Money Management & Wealth Building in the ERA of COVID-19

Learn how you can manage your money better and build wealth more efficiently during any economic environment…

 

In the current economy many are looking at ways that they can manage their money and build wealth in a more enduring way.

 

Although managing your own money may appear difficult at first glance in this COVID-19 environment–or any environment, it is important that you realize that you can manage many areas of your finances effectively if you arm yourself with the right knowledge.

 

Effective money management is not as difficult as you think if you can process what you are learning and you approach your finances in an intelligent, consistent and proactive manner. 

 

You must know at this time that you are determined to reach your goals at a level that is the absolute best that is within you!

 

In this discussion TheWealthIncreaser.com will discuss ways that you can possibly manage your money better now and in your future.

 

Manage your monthly cash flow

 

It is important that you create a budget or personal cash flow statement so that you can know where you are at (and where you can possibly go) from a financial standpoint on a monthly and annual basis and you must take steps to ensure that your emergency fund is properly funded at the earliest time possible.

 

By properly establishing an emergency fund at the earliest time possible you put yourself and your family in position to minimize your future risks.

 

Manage your Credit

It is very important that you establish your credit appropriately at the earliest point possible if you desire to build wealth and you are like most who have a need to borrow at some point during their lifetime.

 

There are a number of proven, highly effective steps that you can learn in a relatively short time frame that will show you how to more effectively manage your credit and finances—and it is your responsibility to learn how to apply effective credit management in your daily life.

 

Review your Insurance

You must make it a point to review your insurance needs on an annual basis to see where you can manage your insurance better as far as coverage, cost and necessity.

 

Insurance provides protection from loss and it is important that you analyze areas of your life where insurance can be of benefit to you and/or your household.

 

Review your Investments

You can make your investments grow in a more efficient way if you diversify, reallocate, analyze your risk tolerance level, use leverage appropriately and ease into investing.

 

You must review your investments on a consistent basis, preferably annually at a minimum and know when it is best to invest inside or outside of your retirement account(s) based on your goals.

 

Review your Taxes

Your ability to analyze your tax complexity and possibly do your income taxes yourself is now a real possibility if your tax position is not complex as tax software that allows you to prepare your state and federal taxes are relatively inexpensive and readily available.

 

You must gather your paperwork, learn what is new and input the tax information that you have.

 

Always keep in mind the fact that tax preparation can have nuances and areas of concern that may require a professional analysis.  If you can’t file your income taxes in a timely manner (by the April 15th deadline in most years) you can file an extension using form 4868 to file a six month extension (if you owe you may have to pay penalties and interest) and address your taxes later in the year.

 

Also realize that your review of your taxes is far broader than just your income taxes.  You must look at your local taxes, real estate taxes, regulatory taxes and other fees that you may pay that go by other names but are in effect taxation to you and/or your household.

 

Review your Education planning

In the area of education planning you can start before the birth of your child up until your child’s last semester of graduation and the sooner you get started–the better.

 

You can use investment returns to lessen or eliminate your need to borrow whether you desire to fund your child’s primary, secondary or college years.

 

You must put a plan in place to reach your “desired education number” (the dollar amount that you need to reach to avoid or reduce borrowing for your or your child’s educational costs) at a future date.

 

Review your Estate planning/wills

It is important that you have a will at a minimum and seriously consider estate planning if your net worth is increasing and you want to avoid probate.

 

You can make your estate private after you transition so others are not aware of your estate after your transition if you desire to do so by planning for that eventuality now.

 

Your need to plan for what your heirs inherit after you transition is real as it can leave your heirs squabbling over your assets at a time of grief or lead to them getting along in a more civilized manner during a very difficult time.

 

If you desire a more cooperative spirit during the grieving period among your heirs once you transition, be sure to plan now to avoid chaotic occurrences involving your loved ones in the future.

 

Review your Retirement planning

Your need to plan early and stay committed should be given high consideration by you as living your retirement years at a certain level of comfort must be your goal.

 

Long Term Care costs are increasing annually and you must plan for those and other costs that will likely need to be addressed as you age.

 

By starting early you can reach your “retirement number” and live daily doing what you dreamed of doing during your retirement years.

