Financial Resource: Beginner Investing to Financial Independence!

A financial education blog to share experiences on 401K, assets, budgeting, cashflow, early retirement, finance, financial freedom, investing, money management and retirement planning using posts, podcasts and video.

Archive for the 'General' Category

Wealth and Prosperity through Character Development

May 7th, 2008 by Mind Treasures

Do you think your character has any relationship with your finances?

Are you Purposeful (goals & objectives)? Are you Patient (saving)? Are you Responsible (borrowing)? Are you Moderate (balance & budgeting)? Are you Selfless (retirement)? Are you Reliable (credit)? Are you Courageous (business & investing)? Are you Punctual? (35% of U.S. FICO is based on this character) and the list goes on.

True Wealth & Prosperity can only be achieved by discovering and developing one’s hidden treasures:

“Regard man as a mine rich in gems of inestimable value. Education can, alone, cause it to reveal its treasures, and enable mankind to benefit therefrom.”

Of course development of hidden potentials (virtues) must be complemented with learning and implementing various elements of local economy in daily financial activities.

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Category: 401(k), Bonds, Business, Environment, Financial Markets, Financial Planning, General, Investing, Mortgages, Real Estate, Retirement Planning, Spending, Stocks, Tax, World, financial education | No Comments »

Got the Tax Blues? Is Your Business Structured with Tax Breaks in Mind?

April 16th, 2008 by Dollar$ & Sense

Are you suffering from post-tax syndrome? Feeling exhausted after rushing to the accountant’s office and completing your return just in time? Did you check and re-check your tax returns to see if you really have to pay that much to the IRS? Run to the banks to deposit sufficient money in your account to cover those check amounts to the IRS? Stood in long lines at the post office yesterday? April 15th - tax deadline day when most Americans line up at neighborhood post offices with their tax returns and certified mail with return receipts filled out (just to make sure the IRS knows they mailed it in time) - is now past us, for another year.

It was a similar experience for me this year and probably the most hectic compared to past years. If you are like me, self employed and running your own business, then you know what I am talking about. We wait till April 15th to pay our self-employment tax and most likely file extensions so that we can complete our business books, review with our accountants, and file tax returns at a later date.  A topic that has been on my mind lately is whether I have selected the most appropriate business entities, such as Limited Liability Company (LLC), Limited Liability Partnerships (LLP), Sole Proprietor, Partnerships, C corporation, or S corporation, for my businesses and investments to optimize the tax breaks that are out there. As they say, the rich get richer because they know how to make their money work for them. They also know what legal tax breaks and strategies to use to pay the lowest amount of tax. The poor and middle or employed class pays the highest tax rate in America due to their ignorance of tax strategies and the inability to incorporate their work and run it like a business.

Deciding to incorporate and selecting which business entity fits best for your business needs can be a daunting task. However, spend the time to research and understand the implications of each entity and what it means to your business.  Further below in this post, some basic questions are posed for you to consider and some additional information on some of the more commonly used business entities. These questions and basic information will guide you along the path to figuring out the best tax strategies for your business. Additionally below are some recommended books from Amazon.com that have a wealth of valuable information on tax planning.





Here are some questions to guide you along the path of tax planning and tax strategies whether you are a home business owner, self employed or run a larger corporation:

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Category: Business, Financial Planning, General, Tax | No Comments »

Submit Financial Articles

April 7th, 2008 by Your Financial Resource

FinancialResource.ORG has launched its new FREE feature welcoming authors and contributors to submit their articles on finance and financially related information, which will be distributed to its members via RSS and posted on the blog. www.FinancialResource.ORG is a financial education blog to share experiences on 401K, assets, budgeting, cashflow, early retirement, finance, financial freedom, investing, money management and retirement planning using posts, podcasts and video.  

Join our community today and create an account to submit your articles, posts, questions, or suggestions on all financial matters. FinancialResource.ORG is a community on the path to financial freedom. Submit your articles to our membership base on matters related to finance, financial planning, retirement planning, stocks, bonds, mutual funds, 401K and retirement accounts, business tips, real estate investments, mortgage and refinancing, and other personal finance matters.

What are the benefits to creating an account?

