month—which is special as it was the month that the creator of TheWealthIncreaser.com came into the world, the topic of due diligence kept coming up as a topic that should be discussed at this time.

 

In the words of Satchel Paige “it’s about mind over matter” and age does not matter if you don’t mind–or something to that effect.  In a similar manner but with an opposite twist–you must do your “due diligence” on the front end so that you can avoid financial mishaps on the back end (give it your best now–so that you can relax later).

 

As the creator of TheWealthIncreaser.com turns over another year it is also appropriate that you also turn a new page in your life and do the “due diligence” that you need to do to prevent bad things from happening to you.

 

Questions you need to ask on the front end…

 

Are the financial advisor(s) or company that you seek to represent you reputable?  Are they operating on a fee basis or commission basis or a combination of the two?

 

Are you comfortable that those who you choose to represent you–can do what you want them to do?

 

You must get to a point where you can smell it and see it coming when it comes to fraud and unscrupulous behavior of those who represent themselves as seasoned pros in the various financial arenas.

 

Are those that you choose to assist you with your finances or otherwise choose to represent you competent—based on experience that can be verified?  Does the company have a track record of success.  Does the company or advisor offer you the ability to meet with them in a comfortable environment to see if you are a good fit with them–and they are a good fit with you?

 

You can guard against and lessen the effect of financially adverse situations if you have a “financially alert mind” and you stay informed about the financial affairs in your life.

 

You must do what is reasonable and expected when you are choosing a financial advisor or planner.

 

You must also do what is reasonable and expected when you are in the process of building wealth and that includes knowing your monthly and annual cash flow, managing your credit wisely and knowing all areas of your finances that you must address.  All of those topics will be addressed in the following paragraphs.

 

Questions you need to ask about your Cash Flow…

 

You must know how your cash flows into and out of your household on a monthly and annual basis if you desire to manage your finances more effectively.

 

By knowing how you manage your finances you open up in your mind the possibility of managing your credit and finances more effectively.

 

Did you create a cash flow statement that allows you the ability to see how your cash flows into and out of your household on a monthly basis so that you can know how much you have left over (if any) on a monthly basis?

 

Are you interested in knowing how your cash flow looks on an annual basis?  Do you have a desire to know what your assets are and what you owe so that you can know your net worth or how well (or poorly) you are doing financially?

 

Questions you need to ask about Managing Your Credit…

 

You must also know how you manage your credit and finances on a monthly and annual basis.  You must have working knowledge of the “5” credit factors and how you can use them to your best advantage now–and in your future.

 

Why must I pay my debt on time consistently and keep my utilization of my available credit at an acceptable level?  Why must I keep my inquiries low and have a credit mix as opposed to just one type of credit and how can my knowledge of all of that better serve the goals that I desire?

 

By knowing and applying the “5” credit factors you can direct your life and avoid financial strife.

 

You can control creditor’s as opposed to giving creditor’s the steering wheel and directing your life.

 

Questions you need to ask about Addressing All Areas of Your Finances…

 

You must know the questions you need to ask yourself and you must also know the questions that you need to ask your financial planner or advisor, if you have a desire to use one in your future.

 

Furthermore you must do your best to obtain a financially alert mind as it will allow you to think and act in a proactive and more informed manner as you move toward achieving your goals.

 

You want to make it a point to understand and review your insurance, investments, taxes, emergency fund, education planning, estate planning/wills and retirement planning on a scheduled basis.

 

By doing so you can put your mind in position to maximize your finances in the above areas and ask the right questions along the way so that you can achieve more throughout your lifetime while you are here on planet earth.

 

By doing so on a consistent basis you put in motion what is needed to enjoy your future on terms that are more favorable to you and your family.

 

Conclusion

 

By doing what you need to do at the various stages in your life you can put yourself on a path to achieving at a much higher level as you move toward achieving the goals that are meaningful and significant to you and your family.

 

You now know what is reasonable and expected of you if you desire to build wealth.  You now have an opportunity to manage your finances in a more effective way.

 

By getting out in front of your finances you are approaching your future in a more intelligent, consistent and proactive manner.  Make it a point to bring into reality a brighter future for you and your family and it all starts by doing your due diligence or what you need to do in a proactive manner.

 

All the best to a lifetime of success…

 

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Note: TheWealthIncreaser.com is not a Search Engine Optimized site (SEO) but aYour Mind Optimized site (YMO)” that is intentionally designed for your continuous wealth building success…

 

Copyright© 2014–2020–TheWealthIncreaser.com—All Rights Reserved

 

 

Patterns of Success & Wealth Building

 

Learn how doing what needs to be done on a consistent basis can lead to greater wealth building success throughout your lifetime…

 

In the current economy it is your responsibility to determine a path to success that will work for you and your family.  In this discussion TheWealthIncreaser.com will look at steps that you can take to make your wealth building dreams come true.

 

There is no need for you to stress as you too can choose to give it your best and achieve wealth building success.

 

You must ask and answer the right questions as you build wealth and the following paragraphs are designed to point you in that direction and lead you on a path to the success that you desire–or need to achieve.

 

Operate over time in a consistent manner…

 

You must come up with a way that you can achieve success on a consistent basis.  You must realize that many who have visited this site on a consistent basis have achieved wealth building success and you can do the same.  Even so, you must still use your intelligence to search out other sites to see if you can find a wealth building site that more appropriately aligns with your money management personality.

 

If you pay off your debt consistently, invest consistently and plan for what is in your future on a consistent basis, you open up the possibility to achieve far more at the various stages in your life.

 

Put in action what will take you to where you need to be…

 

It is one thing to know what you need to do to achieve success, however it is a totally different thought process (by measure of magnitude) to actually decide in a “sincere manner” to put into action what you know you need to do.

 

You must take decisive action on making the dreams and aspirations that you have at this time come into fruition at a time and in a manner that is of your choosing.

 

You cannot have a reactionary approach or respond after the fact when you are in a difficult financial position.  Now is the time that you obtain a “financially alert mind” so that you can put in practice what you need to do in a proactive manner so that the odds of success turn in your favor.

 

Always know the steps that you need to take to achieve the success that you desire…

 

You must know the steps that you need to take and you must  put into action what you know will take you toward the results that you desire.

 

Your understanding of financial statements and how they can assist you personally in your wealth building efforts cannot be overstated.  Your mastery of “the 5 credit factors” can put you on a positive path to credit and finance management throughout your lifetime.

 

Your understanding of “all of the areas of your finances” that you must address will put you far ahead of those in the general population who don’t even have a clue–of what they need to do–to make their financial dreams come true.

 

Conclusion

 

By knowing the steps that you need to take on a consistent basis you can work toward reaching your goals in a more efficient and effective manner.

 

You no longer have to wonder, hope, wish and not know what lies ahead as it relates to your financial future!

 

By understanding the steps that will lead to success and putting them into action you are learning from those who have done it in the past, therefore you don’t have to learn from your mistakes–but instead can learn from the steps that others have taken to achieve major success!

 

Keep in mind that there are many “patterns of success” as it relates to wealth building!

 

It is your responsibility to determine what system or approach will work better for you and your family–whether it is the system or approach on this site–another site, other sources or one that you create yourself.

 

It is the desire of TheWealthIncreaser.com that this discussion has at least “opened up your mind to new possibilities” as it relates to your wealth building future and put you on a forward moving path toward achieving what you desire or need to achieve in the coming years and throughout your lifetime.

