Wealth Building 101 (Frequently Asked Questions)

 Learn about common wealth building questions that many have asked over a number of years…

 

Wealth building is a lofty goal and you should be commended for seeking new and possibly more rewarding ways of building wealth.

 

In this discussion TheWealthIncreaser.com will present to you a number of questions that have been asked by clients, visitors and others on a number of sites created by the publisher of this site that TheWealthIncreaser.com feel is important for your financial advancement.

 

Be sure to hone in and focus on the questions that are significant to you at this time as you may find a more effective way to meet your goals and advance forward more efficiently.

 

Common Questions

 

Q: What is umbrella insurance and why should I get that type of coverage?

 

A:  An umbrella insurance policy provides additional liability protection for you in addition to the coverage that you would have on your home and auto liability coverage.

 

It is an affordable option to provide additional protection against liability claims that may come your way during your lifetime that could force you to have to sell your assets, downsize, move to another community, lose your liquid assets and further cause undue headaches that could have been avoided–for in many cases “several hundred dollars” per year.

 

Q: How much life insurance should I get at this time?

 

A:  The amount of life insurance that is needed for you (and others) will vary depending on your age, family size, family structure and your future goals.

 

There are a number of ways to determine the coverage that you may need and they include:

 

  • 10x earnings ($50,000 in annual income multiplied by 10 means I need $500,000 in insurance coverage)

 

  • replacement cost (to pay off my car, house and the student loan that my spouse has been paying on for the last 15 years I need $350,000 in coverage)

 

  • need analysis (to pay off my mortgage and my 5 year old daughters future tuition and provide my wife and my daughter $100,000 cash for a 10 year period I need $1,430,000 in insurance coverage) and

 

  • Several other ways as well

 

Q: Am I able to take money out of my 401k for a down payment on a home?

 

A:  You are able to borrow against your 401k and possibly save in the short term, however there are risks.

 

You risk your retirement income being reduced, and there are potential tax consequences of borrowing against your 401k.  In addition many who borrow against their 401k never manage to pay the loan back.

 

However, legally you are allowed to borrow against your 401k, the question then becomes is it wise to do so—or should I do so at this time—or are there better options that I can take?

 

Q: After I retire and move to a new state can I lower my taxes?

 

A:  In many cases that is possible as many states have no or low tax rates and if you retired and moved to a new state you would in most cases be taxed at the rate in the state that you reside.

 

However, depending on the state that you moved from—taxes could still be owed and payable to that state.

 

Be sure to investigate further prior to your move on what will apply tax wise in your particular case.

 

Q: What is a healthy debt load for a family of four?

 

A:  The question is pretty much open ended and the answer will depend on your current income.  In general a debt load of 40% or less would be ideal.  However, in some cases compensating factors (a better school district, a more reliable car due to longer commute in your area, environmental factors, relative moving in, other additional income etc.) may lead to you exceeding the debt load of 40%.

 

Keep in mind the 40% debt load includes your housing and other debt.

 

If you make $120,000 annually or $10,000 per month your maximum or ideal monthly debt load would be $4,000 which in some localities would be possible.

 

A housing payment of $2,500 per month with a car payment of $500 per month along with other debt of $1,000 per month where you have roughly $6,000 to utilize in other ways (various monthly expenses, utilities, food, clothing, entertainment, retirement, vacations, investments, education planning etc.) will put you and your family in position for success in many areas and localities.

 

If you make “$60,000 annually”  or $5,000 per month you would be looking at a monthly housing payment of $1,250, a car payment of $250 and other debt of $500 and you would be in great position for lifelong success.

 

If you make “$240,000 annually” or $20,000 per month you would be looking at a monthly housing payment of $5,000, a car payment of $1,000 and other debt of $2,000 and you would be in great position for lifelong success.

 

In high cost cities such as New York and San Francisco you would more than likely have to exceed that 40% ratio—depending on your income.

 

The point is you want to have a debt load that is comfortable for you and allows you to live the lifestyle that you desire and save for your goals in a highly effective manner.

 

As to your family size—college planning, and the cost of raising children must be factored in as well–as that could further reduce your monthly discretionary income.

 

Note: The above numbers are illustrative in nature.  Any combination of housing and debt that is under 40% may be appropriate and the ratios must be interpreted from the money management perspective of the individual and/or  family.  Also, monthly debt as used in this discussion is debt that will exceed 12 months to pay off.

 

Q: How do I know the amount to save for college for my 5 year old daughter?

 

A:  The amount that you will need will depend on the college, in state or out of state tuition rates and the future value of the amount that you will need.

 

You can then use a number of approaches to reach or exceed that number.  If you fall short you may need to use your current income, take out student loans in your name or your child’s name, or borrow in some other manner.

 

The sooner you get started and the more discretionary income that you have available the more realistic the number that you need to reach can be reached.  In addition it is important that you and your child have an understanding of the pay scale in the current economy related to the major (degree) that they plan on pursuing.

 

You can go to Payscale.com to learn about salary info for selected majors that your child is or will consider in their future…

 

Q: I know I need a will to avoid probate, but how do I know if I need a trust?

 

A:  In many cases a trust is an effective tool for shielding income from taxation and providing a safety net for your heirs.

 

You most definitely need a will, however the decision on whether you need a trust can be a difficult one because it is based on a number of factors–including privacy as a “will”–will be made public (again no pun intended) and a trust will not.

 

Be sure to visit the estate planning page on this site along with All About Estate Planning on Realty 1 Strategic Advisors website to learn more.

 

Q: What is the amount of income that I should save to have retirement income until I reach age 95?

 

A:  Your retirement number will vary depending on your current age, your current  income, your ability to save and your future goals.

 

 You want to save enough to live at your pre-retirement level and take the vacations that you desire at a minimum.

 

In addition you may have other goals such as helping your kids and grandkid’s pursue their dreams as well.

 

This will all play into the “retirement number” that you need to achieve to make the goals that you desire materialize.

 

Conclusion

 

In the current economy you are presented with many choices and answers to your financial questions and this discussion hopefully pointed you in the right direction as far as building wealth more efficiently in the current economy—or any economy.

 

Fortunately for you and other visitors, there are hundreds upon hundreds of personal finance sites on the web and it is your responsibility to find one (or several) that you are comfortable with and can help you build wealth effectively and efficiently in the times that we now live in.

 

Your devotion to improving your finances at this time will provide you the opportunity to achieve more throughout your lifetime.

 

Hopefully you took advantage of this page on the front end (prior to making financial mistakes)–however, even if you did not—you can correct your mistakes and build the type of future that serves your best interest.

 

TheWealthIncreaser.com believes that success lies ahead for you and your family from this day forward…

 

Also return to this site as additional Q’s and A’s will be added on a continuous basis.

 

Are you an agent of change or will you become the victim of changes that occur?

 

Be sure to answer the pressing questions (financial or otherwise) that you may have inside of your mind and heart in an intelligent, consistent and proactive manner to protect your and your family’s future interests.

 

In addition you can become an agent of change by building wealth in a more intelligent, consistent and proactive manner and not fall victim to the actions of others whether it be a scam artist, governmental policy or any other individual or entity!

 

It is the desire of TheWealthIncreaser.com that these and other FAQ’s that follow will help you achieve more throughout your lifetime…

 

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MVP & Wealth Building

Learn why you are the Most Valuable Person at this time when it comes to building your wealth…

After a somewhat technical article in the last post TheWealthIncreaser.com decided that it was time to lighten things up some and inform you why you are the MVP as far as your financial future is concerned.

 

With the WNBA women’s basketball finals concluding, the Major League baseball season coming to an end, the NFL football season now fully underway and the NBA basketball season and NHL hockey season only weeks away the topic of Most Valuable Player appeared to be an appropriate topic at this time.

 

In the times that we now live in many are asking a number of financial questions and at the top of the list of many is how can they build wealth more efficiently in the current economy?

 

When it comes to building wealth it is critical that you realize that “you” are the key and most critical component in making it happen.