 

Funding your grand-child’s education, your dream vacation destination(s), your charitable giving and other desires of your heart that you may have can be made real if you get out in front of your goals and plan appropriately at this time.

 

Conclusion

It is important that you use your time wisely while you are in the process of building wealth and achieving your desired goals throughout your lifetime.

 

By looking at your finances from time to time in a comprehensive manner you can put yourself in position to manage your money and build wealth in a more efficient manner.

 

Your goal is to take a systematic approach toward your money management and not leave your money management up to chance or wishful thinking.

 

By reviewing your finances you can know where you now are, make improvements and reach the goals that you desire in a more time certain manner—and in a manner that improves your  money management skills and improves your net worth.  

 

You can bring in professionals or those who have more expertise in certain areas when and where necessary.  You will be in a much better position when you deal with financial professionals and others than you were prior to reviewing your finances in a comprehensive manner.

 

By reviewing your finances in a comprehensive manner at this time, you put your present and your future exactly where it should be—in your hands.

 

Now is not the time to rest or give less as you pursue success!

 

All the best to avoiding a money management mess and achieving lifelong wealth building success…

 

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Turbulence & Wealth Building

Learn why you must press forward when turbulence (adversity) occurs while you are in the process of building wealth…

In the current economic and political environment and especially the events of 2020, many are in a somber mood and are stressed about their future as it  relates to building wealth efficiently.

 

It is important that you have confidence in your wealth building future and not be deterred or detoured by what is happening in the larger economy.  Even if you now face turbulence or now feel that you are on an unexpected journey toward your wealth building goals and your financial future appears to be in turmoil, you can still achieve meaningful goals.

 

In spite of the fact that you may have anxiety about your future plans as a result of the political and economic activity that has occurred in your country–you must still adjust your plans appropriately where and when needed.  You must know deep within that you can still reach your wealth building goals in spite of the uncertainty that is now in the atmosphere at this time.

 

You can remain focused by doing the basics (see the 3 steps below) on a consistent basis as best you can.  Keep in mind the  fact that you ultimately control the direction of your future even if adjustments have to be made along the way.

 

1. Determine your cash flow position

It is important that you get a better handle of the inflow and outflow of cash that comes into and out of your household on a monthly and annual basis.  You want to know what comes in and goes out so that you can plan for your future in a way that is more advantageous for you and your family–not creditors.

 

2. Improve your credit understanding

It is important that you understand how credit works if you at any time anticipate using credit to reach some of your goals.  By knowing how you utilize credit at the various stages of your life you can position yourself and your family for continuous success in the current environment or any environment.

 

3. Manage all areas of your finances at a level that is the best that is within you

By knowing all areas of your finances that you must address and putting in place a plan to address those areas on a consistent basis you can position yourself and your family for more success.  Keep in mind that you must be determined to give it your best so that you can achieve a higher level of success.

 

 

Conclusion

 

By always knowing that turbulence or unwanted occurrences will occur while you are in the process of building wealth you put your mind and heart in a better position for long-term success.

 

Your determination at this time to do what you need to do consistently in spite of setbacks will serve you and your family well in 2021 and beyond–and not just intermittently!

 

You are truly the key to achieving results that you can see and controlling the the turbulence so that you can be all that you were meant to be.

 

And just as a 747 plane that experiences turbulence make adjustments on the fly (no pun intended), so must you if you desire to make your dreams come true.

 

You must realize at all times that you possess the ability to change direction, go around, over, under or through the turbulence in your life as you avoid financial strife!

 

All the best as you “manage the turbulence in your life” and achieve major success…

 

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Identity Protection & Wealth Building

Learn why you must keep your guard up against identity thieves and scammers so that you can protect your credit and finances…

 

In the current economy ID Thieves and other scammers are out in abundance and it is up to you to find ways to thwart or prevent their activity from having a consequence in your life.

 

It is important that you realize that over 50 million people in the United States alone have been victims of identity theft and it is imperative that you take steps so that you won’t add to that number in the United States or wherever you may live on the planet!

 

Many identity thieves have your name, social security number and date of birth in spite of you taking appropriate action to protect that information and they may try to open accounts in your name.  In some cases your information was obtained from data breaches and may be bought and sold throughout the world and on the dark web.  In some cases you can use a credit freeze to help prevent others from utilizing your credit, however in most cases that alone may not be enough.

