Real Wealth Whisperer, Author at REAL WEALTH WHISPERER

Ep 031 How to crush it in 2017

January 5, 2017 by Real Wealth Whisperer

In today’s episode I’ll share with my thoughts and wisdom on how to crush it in 2017 for your business.

When you first started your business, you probably did a lot of research. You may have sought help from advisors; you may have gotten information from books, magazines and other readily available sources. You invested a lot-in terms of money, time and sweat equity-to get your business off the ground. So…now what?

For those of you who have survived startup and built successful businesses, you may be wondering how to take the next step and grow your business beyond its current status for 2017.

There are numerous possibilities, a few of which we’ll outline here, in today’s episode.

Choosing the proper path to sustainable success is much more than monetizing your life or your business. It will depend on the type of business you own, your available resources, and how much money you have to invest.

But the most important factors you have will come from below the surface and be lead by the core values that are important to you.

Your time and sweat equity are the most important things you have to invest. If you’re ready to grow? I here and ready to help. Let me make a few suggestions for top line growth.

There are three things needed for any type of business or service. First is to build that business or service, then optimize that business by research and development, and once it’s optimized, you scale the business using a system to rinse and repeat. These three things hold true in almost every business from real estate to on- line marketing.

First things first:

Make sure you’re maintaining a consistent bottom-line profit and that you’ve shown steady growth over the past few years.
Look at the trends, both economic and consumer, for indications on your company’s staying power.
Make sure your administrative systems and management team are extraordinary-you’ll need them to scale your business.
Prepare a complete 12 month marketing plan for the new year.
Determine where and how you’ll obtain capital sources for scaling your business; whether that’s from existing sales or financing, etcI want to share a couple of ways to raise capital for your business,
License your product. This can be an effective, low-cost growth medium, particularly if you have a service product or branded product. “You can receive upfront monies and royalties from the continued sales or use of your software, name brand, or products, etc.-if it’s successful.

Licensing also minimizes your risk and is low cost in comparison to the price of starting your own company to produce and sell your brand or product.

To find a licensing partner, start by researching companies that provide products or services similar to yours. “[But] before you set up a meeting or contact any company, find a competent attorney who specializes in intellectual property rights. This is the best way to minimize the risk of losing control of your service or product.”

Form a marketing alliance. Aligning yourself with a similar type of business can be a powerful way to expand quickly,

Maybe you have had some success or created some well-received products of your own? If so , you could agree to affiliate market your products to others list of customers and vice-versa. “This often times results in a decent amount of sales.I’ve formed alliances with other mentors and Web sites that sell my products for a commission.

If the thought of shelling out commissions or any of your own money for the sake of an alliance makes you uncomfortable, I advise you to start looking at the big picture: “If you want to keep all the money to yourself, you’re really shooting yourself in the foot. You need to align with other businesses that already have lists of prospective customers. It’s the fastest way to success and scaling a business

I would appreciate if you found value in today’s show to share it with someone and leave a review on itunes and head over to the realwealthwhisperer.com and leave a comment in the comments section for this episode

If you haven’t already please remember this show is a fanarchy which means your questions are what drives this show, so keep’em coming and record your live question at the realwealthwhisperer.com just hit the record button and follow the script, it’s that easy

Real Wealth Whisperer.com sample Q’s script:

Hi this is {your name} from {your Company} (if you would like it mentioned on the show), in {city where you’re from}

Note: if you do not have a company, no worries! Hi this is {name} from {city you’re from}

Today I have a question {on or about}…. {life} or {love} or {sustainable wealth} My question is:

{how, who, what, why, when, where………….?}

Note: try to narrow your question to a specific, you get more value from having a direct answer. And that’s what I’d like to accomplish, is something of value for you to implement.

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Ep 030 How to Start A Roth IRA (retirement) for your Future

December 15, 2016 by Real Wealth Whisperer

In today’s episode Casey asks the question of how much and are Roth Ira contributions tax deductible?

I want to share with you the basics of an IRA. Quite simply, an Individual Retirement Account or IRA is a retirement savings account. Inside an IRA, you can hold stocks, bonds, mutual funds, treasuries, cash, or certificates of deposit, notes and real estate for investment purposes. The main benefit of an IRA is that the investments you hold within it are allowed to grow tax-free.

Investments are subject to a variety of taxes. For example, if you purchase a stock, the dividend income paid to you is subject to taxation. Similarly, if you buy a stock and sell it in a year for a profit, that profit is also taxed.
Within an IRA, any money you make from your investments can grow tax-free. This, in turn, allows your wealth to accumulate faster. In a taxable account, your returns would constantly be reduced, obviously by the taxes owed.
IRA’s are subject to limitations. For example, you could face a penalty charge of 10% for withdrawing any profits you have made before you turn age 59.5. In addition, there are limits to how much you can contribute annually to an IRA.