 

It is you who must muster up the motivation (no pun intended) to move forward in a way that is unstoppable as you must be Motivated to move to action at a very high level.

 

It is you who must create a Vision of your future that will be inspiring and will lead to you achieving significant goals that will move you and your family along at a prosperous pace.

 

It is you who must Plan for success by using written plans and it is you who must gain the preparation and knowledge on the front end that you can use to your advantage so that you can achieve more throughout your lifetime.

 

In this discussion TheWealthIncreaser.com will further expand on why you are the MVP when it comes to your financial future and building wealth in a more efficient manner.

 

Are You Motivated at a High Level at this Time?

 

It is imperative that you pursue your goals with a high level of inspiration as you must be inspired to move to action in some manner.  You must look within and discover who you really are and you must use your imagination to dream big and bring into existence a new reality where you consistently pursue your goals at a high level.  What are you aiming to achieve during your lifetime–and why?

 

Inspiration, motivation, action, imagination–use all that and more to open a new door…

 

Do You Have a Clear Vision of What You Want to Accomplish in Your Financial Future?

 

You must have a clear view of where you want to go and you must know what you want to achieve.  You must know if you are serious in approaching your future in a manner that will truly take you toward the goals that will serve your and your family’s best interest.

 

Did you know that procrastinators are afraid of “NOW” and seriously confronting their future?

 

Do you desire to pay off your creditors, join the local fitness club, take the vacations that you know you deserve, live out your retirement in a stress free manner, purchase that second home or attain any other goals that are dear to your heart?

 

If you do–you must have the vision to see it happening–at this time!

 

Focus, vision, clarity, mental working knowledge–use all that and more to achieve more…

 

Do You Have an Effective Plan for Financial & Life Success and are You Willing and Ready to Follow that Plan?

 

Your ability to make things happen in your financial life can be enhanced  in a major way by you taking a few minutes of your time to put in writing what you desire most.

 

Whether you desire to take control of your finances on a monthly basis, improve your credit, or improve your finances in some or all areas you increase the likelihood of success tremendously if you get into the habit of putting it all in writing in a format that sticks with your mind and acts as a guiding light to direct you toward what you desire most–or what you need to achieve the most.

 

Written plan, success planning, keys to success, effective site search–use all that and more and enjoy the tour…

 

Conclusion

 

By having a high level of motivation at this time, visualizing your future in the clearest manner possible, and planning for success by using written plans you are showing a real commitment for success.

 

You can choose to use this site, the 3 step structured approach, Managing & Improving Your Credit & Finances for this Millennium or any other resource that you feel will work for you–to make your dreams come true.

 

By approaching your financial future with a high level of motivation, a clear vision of where you want to go and precise planning that can more effectively direct your daily actions you are displaying to your heart and mind a real seriousness to achieve real results and success in your life will be more likely to occur!

 

Because you looked deep within your heart and mind–your heart and mind will affirm what you are pursuing and the actions that you take will be in congruence with what you are pursuing–because you have put in the work to make it happen in a sincere manner!

 

All the best to winning the MVP award and your future success…

 

 

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Macro & Micro Understanding of the Broader Economy & Your Personal Economy as You Build Wealth

Learn why your general understanding of the overall economy and your understanding of your personal economy is critical as you build wealth…

 

In this discussion TheWealthIncreaseer.com will try to explain what is often difficult for many to interpret (Macro & Micro Economic Theory) and how a meaningful interpretation that makes sense to you can help you in your wealth building efforts (Micro Economics) and allow you to act in a more appropriate manner as a result of your understanding–as you build wealth.

 

Although this discussion is somewhat technical in nature, your comprehension and awareness of the following paragraphs can put you well ahead of those in the general population when it comes to understanding the overall economy and making your personal economy work better for you and your family regardless of market conditions.

 

TheWealthIncreaseer.com will begin by defining general concepts that are needed to help further your understanding of macro and micro economic theory and follow with a discussion on how you can use your newly acquired knowledge to move forward financially at the various points in your life as you deal with the larger economy and your personal finances.

 

MACRO Discussion

Definitions:

 

Macro—“Macroeconomics” a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. It is the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

 

Contrast with:

 

Micro—“ Microeconomics”  the study of individuals, households and firms’ behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues.

 

GDP (Gross Domestic Product)–Written out, the equation for calculating GDP is:

 

GDP = private consumption + gross investment + government investment + government spending + (exports – imports).

 

For the gross domestic product, “gross” means that the GDP measures production regardless of the various uses to which the product can be put.  Real GDP growth is the value of all goods produced in a given year; nominal GDP is value of all the goods taking price changes into account, therefore prepare your mind for the context in which GDP is written or spoken in and interpret properly.

 

Although you will hear a lot about GDP and it is often used as a political football, you can go to the following page to get documented results from 1990 up until 2017.

 

https://www.statista.com/statistics/188165/annual-gdp-growth-of-the-united-states-since-1990/

 

Examples of GDP in selected years:

 

2000—just over 4%

2004—over 2%

2008—negative GDP

2012—just over 2%

2016—less than 2%

2017—over 2%

2018—not available

 

*Note:  In 2008 and 2009 there was negative GDP and from 2010 to the present there has been an up and down movement in GDP, with an upward trend.

 

National Debt–Government debt (also known as public interest, public debtnational debt and sovereign debt) is the debt owed by a government overall.   The United States has continuously had a debt since the 1830’s, however the debt is now at an all time high.

 

The Fiscal Year 2018 U.S. budget deficit is $833 billion. 

The deficit hit a record of $1.4 trillion in the fiscal year 2009 following the years 2007-2009 (great recession era).

 

See chart at the following link to learn more:

 

https://www.statista.com/statistics/187867/public-debt-of-the-united-states-since-1990/

 

By contrast, the annual “government deficit” refers to the difference between government receipts and spending in a single year (discussed below).

 

https://www.statista.com/statistics/200410/surplus-or-deficit-of-the-us-governments-budget-since-2000/

 

Annual Budget Deficit—the U.S. budget deficit by year is how much more the federal government spends than it receives in revenue annually.

 

Prior to the 9/11/2001 time frame there was a government surplus on an ANNUAL basis (see chart), however since that time the government has continuously operated at a deficit on an ANNUAL basis and the national debt has increased yearly!

 

Go to the following TreasuryDirect.gov link to learn more to learn more about the National Debt over a number of years:

 

https://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm

 

Examples of National debt for selected years:

 

2000–$5.674 trillion.

2004–$7.390 trillion

2008–$10.02 trillion

2012–$16.3 trillion

2016–$19.57 trillion

2017–$20.24 trillion

Current—over $21.48 trillion (click here to see real time debt clock)  

 

Economic Indicators–An economic indicator is a statistic about an economic activity.  Economic indicators allow analysis of economic performance and predictions of future performance.  One of the most important uses and application of economic indicators is the study of business cycles.

 

There are three types of economic indicators: Leading, Lagging and Coincident:

 

1) Leading.  Leading indicators help to predict what the economy will do in the future…

 

2) Lagging.  Lagging indicators confirm what leading indicators predict…

 

3) Coincident.  Coincident indicators move with the economy…

 

Popular leading indicators include average weekly hours worked in manufacturing, new orders for capital goods by manufacturers, and applications for unemployment insurance.

 

Lagging indicators include things like employment rates and consumer confidence. The business cycle always have highs and lows.

 

Coincident indicators include things like your personal income.

 

In summary, leading indicators move ahead of the economic cycle, coincident indicators move with the economy, and lagging indicators trail behind the economic cycle.

 

Examples:

 

LEADING: Signal future events

 

  • Bond Yields (leading)
  • Housing Starts (leading)
  • M2 (Money Supply–leading)
  • Consumer Confidence Survey (leading)

 

LAGGING: Follows an event

 

  • Unemployment Rate (Current Employment Statistics (CES) lagging) see chartnote downward trend in unemployment since the great recession

 

 

 

 

COINCIDENT: Occur at the same time as conditions they signify

 

  • Real GDP (Gross Domestic Product—coincident)
  • Personal income (coincident)
  • Market Index Movement

 

It is important to know the role that GDP, Annual Debt, National Debt and other Economic Indicators play as that knowledge can help you plan better for your future.