 

You also need to put in place identity protection and credit monitoring measures that can help protect against what others may do to you that can slow down or prevent your dreams from coming true!

 

In addition to common sense measures that you can take, there are many free and paid providers that offer varying degrees of coverage.

 

Paid Identity & Credit Monitoring Services

 

When it comes to paid credit monitoring services there is a huge range in the coverage type and pricing.   You can get monthly protection for as little as $5 per month up to $40 per month and it is important that you know up front the coverage that you are getting and the protection that you need.

 

You can get one, two or three bureau protection from many companies, however if you pay it is normally best that you choose a company that offers coverage from all three credit bureaus.

 

Most companies also offer a host of other services from liability protection to alert notification of any changes to your report(s) as well as family plans.  It is up to you to search the marketplace to find a plan that is compatible for your lifestyle if you now have the discretionary income and you desire protecting your financial position and identity in a more stringent way.

 

Self-Monitoring of Your Credit & Finances

 

You can also self monitor your credit yourself at no cost by choosing free companies on the web or using credit card companies, including companies that you may now use at this time.

 

You can self monitor by going to annualcreditreport.com (free credit report—once per year from TransUnion, Equifax and Experian)) and myFICO.com—(get your FICO score for a stated fee) and review your credit report(s) and purchase your credit score.

 

You can gain mastery of your credit at this time by knowing the five credit factors and how to use that knowledge to effectively manage your credit at the various stages in your life.

 

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

 

Identity Theft Indicators

 

When you notice–use of your credit that you did not initiate, loss or theft of your wallet or other personal information, new accounts on your credit report that you did not initiate, home or auto intrusion or any other occurrence involving your identity or finances that  you are uncertain of–you may be a potential or actual victim of identity theft.

 

When that happens you must contact the three major credit bureaus and consider putting a fraud alert (a fraud alert tells creditors to verify your identity prior to issuing credit) on your accounts.

 

In some instances you may have to file a police report!

 

Also be aware of small deposits to your bank account that you are not expecting, as that can indicate that someone is trying to connect to your bank account.

 

If that occurs you may want to close your account(s) and open another one.

 

Conclusion

 

It is important that you take identity protection and financial protection matters into your own hands at the earliest time possible.

 

You don’t want to experience identity theft “and” then (after the fact) get serious about protecting your identity and financial concerns!

 

Now is the time that you effectively evaluate your need for identity protection and credit monitoring services (whether free or paid) so that you can stay out in front of your finances and achieve your dreams in as effective a manner as possible.   In the times that we now live in identity protection measures and monitoring of some type is a requirement if you desire to protect your financial position and achieve more during your lifetime.

 

You possess the power to put in place measures that can help reduce the likelihood of identity theft, and it is you who can use common sense and monitoring services to help secure your financial future in a more enduring way–starting or continuing from this day–to avoid situations where you will be forced to pay!

 

All the best to your identity protection measures and unlimited success…

 

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Thomas (TJ) Underwood is a licensed real estate broker at Realty 1 Strategic Advisors in the state of Georgia and has passed the A+, Network+ and Security+ exams.  He is also a former top producing loan processor and fee-only financial planner.  It is his desire that you find this article useful and beneficial and will lead to you truly attaining the goals and outcomes that you desire.

 

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Defining Moments & Wealth Building

Learn why “defining moments” are the time to dig in if you desire to achieve your credit and financial goals efficiently…

 

It is important in the times that we now live in that you re-focus on what is important.

 

With 2020 being a “defining moment” in the lives of many—including the creator of TheWealthIncreaer.com—it is important that you put the right plan in place to move forward toward your dreams.

 

With COVID-19 running rampant in many parts of the world it is important that you put together a plan so that you can not only survive–but prosper and thrive.

 

At this time (a defining moment) the creator of TheWealthIncreaer.com decided that fall 2020 was the time to put forth empowering action steps that you can take right nowso that you along with others who desire credit and finance success throughout their life would be able to do so in as effective a manner as possible.

 

As you move along in life and face adversity there will be occasions when you are forced to look deep within to determine a better path to take in your life.  That inward look could be the defining moment that provides you the inspiration and strength to move forward at a level that is your absolute best.