There are two main types of IRA’s — Traditional IRA’s, and Roth IRA’s

Understand Traditional IRA’s. A traditional IRA (Individual Retirement Account) allows you to make tax-deductible contributions. This means you do not need to pay any income taxes on income that you contribute to your Traditional IRA each year. For example, if you make $50,000 one year, and contribute $5,000 to your IRA, you will only pay tax on $45,000.

You cannot withdraw any contributions or profits before age 59.5, or else you are subject to a 10% penalty tax.
With a traditional IRA, you pay taxes when you withdraw the money, at which point they are taxed as if they are income. For example assume you turn 60, have $1 million in a Traditional IRA, and choose to withdraw $50,000 per year. That $50,000 would be taxed at whatever your income tax rate is at the time.
If you are under 50, you can contribute $5,500 per year, and if you are over 50 you can contribute $6,500 per year.
You must start making withdrawals before age 70.

Understand a Roth IRA. Roth IRA’s are similar to traditional IRA’s with one key difference — your Roth IRA contributions are not tax-deductible. This means if you contribute $5,000 of your income to a Roth IRA, you must pay tax on that income. The benefit is, unlike a Traditional IRA, you pay no taxes when you withdraw your money.

This means if you withdraw $50,000 per year when you are 60, you receive $50,000 per year, completely tax-free. This benefits many people because incomes are often higher in old age, which means so are income taxes.
Roth IRA’s also allow you to withdraw your contributions any time, tax-free. The key word here is contributions. Any profits from your contributions are subject to the 10% penalty tax unless withdrawn after 59.5.
For example assume you are 40 have contributed $20,000, which has in turn made $10,000 in profits, giving you a total account value of $30,000. You can withdraw $20,000 (your contributions) without facing penalty, but if you withdraw $30,000 you will face a penalty tax on your $10,000 in profits.
The contribution limits for a Roth IRA are the same as a traditional IRA.
Unlike a traditional IRA, you do not need to make withdrawals before age 70.

Real Wealth Whisperer.com sample Q’s script:

Hi this is {your name} from {your Company} (if you would like it mentioned on the show), in {city where you’re from}

Note: if you do not have a company, no worries! Hi this is {name} from {city you’re from}

Today I have a question {on or about}…. {life} or {love} or {sustainable wealth} My question is:

{how, who, what, why, when, where………….?}

Note: try to narrow your question to a specific, you get more value from having a direct answer. And that’s what I’d like to accomplish, is something of value for you to implement.

follow twitter: @nationofsuccess

Instagram : infinitesuccessalliance

Facebook:infinitesuccessalliance

YouTube: InfiniteSuccessAlliance.com

Podcast: Play in new window | Download

Subscribe: iTunes | Android | Email | RSS

Ep 029 “Building your dream home with a construction loan”

December 8, 2016 by Real Wealth Whisperer

In today’s episode Sean asks the question how a construction loan works and how do you start the process of building your dream house.

This episode will share the details of the process and best practices for making a choice in your loan choice for building that dream home.

What Is a Construction Loan?

Construction loans are short-term loans specifically designed to finance the cost to build a home. They typically have terms of 12 months or less, strict approval conditions, and require a detailed schedule of your construction plans.

Rather than getting a loan to build a house and then a mortgage on the finished home, you could apply for a construction-to-permanent loan. In this case, the construction loan gets rolled into a traditional mortgage once the house has been built and a certificate of occupancy has been issued.

How Do Construction Loans Work?

As with traditional mortgages, homeowners looking for new construction loans must go through an application process with a lender to qualify.

Unlike traditional financing where you receive the total loan amount upfront, the lender will disperse the construction loan to you in stages — generally, a number of disbursements — during the construction period. If you haven’t already purchased land, your construction loan could include funds to cover your land acquisition cost as well.

Most construction loans will have a variable interest rate and you’ll be required to pay only the interest on the funds disbursed during the construction phase. If you’re paying rent or a mortgage on a separate home to live in while your new house is being built, make sure that you can afford both these monthly payments.

If you have a construction-to-permanent loan, it will be converted to a permanent loan once your new home is ready for occupancy. If you have a traditional construction loan, you’ll have to apply for a new mortgage on your house once it’s been completed.

Real Wealth Whisperer.com sample Q’s script:

Hi this is {your name} from {your Company} (if you would like it mentioned on the show), in {city where you’re from}

Note: if you do not have a company, no worries! Hi this is {name} from {city you’re from}

Today I have a question {on or about}…. {life} or {love} or {sustainable wealth} My question is:

{how, who, what, why, when, where………….?}

Note: try to narrow your question to a specific, you get more value from having a direct answer. And that’s what I’d like to accomplish, is something of value for you to implement.

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