 

Additional market indicators include the Dow 30, S&P 500 and other market indices and there performance throughout various countries and regions–as well as the globe.

 

Interest rate movement, the cost to borrow, inflation, stock market movement and other macroeconomic indicators can all help you determine the right moves to make in your life from a micro economic perspective.

 

 

 

MICRO Discussion

Definitions:

 

Micro—“Microeconomics” the study of individuals, households and firms’ behavior in decision making and allocation of resources. It generally applies to markets of goods and services and deals with individual and economic issues, including that of family’s.

Contrast with:

Macro—“Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole. This includes regional, national, and global economies. It is the part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.

 

Budget or Cash Flow Statement—A personal budget or “home budget” is a finance plan that allocates future personal income towards expenses, savings and debt repayment. Past spending and personal debt are considered when creating a personal budget.

 

personal cash flow statement measures your “cash inflows and outflows” in order to show you your “net cash flow for a specific period of time. Cash inflows generally include the following: Salaries. Interest from savings accounts. Dividends from investments.  Cash outflows generally include: Mortgage payments.  Auto payments. Utility payments.

 

Inflows minus outflows will determine if you have discretionary income or whether your monthly outflows exceed (you would be in the negative) your cash inflows.

 

Net WorthNet worth is the value of all assets, minus the total of all liabilities.  Put another way, net worth is what you own minus what you owe.

 

It is important to know your net worth and and it is important to grow your  net worth over time.

 

Discretionary Income—the money you have after paying for necessary expenses like rent, utilities, and food. It’s what you use to buy non-essentials (goods and services that you have discretion over) throughout the month.

 

Disposable Income—also known as disposable personaincome (DPI), is the amount of money that households have available for spending and saving after income taxes have been accounted for.

 

Personal Credit—Consumer credit is a debt that a person incurs when purchasing a good or service. Consumer credit includes purchases obtained with credit cards, lines of credit and some loans. Consumer credit is also known as consumer debt.  The most common form of consumer credit is a credit card.

 

Emergency Fund—an account for funds set aside in case of the event of a personal financial dilemma, such as the loss of a job, a debilitating illness or a major repair to your home.

 

In the microeconomic area of your life you must have an effective system that allows you to address the following areas in the most beneficial manner as possible:

 

Insurance

Investments

Taxes

Education Planning

Estate Planning/Wills

Retirement Planning

 

By creating a budget, knowing your net worth, effectively managing your credit, properly establishing an emergency fund and managing all areas of your finances at a level that is the best that is within you—you are now on a real path to making your dreams come true.

 

By looking down at the overall economy from a high altitude you now have a better view—and that view also allows you to see your own overall management of your own finances  with more clarity and you are now in position to achieve major success throughout your lifetime.

 

Conclusion

 

Your understanding of the larger economy that you live in as well as your understanding of how you can manage your finances more efficiently will serve your and your family’s greater financial interests in a major way from this day forward.

 

Always realize that there are a number of sources for receiving economic indicator data and one site or source may vary from the other but they will in many cases be going in the same direction but may require in-depth analysis.

 

TheWealthIncreaser.com believes that you no longer have to be confused about financial jargon and how it relates to your wealth building future.  You now have a better understanding of macroeconomics and microeconomics and you can now move forward with confidence as you build wealth.

 

You can put together an effective plan to direct your future in areas that you have control over and make chess type moves in areas that you may not have control over.  You can now direct your future more effectively and control your future outcomes.  You are now in position to act—not react–after the fact–and achieve more with less effort.

 

As you build wealth—you now know how to operate with more precision because you have a meaningful understanding of the Macro Economy in your Country or Region—as well as the Micro Economy that you manage in your own household.

 

You must be aware of wage stagnation and inflation in your nation–and you must know how to integrate your knowledge of the market indicators into an understandable format within your mind.

 

You must understand that a “growing national debt” that is caused by tax cuts, increased government spending and rising interest rates will ultimately lead to the interest on the national debt increasing in ways that may not only be good for your country–but may also be a drain on your personal economy as well.

 

Some market forecasters predict that the interest on the debt will double from 2017 to 2019 and balloon even further after that–therefore,  it is important to have some idea of what effect that may have on your personal economy.

 

Always remember that there are 3 things in your life that are constant:

 

  • Things you can’t control

 

  • Things that you could possibly control but you won’t

 

  • Things that you can control and you can choose to do so or choose not to

 

The microeconomic area of your life provides you the ability to choose option 3 in the affirmative.

 

In the macroeconomic world you will often find yourself with option 1 and/or option 2.

 

By determining at this time that you will manage your finances better—and put together a serious plan of action you are on a path to making life much more enjoyable for yourself and your family in the current economy—or any economy.

 

All the best toward your economic success…

 

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Deception & Wealth Building

 

Learn why you must avoid “deception” as you build wealth…

 

It is important that you are on guard for deceptive or misleading information as you manage your finances and build wealth.

 

Whether you get your information online, in magazines and newspapers, over the air such as radio and TV or any other way you must be aware at all times that the information that you may be hearing may not serve your best interests.

 

It is not uncommon for your favorite athlete, entertainer or other popular personality to promote products and services with the end goal of getting you to act in a desired manner.

 

In many cases what they are promoting may actually work against your financial and wealth building growth and you may not be aware of that fact—or become aware at a later point where it becomes difficult or impossible to resolve in your favor.

 

It is important that you become aware of deceptive actions (or the potential for you to engage in deceptive actions due to the action of others) on the part of others as you build wealth–as that awareness is critical in the times that we now live in.

 

In this discussion TheWealthIncreaser.com will explore ways that you can avoid letting the deceptive or misleading actions of others negatively affect your wealth building efforts.

 

1)   You must read, listen and understand what is really being said (and not said) regardless of who says it

 

It is not uncommon for many to hear their favorite radio personality, actor or actress, athlete and other entertainer(s) promote financial products and services.

 

Many businesses that you deal with throughout your lifetime will also promote products and services that may appear to meet a need in your life or serve a need in a manner that appears beneficial to you.

 

In some cases what is being promoted may actually work against your best interest and that of your family’s and this discussion is designed to help put you in a more favorable position to guard against the misleading and deceptive actions of others regardless of what they are and who they come from.

 

2)   You must not let the deception of others cause you to take the wrong action

 

What you are hearing works against you and can cause you to take the wrong action when it is presented in a misleading or inaccurate way.

 

For example, if you now have excellent credit and you currently pay 14.99% in credit card interest and have a balance of $4,000 and you hear a promotion by your favorite radio personality to combine your debt and pay 4.99% in interest and save hundreds in interest.

 

Let’s say you took that advice and did what your favorite radio personality suggested.  On the surface it looks good and you will save in interest.  However, you may have had better options and you didn’t even know it.

 

Depending on your income, emergency fund balance, current credit profile, your discretionary income and a few other factors you may be able to pay that debt off at 0% interest for 18 months (credit card transfer fee may be involved) and in 3 years you could have that debt paid off at a lower overall cost than agreeing to the 4.99% offer.

 

The point is you could save more in interest and possibly pay the debt off faster and in a more convenient manner by doing so—but even if you listened carefully—what was not said was the key point especially if you are unaware of your ability to pay 0% interest on the credit card debt that you owe based on your credit and market conditions.

 

In addition, you also have other options or payoff methods that you could pursue outside of both of the options presented above that may be more beneficial for you and your family depending on where you desire to go (goals) in your future.

 

3)   You must plan proactively to reduce the likelihood that deception will be used against you throughout your lifetime

 

The above example of having your credit card payments reduced from 14.99% to 4.99% where you could have possibly done even better, and many other scenarios that you will or may face in the world of finance—can be reduced, made less relevant or avoided by you if you gain the right knowledge and preparation on the front end—not after you make mistakes.

 

If you have the right knowledge at the right time (before you enter into a transaction) you can put yourself in better position to make favorable outcomes happen for you and your family.

