Dynamic Financial Training

Have you reviewed all of your debts for hidden/unnecessary fees?

You can reduce your debts tremendously in many cases by removing any unnecessary fees. If you see anything outside of principle, interest, real estate taxes (make sure it’s reasonable) or homeowner insurance (make sure it’s reasonable), schedule a meeting with your lender.

• Review every debt to see what makes up the payment and understand every component

• Things to look for: PMI (Private Mortgage Insurance), various insurances, waiver fees, taxes and administrative fees

Stay tuned for more great financial tips. . .

In our continuing desire to help churches & organizations create new streams of income we are pleased to announce our partnership with COGIC’s Church Growth Department in running “COGIC Family TV” tonight at 6pm!!! (www.COGICFamilyTV.com)

COGIC Family TV is the brain child of Bishop Otis Lockett Sr. the overseer of their Church Growth Department. The Network is not just for COGIC churches!

COGIC Family TV is a 24 hour 7 days a week “Internet TV Channel” featuring four different types of programming each designed to strengthen the family and expand the Kingdom of God. The different programs each represent about 25% of the programming time will be:

• Preaching and teaching  the Word of God from a stellar list of Ministers

• Educational programming addressing issues like the family, women, finances, health, parenting, technology and more from professionals, business owners and the Clergy

• Entertainment through Music & Drama Ministries and Christian Comedians

• Wholesome family programs like I Love Lucy and your favorite cartoons

These shows and programs will be scheduled just like “regular” TV with specific time slots daily. So instead of tuning into TV you can tune into COGIC Family TV when your favorite program(s) airs.

With the advent of technology, COGIC Family TV can be seen on PC’s, Mac’s, Tablets, I-Phone, Smart Phones and other mobile devices.

Additionally, new technology will allow viewing of COGIC Family TV on your “regular” TV using ROKU and Apple TVs. (Samsung TVs are currently manufactured with ROKU access)

Of course COGIC Family TV will be viewable on the website at www.COGICFamilyTV.com

If you would like more information on how you can obtain a program on COGIC Family TV (rates are very reasonable) or want to be added to our email list call us at 336.272.7373 or email us at cogicfamilytv@dftnews.org. Prime spots will go quickly so contact us today!

COGIC Family TV

“Be inspired wherever you are!”

Do you have a great credit history on one of your revolving credit card accounts?

Most credit card companies will allow you to add people to your account. This added person is called an “Authorized” user. This person never receives a credit card, doesn’t have access to your account, and never receives any of your statements. It’s only a paper transaction that can make you money! You make money by selling people your great credit history by allowing them to become “Authorized” users.

Let’s say I have an AMEX Platinum card with a great 20 year history and a very low balance. If I allow you to become an “Authorized” user (there is no way you can hurt my credit or take my money), this would possibly increase your credit scores 20-70 points (it varies based on your credit history). Would you pay me a $1,000? Sure you would! What if I took that same AMEX and did this 2 or 3 more times? I just made $3-$4,000.

Contact your credit card company to see exactly what you need to do to add an “Authorized” user. You want to play by their rules, but inside “your” game!

Stay tuned for more great financial tips. . .

Does your employer offer incentives such as profit sharing, cost savings programs and/or bonuses?

Most companies have some type of incentive program that pays their employees extra money when they help the company increase their profits. You must understand how the program works, then harvest ideas from other employees, former employees and/or employees in other departments. You should even study to see what your competition has done to be successful. This is not only creating money for you now, it’s also teaching you to think as the business owner you are becoming!

If your company does not have a Cost Savings Program, which rewards employees for creating cost saving ideas, recommend it to management. Every company wants to improve their bottom line!

Stay tuned for more great financial tips. . .

Maybe you do and didn’t know know it… did you know that the government could be holding money for you or a loved one?

Currently, more than $15 billion worth of savings bonds have matured and are sitting unclaimed by their owners, according to the U.S. Treasury. Unfortunately, you can’t go to your State Treasury Department to see if there’s bond money waiting for you. Visit this website www.treasurydirect.gov to find money for yourself or a
loved one.

The government may also have some special benefits or grants waiting for you, especially if you’re a student, veteran or considering adopting a child. Visit www.benefits.gov

Lastly, if you or a family member ever worked for a company with a pension plan that was terminated, the company went bankrupt, or it was bought out by another company, you may be eligible to receive benefits from the Pension Benefits Guaranty Corporation (PBGC). In recent years, PBGC held $133 million in unclaimed benefits for 32,000 people. That averages to nearly $4,200 per person. Visit http://pbgc.gov/

Stay tuned for more great financial tips. . .

Have you checked with your insurance company to see if they have gone public?

Several years ago, many large insurance companies, including MetLife and Prudential Financial, went through a process called “demutualization” that gave policy holders shares in the company when it started trading publicly on the stock market. Those shares
could be redeemed for cash.

Contact your insurance company today and see if they are publicly
traded. When you review unclaimed property sites such as www.MissingMoney.com you will find a lot of people who own shares of stock but are unaware of this. Now that you know, you can inform others.

