Master Your Money or It Will Master You!

People make several mistakes when saving and investing for retirement, and one of the biggest ones is not getting started because they think they need a large sum of money to begin, says Tony Robbins, 54, an inspirational speaker and best-selling author.

 

Some folks think investing and personal finance are so complex that they “never take the time to figure it out,” he says.  His goal with the new book is to “help the average person to cut through all the complexity and all the mythology that is sold to us about how you really can’t manage your own finances, and show them that the best people on earth have given them the guideposts and the steps to go from wherever they are financially to where they truly want to be.”

But his advice isn’t guaranteed to make you money. Even professional investors took different paths to their fortunes.

 

After researching the new book, Robbins developed what he calls the seven steps to financial freedom. Those are:

 

Step 1. Make the decision to become an investor, not a consumer. “You don’t want to own an Apple phone, you want to own Apple,” he says.

You have to commit a certain percentage of your income to savings for your financial freedom. Whatever that number is — 10%, 15% — stick to it in good times and bad. Have it taken automatically from your paycheck and put directly into a retirement or savings account.

 

Step 2. Become an insider on investing. Know the rules of the game. Understand mutual funds and learn what mutual funds beat the market or their benchmark over any 10-year period. Look into the fees you are paying on mutual funds and how that affects your financial future.

He says people also don’t read the fine print on their investments so they don’t realize what fees they are paying. Just like there is compounding growth, there are compounding costs, he says.

If you are only paying 1% in fees, you will probably end up with a lot more in your final nest egg than if you are paying 3% in fees, he says.

He points out that if you had a $100,000 investment and were lucky enough to get 7% annually, paying 1% in fees, you’d have about $574,000 after 30 years. If you paid 3% in fees, you’d only have about $324,000.

“What you don’t know will hurt you in the financial world. But once you know these things, you’ll be able to take advantage of the system instead of having the system take advantage of you.”

 

Step 3. Make the game winnable. “Most people have a number that’s so big that they never begin the journey,” Robbins says. Figure out how much money you need for financial security and financial independence. Calculate this and come up with a plan. Look for places you can save more.

 

Step 4. Evaluate your asset allocation. “You have to create a bucket list. You have to learn where to put your money to keep it safe and where to put your money to grow it with some risk,” he says. Put your money in different types of investments, such as stocks, bonds, commodities or real estate. Diversify your investments.

 

Step 5. Create a lifetime income plan. Make sure you won’t run out of income for as long as you live. “Income is all that matters. Assets won’t buy your food. They won’t let you travel. You have to focus on income. The investment community wants you to think about keeping your money in assets.”

 

Step 6. Invest like the .001%. “That means learn from the very best on earth (Schwab, Icahn, Bogle, Dalio, Forbes and others he interviewed for the book), and what you learn from them apply and you’ll achieve financial security faster than you will any other way.”

 

Step 7. Just do it, enjoy it and share it. Make a commitment to be wealthy now, not in the future. “Start where you are, and you’ll begin to find out that there’s more than enough.”

Robbins advises people to educate themselves in investing. It’s worth the time, and it’ll pay off. “You master money, or it masters you,” he says.

Based on article written by:

Nanci Hellmick

USA Today

Referencing book written by:

Anthony Robbins

Money: Master The Game

Financial Services now hiring

The shortest path to financial prosperity is not hard work or big plans.  It is first understanding the rules of the Money Game! We are licensed financial services referral agents.  We work with an independent financial services marketing company as independent agents.  We provide expert financial needs analysis for every family and small business currently in North America.  We do this and then provide professional recommendations to reach those goals. In the ‘information age’ the rules of the money game are no longer a secret of the wealthy.   The financial industry is the biggest industry in the world and is triple the size as the 2nd closes industry, which is real estate.  Bigger than the second and third industries combined.

Additionally, currently financial services is dominantly men in their late 40’s early 50’s, which leaves a tremendous hiring gap.  There is a great need for women in the financial services arena.  “In an era where financial services firms face increasing competition from new market entrants, ever-present regulatory overhead and the challenge of achieving growth in a low interest rate environment, it’s critical to build greater innovation and flexibility into the workforce. A proactive approach to diversity planning will broaden the talent pool and enhance workplace culture to better prepare financial services firms to thrive in the future.” — Nigel Carter, Partner and Global Leader, Financial Services Industry

As you can see, men and women both are encouraged to delve into the financial services industry, however, we are strongly encouraging women especially.  We are trying to educate Americans on the fact that not only is there a need but this particular industry helps answer so many increased questions that plaque most.  Look into your options!!

Longer work hours, higher debt, few raises, horrible bosses, less family time — you can become a business owner regardless of age, ethnicity, background, experience level.  A year from now, will you be in the same place, financially, professionally?  Will you have the same schedule and the same boss?  Just know that you can be a business owner from coast to coast, with a world class education on how money works. You can get your life back, get control of your money, your retirement, you and your families future!
Find the off ramp from corporate America and be free and help all you know to do the same.

