From the category archives:

Wealth

The American dream continues to fade.

The ideal of home ownership is slipping out of reach for more Americans everyday, as high foreclosure rate coincides with plummeting home sales.

Recent reports showed that July 2010 home sales dropped nearly 26 percent from July 2009 levels.

Low mortgage rates are not much help in the quest for would-be home buyers.

High unemployment, tight lending restrictions, and the end of the government tax credit for buyers all add up to diminishing opportunity for those hoping to purchase a home –- or even stay in a home.

The ripple effect is what worries economists and Americans alike.

When the recent announcement of July’s home sales hit, the DOW responded by closing at its lowest point in 6 months.

It’s not just the immediate effects, either.

When home sales are down, residential construction declines, which means fewer jobs for builders, a decrease in sales on housing materials, which then affects the jobs that provide and sell housing materials, and more.

What does it take to keep the dream alive for you and those you care about?

Prudent financial living.

How can you improve your financial habits? How can you protect yourself and your financial future?

The Missed Fortune series of books offers insight and proven strategies that can help you thrive.

Find out now how to keep hope and prosperity in your life.

Isn’t It Time You Became Wealthy?©

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Missed Fortune RadioThis week Doug Andrew discussed the following:

Upcoming Complimentary Webinar

Attend our free 90-minute webinar live over the Internet this coming Tuesday, July 20th at 11:00 a.m. pacific (12:00 p.m. mountain, 1:00 p.m. central, 2:00 p.m. eastern), and again at 6:30 p.m. pacific (7:30 mountain, 8:30 central, 9:30 eastern).

The topic is “True Asset Optimization: How to Choose the Right Investments.” You’ll learn how to maintain liquidity and guarantee safety of principal while earning a healthy, tax-free rate of return that outpaces inflation.

Register now by calling 1-888-76-Radio (888-767-2346). If operators are busy, please call again.

All attendees receive a bonus hardcover copy of Last Chance Millionaire, Doug Andrew’s New York Times best-selling book.

Are You Prepared for the Problem of Long Life?

Many thoughts of long lives and long retirements are of vacation trips, no debt, and plenty of disposable cash on hand to be able to give to your children, grandchildren, favorite charity.

Sadly, for most Americans these remain only thoughts as growing percentage of Americans are outliving the money they have set aside for retirement.

They literally cannot afford a long life. Instead, they become financially depend on others.

It seems absurd that after working an average of 40 years in the richest nation in the world that only a very small percentage of people can afford a long retirement, but that is the reality.

The reasoning is simple. It is because 95 percent of people are investing the same way and making the same mistakes.

The IRA and the 401(k) are the most popular retirement strategies in the U.S. With these strategies people are hoping to grow their investments and postpone taxes until they fall into a lower tax bracket because they are earning less.

This concept is riddled with problems. Most notable is that hopes of being in a lower tax bracket will not be realized because even though there is less income, there are often less deductions as well.

That, mixed with the fact that congress is continually raising taxes, means if anything people should expect higher taxes.

Other people follow the financial advice that paying off all debt will create financial independence.

These strategies implore people to send extra principle payments into their mortgage companies to alleviate themselves of any debt.

This strategy has caused many people to ultimately lose their homes because they lacked liquidity so when the economy dropped they couldn’t even afford to make the scheduled payments.

How Can You Protect Yourself & Afford a Long Retirement?

In order to protect against the common mistakes people are making in retirement planner, it is first necessary to know what these mistakes are.

There are ten mistakes I detail in my e-book, Baby Boomer Blunders, which are as follows:

  1. Short-term investments being used for long-term goals.
  2. Thinking that you will only live, therefore need to budget, for 15-20 years of retirement.
  3. Believing that paying off your home will give you peace of mind.
  4. Believing that $100,000 to $400,000 will be enough of a nest egg to fund your retirement.
  5. Thinking that you will be in a lower tax bracket when you retire.
  6. Believing that deferring taxes on retirement funds saves you on your taxes.
  7. Thinking IRAs and 401(k)s are the best way to fund your retirement.
  8. Reaching retirement age and not drawing out retirement funds from IRAs and 401(k)s because you don’t need the money, instead of doing a strategic rollout.
  9. Viewing retirement as a time when you can do all of the things you always wanted to.
  10. Thinking retirement is the time to coast instead of keeping a purpose.

Meet with a Missed Fortune advisorand learn to avoid the baby boomer blunders and be introduced to the empowering 31 F.L.A.V.O.R.S. of missed fortune.