 

Don’t be misled by emotionally charged commercials and letting those who you are “big fans of” misdirect or mislead you on the financial affairs that will happen during your lifetime.  You no longer have to be intimidated by high pressure or low pressure sales pitches–unless you choose to–as you can put yourself in position where you are in control of your financial future.

 

It is important that you get out in front of your finances at this time by analyzing your finances at this time in an intelligent, consistent and proactive manner so that you can achieve more.

 

Conclusion

 

In many cases it is what is not said that is most critical when you hear ads and other promotions.  You must always analyze what you are hearing in the most analytical, careful, accurate, and critical manner possible to protect against your and your family’s financial interests.

 

On financial documents if what is said is unclear or you see the potential for confusion—write in what you are asking for and make it a part of the contract—so there is no confusion about what happens later and who is responsible.

 

If you purchase a used car and buy a warranty for 100,000 miles and the vehicle has 40,000 miles at the time of purchase—“write in” on the warranty document “warranty to last until vehicle reaches 140,000 miles” to protect your future interests.

 

The creator of TheWealthIncreaser.com had a similar experience with Atlanta Luxury Motors as what the sales manager in the finance center stated in uncertain terms and what was actually enforceable by the warranty company varied (when they were called stated warranty was for 100,000 miles period) and as a purchaser you had no way of knowing because the box checked for the warranty period could be interpreted a number of ways.

 

Atlanta Luxury Motors (ALM) did not resolve this discrepancy satisfactorily and The creator of TheWealthIncreaser.com will not be purchasing a vehicle from them again.

 

Be particularly aware of debt payoff and consolidation companies, payday lending companies, title pawn companies, high fee banking and investment institutions, mortgage lenders, auto lenders and credit card issuers as they can have a negative effect on your wealth building efforts if you are not careful.

 

In almost all cases there will be consequences as a result of your action or inaction as you navigate through life and encounter financial dilemnas!   Now is the time that you make favorable outcomes happen in your life as you build wealth.

 

It is also important that you operate on a daily basis with high standards by gaining the financial knowledge that you need proactively!  You must also demand high standards from those that you do business with–whether it be TheWealthIncreaser.com or any other transaction that you may make during your lifetime.

 

You must be able to see your financial future clearly and you must know the areas that you must address in a comprehensive manner so that you” know what lies ahead at the various points in your life.

 

By doing so you put yourself in a better position to avoid deception and financial strife–throughout your life.

 

All the best as you avoid deception and build wealth…

All the best as you improve your financial health…

 

Success is now…

 

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Return From Deception & Wealth Building to Who is the creator of TheWealthIncreaser.com

 

Copyright 2014®–2018 All Rights Reserved

Timing & Wealth Building in the Current Economy

Learn why the effective use of your time is critical for your long-term wealth building success…

 

It is important that you take a sincere look at how you manage your time as it relates to your finances and all areas of your life.

 

It is also important that you realize that the time aspect of wealth building can be looked at from a number of different angles.  In this discussion TheWealthIncreaser.com will look at a few ways that you can use time to build wealth more efficiently in the current economy.

 

You cannot waste time daily by not knowing where you stand financially, not understanding how credit affects your overall finances and not having a comprehensive overview of how to manage your finances effectively in all areas!

 

It is the desire of TheWealthIncreaser.com that this discussion will show you the importance of time management and further direct you toward ways that you can actually use the management of your time to achieve more throughout your lifetime in ways you may have never imagined.

 

Over the years TheWealthIncreaser.com has seen many who managed their time effectively and also those who did not manage their time effectively.

 

By managing your time in as effective a manner as possible you can put yourself and your family in position to achieve much more (including goals that you may now feel are impossible to attain) in a more efficient manner.

 

In the following paragraphs you will learn 3 highly effective ways that will allow you to make better use of your time and achieve more throughout your lifetime.

 

1)   Manage Your Time Better By Knowing Your Current Financial Condition

If you are at this time serious about the management of your time as you build wealth you must know your current financial condition or your current financial strength (or weakness).

 

Do you have adequate income at this time that will allow you to achieve your future goals or do you need to get more income and/or cut expenses?

 

By creating a budget or cash flow statement you can put yourself in position to know what you can do on a monthly basis in “concrete terms” and know what you will have left (discretionary income) to pursue other areas of concern that you may have financially.

 

Even though it will take time to create and analyze a cash flow statement, you will save far more time in the long run because a budget or cash flow statement will help give you the direction that you can (or need to) go in a much clearer manner.

 

2)   Manage Your Time Better by Managing Your Credit Optimally

Once you know where you stand financially you must put together a plan to eliminate your debt and particularly your credit card debt (if you have any) to a manageable level or to a level where you are in control—and not keep your balance(s) at a level where creditors control you!

 

You must also learn how to master the 5 credit factors so that you can control your credit throughout your lifetime.

 

Even though it may take mental energy and time to learn and effectively apply your mastery of the credit factors—you will put yourself in position to manage your credit throughout your lifetime in a manner that will get you real results in a time-efficient manner and in a manner that can put you on a track to attaining the goals that you desire or need to attain throughout your lifetime and even after you transition.

 

3)   Manage Your Time Better by Having a Comprehensive Overview of Your Overall Finances

By knowing your current financial condition and having mastery over your credit you are now ready to analyze and approach your finances from all angles!

 

You are ready to look at your insurance, investments, taxes, emergency fund, education planning, estate planning/wills and retirement planning in a more confident manner.

 

You are ready to use your time effectively because you know the importance of living your life in a manner where you don’t leave doing what needs to be done for others to do.

 

You are now seeing your future more vividly and with more focus because you know that you can achieve the goals that you desire if you stick to the plan that you  (or your financial planner) create based on the analysis of your unique financial position that you spent the time to analyze.

 

At this time you know that achieving financial freedom is your mission and you have no intention on stopping until it is done, or you are in a much better financial position!

 

Conclusion

 

The effective management of your time may initially seem very difficult to you and that is not uncommon.

 

However, once you start applying what you have learned in this discussion on a consistent basis your understanding and application of the process will be made easier and you will eventually save much more time in comparison to the effort that you expend upfront when you look back upon your life!

 

Even though financial mishaps and correcting mistakes due to carelessness and not knowing what might (or is happening) will occur during your life, they will be reduced, eliminated or made less relevant in your life because you will have an effective system that you carry within your mind throughout your life that allows you to achieve more in less time.

 

Even though you may have to exert more mental energy than you or your peers are accustomed to on the front end—you will ultimately get to a point where managing your finances and your time becomes second nature to you—if you are sincere in making your dreams come true.

 

You will become very efficient in managing your finances and you will achieve more throughout your lifetime and it will be due in large part to the commitment that you made at this time to build your wealth in a more engaging way as far as exerting more mental energy on the front end in a real effort to achieve or reach your goal(s) in a timelier manner!

 

Also, if you are like most visitors to this site, you will want to know the time frame in which you will reach your goals—the answer will vary from person to person and your objective(s) or where you want to go financially.  Your goals and objectives will differ from others as everyone has a unique financial position and goals that differ in all cases.

 

Let something original work its truth in your life.  Equip your mind for lasting success, do good work that will lead you on a real path toward reaching your goals and use a comprehensive approach to manage your finances that will force you to make better use of your time on a consistent basis!

 

In this discussion you have learned that the time to start effectively managing your finances is now, the process of achieving your goals will take time and the reaching of your ultimate goals will vary from person to person and family to family and the time factor will be unknown in many cases unless you put in place a written plan based on your unique financial position that will effectively guide you to your destination—if you are willing to follow that written plan in a sincere manner.

 

By doing so you are equipping yourself for the continuous financial success that you desire and deserve in the current financial and political environment—or any environment—now or in your future.

 

Your knowledge alone of this discussion is not enough—action toward reaching YOUR GOALS is what really counts at this time.

 

Those who truly desire success prepare for the consequences or outcomes that they desire in a proactive manner and also have a plan if the outcomes differ from what they desired.  They always respond positively to adversity and have an action-oriented mindset!

