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Tax help > The Person With The Most Money Wins!

The Person With The Most Money Wins!


 by: John Michael

The person with the most money wins! This phrase has been used repeatedly but not by the wealthy but by the poor "The have not's".

Money is not the only or even the most important thing in life.

You number one goals should be when it comes to life is:

  1. Good health

  2. Take care of Family

  3. Ability to enjoy life

  4. Happiness both for yourself and others around you

The above should be at the top of the list of any goal you have. However, wealth does make substantial improvements to each of the four areas of life listed above.

More money can mean better:

Best of all it can reduce stress from not having to worry about money!

Many of us have problems in life that additional cash will help solve the situation. Did you know that 80% of problems in life could be simply resolved with additional cash.

Your first step to becoming financially secure is getting involved in real estate as an investor. Now you must take the next step "Stop chasing money".

John Michael, the founder of Stealth Educational Services has a vary simple but phrase he loves to use

Money has twelve legs and you have two - It will always out run you when you chase it.

Fundamentally, there are two areas to focus on to build wealth and generate cash.

  1. You must develop skills and strategies to reduce your expenses along with maximizing your life style.

  2. You must develop skills and strategies of generating additional revenues.

You will need to learn how to use:


OPM - Other Peoples Money


OPT - Other Peoples Time

We all have life expenses such as:

You easily spend $2,000, $5,000, $10,000, or even more every year on these expenses.

Did you know that for every dollar that you make tax deductible you can receive approximately 15? to even 50? back from the government and yes it all depends upon your tax bracket and tax rate. The easiest and fastest way to get tax breaks you will need is to simply start a small business.

As a real estate investor, you have a small business!

This should be your goal for your financial strategy as a real estate investor over the next 12 months:

Just to name a few.

You may have to work full time and do real estate investing part-time for several months until you get the ball rolling. You will need multiple sources of income to become successful as you grow and start your carrier as a real estate investor.

Let me give you another set of goals that you should shoot for as well:

Stop chasing money, it is not how much money you "earn", it is what you "learn" to do with the money that matters.

You must have a good plan for building wealth!

More wealth and cash can make life more exciting, dynamic, and fun.

"Daring ideas are like chessmen moved forward. They may be beaten, but they may start a winning game." By Johann Wolfgang von Goethe

About The Author

John Michael is the author of "Getting Started In Real Estate Investing" In addition, you can review his book at: http://jmichaelrei.com.

John@jmichaelrei.com


Real Estate Investor Question: Rehab and Sell, or Rehab and Keep?

Real Estate Investor Question: Rehab and Sell, or Rehab and Keep?

 by: Bruce W. Ford

Here's another awesome question I received from my discussion board. The question; Why bother keeping property after it's rehabbed? Why not sell it after the rehab and GET PAID!

Of course, the first questions that you must answer is how emergent is your need for quick cash? You can likely generate the most SHORT TERM cash by selling a freshly rehabbed house. But, you will give much of it away in taxes come next April.

If you keep it, you stand to make more! You will also enjoy some great benefits while you own it such as cash flow, a tax break, and MORE cash with the future appreciation. You can still pull some nice cash a few months after buying it when you refinance (post rehab) the property from your hard money (at 70% loan to value) to long term financing (at 85% or 90% loan to value).

The short answer is an investor is going to make considerably...

Real Estate Investor Question: Rehab and Sell, or Rehab and Keep?
Tax help > Real Estate Investor Question: Rehab and Sell, or Rehab and Keep?

The Umbrella Effect of The Bankruptcy Stay

The Umbrella Effect of The Bankruptcy Stay


 by: Victoria Ring

Updated to comply with new BAPCAP (advanced training for bankruptcy paralegals)

The following article is for training purposes only. It is not intended for legal advice.

Regardless of whether an entire petition or a skeleton petition is filed, the very moment the bankruptcy petition is filed with the bankruptcy court, a type of
umbrella for the debtor(s) is put into effect. This is called the bankruptcy stay which helps some common emergencies:

** Utility disconnections. If the debtor(s) are behind on a utility bill and the utility company is threatening to disconnect their water, electric, gas, or telephone service, the automatic stay will prevent the disconnection for at least 20 days. (Also, bankruptcy will probably discharge the past due debts for utility service.)

** Foreclosure. If the debtor(s) home mortgage is being foreclosed on, the automatic stay...

The Umbrella Effect of The Bankruptcy Stay
Tax help > The Umbrella Effect of The Bankruptcy Stay

A Financial ?To Do? List for Engaged Couples

A Financial ?To Do? List for Engaged Couples

 by: Nathan Dawson

Engagement can be a hectic and overwhelming time for all parties involved. However, by setting a wedding budget and by creating a long-term money-management plan, you can ensure that you will start off on the right foot. Follow these steps for a good marriage preparation:

1. Prepare to merge finances

Discuss your spending and saving habits, your debts and assets and your respective salaries. Be sure that you have a realistic idea of how marriage will affect you both as a couple and as individuals.

