Categories
Taxes

Latino, Hispanic Millionaire Profile

PROFILE OF LATINO MILLIONAIRES

Most Latino/Hispanic millionaires got there in a predictable fashion – they worked hard, took risks and controlled personal spending. Few reach, and maintain, wealth by winning the lottery or by being a sports or media star.

Those people, achieving quick and easy success, to which wealth has come without sustained effort, frequently have much different views from the “typical” millionaire profiled below. The traditional millionaire shares these beliefs:

GENERAL ATTITUDES

Have a tremendous need for power, control and approval.

Do not feel rich nor flaunt their wealth.

They are frugal bargain hunters.

Defer gratification today to create a better tomorrow.

Have a natural “nose” for opportunity.

Are good at getting and processing information.

Independent thinkers who believe in their own decision-making abilities.

Politically conservative in most matters, although liberal toward specific causes.

Takes a serious outlook toward family responsibilities.

ATTITUDES TOWARD MONEY

Highly money motivated and prefers money to material items.

They believe that money can indeed buy happiness, love, acceptance, security, etc.

Hate paying taxes: income, property and estate tax.

Favor direct ownership of assets they can control, such as their own business or real estate.

Aggressive growth-oriented investors and are very interested in increasing their wealth.

They are willing to take controlled risks, especially with some personal involvement.

Only small minority favor defensive investments.

Seek to minimize their personal financial exposure in business and investment deals.

Like to use “Other People’s Money” to enhance their own wealth.

Tend to prefer large philanthropic gestures with a desire to have some control over the application of the funds.

TOP PRIORITIES

Personal business or career success.

Financial security for their families.

Maximizing returns from their careers and their investments.

Providing an excellent education for their children.

Appreciate personal publicity of a favorable nature.

THEIR BIGGEST FEARS

Their children ending up as failures.

The IRS, taxes and tax return audits.

Losing all of their money and power (particularly strong among people who grew up in poverty).

Loss of assets as result of an “unwarranted” lawsuit or government confiscation.

THEY WANT A FINANCIAL ADVISOR TO HELP THEM

Plan for their retirement – with the style and financial comfort to which they have become accustomed.

Fight the erosion of inflation on their income and its purchasing power.

Select the most appropriate investments.

Minimize their taxes – income and estate.

Define and prioritize their financial goals.

Increase their net worth (to offset inflation).

Make gifts without jeopardizing their other goals.

Avoid mistakes.

WHAT THEY WANT MOST IN A FINANCIAL ADVISOR

A knowledgeable, trusted expert who understands and can empathize with their goals and who diligently helps them to get what they want.

insertfile

Categories
Taxes

Instant Millionaire: Find Unclaimed Lottery Wins

Unclaimed lottery jackpots: It sounds unrealistic but the fact is that every year dozens of hefty jackpots are left unclaimed. Unclaimed lottery winnings have been on the rise. In most of these cases the efforts to locate the rightful owners of these lotteries have gone in vain. In 2005, Illinois reported $ 14 million of unclaimed lottery winnings. Indiana reported more than $ 5 million of unclaimed lottery ticket in the same year. The state of Massachusetts reported $ 4.6 million of unclaimed lottery money a few years earlier. Between 2008 and 2009, Georgia reported almost $ 45 millions of unclaimed lottery money.

Connecticut has not had a winning ticket expire without a winner for nearly a decade. Any unclaimed prize is referred to as the Clarence Jackson Jr. jackpot in some regions. Mr. Jackson, three days late in turning in the winning $ 5.8 million ticket in 1996, never received a penny. Of the 1,100 jackpots, Connecticut has paid out since the lottery began here in 1972, 11 have gone unclaimed.

Every state has its own stipulated time frame for the validity of a Lottery ticket. The east coast states like Connecticut, New York, and New Jersey offers a claim period of 1 year to its lottery players for claiming their prize money. Some other states have a validity time frame of even three to six months.

According to a USA Today survey, almost half a billion dollars of unclaimed lottery money was reported last year. Minnesota reported the expiration of a $ 1.5 million lottery ticket in January, while Oregon reported the expiration of $ 7.5 million lottery winning in June. Florida has announced that a $ 3 million worth lottery ticket is going to expire on Christmas Eve.