Bonus Missed Fortune E-Book: Baby Boomer Blunders

The average Baby Boomer has less than $50,000 accumulated for retirement (which means many have less than that), primarily due to bad habits and having money invested in the wrong places where economic downturns can diminish their nest egg.

Download this e-book now at www.babyboomerblunders.com.

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Missed Fortune RadioThis week Doug Andrew discussed the following:

Upcoming Complimentary Webinar

Attend our free 90-minute webinar live over the Internet this coming Tuesday, July 13th at 11:00 a.m. pacific (12:00 p.m. mountain, 1:00 p.m. central, 2:00 p.m. eastern), and again at 6:30 p.m. pacific (7:30 mountain, 8:30 central, 9:30 eastern).

The topic is “True Asset Optimization: How to Choose the Right Investments.” You’ll learn how to maintain liquidity and guarantee safety of principal while earning a healthy, tax-free rate of return that outpaces inflation.

Register now by calling 1-888-76-Radio (888-767-2346). If operators are busy, please call again.

All attendees receive a bonus hardcover copy of Last Chance Millionaire, Doug Andrew’s New York Times best-selling book.

Government Confusion Has Led to Gambling Plan

Is our nation’s best hope for an economic recovery left to officials who will continue increasing our debt at an alarming rate?

Nile Gardiner voices his alarm at this question in “America is sinking under Obama’s towering debt”:

“I hope the White House is paying attention to the latest annual Congressional Budget Office Long-Term Budget Outlook, which offers a truly frightening picture of the scale of America’s national debt, with huge implications for the country’s future prosperity. According to the non-partisan CBO, “the federal government has been recording the largest budget deficits, as a share of the economy, since the end of World War II…

“As a result of those deficits, the amount of federal debt held by the public has surged. At the end of 2008, that debt equaled 40 percent of the nation’s annual economic output (as measured by gross domestic product, or GDP), a little above the 40 year average of 36 percent. Since then, large budget deficits have caused debt held by the public to shoot upward; the Congressional Budget Office (CBO) projects that federal debt will reach 62 percent of GDP by the end of this year—the highest percentage since shortly after World War II.”

In the last year the debt has risen from about $11.7 trillion to $14 trillion. And with the baby boomers coming up on retirement needing social security, Medicare and Medicaid, this number should be expected to soar.

As a result about a quarter of the population believes that the economic stimulus package has created jobs. In fact according to a recent Rasmussen report, over 40 percent of the population believes that the economy is now in a worse position as a result of the implementation of this plan.

Social security seems to use the same plan that Bernie Madoff used causing him to go to jail. It simply takes the money from the newer members and uses it to pay off the benefits promised to older members.

The only difference is this “robbing Peter to pay Paul” plan is considered legitimate since is falls under government control.

At this point it seems that the government is confused and policy makers have decided to bet that the private sector can make for some of the stimulus over the next few years.

If they are right they can get a head start on trying to close the budget deficits, but if this gamble is wrong they may set off a vicious new cycle in which drastic spending cuts could greatly weaken the world economy.

How to Protect Yourself?

We can no longer expect the government to fix everything. Those in a position to promote growth should do so.

It is time for individuals to take ownership of their future, health-care needs and retirements and create their own stimulus plan.

In “Create Your Own Economic Stimulus Plan — Save Yourself Because Big Government Can’t” six points are addressed teaching the ways to create economic growth for yourself no matter what schemes the government is trying to ‘fix’ the economy.

The following are the initial three points of this plan that can lead you toward financial growth no matter what is going on in the world economy.

1. Learn how increasing your credit score from 680 to 720 can increase your monthly income by $700 a month.

2. Learn to use $150,000 of equity in your house to create an additional $2.3 million in your retirement.

3. Forget 401(k) and IRA plans and learn to earn, grow and upon death even transfer money tax free.

Meet with a Missed Fortune advisor to gain a greater understanding of these points and learn to avoid being a pawn in the governments stimulus gamble.

Bonus Missed Fortune E-Book: Baby Boomer Blunders

The average Baby Boomer has less than $50,000 accumulated for retirement (which means many have less than that), primarily due to bad habits and having money invested in the wrong places where economic downturns can diminish their nest egg.

Download this e-book now at www.babyboomerblunders.com.

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While signs the economy is rebounding continue to shoot up like flares in the night, for too many Americans, it’s still economic midnight.

Families continue to face short sales or foreclosure; those far from retirement continue to dip into 401(k)s and IRA(s) despite early withdrawal penalties; and unemployment continues to paralyze American workers.

