Posts Tagged ‘lifehacks’
September 2nd, 2011 | 
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Increase Your Financial IQ Book Review – Part 2: Protecting Your Money
Once you have learned to solve problems and earn some money, the next thing you need to do is to protect that money from what Robert Kiyosaki calls “financial predators”. Real world predators do not always look the part. Sometimes, they are ordinary people with well-meaning intentions. Their job is to “legally” take money from your pocket…and your job is to “legally” have them take as little as possible.
According to the book, there are 7 financial predators you need to protect your money from. They are:
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Bureaucrats who legally take money from you through “taxes”
- Taxes are your single largest expense
- Know which type of income you’re earning money from and paying in taxes
- Earned Income – salary, commission, etc
- Portfolio Income – income from paper assets such as interests, dividends, etc
- Passive Income – royalties, rental income from real-estate, licensing, etc
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Bankers who legally take money from you through “fees”
- Banks and credit card companies charge you with all kinds of fees, some of them you or your company might not even be aware of
- For every dollar you have in the bank, the bank can lend out twenty dollars to your credit card. The bank pays you 5 percent for one dollar and makes 20 percent on twenty dollars. That is how banks make money.
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Brokers who legally take money from you through “commissions”
- Look for brokers who are students of their profession and invest in what they sell
- For real-estate brokers, ask them how many properties they are invested in.
- For stock brokers, ask them which stocks they personally invest in.
- “Good” brokers make you rich, “bad” brokers make you poor. Build a relationship with “good” brokers.
- Look for brokers who are students of their profession and invest in what they sell
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Businesses who legally take money from you through “profits”
- Buy products that make you rich
- Poor people buy products that make them poor, paying them for years with a very high interest rate
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Brides and Beaus who legally take money from you through “alimony/marital asset split”
- Get a prenuptial agreement before you marry
- Think of your exit plan before you enter into the agreement
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Brothers-in-law who legally take money from you through “inheritance or financial wishes”
- Consult an estate planning specialist to plan your exit
- Use legal vehicles such as wills & trusts to protect your wealth from death predators
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Barristers who legally take money from you through “court & legal fees”
- Hold assets of value in legal entities instead of your own name
- You must buy insurance before you need it…not the moment you need it.
Rich Money Habits Review Notes:
- Protecting your money is like plugging holes. You first need to be aware what the holes are before you can actually plan on fixing them to stop the cash from flowing out.
- Learning to protect your money is a never ending process as the rules regularly change. The ways to protect your money yesterday may no longer be able to protect your money today or tomorrow.
- Protecting your money reduces your expenses. The more money you keep, the more money you can utilize for productive endeavors.
About the Author
Rich Money Habits @ http://www.akosiallan.com helps you discover and learn how to build long lasting rich money habits so you can achieve financial freedom with peace of mind!
Lil Wayne – Got Money ft. T-Pain
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Kidz Bop 20 $10.18 KIDZ BOP, the #1 music brand for kids ages 5-12 in the U.S., is celebrating its 10th Birthday this summer with the release of KIDZ BOP 20. The album features 16 of today’s hottest hits sung by kids for kids including “Born This Way,” “On The Floor,” and “The Lazy Song.”… |
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Tha Carter IV [Deluxe Edition] $11.94 Deluxe edition includes three bonus tracks and slightly different artwork. 2011 album from the Hip Hop superstar, his ninth studio album. Lil Wayne’s Tha Carter III sold over three million copies, becoming 2008′s bestselling album. This next installment has been in the works for over two years and features guest appearances and production from Cory Gunz, Drake, Tha Bizness, T-Pain, Tech N9ne, Ri… |
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Looney Tunes: Golden Collection, Vol. 6 $25.47 Genre: AnimationRating: NRRelease Date: 21-OCT-2008Media Type: DVD… |
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SentrySafe DS5781 Safe 1-Hour Fireproof Electronic Safe, 2 Cubic Feet, Black $289.99 Electronic lock, 2 multiposition shelves. File rack and door pocket. 7 live locking bolts. Holds standard and A 4 size papers, folders, and documents. May be bolted to the floor (hardware not included). Color: Black. ETL verified for 1 hour fire protection of CDs and DVDs up to 1700 F. UL classified 1 hour proven fire protection…. |
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Red (Special Edition) $2.99 You can take the agent out of the CIA, but you can’t take the CIA out of the agent–or so discovers Frank Moses, to his chagrin. Frank, played by Bruce Willis, simply wants to live his simple life with his government pension. But when a troop of black-ops guys descends on his house one night and blows it to smithereens, Frank realizes he needs to get a few of his old colleagues together and find o… |
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Avatar (Original Theatrical Edition) $8.99 A paraplegic marine dispatched to the moon pandora on a unique mission becomes torn between following his orders and protecting the world he feels is his home. Studio: Tcfhe Release Date: 04/22/2010 Starring: Sam Worthington Sigourney Weaver Run time: 162 minutes Rating: Pg13 Director: James Cameron… |
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The Blind Side $3.99 The Blind Side takes the true story of a young man who went from abandonment to success as a pro-football player and treats it with respect. The movie doesn’t oversell what is, on the face of it, already compelling. It’s almost impossible to describe the plot without sounding painfully inspirational: Michael Oher (Quinton Aaron, Be Kind Rewind), a hulking but gentle African-American teen in Tennes… |
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180 Caplets Fast Acting Lactase – Lactase Enzyme – Compare to the Active Ingr $16.99 *This statement has not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease…. |
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Parker 22R Butterfly Open Double Edge Safety Razor & 10 Shark Super Chrome Blades $28.77 The Parker 22R is a classic! The razor is all metal – genuine brass frame with nickel/chrome plating. This razor provides an incredibly smooth shave when coupled with the SHARK blades. The Parker 22R weighs 3.0 ounces and is perfect for both new and expert wet shavers!. We believe this razor will rival any on the market for shave closeness and comfort – even those costing much more. The head on t… |
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Luvs Premium Stretch Diapers – Size 4 (180 count) $38.99 Luvs Premium Stretch DiapersBabies love having the freedom to stretch, crawl, toddle and roam. Luvs Premium Stretch Diapers with Bear Hug Stretch sides provide this freedom for your little one by stretching with him to fit just right while protecting him from leakage, keeping your baby’s bottom dry and fresh. Luvs’ Ultra Leak Protection stops leaks just like the pricier brands, but for less money,… |
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