 

Transforming your finances from where they are at this time to where you need (or desire) them to be is normally a process (time is involved) and not an event (I can do it today and I am through) and it is imperative that you prepare your mind for the journey at this time with realistic timelines as the blueprint within your mind and a written plan that will provide you the needed direction!

 

All the best toward your timely wealth building success…

 

More on how you can use the time factor to achieve more throughout your lifetime:

 

How to Use Your Knowledge of the “Types of Income” to Save Time

How to Use “Compounding” to Achieve More Over Time

Learn Why “The Time Length” of Your Credit Accounts Are so Important

Timing & Wealth Building

Timing & Personal Finance

Responsibility & Personal Finance

Financially Alert Mind & Personal Finance

Financially Alert Mind & Financial Success

The 3 Step Structured Approach to Managing Your Finances

 

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Bountiful Harvest & Wealth Building

Learn why now is the time to plant your seed (gain a solid financial  foundation) in fertile soil so that you can have a bountiful harvest (achieve your  financial and life goals)…

 

With April roaring in and many parts of the world  “sowing the ground” in an effort to bring in a bountiful harvest in due time as the goal–TheWealthIncreaser.com thought that the topic of reaping what you sow was an appropriate topic to focus on as far as improving your finances and building wealth was concerned.

 

Just as those who plant various fruits and vegetables in fertile soil and work the land–so too must you gain a solid foundation and work toward reaching the goals that you desire or the goals that you need to attain.  You must not let unpredictable weather patterns (adversity) negatively affect your output as that should be expected if you are  sincere about reaching your goals.

 

By planting thoughts of success in your heart and mind (planting seed in fertile soil) and putting together a plan that can get you the results that you desire  you can have a bountiful harvest (reach your financial goals) if you take the right action on a consistent basis along the way.

 

You must prepare your mind for the financial success that you desire and you must have the mindset that you will reach higher.

 

• Do I have a “meaningful understanding” of personal financial statements 

 

You must create a personal cash flow statement to see where you now stand financially.  It is akin to taking a soil sample to see what you are working with as far as the fertility of the ground is concerned.

 

Are you operating in good soil (visualizing clearly how you handle your income and expenses on a monthly basis) or do you need to amend the soil so that you can have a more bountiful harvest (move closer toward reaching your goals by getting more income, cutting expenses or doing a combination of the two) by having the discretionary income on a monthly basis that you desire to make life more enjoyable and meaningful for you and your family?

 

Do I fully understand the “factors” that affect my credit scores—including the ratios?

 

By understanding the factors that affect your credit you are in effect helping to control the weather patterns (so you can sit out in the sun) as opposed to having the weather patterns control you (running you inside your house due to inclement weather).

 

You must know how a Positive payment history, how you Utilize your credit, the Time length of your credit, the Type of credit that you have and Inquiries affect your credit and ultimately your financial future.

 

• Do I know all areas of my finances that I “must” address? 

 

By planting in fertile soil you will begin to see your harvest blossom in ways you never imagined.  Also by seeing your finances in a comprehensive way–you can achieve goals that you may have never thought possible.

 

You must know that you must address your insurance, investments, taxes, emergency fund, education planning, estate planning/wills and retirement planning in as effective a manner as possible if you desire to achieve more during your lifetime.

 

Conclusion:

 

When it comes to your finances you must  know where you are now at and where you are going!  You must encourage and inspire your loved ones and others to reach higher as well.  You have the power to change the trajectory of your financial future!  Your application of what you are learning on this page and site must  be balanced with the future goals that you desire or need to achieve.

 

It is important that you realize that what you “learn, know and apply” empowers you to take more effective action as it relates to reaching your goals.  You can make your road to success easier by applying the right principles at the right time during your life.

 

You can achieve many of your financial goals that may look impossible at this time if you pause and put together an effective plan that will take you to where you need or desire to be.   Leave your baggage (weeds) that is holding you back behind—turn something old into something new and better.  Do something fresh today–respond to adversity in a strong fashion on a consistent basis. 

 

Why you must do what needs to be done now–without procrastination…

 

You can prevent the weeds from growing (avoid making mistakes) so that you won’t have to repair the soil (waste valuable time and money when you could have avoided it).

 

You must realize that you are challenged and charged (by TheWealthIncreaser.com) to do far more than you are doing at this time!

 

You must stick to it and move your PEN so you can WIN!

 

Let something original (a new rain cloud followed by unlimited sunshine) work its way into your life.  Equip your mind for lasting success by gaining the skills that are needed to reach your future goals and use a comprehensive approach to manage your finances. 

 

By doing so you are helping to ensure that you are equipped for the continuous financial success that you desire and deserve. 

 

Be sure to apply what you learn in your everyday life.  Your goal must be to be–and to do—not just know what to do and let what you know sit idly in your mind.

 

Your knowledge of the above material alone is not enough—action is what really counts.

 

By sowing your seed in a fertile environment you are helping to ensure that you do all that you need to do—and more as you move toward your financial goals.  You are helping your financial growth process and at the same time ensuring that a bountiful harvest is in your and your family’s future.  

 

You are on a real path to reaping what you sow because you have taken the time to gain the preparation and knowledge that can make your future glow–and more importantly put you in the know–as far as putting you on a path to obtaining financial results that will show!

 

You are on a path toward attaining a Financially Alert Mind (as opposed to just Financial Literacy) that will allow you to weather the elements as you reach toward your goals throughout your lifetime.

 

Always remember that you will be known not only for the impact that you have in your own life but also the impact that you have on others.  By making a serious commitment today you can have a positive impact on others and also reach the goals that you desire as well!

 

It is the desire of TheWealthIncreaser.com that you are now in better position to Sow the Financial Future that You Desire and receive a Bountiful Harvest…

 

Now is the time to plant what you desire in fertile soil so that you can have a bountiful harvest…

 

All the best to your future success…

 

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Coherence & Wealth Building

Learn how you can build wealth in a more coherent and comprehensive manner by having a more logical and consistent approach…

 

Ambiguous, obscure, unintelligible, confusing, distracted, mesmerized, dizzying—does any of those terms remind you of your approach toward your finances at this time as you build wealth?

 

As 2018 moves forward the creator of TheWealthIncreaser.com was in a relaxed state of mind, however with inclement weather across much of the country and particularly the southeast and southwest causing hardship for many—the topic of how wealth building could occur for many in a more cohesive and coherent manner came to mind as a timely topic to focus on.

 

In this discussion TheWealthIncreaser.com will show you ways that you can achieve wealth building success in a more coherent, logical and consistent manner.  You no longer have to approach your wealth building future in an ambiguous, obscure, unintelligible or confusing manner!

 

The goal of this discussion is to get you to focus on your financial future in a more understandable, rational, congruent, systematic, organized and possibly the most beneficial of all to you—a more comprehensive manner.

 

You can achieve much more if you get away from looking at your finances in isolation or an incongruent manner!  

 

Ok—let’s tie your understanding of your finances together in a cohesive manner so that you can achieve cohesive results.

 

The starting point for building significant wealth is to know where you now stand financially and personal finance statements will help you assess just where you now are financially—in a very timely manner.

 

By knowing where you now are financially you can plan your future in a manner that can get you better  short and long term results because you will know your discretionary and disposable income and you will know if you currently have the income to reach your future goals (or new goals) that you have in mind.

 

You will know if you need to get more income, cut expenses or do a combination of the two—to work toward making your dreams come true.

 

You must know your credit position and whether you are overburdened with credit or if  you are managing your credit at an acceptable or forward moving level.  By knowing where you are financially you can devise payoff or pay down schedules that can put you on path to reaching many or all of your goals.

 

Finally,  you must be able to effectively analyze and make improvements on your investment choices, your insurance choices, your tax planning, your emergency fund planning, your education planning, your estate planning and your retirement planning.

 

It is important that you don’t leave your wealth building future up to chance as you no longer have to approach your finances in ways that can accidentally help your movement toward your goals or accidentally hurt your movement toward your goal achievement.