  • Interact with Your Financial Resource community: Join the inner circle of our members to network and interact with regarding financial matters.
  • Increase your knowledge on financial matters: Write and post your ideas, what you would like to learn, what have you experienced, what are you struggling with. Our members will review your posting and provide comments and suggestions to help you grow. We all learn from each other’s experiences.
  • Promote and advertise your business: Publishing your articles on FinancialResource.org with references to your business, services, and products is free advertising! It will help boost your credibility and increase awareness for your business.
  • Viral Marketing: Through the technology of RSS (Really Simple Syndication), your article will be viewed by subscribers and search engines and start to appear on many other websites. These websites will forward them to others, who forward them to others, and so on. 
  • Drive traffic to your website or blog: By publishing your article on FinancialResource.ORG and therefore distribution all over the web, you effectively drive traffic to your website.
  • Create an online presense (even without a website): If you don’t have a website, no need to worry. Your article is essentially a website with its own unique URL or address. In your article include a description of your business and your contact information like an email address so that potential customers can contact you.

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Category: General | No Comments »

FR3 | Retirement Planning - Audiobook / Books on Tape - Free Download Part 2

April 6th, 2008 by Your Financial Resource

 
icon for podpress  Retirement Planning FREE Books on Tape - Part 2 [24:25m]: Play Now | Play in Popup | Download
  

This is the continuation of our FREE Audiobooks / Books on Tape downloads on the book Retirement Planning. We know our listener’s time is valuable and many of you have busy schedules. Therefore we have endeavoured to put this book on a series of podcasts or a FREE audiobook / book on tape so that you play it now by clicking the play button above this post (turn up your speakers) or download them to your iTunes and iPod to listen while running or working out later. To subscribe to the podcast and download into iTunes, click here.

In this Podcast, the following topics are covered:

A.  What will it cost to be retired in the future?

At a minimum, you want to:  Decide on the annual income you desire in today’s dollars; Pick a retirement date; Determine your lifetime average inflation rate; Determine the average rate of return you expect on your investments before and after retirement; Determine the current market value of all your investments to include regular accounts, IRAs, and company tax-deferred savings plans like 401(k) plans; Obtain an estimate of any company-provided pension benefit; Obtain an estimate of future Social Security benefits; and Armed with this data, you can determine the annual savings required for you to enjoy the good life. 

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Category: Audiobook, Downloads, Financial Planning, General, Podcast, Retirement Planning, books on tape, eBook | No Comments »

Buy an existing business instead of starting one from scratch.

March 19th, 2008 by Johnny Cashflow

It has been my experience from starting businesses from scratch to buying existing businesses with cashflow that it is best to buy one that you have historical data.   

Reliable Cashflow: When you buy an existing business, you are assured of immediate cash flow. My first hand experience is that when starting a business from scratch, cash-flow can be anyone’s guess no matter how great the business plan.  We have written some wonderful business plans and executed based on financial proforma only to fall flat on our faces.

Banking on History: When you buy an existing business, historical financial data allows you to understand the finances and the business. I don’t have to tell you that when starting a business from scratch, looking at other similar businesses is not as beneficial.  Existing businesses will give the added peace of mind of knowing what you are getting in financial returns and how you can slowly improve them.

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Category: Business, General, Investing | No Comments »

Top Ten Rules for Success by Donald Trump

March 18th, 2008 by Your Financial Resource

We received our Trump University Newsletter in which it was headlined “My Top Ten Rules of Success by Donald Trump” and so upon reading it, we felt that it was imperative that our readers have a chance to also read it and comment where necessary.

At www.financialresource.org, we follow Mr. Donald Trump as he is a very successful businessman and we all have a lot to learn from his experiences.  So without any bias or further comments…

Here’s the complete top 10 list Donald Trump gives when he speaks at colleges:

1. Never give up! Do not settle for remaining in your comfort zone. Remaining complacent is a good way to get nowhere.

2. Be passionate! If you love what you’re doing, it will never seem like work.

3. Be focused! Ask yourself: What should I be thinking about right now? Shut out interference. In this age of multitasking, this is a valuable technique to acquire. 