A recent New York Times article showed that even though America is seeing an increase in hiring, the unemployment rate isn’t necessarily dropping.

Now many of them [the unemployed] are beginning to look for work again, encouraged by four consecutive months of job growth and reports of a strengthening economy.

But the initial return to the labor force may prove dispiriting, since so many people are already chasing too few jobs.

Because the government does not count people as unemployed unless they say they are actively searching for work, many discouraged people have been hiding in the shadows.

Heidi Shierholz, an economist at the Economic Policy Institute in Washington, estimates about 2.4 million “missing workers” either left the labor force or did not enter it in the last 28 months. That is on top of the 15.3 million people who are officially counted as unemployed.

What can be done to survive hard times?

While circumstances may take a while to change, at least we, personally, can start making changes immediately.

To begin with, we can learn from our mistakes.

As millions of Americans have seen, these times teach us to borrow to conserve, not to consume. How many people have fallen into credit trouble because when times were good, they used credit to buy furniture, cars, ATVs, boats…things they did not need but they wanted?

And millions of Americans have learned that saving for retirement means more than investing money in 401(k)s, IRA(s), stocks or other vehicles that are vulnerable to economic downturns.

Retirement savings vehicles like maximum-funded, tax-advantaged insurance contracts can provide liquidity, safety AND rate of return – which are all equally critical in retirement savings options.

Use these tough times – whether they’ve affected you directly or indirectly – to plan for the future and protect yourself. Find out now how to make wiser choices, and how to obtain True Wealth.

Isn’t It Time You Became Wealthy?®

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Missed Fortune RadioThis week Doug Andrew discussed the following:

Upcoming Complimentary Webinar

Attend our free 90-minute webinar live over the Internet this coming Tuesday, March 16th at 11:00 a.m. pacific (12:00 p.m. mountain, 1:00 p.m. central, 2:00 p.m. eastern), and again at 6:30 p.m. pacific (7:30 mountain, 8:30 central, 9:30 eastern).

The topic is “Choosing the Right Investments.” You’ll learn how to maintain liquidity and guarantee safety of principal while earning a healthy, tax-free rate of return that outpaces inflation.

Register now by calling 1-888-76-Radio (888-767-2346). If operators are busy, please call again.

All attendees receive a bonus hardcover copy of Last Chance Millionaire, Doug Andrew’s New York Times best-selling book.

Earn Your Happiness

In a recent article entitled “The Left Doesn’t Want You to Be Happy,” Certified Financial Planner David Bahnsen shares a truth that should be obvious:

“…sociological and psychological studies have repeatedly affirmed this rather fascinating tenet: People with money who did not earn it are overwhelmingly more likely to say that they are unhappy than people who earned it. Obviously, regardless of the source of one’s prosperity, happiness can not be bought.”

Not only does this make common sense, but it’s scientifically proven. Earned success is the only permanent road to personal happiness.

What’s more, dependence leads to unhappiness.

Unfortunately, however, we’re bombarded with political voices who cry for more and more wealth distribution. Since the New Deal, we’ve pursued a steady path of taking from people who produce and create value to support those who do not.

This is both morally wrong and it leads to further unhappiness in society.

If we want a morally stable and happy society, the answer isn’t to redistribute wealth. Rather, the answer is to provide equal opportunity.

Let people become skillful and earn their own way. Let people fail and try again and learn from their failures.

In short, let people pursue happiness, rather than trying to guarantee it to them by giving them unearned material goods.

As David Bahnsen says:

“The materialists in our society are not believers in free enterprise who are focused on ‘earned success’; the materialists are the leftists who dare to suggest that the mere redistribution of money is going to make people happy.

“That…is base materialism. It is shallow. It is dangerous. And it is destructive. A worldview that pursues earned success is empirically proven to provide true happiness, for only that worldview respects human dignity.”

Protect Your Success & Happiness

Missed Fortune clients are producers. They work hard to build financial security. They’re self-reliant and responsible.

Unfortunately, many of them simply have blind spots when it comes to growing and protecting their wealth.

It doesn’t make sense to work hard for your retirement, only to lose your accounts to taxation, inflation, and market volatility.

Protect what you’ve earned. Meet with a Missed Fortune advisor to learn how you can do the following with your investments and retirement accounts:

  1. Create greater liquidity.
  2. Guarantee safety of principal.
  3. Participate in market upswings while protecting your money from market downturns.
  4. Outpace inflation.
  5. Limit taxation.

You’ve earned your success — now protect it from government bureaucrats, market forces beyond your control, and unforeseen events.