Dawn Nettles, editor of The Lotto Report, a newsletter that covers lotteries, blames lottery practices for many of the unclaimed prizes. "It's so frustrating that I can hardly talk about it," she says. Computer scanning errors cost lottery players prizes, she says. A very glaring case of computer enabled lottery check was detected in Ohio in 2006. The computer failed to validate a $ 267 million winning ticket. Toledo tax attorney Mark Mockensturm, who represented the winner, confirms the story. "The computer system at the lottery office in Cleveland didn't read the encoded ink," he says. The ticket was validated in other ways. "The size of the jackpot caused a hiccup in the computer program," Ohio Lottery spokeswoman Marie Kilbane says. The software was fixed, and the ticket was paid. "All's well," she says.

Lotteries publicize big unclaimed prizes before they expire. "We tell people: 'Check your tickets! Hey, you never know,'" New York Lottery spokesman John Charleson says. So, if you are a regular buyer of Lotto and other types of Lotteries, it makes sense to establish a simple check list for validating and monitoring the lottery numbers. So, for every lottery purchase, this check list is performed before the ticket is discarded. In case you have older lottery tickets, it is crucial that the list of unclaimed lottery tickets is scanned in every state where the purchase was made. This will ensure that only the unredeemable lottery tickets are discarded.

Categories
Currency Trading

Millionaire FX Traders – Lessons From Them for Forex Trading Success!

In this article, we will look at some lessons from a group of ordinary people, who learned to trade in just 14 days and then went on to make hundreds of millions of dollars. You can learn a lot from this group of people so lets look at how they achieved stunning Forex trading success after just a few weeks training.

The paradox of FX trading is easy to learn yet very few succeed. In fact, the amount of traders who make money is a minority of just 5 percent. If you learn how our group of super traders learned to win, you will understand how they made money and how you can too.

The story started when a famous trader called Richard Dennis, decided to teach a group of people who had never traded before to trade. he selected some people and they were from both male and female, of different ages, of varying levels of intelligence and the group included:

A kid just out of school who had never worked, a security guard, a lady accounts clerk and an actor and Dennis then set about teaching them to trade.

They learned to trade in just 14 days and the rest is history – they piled up hundreds of millions of dollars in trading profits and many still trade successfully today. So how did they manage to achieve success quickly, when so many traders fail? Lets take a look in more detail.

The trading method wasn't complex or over loaded with indicators, it was simple! The trading method followed price action on a charts, locking in to big trends via breakouts which is a proven way to make money.

The system focused on the long term!

Most traders like to scalp and day trade, they make a lot of effort and lose money. The group of traders who Dennis taught, did the opposite and focused on the big trends which last many weeks or in some case months and held them for huge profits.

The system lost the majority of the time and around 70% of trades lost money but the ones that made money, made huge profits. This allowed the traders to pile up triple digit long term profits and still lose the majority of their trades.

The method was easy to learn but following it was hard, as many of the traders have since said in interviews and books on the experiment. However, they knew they had to hold their discipline and cut losing trades quickly and run their profits to win and they did with spectacular success.

No one likes to lose, we all have egos – but if you want to win at Forex trading you must learn to take losses and keep them small.

Most traders can't do this and lose. To enjoy currency trading success, you must learn to cut losses or you will end up losing too. Be smart – lose your ego and accept losses and run profits and you can achieve success.

Why You Can Achieve Forex Trading Success

If you have understood the article you will see why the majority of traders lose and how you can win. Learning a FX trading system which can make money is easy but you need to right mindset to win and this is the reason why most traders fail.

The right mindset for success though is a choice and if you want to enjoy success, make the right choice and your on the road to long term FX trading success.

Categories
Wealth Building

6 Questions to Test Your Wealth Building Strategies: A Review of Automatic Millionaire by David Bach

If you want to test out your own financial habits against some recommended wealth building strategies, the answers may help you to start to build wealth in your lifetime. How is it possible that an ordinary couple on ordinary income built extraordinary wealth becoming multi-millionaires and retiring in their fifties?

This is the premise of the Automatic Millionaire by David Bach, one of 12 best-selling books in personal finance. The strategy he presents is not as far-fetched as the story appears.