Stay tuned for more great tips. . .

Don’t be like most people who go their entire lives and never discover their passion. Your passion is something you are obsessed with doing that no one has to motivate you to do!

Here is the process for creating money:

1. Discover your passion
2. Perfect your passion
3. Create a team who believes in your passion
4. Convert your passion into a business (You are part of my passion)

NOTE: Perfected Passion Produces Prosperity!

The tax filing deadline will be here before you know it. Most people wait until the last minute to do their taxes and for various reasons. One reason is because they normally owe. That doesn’t have to be you!

In reference to taxes, people have been conditioned by the system to think, “As long as I don’t owe the IRS, I’m fine”. Instead of saying, “What can I do legally to pay less in taxes and get some or all of the money that was withheld from my paycheck, AND stop the IRS and State from keeping it?”

The answer is tax planning and an Affiliate and home-based business!

Let’s talk about keeping more of what you allow the IRS and State to withhold:

Taxes withheld – $6,000
Tax Refund (projected) – $2,400
What you allowed the IRS to keep – $3,600

The best way to receive all or most of the $3,600 back is to do tax planning (this is not just for the rich; it’s for those who want to be rich) and establish an affiliate-based business that’s in pursuit of profit.

Let’s look at a brief example:

Gross wages from job – $40,000
Schedule A (Itemized deductions) – ($15,000)
Exemption – ($10,000)
Taxable Income (before a business) – $15,000
Business loss – ($12,000)
New Taxable Income – $3,000

Tax savings due to a business loss of $12,000 @ a 20% tax rate (estimate) equals $2,400!!! So, of that $3,600 you allowed the IRS to keep for years, you now get it back because of an affiliate-based business. You receive $2,400 and they keep $1,200.

Wanna know the best tax tip… EVER!

Look at every way you spend money and develop a legal way to make it tax-deductible.

If you want to see how competent your tax professional is, make that statement to him or her and see what their response is.

If you pay estimated taxes, the same rules apply. You want to reduce the amount of the tax payments based on tax planning and an affiliate-based business. A reduction in payments also creates money.

Stay tuned for more great financial information…

Who says that you must have good credit to get a loan? It’s simply not true! With the economy being what it is and the credit market still being tight people with poor credit still need access to money at good rates.

Let’s look at a few ways that you can borrow money at great rates even with poor credit…

Idea #1- Get the IRS to give you a six month interest free loan!

As a former CPA I understand that the IRS views your taxes withheld from your paycheck as if they were withheld evenly through the year. So what the big deal you ask? Let’s say I’m having $400/mo withheld and I normally still get a small tax refund.

What should I do if I need money like… now! Well for the first 6 months of the year have $0-$200 withheld then for the last 6 months pay yourself back. If I decide to have only $150 instead of $400/mo withheld the last 6 months I would need to have $400 plus $250 to have the same taxes results. Think about it, it makes a lot of sense plus there are some other creativity ways to do this.

Idea #2- Get a loan from your Stock Broker

Your Stock Broker wants to help you in your time of need. How? Let’s say you have about $3,000 in your Brokerage account (Stocks, Bonds and Mutual Funds). Without a job or credit check the Broker will loan you up to $3,000 while using the Investments as collateral. This is called a Margin loan. The rates are less than 10%, but beware, if the value of the investments decline you will have to repay a portion of the loan sooner… this is called a Margin Call.

Idea #3- Borrow it from yourself

Three possible solutions exist here; first borrow from your 401k loan with great rates and no credit check. If you have an existing loan, let’s say $3,000 balance that keeps you from tapping more of the $50,000 401k balance use one of the others to pay-off the smaller loan to get to the big money. Beware, if you leave your job or your job leaves you this loan has to be paid off to avoid a taxable transaction.

Second, do you have an IRA account that you believe you can’t touch without paying taxes? Solution- Tax laws allow you to withdraw from your IRA once every 12 months for up to 60 days without any tax consequences. Thirdly, if you have a Self-Directed IRA, when properly structured you can make loans with another individual without tax consequences.

Your tax professional may understand this concept if they don’t give me a shout out.

Be on the lookout for the next post for more money!!!

William V. Thompson is a Financial Strategist and co-owner of the Affiliate Marketing Company, Dynamic Financial Training. These ideas are from his E-book “The Money Interviewer”.

Click Here to obtain a copy

Click Here to watch a brief video

You can e-mail William at cssc@mydft.com or call 336.272.7373

Do you own items that people rent?

If you do, try locating small businesses or MLM’s that typically rent things from hotels or other sources. They might be interested in renting from you. You could also set up a business so that your friends could rent instead of borrow from you. Because the items would be typically rented by the day or week, the rates could be very nice for you.

Some common items that rent well are computers, projectors, yard equipment, overhead projectors, camcorders, etc. Try brainstorming for additional ideas. If you end up considering renting your car out, make sure to discuss it with your car insurance agent!

Stay Tuned for other great tips. . .