 

All the best toward achieving at a level that is your absolute best as you find your pattern of success…

 

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Note: TheWealthIncreaser.com is not a Search Engine Optimized site (SEO) but a “Your Mind Optimized site (YMO)” that is intentionally designed for your continuous wealth building success…

 

GPS & Wealth Building

 

Learn how to set Goals, Plan for your financial future and use the Success qualities that you have within you to build wealth consistently throughout your lifetime…

 

In the current economy it is more important than ever that you set your GPS so that you can go in the right direction so that you can achieve or reach the location that you desire or need to achieve during your lifetime.  It is important that your mind or mental thought process is not in a rat race, but instead is in a good space so that you can go to the right place!

 

Reaching the Goals that you desire and Planning for a Successful outcome doesn’t have to be a lonely, less traveled road for you and your family if you approach the intersection armed with the right knowledge–and you know when to use caution and when to make the turn that is best for you and your family.

 

In this discussion TheWealthIncreaser.com will show you the importance of setting Goals, Planning for your future and using the Success qualities that you now have (or will soon cultivate) to move forward more efficiently and effectively as you build wealth.

 

GOALS

It is important that you set goals that are meaningful and significant to you and your family.  It is also important that you dream big and not allow detractors and others to limit the goals that you set for yourself and your family.

 

What is it that you really want to achieve at this time, in 5 years, in 10 years and during your retirement years?  By giving serious thought to what you want to occur in your future you provide the fertile soil that is needed to make those goals and dreams that are in your mind–happen in real time.

 

PLANNING

After giving serious thought to the goals that you desire you must put a plan in place to achieve those goals.

 

Even though thinking about your goals and planning them in your mind can be effective in many cases–a more effective and scientific approach is to put the goals that you desire in writing and put the plan of attack (how you will achieve your goals) in writing.

 

By using written plans with a “deadline for achievement” to achieve the goals that you desire you help magnify the goals in your mind and you increase the possibility and probability of reaching your goals exponentially.

 

SUCCESS

By giving serious thought to the goals that you want to achieve and by putting the goals and dreams that you have in your heart and mind in writing–you open up the atmosphere–and the direction that you will travel will be in alignment with where you need or desire to go.

 

You must see success in your future and you must cultivate your mind in a way that leads to improvement throughout your lifetime.

 

You must have integrity at all times and you must gain the focus, determination, commitment and other key success qualities so that you can move along at a more prosperous pace and achieve at a higher level throughout your lifetime.

 

Conclusion

 

By using the GPS that you now possess inside of your mind–you can achieve the type of success that is one of a kind.  You no longer have to wake up daily and not have a plan of action.  You no longer have to live your life with a high level of dissatisfaction.  You can now use your GPS (your Goals, your Planning and your Success qualities) to gain traction–and move forward in a more definite way–starting today!

 

By using written plans that you helped create you are putting your heart and mind in the mix when it comes to building wealth. 

 

By using the GPS that you now possess “you are stretching your mind and looking deep inside in a way that you have never done before” and by doing so reaching your goals will be much more likely to occur!

 

Don’t let anything hold you back at this time or in your future! 

 

You now have within your heart and mind (or will soon get if you are determined to do so) a simple but highly effective blueprint of how you can use Goal setting, Planning and cultivating habits of Success to achieve at a higher level–and in many cases at your absolute best.

 

All the best toward using your GPS to attain success as you will soon arrive at the destination that is uniquely your own…

 

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Copyright© 2014–2020–TheWealthIncreaser.com–All Rights Reserved

 

NoteTheWealthIncreaser.com is not a Search Engine Optimized site (SEO) but a “Your Mind Optimized site (YMO)” that is intentionally designed for your continuous wealth building success…

 

Debt Payoff & Wealth Building

Learn how you can make debt work for you so that you can build wealth…

 

In this day and age it is important that you turn a new page and not live your life with rage.

 

Now is the time that you put a debt payoff plan in place so that you can achieve at all ages, increase your wages and turn new pages.

 

Even though you may now have credit card debt, you can “flip the script”  and pay off your debt and use those payments to build wealth so that you and your family benefit (not creditor’s) for the remainder of your life and beyond.

 

You can leave a legacy for future generations and live daily with confidence because you decided to seriously confront your finances and you left all excuses behind.

 

In this discussion TheWealthIncreaser.com will show you how you can turn a negative situation such as debt payoff into a positive situation where you have over a million dollars in your account.  Keep in mind that it won’t happen overnight, however you can put yourself and your family in position to make it happen in a real way.

 

Analyze Your Cash Flow

You must know your monthly cash flow position prior to starting on your debt payoff plan if you desire to pay your debt down in the most efficient and effective manner possible.

 

You must create a personal cash flow statement (budget) at a minimum and by doing so you will open up the possibility of paying off your debt in a more timely manner–if your discretionary income is at an acceptable level.

 

If your income is not at an acceptable level you may need to get more income or cut your expenses–or do a combination of the two if you desire to make your debt pay down or debt pay off dream come true.

 

Increase your Income

You must increase your income if you are now falling short of paying off your debt in a timely manner.  You may have to get a second job temporarily to help pay off or pay down your debt in a timely manner or come up with other creative ways to increase your discretionary income.

 

In rare cases bankruptcy should be given serious consideration if your debt level is at an insurmountable level where the payoff will take greater than 5 years and you lack the means to pay off the debt.

 

This approach should normally be considered as a last resort after you have exhausted all other means as your credit will be severely affected for years–however you can make an effective recovery after bankruptcy if you are committed and you have an effective action plan.

 

You also want to use this approach (if necessary) “prior to” depleting your retirement and other financial accounts, therefore it is important that you get professional advice in a timely manner if you are currently in a difficult or distressed financial position.

 

Cut Your Expenses

In some cases you may be able to cut your monthly expenses by spending less, getting on budget or levelized billing for your utilities and looking at your variable expenses to find areas that you may be overspending in such as entertainment, clothing and the like.

 

You must look at ways that you can reduce your bills or cut expenses and the money saving can be used to reduce debt and/or achieve other goals that you and your family may have.

 

Pay Your Credit Card Debt Off in an Efficient Manner

You must come up with a debt payoff plan that is reasonable based on your lifestyle, realistic based on your ability to pay and has a definite deadline for achievement that is also reasonable.

 

You can choose from a number of payoff options such as smallest balance to largest balance (snowball approach) or highest interest rate to lowest interest rate (avalanche approach) and many other approaches that fall in between.  The real key is do you have the motivation at a high level and  are you determined to pay off or pay down your debt so that you can do xyz?

 

Why do you want to pay off this debt that you have?  Is the “why” enough of a motivating factor to keep you “locked-in” on your payoff schedule so that you can do what you desire in your future–including saving more aggressively for your retirement years?

 

Use Your Payments that You Were Using for Debt Payoff (along with other income) to Build Wealth

Once you pay off or pay down your debt you can use those payments that you were using to pay off your debt to build long-term wealth.

 

You can use the same discipline that you have become accustomed to with your debt payoff efforts to invest monthly for a consistent period of time whether it be 10, 20 or 30 years–or any time period that you desire that will take you toward the goals and objectives that you desire or need to achieve.