Instead of focusing on growing your income, increasing your spending and looking rich, if you switch to saving money, investing wisely, you can become very rich – and sooner than you might think. It’s simple to read, but it seems difficult for people to implement in today’s increasingly materialism and credit-orientated culture.

As a regular on the Oprah Winfrey show, David Bach is no stranger to the personal finance industry, at least in the US. But what sets him apart from many experts are the straightforward strategies he shows, which anyone can do to become debt free and build wealth in your lifetime.

Here are six questions you can ask yourself to kick off your own personal wealth building strategies and finish rich in your lifetime.

1. Do you want to be rich?

This is not a trick question. But the real question is to ask yourself WHY you want to be rich.

If you get clear on your goals, you wake up hungry to make it happen and you’re more likely to do the work and make the sacrifices to achieve them.

2. Do you pay yourself first?

This is the number one financial decision, but few of us do it and certainly we don’t do it automatically. When you earn a dollar, the first person who should get paid is YOU. Pay yourself first means put money aside for your taxes, your retirement accounts, your savings, many of which are tax free!

The rule is to pay yourself one hour a day of your income – around 10-15% – invested automatically for life. (The average household actually puts away only 10 minutes worth of their earnings a day – around 2% – which is both shocking and scary.)

3. Do you know your Latte Factor?

The average American and probably European spends around $10 a day on incidental purchases, like buying a Latte and a pastry before, during and/or after work, maybe a pack of sandwiches or a salad and a drink over lunchtime. If it’s not that, it’s a magazine or an extra CD, grabbing some chocolate at the petrol station.

That $10 a day amounts to $3600/year (assuming that somehow you will have a latte factor not just on weekdays but weekends too). If you put that away instead, it really mounts up – and this will blow your mind.

Calculate it through at say 8% annual growth, over 35 years, that is actually a staggering $1,385,505 – over a million dollars – for coffee! Wait five more years, and that would be an unbelievable $2,108,569.

The strategy here is to become conscious of what your incidental ‘latte’ purchases are and reduce them or knock them out and instead pay yourself first with it.

4. Do you rent or own?

If paying yourself first is the number one financial decision, then the number one investment decision is buying your own home. It’s the top wealth creation strategy you can use. Home owners have a net worth of 40-50 times more than people who rent.

A secondary strategy is to pay your mortgage debt off as early by making over payments and thus saving enormous amounts of money on interest otherwise paid. But a third arm to this is that once you’ve paid about half off, use the equity to buy another property of the same value an rent it out.

For a 15 year long fixed rate mortgage, the interest rates are as low as they will probably ever be and it is easier than ever to benefit and build wealth in your lifetime. In fact, using a bi-weekly payment plan could save you over six figures in interest over 15 years!

5. Do you have debt?

If you are going to work really hard to make money, then you should make sure you have a plan to keep it! The only economy you can control is your personal economy, so reduce your debt by paying it off from the start and little by little. This is easier and less stressful than trying to pay off big lump sums.

6. Do you give back?

When your personal finances are stretched, it seems very hard to consider any level of tithing. But it’s a healthy habit and pays you back in so many ways. It’s another kind of wealth. When you feel happiness and satisfaction at a deeper level, you are far more open to opportunities you might otherwise never notice.

Categories
Mutual Funds

How Mutual Funds Can Make You a Millionaire

Mutual funds are a way of parking your surplus money in the schemes which are according to your investing needs. Every one of us wants to be at the peak of success and earn a lot of money to lead a luxurious life. It is true that all of us cannot own a company as big as Microsoft, but still it is possible to earn a notable amount for being able to afford a lavish lifestyle. However, we all save some money through our entire life for the rainy day or to fulfil our future needs. But, small savings are not sufficient to accommodate the requirements. The reason being, savings do not provide many returns on the amount deposited in the banks. While, investments in mutual funds would bring up the required profits from the money which has been deployed into them.

