The 7 Top Ways Millionaires Become WealthyWritten by Steven Mattos
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5) Teach your children to be economically self-sufficient to foster a "Wealth Mind-Set" Provide your children fish and they will eat for a day. Teach them to fish and they will eat for a lifetime. As you might guess, children who grew up to be affluent, who had affluent parents, were taught to be disciplined and intentional with their money. Robert Kyosaki, author of Rich Dad Poor Dad, didn't cave in when his son asked for a car at 16 years old, even when neighbor kids were being given cars by their parents. He gave his son $3000, and a subscription to Wall Street Journal, and a few books on investing in stock market. Now Rich Dad's son watches more CNN than MTV. He has motivation, and is getting an education that will provide him for a lifetime, well beyond his first car purchase. 6) Become Proficient in Targeting Market Opportunities Find your niche, like wealthy do. Follow where money flows, and look for specialized opportunities. Why not target wealthy themselves? Yes, they are frugal, especially first generation self-made wealthy. BUT…they spend openly on investing in themselves and their families. Investment advice and services, business training, software, tax advice, legal, medical, dental, health, real estate, and education are top priorities. They pay well for products and services that protect and grow their assets. Remember majority of wealthy are self-employed entrepreneurs. Followed by medical professionals and business executives. 7) Choose Right Occupation You now have a good idea of what affluent do. 20% are retirees. Of remaining 80%, most of these are self-made businessmen and women. Keep in mind that entrepreneurs are 4 times more likely to become millionaires than those who work for others. There is no one business, or group of business more likely to breed millionaire-hood. Some are lecturers, others medical professionals, farmers, small manufacturers, and corner mom and pop stores. The most important predictor is characteristics of owner, than type of business. It's winning combination of skills and attitude that hit's wealth target. NOTE: The affluent attribute being honest with all people as most important characteristic in their businesses, tied with being well disciplined. The vast majority of wealthy were not stellar students, or born into money. They have made it through following a few simple principles and being consistent. Now that this lesson is over, your training in securing wealth has just begun. Your next step is to enroll in Steve's introductory tele-workshop: Infopreneuring M.B.A. (Massive Bank Account!) at: http://www.teleclassinternational.com/catalog.phtml?keywords=info01
Steven enjoys writing and teaching others on the special topics of wealth, health, and human potential. Steve left a lucrative career in biotechnology to fully pursue his passions in 2000. Now he writes, trains, and coaches full time in San Jose, CA. If you enjoyed this article you may enjoy Steve's tele-class: Infopreneuring MBA (Massive Bank Account!) at http://www.teleclassinternational.com/catalog.phtml?keywords=info01
| | How To Audit-Proof Your Tax Return Forever!Written by Wayne M. Davies
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Every year he would just sit down with his wife and "remember" how much he spent on different things. No way to prove any of this, of course. He just had a "feel" for how much cash he had spent, and he had run his business for so many years that he just "knew" how much it cost to purchase certain things. Well, this is kind of taxpayer that IRS loves! It really is true -- if you can't prove that you paid for something (with receipts, invoices, canceled checks, etc.), then you run risk of losing that deduction in event of an audit. One of most common questions I am asked by clients is this: "I know I paid for something, but I don't have a receipt. Should I still report deduction." My response is usually this: "You only need a receipt if you get audited!" Think about that for a minute! At first, many clients don't know if I am joking or not. Well, I do make that comment with my tongue planted firmly in cheek, but there really is a lot of truth to it. If you don't have documentation to prove a deduction, you can still report deduction (if you want), because you only have to prove deduction if you get audited. But if you do get audited, knowing that there are undocumented deductions on return, be prepared to lose deduction! And here's second major mistake that Mr. Jones made: MISTAKE #2: BOGUS DEDUCTIONS! It turns out that Mr. Jones wasn't completely honest with me about some of his deductions. He reported deductions that simply were not real deductions. Here's one example: Mr. Jones owned several rental houses. These rental houses, of course, required maintenance and repair work. Many times Mr. Jones would do work himself rather than pay someone else to do work. Well, Mr. Jones would estimate what he would have had to pay someone else to do work that he did himself, and then he would report that amount as a deduction, even though he didn't actually pay anybody to do work! In other words, Mr. Jones deducted value of his time -- a big No-No! This is an important point -- you can never legitimately deduct value of your time for work you did. You have to actually pay someone else to do labor. Well, that's what happened to Mr. Jones. He made a couple classic mistakes and paid consequences. I hope you benefited by learning what can happen in a real audit. If you ever get a letter from IRS that demands additional information, you'll have nothing to worry about if you do exactly opposite of what Mr. Jones did. If you can properly document your deductions and assuming you have no bogus information, you'll pass audit with flying colors!
Wayne M. Davies is author of the new eBook, "The Tax Reduction Toolkit: 29 Little-Known Legal Loopholes That Will Reduce Your Taxes By Thousands (For Small Business Owners and Self-Employed People Only!) Don't file another tax return until you visit: http://www.YouSaveOnTaxes.com/toolkit.html
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