 

Your decision at this time to go after what you want to occur most could be the defining moment in your life that puts you in position to focus in on your dreams and achieve what you desire to occur most in your life.

 

You should not live daily with the feeling or thoughts that what you desire in your future won’t work out.  Your decision to take a more serious approach and to start now–could be the defining moment in your life where you can put the steps in place and put an effective plan in place that works in your favor as opposed to going about life in a way that is uncertain!

 

You can achieve more and leave a legacy for your family and loved ones.

 

The defining moment that you are facing can make you or break you depending on how you respond.

 

You must get out of the habit of making decisions based on the short term and look further down the horizon so that you can achieve more.

 

What you do after you make a mistake speaks volumes and what you do after you achieve success also speaks volumes!

 

Even though you may be short sighted in your thinking at this time, the following steps can get you started fast on achieving long-term success and could be the defining moment in your life where you decide to  leave all excuses behind and pursue what you desire with a new level of zeal.

 

Step 1

It is important that you define where you are currently at financially.  You can define yourself and not live off of definitions that others assign to you.  By creating a budget or cash flow statement along with other personal finance statements you can get a clear picture of where you are now at so that you can plan better and take action that will lead you to where you need–or desire to be.

 

Step 2

Your desire to attain “mastery of your credit” at this time could be the defining moment where you gain the knowledge to manage your credit effectively throughout your lifetime.  You deserve the opportunity to manage your credit in a way that serves your best interest and you now have that opportunity.

 

Step 3

If you desire to define “your future” you must be able to see your finances in a comprehensive or all encompassing manner so that you can achieve more.  You must at this time look at how your insurance, investments, taxes, emergency fund, education planning, estate planning/wills and retirement planning all interact and can help you  achieve more when done properly.

 

Conclusion

By taking advantage of this moment in time and not letting what may appear to be an unfair situation that has or may occur in your life at a future date deter you or limit your ability to dream big and pursue that big dream–you put yourself in a stronger position for lifelong success.

 

In the final analysis you possess the power to define your future from this day forward!

 

By utilizing the steps above at this time or at a later time you are setting yourself and your family up for lasting success.   You no longer have to  look at your finances as a mess and you no longer have to expect  less.

 

All the best…

 

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Excuses & Wealth Building

Learn how you can fly higher and build wealth more efficiently if you leave all excuses behind…

 

In the current economy it can seem difficult to achieve your dreams.

With COVID 19 running rampant in many parts of the United States and many areas in the World it can often seem impossible or improbable to achieve what you may have planned prior to the COVID 19 economic environment.

Even so, if you leave all excuses behind and you pursue (you must decide to get started) what you desire at your highest level—the success that you desire can still be in your future.

It is important that you realize that adversity of all kinds will occur throughout your lifetime and the sooner that you realize that, the more effective you can be in responding to that adversity.

You can utilize a proactive approach as things in your life improve, along with a mindset of resilience to move forward effectively as you build wealth by doing the following:

 

1) Determine where you are at financially

You can leave all excuses behind at this time by making a real commitment to manage your finances better at this time, and throughout your lifetime.

You can use personal finance statements along with the goals that you desire to occur most, to achieve at a higher level as you move toward the goals that you desire most.

 

2) Know how credit affects you and your family

You can leave all excuses behind by having mastery of your credit and knowledge of how YOU can use credit effectively throughout your lifetime.

You can manage your credit file and credit score effectively if you have working knowledge of how credit works and you apply that knowledge to your unique credit situation.

 

3) Have a comprehensive picture of your finances and financial future

If you approach your finances in a comprehensive or all encompassing manner you can “see the whole picture” so to speak, as opposed to looking at your finances in isolation or in a piecemeal approach.

You must know how your insurance, investments, taxes, education funding, estate planning/wills and retirement planning and the need to create a properly funded emergency fund at the earliest time possible all correlate, so that you can leave all excuses behind–once and for all.

 

Conclusion

It is important that you look deep inside and make the decision to manage your finances at a level that is the best that is within you.

By doing so you make “your path” toward your ultimate success much more likely to come true.