 

You can also use future salary or wage increases and other financial windfalls that may come your way to help build wealth more efficiently during your lifetime.

 

Conclusion

By paying off or paying down your debt at this time you can start on a path to enjoying life in the manner that it should be enjoyed.  You will put yourself in position after the debt payoff to use the funds to pursue wealth and help ensure a more prosperous retirement period once you age.

 

In a similar manner as those who promote “buy 20 year term life insurance and invest the difference” that you would be paying for whole life insurance over that 20 year period to build your future nest egg–so too can you use that same general concept when it comes to paying off your debt and building wealth.

 

For example, if you were accelerating your debt payoff  ( credit card debt of $12,400) by increasing the amount from $300 per month that you would be paying for 10 plus years before debt payoff to $600 per month for 25 months or just over 2 years–you could continue to use that $600 per month by investing consistently for 30 years and at a return of 10% per year you could have well over a million dollars in a relatively painless way.

 

Keep in mind that whether you buy term and invest the difference or pay off your debt and invest the “payoff monthly payment that you were making” to invest for a designated period–the real key is that you must have the right mental faculties or mindset to stay focused and make it happen in real time.

 

You must realize that many start on a positive note by buying term and investing the difference–however, many also fail to go the distance–they stop or cut back on their investing activity and end up falling short of what they needed or desired to achieve–such as reaching their retirement number, saving for their dream home, investing for the educational needs of their children and many other scenarios that are played out in real time based on adversity that they face at the various stages in their life.

 

Don’t let that be you!

 

And it won’t be you, because you are aware of the need to create  an emergency fund that is properly funded and you know why it is critical to do so at the earliest time possible because it helps you meet life’s emergencies without having to interrupt your long-term investing activity.

 

If you are now serious about eliminating or reducing your debt at this time you must sincerely look within and determine right now that you are willing to put forth a serious effort to pay down or pay off your debt consistently in a way that will lead to you reaching the goals that you desire or need to achieve.

 

You must always realize that while you are here on planet earth life happenings will always occur that can give your mind an easy way out as to why you “can’t” do what you need to do!  In most cases they are nothing but excuses and your mind will accept those excuses if you allow your mind to do so!

 

The good news is that you can decide to  to fight and not allow excuses or any other negative occurrence take your mind or mental thought process in the wrong direction during your lifetime.

 

Will you be in the group that allows adversity and the happenings of life to hold you back–or are you willing to move forward with an unstoppable force on the inside that says by your actions–I will be successful and I will achieve at the level that I  desire?

 

Because you control your mind and the outcomes that are in your future–the goals that you are pursuing cannot and won’t be denied because you have put together a serious debt reduction action plan and you know that you have the commitment level that is needed at this time–based upon looking deep within and sincerely accepting the challenge.

 

You are fully aware that by achieving the goals that you desire you can create a more rewarding future for yourself and your family while on earth (and even when you transition your heirs can still benefit from the actions that you took) and bring  the joy and happiness to your heart and mind that you need–and deserve.

 

Use your “new attitude” about your future success to pay down or pay off your debt and achieve any other goal that you may desire–starting today!

 

In closing, it is important that you realize that many of our past clients were unaware that they would be paying thousands upon thousands of dollars in interest for “many more years” than they anticipated if they continued on their “current” debt payoff trajectory.

 

By adding an additional amount to their monthly payment their debt payoff or debt pay down was accelerated to just a few years–as opposed to a 10 to 20 year payoff period.

 

If you are now fortunate to have discretionary income on a monthly basis you can use some or all of your discretionary income to pay down or pay off your debt and achieve other goals that you may have.

 

If you unfortunately don’t have discretionary income at this time you may need to:

 

1) increase your income on a monthly basis

2) cut your expenses on a monthly basis

3) do a combination of the two

 

You want to position your mind for continuous success and you do so by–seeing a realistic path toward making your dreams come true–and that is something that you now know how to do!

 

All the best toward your debt pay down and debt pay off success as you build your retirement nest and achieve other goals that will allow you to live at your absolute best…

 

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Confidence & Wealth Building

Learn why you must have confidence in what will happen in your future as you build wealth…

 

As we move along in this new decade many are attempting to make a serious turn in the direction in their life and achieve lasting success in the management of their credit and finances.

 

Speaking of turns, I had the unexpected occurrence of meeting one of my favorite athletes (Lee Haney earlier this month on January 18th) after I forgot some grocery and had to return to the health food store.

 

As you turn in the direction of making your life more prosperous you must realize that a  key component to achieving the success that you desire is how you look at your past, present and future.  And it is more important than ever that you have confidence in your future regardless of the political and economic climate that you find yourself in.

 

In this discussion TheWealthIncreaser.com will discuss the importance of why you must have confidence in your future and will detail ways that you can take steps to bring the confidence that you now have or will soon gain–to build wealth now –and in the coming years.

 

It is important that you see success in all areas of your life and particularly in the area of your credit and finances!

 

You must want (in your heart and mind) to see how you can use personal financial statements to your advantage, know how you can master your credit effectively and know how you can address all of the important areas of your finances in a way that will take you to where you want—or need to be.

 

How you can use personal financial statements to your advantage…

 

It is beneficial for you to have the knowledge of how you can use personal financial statements for the greater benefit of yourself and your family.  By knowing your monthly income and the monthly outflow of cash (cash flow) that you utilize to pay your monthly expenses you can get a clearer picture of how you manage your finances now–and how you can make improvements.

 

In addition, you want to see how your yearly income and yearly outflow of cash that you utilize to pay your yearly expenses affect your household.

 

A personal income statement will help you do just that and will also provide you an even clearer picture of your overall finances and where you can possibly go in your future.

 

In addition you want to take a serious look at your assets and your liabilities so that you can determine your net worth and a balance sheet will assist you in this process.

 

Your net worth is a key metric that can be used at the various stages of your life to help you see how you are doing financially!

 

By doing the above you are showing a real commitment to improve your financial condition and the success or goals that you desire to occur will be made more realistic for you if you utilize the knowledge gained from those statements in the right way.

 

You will put yourself in position to operate daily with more confidence and optimism and a feeling of joy can live inside of your heart and mind on a continuous basis.

 

How you can master your credit effectively…

 

It is important that you have working knowledge of how you manage your credit and how you can manage your credit more effectively.  You must have a “meaningful understanding” of how credit works and you must have working knowledge of the “5 credit factors” so that you can apply that knowledge throughout your lifetime.

 

By keeping your “payment history positive” and your “utilization rate” or the amount of your available credit that you use below 15% you will be on a good path toward credit management.

 

You must also manage your credit effectively “over time” and you must have several “types” of credit (your credit mix) and seek new credit sparingly to keep your “hard inquiries” at an acceptable level if you desire to maximize your credit and credit score throughout your lifetime or during the period in your life that you desire to utilize credit.

 

How you can address all of the important areas of your finances…

 

It is important that you know what you must address financially and you must use that knowledge to actually manage the areas of your finances in a comprehensive manner and in a manner that is more beneficial for you and your family.

 

You must insure that your insurance coverage (no pun intended) in all areas that can benefit you has at least been looked at–and where appropriate added to your insurance profile.  You must invest both inside and outside of your retirement accounts so that you can achieve the goals that you desire.

 

You must minimize the taxes that you pay in as effective a legal manner as possible.  You must establish an emergency fund that is appropriate for you and your family.