We’re hiring folks that want to take control of their own destiny.  Schedule your appointment for more information.

Sindy Moon, Broker, Marketing Director

Eclipse Financial Division

770-655-7726


Is Paying Taxes Patriotic?

A lot of people tell me that avoiding paying taxes is somehow “Un-American”. What if told you that paying taxes is the most unpatriotic thing you can do?  Most people get mad at me for even suggesting this. The government needs your money to move and work. If you do not put your money to work, the government will take it from you in the form of taxes and put it to work. So, who thinks the federal government spends tax payers money in the best, most efficient way possible? No one does. “All individual income tax revenues are gone before one nickle is spent on the services that taxpayers expect from their government” – Grace Commission 1984 (Executive Order 12369)

Taxes are designed to incentivize people to put their money to work where the government wants it to be used, and penalize people if they don’t. A great example of this is Georgia and the movie industry. Georgia needed more revenue in the state, so they offered the movie industry big tax incentives to film in Georgia. This has employed thousands directly and indirectly. It has also brought billions of dollars into the state ($9.5 billion as of 2017). The Oil and Gas industry is another example. After 9/11 the US federal government decided that as a nation we were too dependent on oil and gas from countries that hate us. So the government gives massive tax incentives (up to 100%) to investors if they invest in domestic oil and gas. Real Estate is another good example. The government cannot build, or repair houses so they give investors tax incentives to build, maintain and own real estate (you use a tax write-off with your own home). The government can not afford taking financial care of the elderly (medicare and medicaid is bankrupt) so they give people incentives to invest in Insurance (long term care, health and life) to be used when they are elderly. You can get tax incentives for any number of investments if you know where and how to find them. “In America, there are two tax systems: one for the informed and one for the uninformed. Both are legal.” – Supreme Court Justice Learned Hand.

Hopefully by the time we are finished you will be on your way to being in the “informed” group. The strength of every country’s currency is how the money flows and is circulated. Money MUST have a job. Stagnant money does no one any good. Hoarding your money in a bank account (or under the mattress) does not help the economy or our country. The best thing you can do is give your money a job. Find a tax advantaged investment that fits your goals, lifestyle and risk threshold and dedicate all non-working dollars toward that investment or investments. Some argue that they MUST have a minimum of 3 months expenses saved in a bank account for their emergency fund. Having a well funded emergency fund is crucial for a sound financial plan however, if your emergency fund is sitting in a bank account it does not have a job. Your money may be earning 1% if you are lucky and inflation is growing 4% on average. That means your emergency fund is actually costing you 3%. What if you could find a way to put your money to work for you and still be accessible in case of an emergency? An ACTIVE money manager can liquidate your investments within 48 hours if needed, but still working for you if you don’t. The wealthy are taught from an early age how to put money to work for them, how to use the tax code to take advantage of every incentive available and how to strategically spend their money instead of wasting on fleeting desires. These concepts are not taught in school. They are only taught generationally or to those willing to search for the knowledge.

B.Sadler, Financial Life Guards

 

Growth in Georgia thanks to our entertainment industry friends!

The film and entertainment industry has been using the state of Georgia to produce films since the early 1970s. Recently there has been a real trend in the Hollywood market to move more of their work to our well-endowed state. In 2006 Actor/Producer Tyler Perry opened the Tyler Perry Studios to South Atlanta, where he shot the film Daddy’s Little Girls (2007) and films his television situation comedy House of Payne, which began airing on TBS Superstation in 2006. In 2008 the BET network premiered the comedy series Somebodies, written by University of Georgia graduate Henry Cameron “Hadjii” Hand and filmed in Athens.

During the first decade of the twenty-first century, both public and private entities across the state worked to create new incentives encouraging filmmakers to bring their projects to Georgia. In 2001 the Georgia General Assembly passed legislation exempting the television and film industry from sales and use taxes on production-related expenses, and in 2005 it passed the Georgia Entertainment Industry Investment Act, which offered income tax credits for filmmakers who worked in Georgia. The legislation resulted in a revenue increase for the state from $124 million in 2004 to $475 million in 2006.

In May 2008 Georgia governor Sonny Perdue signed into law a revised Entertainment Industry Investment Act, which gives production companies a 20 percent tax credit for filming in Georgia. The inclusion of an animated logo promoting the state earns filmmakers an additional 10 percent credit. The ceremony for the signing was held at the studios of Turner Broadcasting System. I truly believe this trend has assisted in the growth of our state. All of our economy seems to be consistently growing. Stay tuned to see even more growth as developments increase, housing starts to increase and the foreclosure gap begins to close, all thanks to our entertainment industry friends!