All the best to your path to success as you now know what you need to do—as you pursue what you desire to come true—at a level that is the absolute best that is within you…

 

As added motivation in these difficult times the creator of TheWealthIncreaser.com will leave you with a poem that was inspired by hummingbirds and other birds that were seen this summer that can hopefully inspire and help you move forward in a more efficient manner:

 

Humming Coming at You so that You can make Your Dreams Come True

Mourning dove from up above showing you love

Hummingbird fly’s down low—showing you the way to go

Hawk coming down from up high toward the ground—to inspire you to turn your life around

Mourning dove comes to your fence to show love and recompense

Humming coming at you to ensure that you make your dreams come true

Humming coming at you to make sure you do what you need to do

Thrasher running on the ground trying to urge you to master your credit so you can win

Wren coming in to make sure you are ready to use your pen

Butterflies go high so that you can ask why and put your plan in place to exceed the sky

Wasps come to sting so that you can focus your dreams and be more than it now seems

All this and more is what is in store

Even so pursue what you desire—at a level that will take your success higher—so that you can achieve from wire to wire

Excuses no more—as you soar…

 

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Decisions & Wealth Building

 

Learn why the decisions that you make throughout your life can help you achieve your wealth building goals more efficiently…

 

In the current environment it is important that you reflect on your ability to make the best or most optimal decision at the various stages of your life.

 

On this father’s day 2020  the creator of TheWealthIncreaser.com reflected back on the importance of making good decisions so that you can achieve more in the current economy.

 

The decisions that you made in your past (for the most part) have directed you to where you are now at.  However it is important that you now focus on your future and the decisions that “you can now make at this time” that can lead to you achieving what you desire  as you build wealth.

 

By making the decision to take the following 3 steps and acting on making those steps happen at a level that is the best that is within you—you can start on a sincere journey toward making your dreams come true.

 

It is important that you decide to see exactly where you stand financially at this time so that you can use the financial data to make better decisions for your future moves as it relates to your finances.

 

You must decide at this time to get a real handle on your monthly inflow and outflow of cash, know what you own and what you owe and know what you make and spend annually.

 

It is important that you have the mindset that you will manage your finances in a manner that puts you in control–not creditors or others who have no concern for your future outlook!

 

If you at this time have great credit (740 or higher credit score) you are to be commended.  However, it is important that you make the decision to continue to manage your credit effectively.  And for those who do not have great credit at this time, it is important that you decide at this time to manage your credit more wisely.

 

You can do so by understanding the 5 credit factors and gaining the knowledge of how you can make the “5 credit factors” work for you and your family in a more rewarding and beneficial way–starting today!

 

By utilizing the “5 credit factors” that you now have the opportunity to master you can put yourself in position to do what you need to do–to make your wealth building dreams come true.

 

For those of you who have a net worth that allows you to navigate through life without utilizing credit–you too are to be commended.

 

However, you too must make the decision to manage your cash flow at an optimal level.

 

It is important that you have a mental picture of all areas in your financial life that you need to address.

 

You must take an accurate and analytical look at your insurance needs, your investment concerns, your current tax position, your emergency fund position, your education funding needs, your estate planning/wills and your retirement planning concerns.

 

By doing so you put yourself in a better position to make decisions that are good for you and your family and you greatly enhance the possibility and probability of achieving your wealth building goals.

 

Conclusion

 

By deciding to take decisive action and leaving all excuses behind, you position yourself and your family for a more prosperous future–inside of your mind.

 

You must realize that it is your responsibility to “decide right now” to achieve at your highest level of excellence while you are here on planet earth–and it is your responsibility to know your self-worth.

 

Why live your life on a daily basis with worry, anxiety, fear and a lack of direction on the inside of you when you can make the decision to choose a better path toward making your dreams come true?

 

By doing so you open up new possibilities for not only yourself, but also future generations as well.

 

All the best to your decision to achieve at a level that will lead you to a higher level of success…

 

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Patience & Wealth Building

Learn why you must have patience as you build wealth…

 

It is important that you have patience as you build wealth as in many areas of wealth building time is involved.

 

In this discussion TheWealthIncreaser.com will discuss ways that you can use patience and a plan of action to achieve your wealth building goals.

 

1) Have a comprehensive overview of your finances…

Prior to selecting the financial professionals that you need to help you achieve optimally you must know where you want to go.