 

You must establish an education plan for your children if necessary at the earliest time possible, and finally you must complete your estate plan/will(s) in a timely manner as well.

 

Conclusion

 

Your determination to look at your finances in a proactive manner can lead to you gaining “added confidence” in the way that you look at and respond to financial occurrences at this time and throughout your lifetime.  There is no reason to fear your financial future or let distractions in your life rule the day.

 

Now is the time that you use your “new found or newly created confidence” as it relates to your finances to worry less, let go of anxiety, leave frustration in your past, put forth more effort, and leave all excuses behind.

 

By using personal financial statements, mastering your credit and improving your finances in all areas you can confidently look at your future and pursue the success that you desire in a more definite way.  You can then pursue other goals or your life purpose in a manner that is empowering and can really take you to where you need or desire to be.

                    

It is important that you understand what is best for your long-term financial health and you must organize your thoughts with awareness of where you want to go and you must have a steady confidence as you move toward where you want to go!

 

It is you who must organize your thoughts and find the best route to long-term success based on your goals and dreams!

 

Even if you are on a prosperous path toward financial success you must still pursue your goals with passion and always know that adversity or unwanted happenings will occur during your life.

 

However, it is you who must find a way (possibly with the assistance of others) to come through your adversity and recognize that you are now stronger and you can achieve more.

 

You must realize that adversity has occurred and you can grow from it if you believe you can and you take steps to make it happen.

 

You must gain or regain your confidence and move forward!

 

You must be “proactive” (notice the emphasis on proactive), formulate and execute your goals in a manner where you have the right frame of mind (cultivate success qualities to a higher level in your life) as you build wealth.

 

All the best toward your increased confidence, starting today…

 

 

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Random Thoughts & Wealth Building

Learn about “10 highly effective success principles” that the creator of TheWealthIncreaser.com believes can lead to untold financial success for you and your family…

 

It is amazing to believe that the blogging journey for the creator of TheWealthIncreaser.com began exactly 10 years ago (January 3rd, 2010) with the decision to create a dynamic website (the-best-atlanta-real-estate-advice.com) powered by SBI.

 

In spite of not having written an article of over 500 words in over 20 years the inspiration and guidance was provided by the creator of this great universe for the creator of TheWealthIncreaser.com to dream big and create credit, finance and real estate articles for visitors so that they could achieve financially in a comprehensive manner—and in a manner that would lead to continuous success throughout their lifetime.

 

Although a daunting challenge—and task—the creator of TheWealthIncreaser.com has successfully done just that over the past ten years.

 

By dreaming big—and knowing deep inside that success would be the outcome the guidance was provided—and visitors worldwide now have free access to over 500 pages of content on three of the most empowering wealth building sites that can be found in the internet universe:

 

the-best-atlanta-real-estate-advice.com

realty-1-strategic-advisors.com, and

TheWealthIncreaser.com

 

The three sites have brought forth a new version of financial planning that turn the odds in your favor (not creditors) and more importantly puts you in control of your finances and wealth building activity in a way that could lead to greater success for you and your family throughout your lifetime.

 

With this being the ten year anniversary of “when it all started” the creator of TheWealthIncreaser.com decided that an appropriate topic that could lead to lasting success was to outline “10 success principles or random thoughts that came to mind at this time” that can help you achieve your financial (and life) goals at a higher level in this decade—and throughout your lifetime—while you are here on planet earth.

 

  • Know what to avoid

It is important that you manage your finances from a standpoint of understanding what you need to avoid.

 

By frequenting this and other wealth building sites you are showing a real commitment for successful outcomes to happen in your future.

 

  • Know what to confront

In a similar manner as knowing what you must avoid in order to achieve optimally—you must also know what you need to confront.

 

You must not only have that knowledge—you must actually confront your current cash flow position, your credit understanding and your financial understanding in all areas—if you desire to achieve optimally throughout your lifetime.

 

  • Have a big imagination

Nothing can hold you back moreso than your inability to dream big—and pursue those big dreams!

 

You must formulate significant goals and have every intention within your mind of achieving those goals.

 

  • Know your thought process

How do you approach your finances and financial future? Do you even have an approach?

 

By thinking about your future and what lies ahead you put your heart and mind in position to receive the vibration and rhythms of life that can lead to “life happenings” going your way.

 

  • Begin with the end in mind

You must begin with the end in mind whether it is a car purchase, home purchase, educational goals, retirement goals or any other goal.

 

By doing so you put yourself and your family in a more favorable position for success.

 

Will I sell or trade-in my vehicle in 3 years?

 

Will I stay in my home for 20 years and then move to my dream location?

 

Will I begin saving now to help fund my child’s educational needs 15 years from now?

 

Will I allocate my risk profile with my investments in an appropriate manner?  Will I sell stock X that I bought at $5 per share–all or in part–when it hits $20 a share?

 

Will I choose mutual funds or will I use a stock portfolio to help reach the goals that I desire–or will I use a combination of investment vehicles to reach the goals that I desire?

 

Will I save appropriately so that I can reach my “retirement number” so that I can do what I desire in my retirement years?

 

The above—and other probing questions based on the goals that you are pursuing are what you must ask on the front end—so that you won’t suffer on the back end!

 

  • Keep your monthly bills under 10 so you can win

You must make it a point to manage your bills monthly (mortgage, auto loan, gas, electric, water, garbage, phone, cable,  and credit cards) at an optimal or highly effective level.

 

Keep in mind that if you are at nine bills or twelve bills you are still ok–the goal is 10 or so per month–to add clarity to your mind and thought process so that you reduce stress on a monthly basis.

 

You must have clarity and focus on a daily basis and not allow clutter to cloud your mind!

 

By keeping the number of bills that you pay from your checking account on a monthly basis under 10—you set your living circumstances up so that you can win.

 

This success principle does not mean you can’t have other accounts to reach your ultimate goals such as an account for entertainment and living outside of your “fixed monthly expenses” or investment accounts and other accounts that are designed to help you reach your goals.

 

  • Know your money management personality

By knowing how you manage your finances on a daily, weekly, monthly and yearly basis—you put yourself far ahead of those in the general population who go about their daily activities in a manner where they don’t have a clue.

 

Are you a highly effective money manager—or do you need to improve?

 

There is no need to panic as you can achieve lasting success regardless of your money management style.

 

  • Know where you are at in your life stage

Whether you are just entering the work force, just graduating from college—or you have been working for years—it is important that you understand the stage in life that you are at.

 

By doing so you add clarity to how you see your future and you make reaching many of your goals more likely to occur.

 

  • Always establish a properly funded emergency fund

It is imperative that you establish an emergency fund at the earliest time possible and properly fund that emergency fund.

 

By doing so you help reduce the future risks that you will face in your life and success will be more likely to occur.

 

  • Have faith that what you are pursuing will truly occur

You must know and take action consistently in a manner that says to the universe—I will succeed!

 

You must sincerely pursue the goals that you desire so that you can give your mind added incentive—to reach higher!

 

You must believe and know that the results that you are pursuing—will show!

 

Conclusion

 

It is important that you use your experience, expertise and you exercise the use of your mind in a spirit of excellence if you desire to achieve more during your lifetime.