 

It is important that you are logical and consistent in your approach as you build wealth!

 

You can now pursue your wealth building efforts in an intentional manner by approaching your finances from a position of “coherency” as opposed to confusion.

 

All the best as you pursue a coherent path toward success…

 

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Return From Coherency & Wealth Building to Who is the creator of TheWealthIncreaser.com

 

Other articles that can help you reach your goals in a coherent manner:

 

Site Map Realty 1 Strategic Advisors

 

Site Map The Best Atlanta Real Estate Advice

 

Copyright®  2014-2018—The Wealth Increaser—All Rights Reserved

Risk Tolerance & Wealth Building

Learn why knowing your “risk-tolerance level” can help you build your wealth more effectively and efficiently in the coming years…

 

As the year of 2017 comes to an end in what seemed like a very rapid pace, many visitors to this site are contemplating ways that they can reduce their risk and achieve more in the coming year(s).

 

For those who desire to build wealth more effectively and efficiently it is important that you have a comprehensive view of your future and it is also important that you know the risks that you face in the current marketplace and you know your “risk personality” as you move along in the future and choose from an array of investment choices.

 

In this discussion TheWealthIncreaser.com will show you areas of concern that you should have in mind as you build wealth.  At the same time don’t let any of the risks paralyze or delay you toward getting started or continuing to move toward your wealth building goals in a way that best serves you and your family.

 

However, you must be aware that various risks exist—and it is appropriate that you plan in advance to help mitigate the risks or reduce the risks to an acceptable level so that you and your family can achieve more in the coming years.

 

Identity Theft Risk

 

With the Equifax breach in the spring of 2017 fresh in your mind, you now fully realize that identity theft is a real concern as over 100 million people in the United States alone was affected with identifying data of various types floating around in the hands of who knows who!

 

It is important that you know your current credit profile at this time so that you can make corrections and better protect your identity in the future.

 

You can go to annualcreditreport.com and get all three of your credit reports at once and see if they are accurate and a true reflection of your credit usage at this time as you can get the free report from each agency once per year.

 

After one year you can use a staggered approach and pull your credit report every four months from TransUnion, Exquifax and Experian to further keep a handle on your credit.

 

You can also visit innovis.com to check on your free annual credit report as well.  A free report will normally be received by you through the mail in 5 to 7 days.

 

If after viewing your credit report(s) you believe you are a victim of identity theft you can:

 

1)    Visit identitytheft.gov  (part of the FTC or Federal Trade Commission) to determine the steps that you can take, and

2)    Call the identity theft resource center at 888-400-5530 for free help

 

You can also take preventive measures to stop or at least slow down potential theft of your identity by signing up for services that “regularly scan” your credit reports and will alert you by text or e-mail when certain changes to your credit report occur.

 

Keep in mind that some services will only scan one of the three credit bureaus, however you want to choose a company that analyzes all three or at a minimum will notify the other two if certain changes occur!

 

You have until January 31, 2018 to enroll in Equifax TrustedID Premier product that scans all three credit bureau reports for free for one year or you can choose another company—just realize that there will normally be a monthly fee.

 

CreditKarma is a free service, however it utilizes TransUnion and Equifaxbut not Experian and you can get account activity and a VantageScore credit score from TransUnion and Equifax if you choose to utilize this service.

 

Many credit card companies, banks and insurance companies also have services that monitor your credit so keep that in mind as well.  However, they may not monitor your reports from all three credit reporting agencies.

 

In addition, you can consider a credit freeze (new creditors cannot view your reports to evaluate your eligibility (or shall I say the eligibility of those who desire to commit fraud against you) for a credit card, loan or other product such as insurance that requires a credit check and you are given a PIN number to unfreeze at time of your choosing and the freeze time frame is unlimited but is regulated by your state and a small fee is charged to freeze and unfreeze) or credit lock (bar new creditors from using your reports for as long as you are enrolled in the program.

 

If you are a victim of identity theft a credit freeze is normally free (police report normally needed).

 

In addition, “fraud alerts” could be of possible benefit to you.   A “fraud alert” notifies lenders that they should take extra steps to verify your identity, however lenders are under no legal obligation to comply.

 

You can place a free “initial fraud alert” on your credit report even if you are not a victim of identity theft.  An initial alert lasts just 90 days, so you would have to keep renewing the fraud alert.

 

If you are an identity theft victim you would qualify for a free extended fraud alert, which lasts seven years!

 

A credit freeze also prevents others from opening an SSA account online and you can unfreeze “only” your Equifax report to create an online Social Security Administration account online at www.ssa.gov/my account.

 

In addition to traditional lenders, landlords, utility companies, insurance companies and wireless phone companies among others may require a credit check—therefore use caution with who your provide your personal information and verify that they are who you think they are.

 

Market Risk

 

Whenever you invest in a particular sector of the economy you will face market risk.  Whether, stocks, bonds, real estate, currencies etcetera, you will have to expect that there will be some risk that you will have to accept—yet you must balance that risk against your personality and your future goals.

 

Investment Risk

 

You must know that investment risk will exist whether you invest in stocks, bonds, mutual funds, oil and gas and/or other more exotic type of investments, therefore it is important that you know your investment personality so that you can create an appropriate investment strategy that will take you toward your goals.

 

  • Conservative (for example 40% cash/money market and rest in market activities)

 

  • Aggressive (for example 20% cash/money market and rest in market activities)

 

  • Moderate (for example 60% cash/money market and rest in market activities)

 

  • Middle of the road (for example 50% cash/money market and rest in market activities—TheWealthIncreaser.com terminology)

 

Does your investment style represent any of the above or are you unsure if you even have an investment style?

 

Keep in mind that in this discussion market activity refers to stocks, bonds, mutual funds, real estate including REIT’s and direct investment in rental properties or purchasing real estate to turn a profit, currencies, options,  oil and gas investment and other market investments and activities.

 

Do you know what you take in and pay out on a monthly basis as far as your income and expenses are concerned?

 

Do you know how to manage your credit in the best manner possible throughout your lifetime or is it a mystery to you?

 

Do you have a properly funded emergency fund and have you looked at and planned for your financial future in a comprehensive manner based off of the above analysis?

 

By doing all of the above you put yourself in position to choose among the options available in a manner that best serves your long-term goals and at the same time you make life more enjoyable along the way.

 

Political Risk

 

Which political party best serves your interest as far as your finances are concerned?  Regardless of the party in charge you must balance your future goals against the political risks that you face and know that what is in effect now to your benefit or disadvantage—does not mean that will be the case in the future as there is an ebb and flow in the political arena as it is in all areas of life.

 

What will affect you and your family at the local, county, state and federal level as it relates to your finances regardless of party or who is in charge and how can you best plan for what will affect you?

 

Regulatory Risk

 

How are the markets being regulated in the areas of most concern to you?  Are there environmental concerns, financial market concerns, housing related concerns (and many others) and how will the regulation or lack thereof affect you and your family?

 

Economic Risk

 

Is the market rising or headed toward disaster?  No one knows the exact timing of market activity that can be a great help to you and your family or can cause great hardship for you and your family, however you can plan for the uncertainty that lies ahead in the current economy by approaching your finances in an intelligent, consistent and proactive manner so that you can guard against economic uncertainty.

 

Social Risk

 

The society in which you live in will also present you with risk.  Even if you are in the same country or state—risk will vary based on how the society in which you live operate as it relates to financial and other activity that you take part in on a daily basis.

 

Are you in a consumer driven society—or are you in a society in which saving and planning for tomorrow is not only stressed, but also acted upon by the majority of the population.

 

If you are in a consumer driven society you must be more disciplined and you must know that it is you who must take responsibility of your finances and not let marketing, what others are doing and other societal factors take you in the wrong direction as you move toward making life more enjoyable for you and your family.

 

Technological Risk

 

With technology advancements moving along at breakneck speed it can often lead you to wanting to buy the newest and more expensive technology products on the market.

 

As it relates to risk, technology has hurt as well as helped in the financial arena as time-saving on labor intensive activities have been a major success. 