 

It is important that you realize that there are things that you don’t know—that you don’t know that you don’t know and that applies to all of us.

 

Your lack of knowledge can be very detrimental to your future wealth building efforts if you don’t have a mental construct of what you need to know.

 

Therefore you must know at this time that you must know your inflow and outflow of cash on a monthly basis along with the knowledge of your net worth so that you can gain a better picture of where you can go.

 

You must also have mastery of how credit works and finally you must know all areas of your finances that you must address.

 

Patience will be required of you, however by visiting this site you now have a concise blueprint of what you need to do.

 

2) Choose the right financial professionals

 

It is important that you choose highly competent financial professionals to work with.

 

Although turnkey tax programs, franchise tax preparation companies, discount brokerages and robo advisors are in abundance everywhere, that does not mean they are your best choice.

 

You must have the patience to interview the financial professionals that you need to help you achieve your wealth building goals and not seek the quick way out as the quick way out can put you in a worse position for building wealth in many cases.

 

Take the time out of your busy schedule to interview and ultimately work with financial professionals that you are comfortable working with that has the competence and track record that you need to succeed!

 

3) Realize that patience is required to reach your goals…

Since you now have a more complete picture of what you need to do in your financial life and you have selected or chose financial professionals that you are comfortable with and are sincerely working in your best interest, you must realize that reaching your educational, goals, tax goals, investment goals, estate goals and retirement goals will require that you have patience as you must allow your investments the opportunity to grow.

 

Conclusion

 

Your wealth building efforts can be achieved, however it is important that you are patient as you must give your money time to grow.

 

You must also have the patience to interview and assess financial professionals that you don’t know and may cause discomfort upon meeting initially but may be a good fit for you and your future goals.

 

Even if you choose to pursue your wealth building success by doing it on your own you must realize the pitfalls and know that there are areas that you make lack the required knowledge in and it is your responsibility to get that knowledge on the front end.

 

You must not have a “blind” mind as it relates to seeing your finances and financial future!  And you must know the steps that you need to take to reach the goals that you desire.

 

By doing so you can reach the goals that you may now feel are outside of your reach and avoid the disappointments that so many have encountered because they were looking at their finances in isolation and they lacked the patience to put together a comprehensive plan  (at the right time) that gave them a real sense of reality of where they could truly go–and put them in the know.

 

All the best to using your patience to achieve lasting success…

 

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Timing & Wealth Building in the COVID-19 Era

 

Learn why the time to do what you need to do financially varies depending on where you are now at in your life stage…

 

In the current economy in many parts of the world many are at a point where they must stay in a confined area for a certain time period and/or must keep a certain distance from others due to the COVID-19 virus.

 

Many are using this time wisely and are looking within in an introspective manner to see what they can possibly do better in their life.

 

It is important that you at this time determine where you are now at financially and otherwise—and make the best or most optimal moves “at this time”  based on your current life stage and financial position.

 

In the following paragraphs you can learn how you can use your time more wisely and achieve at a higher level—at this time—and in your future.

 

Plan in advance for uncertain times…

 

You can use your time more wisely by focusing and planning on what you desire to occur in your future.  Many of those who have frequented this site for years are now in a better position than most to handle the uncertainty and anxiety that is now in the atmosphere.

 

Whether it be financial or otherwise you make the likelihood of future success occurring in your life when you plan for success and particularly when you put your planning in writing.

 

You can use personal financial statements to see where you are now at and use the information that is derived from those statements to see where you can go.

 

You must plan for success by knowing how credit works and using that knowledge to manage your credit in a manner that serves your best interests—not creditors.

 

You must plan, pray and take the right posture on a daily basis if you truly desire to position yourself and your family for lifelong success!

 

It is also important that you have a comprehensive overview of your finances so that you can plan daily in a manner where you can win--consistently.  Even if you now find yourself in an adverse position as a result of COVID-19 or other factors you must always know that you can put rebound mechanisms in place and still achieve your goals throughout your lifetime.

 

Know what you desire in your future…

 

You also want to take time—right now—to do some deep thinking to determine where you really want to take your future.

 

What were you put on earth to do?

 

Use the time that you have now to search your soul and determine if what you are now doing or working toward doing is what you were truly put on earth to do.