 

And just as “that process” led to the creation of three leading financial blogs, numerous books and e-books—and increased profitability for Realty 1 Strategic Advisors and TFA Financial Planning—so too can you use that process to make big things happen in your life.

 

Even though the year of 2010 started on an upbeat note with the creation of the-best-atlanta-real-estate-advice.com the creator of TheWealthIncreaser.com  would face great adversity in the spring when the mentor of the  creator of TheWealthIncreaser.com transitioned and even greater adversity when the younger brother who looks just like the creator of TheWealthIncreaser.com unexpectedly transitioned in the fall of 2010.

 

Those unfortunate events tested the faith of the creator of TheWealthIncreaser.com, however by responding positively to adversity in the same manner as he had urged early visitors to the site to do–the continuous development of a number of sites took on a new meaning and increased urgency–and brought forth over 500 pages of web content that you can now benefit from at this time.

 

Always realize that the success that you desire often begins by looking within and giving serious thought to what you desire most in your future.  You must leave “all” excuses or reasons why you can’t reach your destiny behind you so that you can take the necessary steps toward making your dreams come true.

 

You must open your mind up to the inspiration (and always be open to receiving inspiration when it is in your best interest to do so) that will follow and you must have a strong desire on the inside of you—to make your dreams come true.

 

That initial thought at a deep level can lead you on a journey toward making the right moves at the right time—and more effectively guide you toward your destiny!

 

In the end (or maybe the beginning depending on where you are now at) it is your timing, your willingness to move to action—your preparation, your focus and an unstoppable belief on the inside of you—that will guide you in the direction of doing what you definitely need to do—to make your dreams come true.

 

Use what you were enshrined with at birth (a spirit of excellence) while you are here on planet earth!

 

It is of the opinion of the creator of TheWealthIncreaser.com that this site will act as a springboard to success and will help you achieve many of your financial goals.

 

However, you must realize that the opinion of the creator of TheWealthIncreaser.com is biased in favor of TheWealthIncreaser.com.

 

You must determine for yourself whether TheWealthIncreaser.com is the site for you—or whether there is another site in the internet universe that will work better—as far as making your dreams come true.

 

Always remember that the burning desire that you have on the inside at this time (or at some time in your future) to do “something big” may be the voice of God giving you the “ignition” that you need to help direct your steps and give you added strength to bring something new and powerful into this world–at a time and in a manner that is uniquely designed for you!

 

All the best to your continued success in the next ten years in your life—and beyond…

 

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New Year–New You

Learn how you can manage your finances more effectively this year and in the coming decades…

As we enter a “new year” and “new decade” it is important that you renew your mind with more effective ways of managing your finances so that you can build wealth in a way that provides you the opportunity to do what “you” like to do.

 

As the clock strikes twelve many are celebrating and making resolutions for the new year.

 

However, TheWealthIncreaser.com thought that the time was right to help others get the year started off financially in a strong way by creating this page just after midnight (eastern time zone in the United States) to usher in the new year.

 

In this discussion TheWealthIncreaser.com will discuss ways that you can achieve more now—and in your future and it starts with utilizing 3 steps that are outlined below:

 

  • Know Your Cash Flow Position

It is important that you budget your time and finances wisely by creating a Budget or cash flow statement at this time so that you can see how your inflow and outflow of cash affects your life on a monthly basis.

 

By knowing if you have discretionary income at this time you can plan out the remainder of the year from a position of strength and not be pulled in directions that are not of your choosing.

 

Likewise an Income statement and Balance sheet can assist you and help you build your Net worth more effectively at the various stages of your life.

 

  • Know Your Credit Management Style

You must have an effective way of managing your credit and you must do your best to keep Negative information off of your report, Utilize your available credit appropriately, know how Time affects your credit, know how the Types of credit affects your credit and know how too many hard Inquiries affect your credit.

 

It is important that you realize that credit management is not that difficult for those who are willing to “put forth the required effort” and make a real commitment to live out their life with a spirit of abundance!

 

Always realize that once you start managing your credit effectively it will be as if you are on cruise control as the process will be made easier over time.  However, it is you who must show that you are committed on the front end and that starts by “mastering the 5 credit factors” so that you can put yourself (not creditors) in control of your finances.

 

  • Know How to Manage Your Finances in a Comprehensive Manner

It is important that you have clarity or a clear picture of “what” you must be aware of financially so that you can manage your finances at a very high level.

 

You must have an understanding of how to maximize your use of Insurance, Investments, Taxes, Emergency fund, Education planning, Estate planning/wills and Retirement planning throughout your lifetime.

 

By consistently analyzing and improving upon your finances in a comprehensive manner you open up the possibility of reaching your goals and living your life in a manner that is more advantageous for you and your family.

 

Conclusion

 

By adhering to the three steps in this discussion you can set yourself and your family up for a more prosperous year and decade.

 

You can bring into existence what you desire most!

 

The yearly vacations that you deserve, the healthier eating that you deserve, the health club membership that you deserve, the retirement number that you need to reach and much more can be “within your sights” if you align the proper knowledge and application with the goals that you desire.

 

You now know how to apply concrete steps that can take you toward the goals that you desire in a more efficient and effective manner.

 

You must pursue what you desire in a determined, never quit type of way if you desire to make your dreams come true–today.

 

By landing on this page and “visiting the above links” you can achieve more than you think and open up real possibilities for a “new era” of financial success throughout your lifetime!

 

You must realize that in the year 2020–you can start on a path toward achieving plenty–and make sour grapes of your past a distant memory!

 

All the best toward your continued success this year and in the decades that will follow…

 

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Business Expenses & Wealth Building

Learn how you can enhance your business revenue by using business expenses more effectively…

 

If you are currently a business owner, or desire to be one—it is important that you earn income and you know “the deductions that you can claim” now and in your future.

 

In this discussion TheWealthIncreaser.com will discuss a number of deductions or business expenses that you can take to help lessen your tax burden.

 

With this being the creation of the last page of this decade for the creator of TheWealthIncreaser.com and the 100th blog page on this site TheWealthIncreaser.com thought that an appropriate topic of discussion for those who desire to build wealth in the next decade and beyond was to show in clear terms how to use “business expenses” to build your business more efficiently–and effectively.

 

Although this discussion is longer than most, it is important that you “lock-in” on this discussion and utilize your mind at a high level so that you can see clearly where you can use business expenses to achieve more in the coming years.

 

Record Keeping

 

It is important that you realize the importance of record keeping whether it be for travel, meals, entertainment, office in the home, building, warehouse, office out of the home, automobile usage for business, advertising and any other expense related to your business.

 

It is important that you realize that most expenses—and in some cases all expenses that are directly related to your business—can or have the potential to be deductible on your individual or business tax return—and it is you who must keep records in an acceptable way to meet the scrutiny of the IRS.

 

All of the business expenses that follow have one thing in common—they all require that you keep effective records so that you can protect your interest if you face IRS scrutiny.

 

In the following paragraphs we will detail a number of critical expenses and show you ways that they can help you lower your taxable income.

 

Whether you now have (or are contemplating) forming a business as a sole proprietor, partnership, LLC or corporation–the discussion that follows can help you strategically plan your business and achieve more throughout your lifetime.

 

Automobile Expenses

 

You can use actual expenses or mileage to deduct automobile expenses and that topic will be discussed in greater detail later in this discussion.

 

For now, be aware that the standard mileage rate increased to 58 cents per mile for the 2019 tax year—up from 54.5 cents per mile in 2018.