We often hear our elders say that earning money is not easy, and it takes an entire lifetime to accumulate petite amount. It was true back then. Since the inception of mutual funds, there has been an easier way to invest and grow your wealth easily. Here are some important points which could help you to multiply your money manifolds:

  • Hike investments through a systematic process: Systematic investment is the most preferred investing method which would let the clients invest at regular time duration for a stipulated period of time. The clients have to be very consistent in adding up to their investments at a very slow pace. If you invest a lump sum, then it might not be possible for you get the benefits of the bullish and bearish market scenario, and you will not be able to get the maximum returns for your investments. Any sweet dish gets sweeter as we add sugar to it gradually. But, if we put the entire amount at once then there are chances of getting the dish spoiled. Hence, to savor the sweetness of your investments, invest through monthly SIP in your selected schemes mutual fund scheme.
  • Be focused on long-term financial goals: Mutual funds provide schemes for each and every client. The schemes include equity, hybrid, debt, etc. All these plans have been provided so as to attract customers from each and every segment to actively participate in mutual funds. The investment in mutual funds may facilitate the clients to invest in even short-term schemes, but the returns from such a plan are not at par with that of long-term mutual funds. Thus, it is advised by the financial experts that the clients must aim for investing over a longer time spell. It will help you to bring out the maximum gains from your investments.
  • Identify your cash inflow and outflow: A cash surplus is one of the most prominent factors in determining the amount which you can afford to invest. The cash surplus is calculated by subtracting the inflow of capital with the outflow. If the balance is positive, then you have that much amount left for investing, and if you have a negative balance, then that shows your borrowings. If the clients have an extra surplus then only they are capable of investing in mutual funds. So, it is necessary to manage your income and expenditure in a way that will let you have some unused amount for parking it at the correct place through the mutual fund schemes.
  • Monitoring the existing investments: Though it is said that mutual fund schemes provide returns during the long run, still one should not just invest and forget. A timely review of the plans is required in order to maintain the balance of returns. There are fund managers who allocate the funds and ensure the returns to the clients. However, it is the duty of the clients to carefully spot the difference between the promised and the actual returns because it is their hard-earned money that has been deployed and not anyone else’s.
  • Remove the under-performers from portfolio: It happens many times that we go for shopping and instantly like something. We buy and bring it home. But, after using it for some time, we realize that it is not as per the standards and will result in loss of time and money. So, either we return it or give it to someone else. In the same way, the clients should review their portfolio at regular intervals and discard the mutual funds which are not productive. As the money is invested in the wrong places, it is necessary to clean the portfolio at regular intervals as the non-productive schemes will result in wastage

To conclude, mutual funds can help you to be a millionaire if you abide by some necessary rules set by the experts. So value the importance of your money and make the maximum use of it.

Categories
Currency Trading

3 Tips On Becoming A Forex Millionaire in 14 Months Starting With Only $100!

You must be dreaming of becoming a Forex millionaire. Many new traders dream of becoming a Forex millionaire within one to two years but give up after a few months when they lose their hard earned money. The problem is most of them don’t have a trading plan. Well, if you sincerely follow the following trading plan, you can also become a Forex millionaire.

Becoming A Forex Millionaire Tip#1

First educate yourself about Forex trading. Most of the info is freely available online. Choose a Forex trading system that you think suits your personality and style. This Forex trading system should have a 60 days money back guarantee. This way, you can try that system and if it doesn’t work, you can get a refund. The right choice of your trading system is very important. You don’t need to rush. Read about the different Forex systems that are being sold in the market. Make a list of at least 3 best Forex systems. Make sure the Forex systems are easy to trade and don’t take more than 3-4 hours daily to trade.

Becoming A Forex Millionaire Tip#2

Test the best Forex system in your opinion on your demo account for one month. If you find the system difficult to trade, go for a refund. Choose the second Forex system in your list. After testing or two systems, you will find the system that works for you on the demo account and makes 100% return per month. Once, you have mastered the system on your demo account, it is time to trade live.

Becoming A Forex Millionaire Tip#3

Now, we are not going to trade live on a standard account right away. What we will do is deposit $100 into a micro account and trade micro lots with that system. Your aim should be to achieve a return of 100% or more every month. When you trade on a micro lot, 1 pip is equal to 10 cents. So, losing 10 pips means losing $1. However, if you lose 10 pips on a standard lot, you lost $100 plus you need at least $1000-$2000 to trade with a standard lot.

What we will do is try to double that $100 in one month. This means making a return of at least 100% in one month. Losing 100 pips on a micro account means only losing $10. So, you are safe when you trade on a micro account. Test a system on the micro account and if it doesn’t make 100% return per month, get a refund and try the second best system in your list.