Bonus Missed Fortune E-Book: Baby Boomer Blunders

The average Baby Boomer has less than $50,000 accumulated for retirement (which means many have less than that), primarily due to bad habits and having money invested in the wrong places where economic downturns can diminish their nest egg.

Download this e-book now at www.babyboomerblunders.com.

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We often get asked, “If the Missed Fortune strategies are so great, how come everyone isn’t using them?”

Watch this brief video to find out:

*If you are getting this feed in RSS or email and cannot see the video, please click on the header to view it on the blog.

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When it comes to your retirement money, we’ve recently talked about why it’s far better to accumulate your money tax-free, versus taxed-as-earned.

We’ve illustrated how $1 dollar doubling every period for 20 periods becomes $1 million if it grows tax-free — but if it accumulates taxed-as-earned you only reach to $72,000 in a 25% marginal tax bracket after 20 periods, or worse, $27,000 in a 33% marginal tax bracket (which many Americans find themselves in with federal and state income tax combined).

This proves why it’s critical to take advantage of one of the three miracles of wealth accumulation: tax-favored accumulation that keeps your principal safe.

You deserve to have your retirement dollars safe, and you deserve to have them accumulating the most interest possible, without the drain of taxes. There’s something else you deserve — to withdraw your money tax-free.

Here’s why:

nestegg-copy-300x278 How Long Will Your Nest Egg Last?Let’s say you have accumulated a $1 million nest egg, and you would like to live on $100,000 a year to enjoy a comfortable retirement.

If your retirement dollars are taxed upon withdrawal (as they are with most traditional plans), you would have to withdraw $150,000 a year to net $100,000.

That’s right, if you’re like most Americans in a 33% marginal tax bracket, you would have to pull out $150,000 and pay about one-third of it on taxes to live on $100,000 a year.

Do you know how long your $1 million nest egg would last under these circumstances?

Get ready — just 11 years. Wouldn’t you rather have the peace of mind knowing that you can enjoy your retirement income for as long as you live, whether that’s until your 60s, 70s, 80s, 90s or beyond?

What about when you pass away? Did you know that the average IRA and 401(k) is only worth about $.22 to $.28 on the dollar as it passes on to heirs? Wouldn’t you rather have 100-cent dollars to pass along?

There is just one retirement savings vehicle that:

  1. Accumulates tax-free
  2. Can be withdrawn tax-free (even before age 59 ½ – without penalty)
  3. Transfers to your heirs tax-free when you pass away

Find out how to grow and protect your retirement money so you can maximize your future.

Isn’t it time you became wealthy?

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Is the current economic stimulus package working? Whatever your opinion, there’s no debate there will continue to be challenges before we see the results.

So why wait for the government to fix things?

Start today to launch your own economic stimulus package. Stop being a “Striver” and learn what the “Arrivers” and “Thrivers” do to increase their financial stability:

Strivers

Strivers are people who are always working just to make ends meet. When they get credit, they run out and spend it on something they want, not necessarily something they need.

Arrivers

Arrivers are those who are beginning to understand the three miracles of wealth accumulation: compound interest, tax-favored savings, and safe, positive leverage. They see that with the proper investment vehicles, they can achieve more.

Thrivers

When people truly grasp the three miracles of wealth accumulation and put them into practice time and again, they become Thrivers.

Survivors

Survivors are people who are hunkered down with a tight grip on whatever money they have, putting their financial planning on pause and heading toward financial atrophy.

Divers

Divers are those Survivors who continue on a downward spiral. Overly concerned about the return of their money instead of the return on their money, investing is the last thing on their minds.

No matter what financial category you currently find yourself in, you can do better. Create your own personal economic stimulus package. Discover how you can regain what you’ve lost so you never lose again.

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What is True Wealth?

June 21, 2009

Missed Fortune RadioWhat is True Wealth?

Did you miss this week’s show? Doug Andrew discussed the following:

Do you enjoy the top ten list on David Letterman? You have to hear this list on the top twelve indicators that the economy is bad. Here’s a taste:

#12. CEOs are now playing miniature golf.
#11. People are getting pre-declined credit cards in the mail now.
#10. If you buy a toaster oven, they now offer a bank with your purchase.
#9. Hot Wheel and Matchbox cars now have a higher value on the stock market than GM.

Listen to the podcast or download it to get the rest of the list.

What is True Wealth? What is Asset Optimization? There are four different kinds of assets in life and three of them don’t deal with money. These four assets together are called the family balance sheet or the family empowered bank.