 

The signing of contracts and other documents that once took weeks using the postal system can now be done in hours.

 

On the other end of the spectrum, identity thieves and other unscrupulous players can now perform their activities from a distant and in many cases get away with their mischief.

 

Be sure you are aware of scammers, identity thieves and others whether by technological means or face to face.

 

At the same time be sure to use the technological advances to your benefit—keeping security in mind at all times.

 

Legal Risk

 

You must be aware of the tax code and how it will affect you and your family.  In addition you must be aware of your rights as a consumer as it relates to credit and all of your financial affairs.

 

If you are or will be a victim of identity with the filing of your federal tax return the IRS may issue you an IP PIN (Identity Protection Personal Identification Number) that will in most cases protect your from the fraudulent filing of your federal taxes by identity thieves in the future.

 

If your social security number has been compromised or you suspect that you are a victim of tax related identity theft, there are steps that you can take including the following:

 

 File a report with local police

 File a complaint with the Federal Trade Commission (FTC) at www.identitytheft.gov or

the FTC Identity Theft Hotline at 1‐877‐438‐4338

 

 Contact one or more of the three major credit bureaus to place a fraud alert on credit  records

 

o Equifax.com    1‐800‐525‐6285

o Experian.com   1‐888‐397‐3742

o TransUnion.com  1‐800‐680‐7289

 

 Close any accounts opened fraudulently

 Respond immediately to any IRS notice(s) by calling the number provided

 Complete IRS Form 14039, Identity Theft Affidavit, then mail or fax it according to the  instructions

 Continue to file your return and pay your tax if needed; even if it is necessary to paper‐file returns.

 

Always keep in mind the fact that:

 

1) the IRS will never initiate contact with you by email messages to request personal or financial information

2) the IRS will never initiate contact with you by text messages to request personal or financial information

 

In addition, you must know your legal risks in other areas as you must know your rights to sue, arbitration clauses as opposed to your right to sue that may be found in some agreements, how to use the consumer finance protection bureau and other entities that will allow you to make legal maneuvers that can reduce the risk of loss to you and your family when you are being taken advantage of–or otherwise feel you are being dealt with unfairly!

 

Conclusion

 

There are many risks involved along the way as you build wealth.  This discussion has hopefully opened up your mind to some of the risks that may be present as you build wealth.

 

However, you must not take to heart the risks that lie ahead and not move to action in a manner that takes you toward your wealth building goals.  Your inaction at this time guarantees that nothing or little will happen as you move forward.

 

Be sure you take precautions against identity thieves by creating strong password for your accounts and consider using password organizers to generate and store passwords as remembering passwords can get out of hand if you have a large number of accounts and online activity.

 

It is important that you are aware of the risks that you will or might face in the future, however you don’t want to suffer from paralysis of analysis and not take the necessary action that will move you closer toward your future goals.

 

You must be aware of how you “allocate your investment activity” among the various financial sectors and markets to help reduce your risk.  Or another way of looking at it is you must be properly diversified among the various sectors of the economy and in particular the markets and types of investments that you now make or will make in the coming years.

 

All the best as you reduce your risk and achieve lasting wealth building success…

 

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Maturity & Wealth Building

Learn if you have the maturity that is needed to manage your finances effectively throughout your lifetime…

 

Do you currently manage your finances in a mature manner or are you all over the place and going in directions that are not of your choosing?

 

It is imperative that you manage your finances in a mature manner and not in a manner that is reckless—as so many are doing at this time.  With immaturity at a fever pitch from the highest office in the land to the halls of congress it can often be disheartening to see the level of immaturity on display in the times that we now live in.

 

With tax legislation now in the news where many will benefit greatly and even more who will reap small rewards or none at all–you must still have an optimistic view of your and your family’s future!  Regardless of the tax situation you now face or may face in your future as a result of new legislation, it is important that you make the decision at this time to manage your finances in as mature a manner as possible.

 

In order to manage your finances in a more mature manner you must ask and appropriately answer the following questions in as responsible a manner as possible.

 

Do you know how to organize in your mind financially what you need to do in your financial life to achieve the results that you desire to make your life more enjoyable during your working years and after you retire from working?

 

Furthermore, do you know all areas of your finances that you must address?

 

In clear terms you must know how to comprehensively manage your finances.

 

By doing so you are showing maturity in your life and maturity in the management of your finances.

 

In this discussion you will learn how you can manage your finances in a more mature manner so that you can improve the living conditions for yourself and your family.  You can now pursue your financial goals in a more time efficient—easy to follow—and easy to understand manner and in a manner that will provide you the real opportunity to achieve the goals that you set and the goals that you desire or need to attain to make your life more meaningful while you are here on earth.

 

How You Can Show Maturity by Knowing Exactly Where You Stand Financially

 

If you are to manage your finances in a more mature manner you must know where you now stand financially and a budget or cash flow statement will get you on a path to knowing exactly where you stand financially as far as your monthly inflow and outflow of cash is concerned.

 

In addition, you must know your cash flow on an annual basis as well.  Finally you must know who you owe and what you own so that you will know your net worth or how well you are doing financially!

 

Your effective knowledge and understanding of how your inflow and outflow of cash affects you and your family on a monthly basis is the starting point for you to show maturity as it relates to managing your finances and building wealth.

 

By creating a budget at an early stage in your life and understanding how to use that budget or cash flow statement to your advantage you are showing maturity in the management of your finances.

 

Even many of those who earn six figures or millions of dollars use a management approach that lets them know where they are financially—and where they are headed financially.  By doing so they add clarity and an additional layer of financial security during their lifetime along with peace and joy in their daily life—and you can do the same.

 

It is important that you use personal financial statements to help you effectively manage your finances throughout your lifetime so that you can achieve more—and do more throughout your lifetime.

 

How You Can Show Maturity by Effectively Managing Your Credit During Your Lifetime…

 

Did you know that the following credit scoring and credit card companies can help you manage your credit and finances more efficiently to help you achieve what you desire throughout your lifetime—AND IN A MORE MATURE MANNER?

 

Credit.com—uses Experian in their credit score calculations

CreditKarma—uses TransUnion and Equifax in their credit score calculations

Credit Sesame—uses TransUnion in their credit score calculations

Quizzle—Free credit score and credit report every 3 months—uses TransUnion in their credit score calculations

CreditCheckTotal.com—an Experian Company—3 Bureau Reports and FICO score for a monthly fee—low cost trial offer available

 

MyFICOfee for score and credit report

Credit Card Issuing Companies—use various credit bureaus and scoring techniques in their credit score calculations and if you are a cardholder credit scoring service is normally free, Discover, Capital One , Chase,   CITI and many other credit card issuers have free or nominal rate access to your credit score based on varying scoring models

 ANNUALCREDITREPORT.COMall in one site where you can get a free copy of your credit report from each credit bureau once per year–TransUnion, Equifax and Experian–be sure to TEE off on getting your credit right today–No PUN intended…

 

Credit Resources—a rare page on the internet that allows you to use helpful resources in one location to manage your credit more efficiently

 

Credit Improvement—if you currently have credit issues be sure to go to this page before you do anything else

 

All About Credit—go to this page if you have a desire to manage your personal credit effectively throughout your lifetime and not leave any area of your credit management to chance…

 

All of the above companies and pages will provide you free or nominal rate credit scores and credit files (and/or credit advice) and utilizing some or all of them should be a part of your overall credit management plan at some stage in your life.

 

Keep in mind that you will sometimes (depends on who is providing the score) get a “consumer” or “educational” score for your benefit or a Vantagescore that is created by the 3 credit bureaus that many lenders actually use

 

To get your actual FICO score go to myFICO.com!

 

Other Key Credit Points:

 

Sure the lender that you apply to for credit can pull your report and give you helpful advice (or in some cases not so helpful–remember the housing market meltdown of 2008).  However as a consumer in control of your own life,  you should pull your credit report at least annually if not more frequently and see what you can do to move toward making your dreams come true.

 

You should always know what is in your report and correct inadequate or damaging information on a constant basis.