4. Keep your momentum! Listen, apply and move forward. Do not procrastinate.

5. See yourself as victorious! That will focus you in the right direction. 

6. Be tenacious! Being stubborn can work wonders.

7. Be lucky! The old saying, “The harder I work, the luckier I get” is absolutely right on.

8. Believe in yourself! If you don’t, no one else will either. Think of yourself as a one-man or one-woman army.

9. Ask yourself: What am I pretending not to see? There may be some great opportunities right around you, even if things aren’t looking so great. Great adversity can turn into great victory.

10.  Look at the solution, not the problem. And never give up! Never never never give up. This thought deserves to be said (and remembered and applied) many times. It’s that important.

 Please tell us what you think and should you have a Top Ten Rules that we can learn from, please do let us know.

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Category: General, Investing, Real Estate | 1 Comment »

Retirement Planning: The Ultimate Guide with Tips & Tools for Your Rich Future

March 13th, 2008 by Your Financial Resource

So you have a job and you make money. Is it enough to cover all your expenses? Is it enough to put aside some money towards your retirement? What about those credit card debts, home mortgages, and travel expenses coming up? What about starting a family, paying for your children’s education? Have you already started planning for retirement? What steps have you taken?  Perhaps you have consulted with retirement planning services and professionals or found some online sources for financial planning software and retirement planning tools.

Ok, so we have raised a number of questions and hopefully sparked some ideas and thoughts in your mind. Our last podcast introduced the topic of financial freedom and how the resources learned from our community can be shared with our listeners. The ultimate goal being that we can use this information to achieve financial success in our lives. Read the rest of this entry »

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Category: Financial Planning, General, Investing, Retirement Planning, eBook | 1 Comment »

FR1 - Financial Freedom: Getting Started

February 26th, 2008 by Your Financial Resource

 
icon for podpress  Standard Podcast [7:02m]: Play Now | Play in Popup | Download

Welcome to episode FR1 on www.financialresource.org. We are delighted to have you join us today.

Our first episode is to discuss “financial freedom” and what it means to you?

One definition of financial freedom is “a well-planned lifestyle where one no longer is required to work for income to cover their expenses”. Doesn’t this sound great? However, contrary to popular belief, it does not require being free of debt, as a debt payment is just another expense like food, travel, gas, and other living costs that all of us have. Typically, financial freedom or financial independence can be attained in one of two ways (or a combination of the two):

1. Earn enough passive investment income so that one can cover all their expenses.

2. Create a large enough “nest egg” that can be liquidated over time to cover one’s expenses.
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Category: Financial Markets, General, Investing, Podcast, Real Estate, Spending | No Comments »

Warren Buffet to the Rescue

February 18th, 2008 by Dollar$ & Sense

Warren Buffet is all over the news again! This time it has to do with Wall Street and saving those Bond Insurers. The billionaire investor’s offer to help out troubled bond insurers rallied the markets and the Dow Jones industrials rose more than 130 points, easing some of the market’s concerns about further deterioration in the credit markets. Warren Buffet’s Berkshire Hathaway holding company has offered up to $800 billion in municipal bonds, primarily as a second level insurance. The last time we heard his name all over the news was when he donated a substantial amount of his money towards the Bill and Melinda Gates Foundation. That is just fantastic! We need more of the wealthy in this country to find charitable causes and foundations that will help to alleviate poverty, reduce diseases, provide universal education, bring about more equality, and reduce the increasing gap bewteen the rich and poor. Read the rest of this entry »

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Category: Bonds, Financial Markets, General | No Comments »

For the love of money… or is just for love! Happy Valentines Day Everyone…

February 14th, 2008 by Your Financial Resource

Here are some statistics that I found quite interesting while researching what it costs to express your love in the United States.  According to the National Retail Federation (NRF) 2006 Valentine’s Day Survey, it’s costing more to show your love. Apparently, the average American will spend over $100 on February 14.  Call me cheap, but that just seems like a lot of wasted money to me on a fabricated holiday to apparently express your love to your loved ones.

The statistics show that men will spend (aged 45-54) nearly double what women spend on the holiday and will be purchasing less flowers and more jewelry.  Guys… save your money and make dinner or clean the house and use the savings to get the both of you something that would be a real asset.  Now, that’s romantic!

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Category: Environment, General, Spending | 1 Comment »