Attend our one hour event live over the internet on Tuesday at 11:00 am or 6:00 pm Pacific: Don’t miss your chance to understand how to protect your money during this economic crisis but get competitive rate of returns during the good years. This strategy is called indexing and you need to know all about it. Call 888-76-Radio (888-767-2346) to register for either event on Tuesday.

New FREE Missed Fortune E-book: Baby Boomer Blunders. THE PROBLEM? The average Baby Boomer has less than $50,000 accumulated for retirement (which means many have less than that), primarily due to bad habits and having money invested in the wrong places where economic downturns can diminish their nest egg. Download at www.babyboomerblunders.com

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Tuesday

This morning Adrea and I started off with a discussion about multiplying your talents.  We started off by talking about the parable of the talents found in Matthew 25:14-30.

We talked about how important it is not only to multiply your talents but to share them with others as well. Use your talents to talk with other people, help other people, and really utilize those skills and talents that you’ve been given in life to benefit everyone around you.

Then Adrea shared a personal story about when we moved into our old neighborhood she didn’t want anybody to know that she played piano, mainly because she was worried that she would get a church calling that would require her to play the piano and wasn’t confident in her ability to play.

Finally, a friend told our bishop that Adrea played the piano, and of course shortly after she received a calling playing the piano, and of course she absolutely loved every moment of it. She really loved doing it but the other benefit was that many people told her how well she played.

She never would have been given the opportunity to serve others and improve her talents had somebody not spoken up for her. We should always share our talents whenever given the opportunity.

Afterwards we played a game with the family.  Or immediate family plays the game in the car when we go on long trips. Everyone is dealt a few cards, and one person starts with the words “Once Upon a Time” and then incorporates their cards into a story that they make up as they go.

Then on to the next person as everyone continues the story making up their part with their cards. We all had a great time as everyone from a 5 year old to others in their 50’s turned the story into a wild fairy tale!

Doug then shared with us the importance of utilizing the D.O.S., which stands for Dangers, Opportunities, and Strengths.  Any time we are faced with an important decision we should always evaluate what dangers we may encounter, what opportunities we will face, and what strengths we have to help us through.

It’s an important process Doug learned from Dan Sullivan and has implemented it religiously in everything he does.

After lunch everyone split up and went their separate ways. A lot of people went to Lahiana to go shopping or sightseeing. Our family, Scott, Adrea and our kids, went whale watching.

This time of year, the humpback whales are in Maui giving birth and breeding and they’re all over the place. We saw a bunch of whales. We saw them breaching out of the water. We saw them all over.

As we were coming back from whale watching we were lucky enough to encounter a large pod of dolphins that came right next to the boat and were jumping out of the water right next to us. We were literally five feet away from a hundred dolphins.

Our kids really had a great time and it was an experience they will never forget.

Afterwards, we came back for a great dinner and were taught by Justin and Ashley on the importance of family meals from The Intentional Family.

First thing first when it comes to family dinner don’t be too lax but don’t be too rigid. Family dinner is one of the best and important times that you can spend with your children, just sitting back, relaxing, and talking.

But if you make it too lax, then it doesn’t become a ritual, but if it’s too rigid, then the kids will not like it and have a bad experience. Other important lessons we learned were that everyone should help in some form or another like some people should help set the table, some people help cook, always open with a prayer, take care to not introduce conflict into dinners, make sure that when you have dinner it’s a great experience.

Clean up is part of the ritual as well. Other things to consider is who’s planning the meal or the menu, are the meals predictable?  If it’s at a certain time every day, then it becomes predictable and everybody and it becomes a ritual more easily.

Doug then talked about the concepts of the Future-Based Self vs. the Past-Based Self a series of Goal Cultivator lessons also taught by Dan Sullivan.

To finish the night up Dan and Mailee shared some experiences or what we call “I Remember When’s.”  Dan shared experiences regarding his phobia of feet.

The short version goes that one night he was having a dream about his feet and they were cold and he would keep rubbing them but he couldn’t feel them and they felt so cold in his hands and then he woke up realizing that he was hold feet but they were not his they were his brothers whose feet he always hated and thought they were the worst feet of all.

Mailee shared experiences from when she was growing up and how her mother made the wackiest and frankly not very tasty school lunches, they were so bad that nobody ever wanted to trade with them because of their strange lunches.

What a great experience to be able to do this with the whole family in Hawaii sharing all these experiences, learning and being educated from some of the greatest teachers around.

Hang Loose!

Scott and Adrea

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