 

You should also know your credit score “before” contacting a lender!

 

By doing the above you increase the likelihood of successful “pre-approval” which gives you more negotiating power than a “pre-qualification” if you were to purchase your home using traditional lenders.

 

If you were purchasing an auto, applying for a credit card, seeking employment or rental agreement for housing—your credit in many cases would play a role and knowing where you stand up front is the right approach to take in almost all instances.

 

In addition, your credit score takes a hit (goes down) whenever your score is pulled by someone other than yourself (with a few exceptions).

 

How You can Show Maturity by Having an Overall or Comprehensive View of Your Finances…

 

Once you have a handle on your monthly income and expenses and you know how to manage your credit effectively throughout your lifetime—you need to see all areas of your finances that you must address—and then you must address those areas.

 

Have you addressed your insurance needs, your investment needs, your tax concerns, your emergency fund, your education planning, your estate planning/wills and your retirement needs in a way that will get you results that you need—or the results that will serve your best interest during your lifetime.

 

By comprehensively addressing what you need to address at this time you are showing maturity in managing your finances because you are not leaving anything to chance, thus improving the likelihood that the goals that you desire will be achieved.

 

Conclusion

 

By looking at ways that you can manage your finances more maturely you are forcing your mind to address what needs to be addressed to make your life more meaningful and at the same time putting yourself and your family on a better track for long-term success in a comprehensive manner.

 

You are not doing like many who go through life drifting along and letting life’s unpredictable paths direct their future or the opinions and feelings of others direct their future.  Quite the contrary, you are getting out in front of your finances and pursuing your dreams in a more intelligent, consistent and proactive manner where the success that you see is not only the possible outcome–but the outcome that will be achieved!

 

Or, another way to look at it is that you are “pursuing your dreams” from a better “vantage point” than most and you are showing the maturity that should be expected of you if you are one who sincerely desire to make your dreams come true.

 

All the best as you continue to mature and achieve success…

 

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Viewpoints & Wealth Building

Learn why “changing your viewing angle” and  changing what you “focus on” can change the course and direction of your life…

 

Did you know that your viewpoint of how you look at and focus on things and events in your life affects your future outcomes (and future generations) in ways you never imagined?

 

Have you ever noticed that with some people the more they get or have—the more they complain?  It is often because they don’t count their blessings or appreciate what they now have!  In addition it is often caused by “their view of their situation” and not looking at the big—or overall picture.

 

Even those who lack in what they feel they should have often fall victim to looking at their present and future in the wrong manner or from the wrong point of view.  They will often “focus on” things that they really don’t need anyway and not on what is important and significant as far as making their life more enjoyable while here on planet earth.

 

In this discussion TheWealthIncreaser.com will discuss ways that you can get more out of life and improve your finances at the same time by looking at your future from a different or better viewpoint!

 

It is important that you know what you can be in your future.

 

If you change what you pursue and see the change that you desire in clearer terms you can get the change that you desire!

 

You can choose to focus on your shortcomings or count the blessings that you now have and pursue even more by viewing your current situation from the vantage point of success—as opposed to shortcomings or not achieving what you desire!

 

It is imperative at this time that you focus on success and you make the decision to give it your best.

 

You can improve your finances if you realize at this time that it is not what you have, but what you appreciate and do with what you have!

 

Also realize that happiness and joy resides inside of you and it happens when you focus on what you now have and you make the decision at this time to give it your best and pursue your life purpose.

 

By looking at your feelings on a daily basis as being excellent, fantastic and great as opposed to ok, so-so and good—you immediately change your focus on a daily basis.

 

However, as it relates to wealth building you must also have a viewpoint of your future that has clarity as opposed to confusion.  You must know the “steps that you can take” to bring more clarity and success into your life so that you can see your future with the clear financial focus that you need and deserve.

 

What is your perspective of your future?  Do you see problems in the horizon or do you see success and solutions that you can not only take—but are willing to take?

 

Focus on what you have (mentally, physically and spiritually) and you will receive more if you put in the effort!

 

What you focus on will grow—focus on the positive to achieve results that will show!  It is important that you realize that change occurs when you focus more on appreciating what you now have and then making a serious commitment to achieve more.

 

You must be thankful for what has happened in your past because it is now the starting point (or continuation point) of what you can achieve from this point forward.

 

You can choose to see your current and future financial condition as positive and prepared  (the success that you see is a done deal) or you can choose to see your situation as negative and distracted (why me).

 

You must realize that setbacks in life will occur, however you don’t have to stay there.  Learn to appreciate what you now possess on a daily basis.  And always realize that gratitude or being thankful for what you now have or possess is the gateway to you achieving more throughout your lifetime.

 

Furthermore, you must realize that whatever you are doing for God’s glory—you are taking steps to connect to your life purpose or what you were put on earth to do.

 

As far as the steps that you need to take to view your financial future in more positive and clear terms are concerned—it is imperative that you see clearly how you can:

 

1)      Determine your level of financial stability

 

2)      Determine your level of credit knowledge and management ability

 

3)      Determine if you know all areas of your personal finances that you must address

 

Determine Your Level of Financial Stability

 

If you now lack the income to do what you desire in your life or reach the goals that serve your best interest—you must know that.

 

It is your responsibility to know where you are financially!

 

If you now have the income to do what you desire in your life and reach the goals that serve your best interest—you must know that as well!

 

Just what will put you in position to know just that?

 

A properly constructed cash flow statement or budget is the starting point for you getting to know your level of financial stability.  You must know if you have positive income or a positive cash flow (disposable and discretionary income) on a monthly basis so that you will know if you need to get more income (supplemental income) or reshape or re-organize your lifestyle (cut your monthly expenses) or do a combination of the two.

 

Determine Your Level of Credit Knowledge and Management Ability

 

Do you know the factors that affect your credit?  Do you have credit score and credit management habits that will get you a good rate or the best interest rate on various products or services throughout your lifetime?  It is imperative that you know at this time whether you have an effective understanding and application of credit and how you can best utilize credit in your life.

 

Once you gain an effective understanding and application of credit you will be well ahead of most and you will position yourself and your family for a lifetime of success.

 

Depending on your current credit circumstances and your willingness to put in the required work—you can gain the management ability to maintain or improve your credit to the level that you desire throughout your lifetime.

 

Determine if You Know All Areas of Your Personal Finances that You Must Address

 

It is imperative that you know that you must address your personal finances in a comprehensive manner.

 

You can choose to do like many who address their finances in isolation and have no real clue of how their total finances all interconnect.

 

You can also choose a less burdensome path by knowing all areas of your finances that you must address and then addressing those areas based on your unique circumstances and the outcomes that you desire (your short, intermediate and log-term goals) for yourself and your family.

 

Conclusion

 

Whether  you look at your future as being bleak or optimistic you must realize that your particular view will play a major role in you attaining what you need to attain to make life more meaningful (and beneficial) for you and your family.

 

You must understand that by knowing your level of financial stability you put yourself in position to make better decisions and gain a better view of your future.  You will know in more definite terms if you need supplemental income (part-time job, uber, lyft etc.), need to cut expenses or properly establish an emergency fund!

 

In addition, by taking inventory of how you manage your credit and determining if you can make improvements you can set yourself up for effective and efficient credit management throughout your lifetime.

 

Furthermore, by knowing all areas of your finances that you need to address you put your mind at ease—and greatly reduce the stress in your life.  You will see your future in a clearer and more focused manner and in a manner where success is given a higher probability of happening.

 

In a nutshell, you will be looking at your future in a more intelligent, consistent and proactive manner and in a manner where you will know what you can and can’t do throughout your lifetime.

 

You will know your insurance needs, your investment planning goals, your tax planning goals, your emergency planning goals, your education planning goals, your estate planning/wills goals and your retirement planning goals and the paths that you can take to achieve those goals.

 

You will see your current and future lifestyle from a “point of view” of knowing whether you will have the income on a monthly, annual and long-term basis to support the lifestyle that “you see” for yourself and your family.

 

All the Best from your new Viewpoint of Success…

 

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