 

Or is what you are doing at this time something that you must do—but it serves no real end toward making your dreams come true.

 

Use a calming approach (you slow your mind down and receive the inspiration and dreams that were meant for you) and look within at your life and see if there is a better, more effective way of achieving what you really desire.

 

 Do continuous review in order to make your dreams come true…

 

Once you put your plans into action you must still have the mindset that you will do continuous review and fine tune where necessary.

 

You can achieve many of the goals that you may now feel are out of reach if you take the time now to plan—do and review.

 

By doing so consistently you can achieve at a higher level and fatigue and a feeling of doubt will play no meaningful role in holding you back from achieving your dreams.

 

Conclusion

 

You can at this time choose to get down on yourself and remain where you are now at or move along in life at a snail’s pace—or you can use the time that you have to look within and plan for a better and brighter future.

 

You can better prepare yourself and your family for the perils that lie ahead (both seen and unseen) and position yourself to “weather the storm” in a way where you come out in a good position—or possibly even in a better condition than when you were experiencing the storm–or even before the storm.

 

It is the desire of TheWeaalthIncreaser.com that this discussion has led to “a calming of your thoughts” and a feeling of well-being about your future.  Regardless of where you now stand better days lie ahead and you can use what you have learned in this discussion that you feel is appropriate to move forward–to “your” best advantage!

 

In the age of COVID-19 you must believe and know that you will come out on the other side in a stronger position for success—whether it be financial or otherwise!

 

You must also remember that the time to do what you need to do to make your dreams come true will never be ideal.  You are now alive and visiting this site and you have the opportunity to get your future right–in spite of the disheartening news that you may hear on your radio or hear and see on your phone or  TV tonight.

 

Those who have been utilizing this site for years continue to do so due in large part to the calming effect that it has on their financial life.

 

For those of you who are new to this site it is the desire of TheWealthIncreaser.com  that you continue to visit if you find value in this site so that you too can transform your future to that of true success once and for all—whether it be financial or otherwise.

 

All the best to your success during these difficult times and throughout your lifetime…

 

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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…

 

 

Money Management & Wealth Building

 

Learn if you have the money management skills that you need to achieve financially and build wealth more efficiently in the current economy…

 

In the current economy many are trying to find a better way to manage their finances and achieve their goals more efficiently.

 

Over the past few years TheWealthIncreaser.com has received numerous emails on the subject matter and TheWealthIncreaser.com thought that the time was right to create a page specifically dedicated to that topic.

 

When it comes to money management it is important that you know your money management style as we all have approaches to money management that we pick up during our lifetime.

 

In this discussion TheWealthIncreaser.com will show you effective ways that you can build wealth and manage your finances that will provide you an unwavering path toward the success that you desire.

 

  • Know where you are and where you are headed…

It is important that you determine your current financial position and a personal budget or cash flow statement will get you moving fast on that front.  You must get a real GRIP on your current financial condition and where you want to go at this time.

 

By doing so you will improve your AIM and the direction that you want to go during your lifetime to a higher level and success along with increased wealth  is more likely to occur.

 

  • Know how you will get there…

You must have the income that is needed to take you toward your destination (goals) and if you currently lack the income to move toward the goals that you desire or need to achieve you must:

 

*get more income

*cut expenses

*do a combination of the two

 

It really is just that simple—therefore you must put a plan in place at this time that will allow you to have the “discretionary income” to achieve your goals—regardless of what they may be!

 

  • Know what to do to maintain and build on your success…

Once you start accomplishing your goals you must re-analyze and fine tune your goals on a consistent basis.

 

You want to ensure that you have addressed and continuously improve upon your insurance, investments, taxes, emergency fund, education planning, estate planning/wills and retirement planning so that you can go through the various stages of your life where you have a high level of confidence about what you can do in your future.

 

Conclusion

 

Your money management personality plays a major role in the success that you will have in your future.  By evaluating your money management style at this time you can build wealth more efficiently and increase your net worth on an annual basis.

 

At this time—YOU possess the ability to direct your future and make good choices when it comes to managing your money throughout your lifetime and it is the desire of TheWealthIncreaser.com that you will make good choices and reach all of your goals.

 

All the best toward your money management success…

 

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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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