 

Always remember that “depreciation” which will be discussed later, is already factored into the 58 cent mileage rate mentioned above.

 

For 2019, the first-year limit on depreciation, special depreciation allowance, and section 179 deduction for vehicles acquired before September 28, 2017, and placed in service during 2019 is $14,900.

 

The first-year limit on depreciation, special depreciation allowance, and section 179 deduction for vehicles acquired after September 27, 2017, and placed in service during 2019 is $18,100.

 

If you elect not to claim a special depreciation allowance for a vehicle placed in service in 2019, the amount is $10,100.

 

Meals & Entertainment

 

In general, entertainment expenses are no longer deductible.

 

The cost of business meals generally remains deductible, subject to the 50% limitation.

 

The maximum amount you can elect to deduct for most section 179 property (including cars, trucks, and vans) you placed in service in tax years beginning in 2018 and forward is $1,000,000.

 

This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,500,000.

 

For 2018 and 2019, the special (“bonus”) depreciation allowance on qualified property (including cars, trucks, and vans) is 100% for qualified property acquired and placed in service after September 27, 2017 and placed in service before January 2023, and is reduced 20% each year after for property placed in service before January 2027.

 

For tax purposes, travel expenses are the ordinary and necessary expenses of traveling away from home for your business, profession, or job.

 

An ordinary expense is one that is common and accepted in your trade or business.

 

A necessary expense is one that is helpful and appropriate for your business.

 

An expense does not have to be required to be considered necessary!

 

If you are in the military and you are transferred from one permanent duty station to another, you may have deductible moving expenses—for most, moving expenses are no longer deductible.

 

Generally, your tax home is your regular place of business or post of duty, regardless of where you maintain your family home.

 

It includes the entire city or general area in which your business or work is located.

 

If you have more than one regular place of business, your tax home is your main place of business.

 

If you move around a lot you are considered an itinerant (a transient) and your tax home is wherever you work.

 

As an itinerant, you cannot claim a travel expense deduction because you are never considered to be traveling away from home.

 

If you have more than one place of work, consider the following when determining which one is your main place of business or work:

 

  • The total time you ordinarily spend in each place.

 

  • The level of your business activity in each place.

 

  • Whether your income from each place is significant or insignificant.

 

If you (and your family) do not live at your tax home (defined earlier), you cannot deduct the cost of traveling between your tax home and your family home.

 

You also cannot deduct the cost of meals and lodging while at your tax home.

 

If you are on a temporary assignments or job there are nuances to your tax treatment that may require additional analysis by your tax professional.

 

Note: there are exceptions for federal crime investigators or prosecutors

 

When you travel away from home on business, you should keep records of all the expenses you have and any advances that you receive from your employer.

 

You can use a log, diary, notebook, or any other written record to keep track of your expenses.

 

The types of expenses you need to record, along with supporting documentation include meals:

 

There is a 50% limit on meals.

 

You can figure your meals expense using either of the following two methods:

 

1) Actual cost

2) The standard meal allowance

 

Both of these methods are explained below.

 

But, regardless of the method you use, you generally can deduct only 50% of the unreimbursed cost of your meals.

 

The actual cost method is quite simple and it only requires that you keep records of your meal costs and divide the cost by 50 percent.  You now have your meal deduction using the actual cost method.

 

If you use the standard meal allowance, you still must keep records to prove the time, place, and business purpose of your travel.  You deduct a per-diem amount based on IRS guidelines.

 

For travel between October 1, 2018 and September 30, 2019, the rate for most localities in the United States is $60 a day.

 

Note: The rates for the remainder of 2019 had not been published as of the date of this article

 

You can find this information (organized by state) at gsa.gov/perdiem.

 

Enter a zip code or select a city and state for the per diem rates for the current fiscal year.

 

Per diem rates for prior fiscal years are available by using the drop-down menu.

 

Incidental-expenses-only method

 

You can use an optional method (instead of actual cost) for deducting incidental expenses only.

 

The amount of the deduction is $5 a day.

 

You can use this method only if you did not pay or incur any meal expenses.

 

You cannot use this method on any day that you use the standard meal allowance.

 

This method is subject to the proration rules for partial days.

 

Building Mortgage or Lease Payments

 

If you are purchasing or renting a building for business use you can deduct the mortgage or lease payments.

 

Insurance, taxes and other fees related to the use and upkeep of the property such as maintenance, lawn care, grounds and other fees are also deductible.

 

Business Gifts

 

Always realize that there is a $25 limit on gifts as far as deductibility is concerned.

 

You can deduct no more than $25 for business gifts that you give directly or indirectly to any one person during your tax year.

 

Transportation Expenses

 

These expenses include the cost of transportation by air, rail, bus, taxi, etc., and the cost of driving and maintaining your car.

 

Also, daily transportation expenses can be deducted if:

 

(1) you have one or more regular work locations away from your residence, or

 

(2) your residence is your principal place of business and you incur expenses going between the residence and another work location in the same trade or business, regardless of whether the work is temporary or permanent and regardless of the distance.

 

If you want to use the “standard mileage rate” for a car you own, you must choose to use it in the first year the car is available for use in your business.

 

“Then in later years, you can choose to use either the standard mileage rate or actual expenses.”

 

If you want to use the standard mileage rate for a car you lease, you must use it for the entire lease period.

 

If you purchase a car and change to the actual expenses method in a later year, but before your car is fully depreciated, you have to estimate the remaining useful life of the car and use straight line depreciation.

 

Standard mileage rate not allowed

 

You cannot use the standard mileage rate if you:

 

1) use five or more cars at the same time (such as in fleet operations)

2)  claimed a depreciation deduction for the car using any method other than straight line, for example, MACRS (as discussed later under Methods of depreciation under Depreciation Deduction)

3) claimed a section 179 deduction (discussed later) on the car

4) claimed the special depreciation allowance on the car, or

5) claimed actual car expenses after 1997 for a car you leased.

 

If you are self-employed and use your car in your business, you can deduct the business part of state and local personal property taxes on motor vehicles on Schedule C, Schedule C-EZ, or Schedule F (Form 1040).

 

If you itemize your deductions, you can include the remainder of your state and local personal property taxes on the car on Schedule A (Form 1040).

 

In addition to using the standard mileage rate, you can deduct any business related parking fees and tolls.

 

Parking fees that you pay to park your car at your place of work are nondeductible commuting expenses!

 

NOTE: If you qualify to use both methods, you may want to figure your deduction both ways to see which gives you a larger deduction.

 

Actual car expenses include:

 

Depreciation

Tolls/Parking fees

Licenses

Lease payments

Registration fees

Gas

Insurance

Repairs

Oil

Garage rent

Tires

 

If you have “fully depreciated” a car that you still use in your business, you can continue to claim your other actual car expenses.

 

Be sure you continue to keep records!

 

If you use your car for both business and personal purposes, you must divide your expenses between business and personal use.

 

You can divide your expense based on the miles driven for each purpose—that is why effective record keeping is so important.

 

If you use a vehicle provided by your employer for business purposes, you can deduct your actual unreimbursed car expenses.

 

Casualty and theft losses

 

If your car is damaged, destroyed, or stolen—you may be able to deduct part of the loss that is not covered by insurance.