2. Plan your wedding

Make a realistic assessment of how much you can spend. While the average wedding cost is $15,000, with careful planning you may be able to go lower than that and create memories that will last forever.

3. Decide on whether to have a prenuptial agreement

Prenuptial agreements aren?t always necessary. However, if there is a considerable difference...

A Financial ?To Do? List for Engaged Couples
Tax help > A Financial ?To Do? List for Engaged Couples

Investments - Short Term or Long Term?

Investments - Short Term or Long Term?

 by: Satish Budhrani

Many find investments to be a risky deal not because investments of any kind require fair amount of speculative measures for comparatively larger returns, but because they lack the knowledge about what to invest in and when.

Investments, irrespective of financial class of a human are mainly divided into three categories, which are

1) Short Term Investments


2) Middle Term Investments


3) Long Term Investments

Short Term Investments

Short Term investments are those kinds of investments, which are made for a very short period; in a financial year such investments can be made for a day to eleven months of that financial year.

The major financial investment tools for short-term investments are

1) Stock market


2) Derivatives market


3) Commodity market


4) Currency market


5) Bond Market


6) Bullion Trading


7...

Investments - Short Term or Long Term?
Tax help > Investments - Short Term or Long Term?

Taxes and Bankruptcy: The Nuts and Bolts

Taxes and Bankruptcy: The Nuts and Bolts


 by: Richard K. Gustafson, II

The filing and subsequent discharge of either a Chapter 7 or a Chapter 13 bankruptcy may eliminate some types of personal income tax liability. There are, however, certain restrictions which must be met in order to completely eliminate personal income tax liability through bankruptcy.

Some personal income taxes may be eliminated through the filing and subsequent discharge of a Chapter 7 bankruptcy. The following requirements must be met for the personal income tax liability to be eliminated in a Chapter 7 bankruptcy:

? The tax return must have been filed on time

? The filing should not be fraudulent

? The tax return must have been filed over three years ago as of the bankruptcy filing date (e.g. IRS debts for the last three years generally, would not be dischargeable)

? Alternatively, in some cases, if the tax return was filed late, was not fraudulent...

Taxes and Bankruptcy: The Nuts and Bolts
Tax help > Taxes and Bankruptcy: The Nuts and Bolts

Know How To Take Your Lumps

Know How To Take Your Lumps


 by: Ken Morris

If you are about to retire or change jobs, or if your employer is terminating the company retirement plan, you may be eligible to receive a "lump sum distribution" as defined in the Internal Revenue Code.
Such a distribution may be substantial and may represent the cornerstone of your retirement security.
So it is important to consider your options carefully before making a decision regarding distributions.

Basically, you are faced with two main options.
Should you take a direct distribution and pay your taxes now?
Or should you roll your distribution over into a traditional Individual Retirement Account (IRA)?

If you decide not to roll the distribution over into a traditional IRA, you must pay tax on the distribution in the year you receive it. You will, of course, be able to invest the remainder as you please.
The main benefit of paying taxes on your...

Know How To Take Your Lumps
Tax help > Know How To Take Your Lumps

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How Do You Circumvent Motorcycle Risks?

How Do You Circumvent Motorcycle Risks?

 by: Maricon Williams

Risks, dangers and threats are part of motorcycle riding. It is already an innate part of mounting on a bike and going mobile.

If you miss a signal of another rider be it a hand, lights or horn signal, you will be susceptible to an accident. If you missed the right moment to step on the brakes, you will likely encounter a mishap. In cases like these, how sure are you that you will make it alive?

When...

How Do You Circumvent Motorcycle Risks? Tax help The Person With The Most Money Wins! How Do You Circumvent Motorcycle Risks? Tax help The Person With The Most Money Wins!
Tax help > How Do You Circumvent Motorcycle Risks?

Chin Surgery ? Cosmetic Surgery Information

Chin Surgery ? Cosmetic Surgery Information

 by: T.Going

Chin Surgery ? Cosmetic Surgery Information

The chin is one of the most noticed features of an individual?s face because other elements of the face such as the nose, and jaw are lined up with it. Chin surgery (or mentoplasty) procedures are designed to sculpt your chin into a more desired and attractive looking form.

The best candidates for mentoplasty are those who are in good physical and...

cosmetic surgery Tax help cosmetic surgery Tax help
Tax help > Chin Surgery ? Cosmetic Surgery Information

Wearing Cologne

Wearing Cologne

 by: Jeff Lakie

Walk into any nightclub, and you're bound to catch a drift of some guy's cologne. Men today use cologne just as women use makeup or perfume-to enhance their attraction. But did you know that in the early days people used cologne instead of bathing?

Cologne was invented in the 1700s, primarily to be used in bath water. Strangely, it was also used as mouthwash and sometimes even as an enema! People believed cologne could cure...

perfume Tax help The Person With The Most Money Wins! Wearing Cologne perfume Tax help The Person With The Most Money Wins! Wearing Cologne
Tax help > Wearing Cologne