Once, you find the system that makes 100% return on your micro account, it will make your $100 into $200 by the end of second month and that $200 into $400 by the end of the third month.

Now you need to switch to a mini account as you want your trading risk to become more realistic. 1 pip on a mini account is equal to $1. With that same trading system now turn that $400 into $800 by the end of the fourth month and that $800 into $1,600 by the end of the fifth month.

Don’t rush. These five months are going to teach you a lot on how the Forex markets change and how your trading system performs when the market conditions change and you will also know whether your broker is good or not, what leverage to use and how to manage the risk. Now, you got $1,600 in your account, you can switch to your standard account and start making 100% return per month or more. Do the maths, you will be a millionaire within the next 6 months.

Categories
Currency Trading

Currency Trading Tricks – Confessions of a Millionaire Forex Trader

Everyone has their own style and spotting trends in the Forex trading market. If you are hanging out with six different traders, they may all have their own angle to day use in each and everyone of them may be profitable.

I have a friend who has made a fortune doing forex trading online for years. I once asked him if there are any common principles of success when it comes to currency trading. My millionaire forex trader friend told me most successful currency traders tend to use forex trading techniques that they are comfortable and confident with.

He emphasized that what works for one person may not be so attractive to another individual and vice versa. However, successful traders do have a few things in common when setting their guidelines. He went on and confessed to me the top 10 forex tips and tricks to succeed in forex trading as follows:

1. Establish a plan and stick to it – you made a plan for a reason. You did research, you probably track investments over a long period of time and then finally identify the forex trading system that worked for you. Staying with this system and using good money management is a way to keep the money rolling in. Don’t make radical changes for no good reason.

2. Trends or transfer a reason – Use a good forex trend system and stick with it. If you’re trying to buck the system and go against a trend or predict one because of a gut feeling, you’re going to find yourself out of the forex market before you know. Follow trends and use them to make money.

3. Keep your money safe – you can do this by limiting your forex investment to 3 to 5% of your overall bankroll. Think about it, this allows you to have 20 dead deals before you would ever be out of the market. If you’re doing your homework, the likelihood of this is very slim. Those that get overconfident because they have had a succession of profitable deals may decide that they can increase their profitability by committing their entire bankroll to one trade. You can all but guarantee that trade will be a loser and they will be broke.

4. Don’t push a bad position – when you’re faced with a losing deal, cut your losses and get out as soon as you can. There is no shame in admitting that he lost a little money as it happens to everyone sooner or later in this market. The key is to minimize your losses and get your money back out into a more profitable situation.

5. Take the Money and run – a lot of traders don’t know when to get out. They get involved in a trade and don’t set target profit and have no idea when the right time to sell is. Your research should give you a good idea of how much money you can make on your deal. Know what the limits are and set yourself target profit even before you enter the trade. Regardless of how fast you get there, take your profit before the trend reverses and you get buried.

6. Be emotionless – it may sound a little cold, but there is no room for emotions in the forex trading. Trading is cut and dry, you win some and you lose some. Any trader worth their salt will sit there and you’ll have no clue if they just made a fortune or got buried. You simply need to keep your emotions out of the game.

7. If it doesn’t come from you, don’t use it – this is a pretty basic rule and won the absolutely must follow. Do not trust any information that comes from anyone else other than your own research. When people try to give you tips, say thanks but no thanks and avoid the pratfall of trying to make easy money.

8. Keep a log – everyone has to learn from their successes and failures. Keeping a journal of what you bought, how much you bought it for and when you sold will enable you to look back at all of your previous deals and break down better what worked and what did not. This will make you a much better trader in the future.

9. Where there is doubt, there should be no trade – you’re going to have too many positions that you feel strongly about to make a mistake and investing in something that you are not 100% sure is going to make money. This is not to say every deal that you do make is going to be profitable, but risking your money in a doubtful situation is never a good idea.

10. Don’t over extend – some traders get themselves into a position where they are looking at several different profitable opportunities all during the same period. While it would be great to be involved in them all, it is simply not realistic. Spreading yourself out too thin will end up with your investments being out of control and you not being able to manage them. The best way is to only enter the second trade when the first trade has break even or have protected some profits.