 

Note: For tax years 2018 through 2025, if you are an individual, casualty and theft losses of personal-use property are deductible only if the losses are attributable to a federally declared disaster,  however business casualty and theft losses are still deductible.

 

You can elect to recover all or part of the cost of a car that is qualifying section 179 property, up to a limit, by deducting it in the year you place the property in service.

 

What is the section 179 deduction?

 

A section 179 write off allows you to write off part or the entire purchase price of an asset in one year as opposed to depreciating and writing it off over a number of years based on its asset class and depreciation schedule.

 

Therefore if your goal is to reduce your taxable income you may want to write it off in one year.  Likewise if you desire to spread out the deduction over a number of years you have that option as well.

 

You must normally make the 179 election in a timely manner in order for it to be allowed by the IRS.

 

If you elect the section 179 deduction, you must reduce your depreciable basis in the car by the amount of the section 179 deduction.

 

“You can claim the section 179 deduction only in the year you place the car in service.”

 

For this purpose, a car is placed in service when it is ready and available for a specifically assigned use in a trade or business.

 

Even if you are not using the property, it is in service when it is ready and available for its specifically assigned use.

 

A car first used for personal purposes cannot qualify for the 179 deduction in a later year when its use changes to business.

 

Let’s say in 2018 you bought a new porsche and placed it in service for personal purposes.

 

In 2019, you began to use it for business.

 

Changing its use to business use does not qualify the cost of your car for a section 179 deduction in 2019.

 

“However, you can claim a depreciation deduction for the business use of the car starting in 2019.”

 

Requirements for 179 deduction

 

More than 50% business use is a requirement.

 

You must use the property more than 50% for business to claim any section 179 deduction.

 

If you used the property more than 50% for business, multiply the cost of the property by the percentage of business use.

 

The result is the cost of the property that can qualify for the section 179 deduction.

 

If the cost of your qualifying section 179 property placed in service in 2019 is over $2,500,000, you must reduce the $1,000,000 dollar limit (but not below zero) by the amount of cost over $2,500,000.

 

Let’s say the cost of your section 179 property placed in service during 2019 is $3,500,000 or more, you cannot take a section 179 deduction.

 

The total amount you can deduct under section 179 each year after you apply the limits listed above cannot be more than the taxable income from the active conduct of any trade or business during the year.

 

If you are married and file a joint return, you and your spouse are treated as one taxpayer in determining any reduction to the dollar limit, regardless of which of you purchased the property or placed it in service.

 

If you or your spouse file separate returns, you are treated as one taxpayer for the dollar limit. You must allocate the dollar limit (after any reduction) between you and your spouse.

 

Employees use Form 2106 to make the election and report the section 179 deduction.

 

All others use Form 4562 to make an election.

 

You must keep records that show the specific identification of each piece of qualifying section 179 property.

 

These records must show how you acquired the property, the person or business you acquired the property from, and when you placed the property in service.

 

Note: Daycare centers, travel by air, cruise ships and rental income have a special set of rules as it relates to deductions.

 

You should keep adequate records to prove your expenses or have sufficient evidence that will support your own statement.

 

You must generally prepare a written record for it to be considered adequate.

 

This is because written evidence is more reliable than oral evidence alone!

 

However, if you prepare a record on a computer, it is considered an adequate record.

 

Be sure to record the Cost—Date—and Purpose—especially on Gifts, Travel and Transportation.

 

If you do so in written form that is acceptable.  Also, if done on your computer that is usually ok as well!

 

You should keep the proof you need in an account book, diary, log, statement of expense, trip sheets, or similar record.

 

You should also keep documentary evidence that, together with your record, will support each element of an expense.

 

Documentary evidence

 

You generally must have documentary evidence, such as receipts, canceled checks, or bills, to support your expenses.

 

Exception:

 

Documentary evidence is not needed if any of the following conditions apply:

 

• You have meals or lodging expenses while traveling away from home for which you account to your employer under an accountable plan, and you use a per diem allowance method that includes meals and/or lodging.

 

  • Your expense, other than lodging, is less than $75.

 

  • You have a transportation expense for which a receipt is not readily available.

 

Adequate evidence

 

Documentary evidence ordinarily will be considered adequate if it shows the:

 

-amount,

-date,

-place, and

-essential character of the expense

 

For example, a stay at an Air BnB where you get a receipt is enough to support expenses for business travel if it has all of the following information.

 

  • The name and location of the Air BnB.
  • The dates you stayed there.
  • Separate amounts for charges such as lodging, meals, and telephone calls.

 

A restaurant receipt is enough to prove an expense for a business meal if it has all of the following information.

 

  • The name and location of the restaurant.
  • The number of people served.
  • The date and amount of the expense.

 

If a charge is made for items other than food and beverages, the receipt must show that this is the case.

 

Canceled check

 

A canceled check, together with a bill from the payee, ordinarily establishes the cost.

 

However, a canceled check by itself does not prove a business expense without other evidence to show that it was for a business purpose.

 

Timely-kept records

 

You should record the elements of an expense or of a business use at or near the time of the expense or use and support it with sufficient documentary evidence.

 

A timely-kept record has more value than a statement prepared later when generally there is a lack of accurate recall.

 

You do not need to write down the elements of every expense on the day of the expense.

 

“If you maintain a log on a weekly basis that accounts for use during the week, the log is considered a timely kept record.”

 

If you give your employer, client, or customer an expense account statement, it can also be considered a timely kept record.

 

This is true if you copy it from your account book, diary, log, statement of expense, trip sheets, or similar record.

 

Proving business purpose

 

You must generally provide a written statement of the business purpose of an expense.

 

However, the degree of proof varies according to the circumstances in each case.

 

If the business purpose of an expense is clear from the surrounding circumstances, then you do not need to give a written explanation.

 

What if you have incomplete records?

 

If you do not have complete records to prove an element of an expense, then you must prove the element with:

 

  • Your own written or oral statement containing specific information about the element, and

 

  • Other supporting evidence that is sufficient to establish the element.

 

If the element is the description of a gift, or the cost, time, place, or date of an expense, the supporting evidence must be either direct evidence or documentary evidence.

 

Direct evidence can be written statements, or the oral testimony of your guests or other witnesses setting forth detailed information about the element.

 

Documentary evidence can be receipts, paid bills, or similar evidence.

 

If the element is either the business relationship of your guests or the business purpose of the amount spent, the supporting evidence can be circumstantial, rather than direct.

 

For example, the nature of your work, such as making deliveries, provides circumstantial evidence of the use of your car for business purposes.

 

Invoices of deliveries establish when you used the car for business.

 

Sampling

 

Another record keeping strategy that many are unaware of but could prove helpful is the use of sampling.

 

You can keep an adequate record for parts of a tax year and use that record to prove the amount of business or investment use for the entire year.

 

You must demonstrate by other evidence that the periods for which an adequate record is kept are representative of the use throughout the tax year.

 

Separating expenses

 

Each separate payment is generally considered a separate expense.

 

For example, if you entertain a customer or client at dinner and then go to a show on broadway, the dinner expense and the cost of the broadway tickets are two separate expenses.

 

You must record them separately in your records.

 

Combining items

 

You can make one daily entry in your record for reasonable categories of expenses.

 

Examples are taxi fares, telephone calls, or other incidental travel costs.

 

Meals should be in a separate category.

 

You can include tips for meal-related services with the costs of the meals.

 

Expenses of a similar nature occurring during the course of a single event are considered a single expense.

 

Car expenses

 

You can account for several uses of your car that can be considered part of a single use, such as a round trip or uninterrupted business use, with a single record.

 

Minimal personal use, such as a stop for lunch on the way between two business stops, is not an interruption of business use.

 

Allocating total cost of travel or entertainment

 

If you can prove the total cost of travel or entertainment but you cannot prove how much it cost for each person who participated in the event, you may have to allocate the total cost among you and your guests on a pro-rata basis.

 

To do so, you must establish the number of persons who participated in the event.

 

If your return is examined, you may have to provide additional information to the IRS.

 

This information could be needed to clarify or to establish the accuracy or reliability of information contained in your records, statements, testimony, or documentary evidence before a deduction is allowed.

 

How long should you keep records and receipts?

 

You must keep records as long as they may be needed for the administration of any provision of the Internal Revenue Code.

 

Generally, this means you must keep records that support your deduction (or an item of income) for 3 years from the date you file your income tax return on which the deduction is claimed.

 

A return filed early is considered filed on the due date.

 

There are certain nuances and rules for independent contractors and clients, fee-basis officials, certain performing artists, Armed Forces reservists, and certain disabled employees–so if you fall in one or more of those categories be sure to consult your tax professional for more up to date information.

 

You report your gift expenses and transportation expenses, other than car expenses, on line 27a, and you report your car expenses on line 9 of schedule C if you file as a sole proprietor.

 

You would also complete Part IV of the form unless you have to file Form 4562 for depreciation or amortization.

 

Employee Business Expenses no longer deductible

 

If you are an employee and your employer included reimbursements in box 1 of your Form W-2 and you meet all three rules for accountable plans, ask your employer for a corrected Form W-2.

 

The three simple guidelines an Accountable Plan must follow to be considered valid are:

 

1) all expenses to be reimbursed through the plan must have a business connection,

 

2) expenses must be “timely substantiated,” and

 

3) any excess advances provided to the employee must be “timely repaid.”

 

“Employee” expenses for business use of the home are no longer allowed.

 

If you are an employee, you can no longer claim any miscellaneous itemized deductions on Schedule A, including expenses for using your home as an employee.

 

Miscellaneous itemized deductions are those deductions that would have been subject to the 2% of adjusted gross income limitation had they not been eliminated for most with the 2017 Tax and Jobs Act.

 

You cannot claim a deduction for mortgage insurance premiums for expenses paid or accrued after 2017 if you have a home office.

 

Home Office Deduction

 

You can use two methods to claim the home office deduction:

 

When figuring the amount you can deduct for the business use of your home, you will use either your actual expenses or a simplified method.

 

  • Square Foot Approach, or

 

  • Simplified method for business use of home deduction.

 

Actual Expenses (Square Foot Approach)

 

You simply divide your business usage area by the square foot area of your house to come up with the business percentage.

 

All expenses associated with your home office and home would be multiplied by the percentage in order to come up with your business deduction.

 

To qualify to deduct expenses for business use of your home, you must use part of your home:

 

  • Exclusively and regularly as your principal place of business (defined later),
  • Exclusively and regularly as a place where you meet or deal with patients, clients, or customers in the normal course of your trade or business,
  • In the case of a separate structure which is not attached to your home, in connection with your trade or business,
  • On a regular basis for certain storage use (see Storage of inventory or product samples, later),
  • For rental use, or
  • As a daycare facility (see Daycare Facility, later).

 

“You can deduct expenses for a separate free-standing structure, such as a studio, workshop, garage, or barn, if you use it exclusively and regularly for your business.

 

The structure does not have to be your principal place of business or a place where you meet patients, clients, or customers.”

 

After you determine that you meet the tests under Qualifying for a Deduction, you can begin to figure how much you can deduct.

 

Simplified Method

 

The IRS provides a simplified method to figure your expenses for business use of your home.

 

Electing to use the simplified method.

 

The simplified method is an alternative to the calculation, allocation, and substantiation of actual expenses.

 

“You choose whether or not to figure your deduction using the simplified method each tax year.”

 

With the simplified method you receive a standard deduction of $5 per square foot, up to 300 square feet (the deduction can’t exceed $1,500).

 

$5 multiplied by 300 square feet equals $1,500 is your maximum deduction!

 

Qualified Business Income

 

Although not a direct expense QBI or qualified business income—may help you lower your taxes and can be quite helpful to those who qualify.

 

QBI: If your business is a specified service, trade or business and operates as a sole proprietor, partnership, LLC member or S corporation stockholder—you could possibly qualify for the QBI deduction or pass-through deduction (if otherwise eligible) provided you have taxable income below certain amounts.

 

Conclusion

 

By landing on this page you have learned about business expenses in great detail.

 

For those individuals or companies that are new to business or existing companies or individuals who want to maximize their deductions—you can now do so by planning effectively.

 

The most common fully deductible business expenses in alphabetical order include the following:

 

  • Accounting fees

 

  • Advertising

 

  • Bank charges

 

  • Commissions and sales expenses

 

  • Consultation expenses

 

  • Continuing professional education expenses

 

  • Contract labor costs

 

  • Credit and collection fees

 

  • Delivery charges

 

  • Dues and subscriptions

 

  • Employee benefit programs

 

  • Equipment rentals

 

  • Factory expenses

 

  • Insurance

 

  • Interest paid

 

  • Internet subscriptions, domain names, and hosting

 

  • Laundry

 

  • Legal fees

 

  • Licenses

 

  • Maintenance and repairs

 

  • Office expenses and supplies

 

  • Pension and profit-sharing plans

 

  • Postage

 

  • Printing and copying expenses

 

  • Professional development and training fees

 

  • Professional fees

 

  • Promotion

 

  • Rent/Lease payments

 

  • Salaries, wages, and other compensation

 

  • Security

 

  • Small tools and equipment

 

  • Software

 

  • Supplies

 

  • Telephone

 

  • Trade discounts

 

  • Travel

 

  • Utilities

 

  • Web Services

 

By utilizing the above expenses to offset against your income for the year you can use the above expenses to strategically increase or decrease your tax position as it relates to your payment of business taxes.  Keep in mind most of the expenses covered in this discussion apply to sole proprietors, LLC’s, LLP’s, partnerships, S corporations and C corporations.

 

Whether you are a sole proprietor, LLC, partnership or corporation—you can manage your tax position so that you can achieve the goals that you desire as far as your business and personal growth are concerned.

 

If your goal is to get in position to use credit in your future—you may want to maximize your income and minimize your expenses to get the loan that you need at an appropriate rate and terms.

 

By doing so you can possibly put yourself in stronger position in the eyes of financial institutions when you apply for credit or a particular type of loan that will look at your “businesses financials” and/or “personal financials” to determine if you or your company meet the lending criteria that they require.

 

If you anticipate no need to use credit in the short or intermediate time period you may want to maximize your expenses and lower your tax payments.

 

If your goals fall in the middle you can plan accordingly as well.

 

All the best toward minimizing or maximizing your expenses and improving your circumstances as we enter 2020 and beyond.

 

Success lives in you—now is the time that you make your dreams come true…

 

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Return from Business Expenses & Wealth Building to The “3 Step Structured Approach” to Managing Your Finances

 

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