Pay Yourself First - If the Only Thing You Did Was This, You'd be Rich

Written by Brendon Turner


Bottom line. No exaggeration. No hype. If you want to be rich, all you have to do is make a decision to do something that most people don't do. And that's to PAY YOURSELF FIRST.

What most people do when they earn a dollar is pay everyone else first. They payrepparttar landlord,repparttar 145702 credit card company,repparttar 145703 telephone company,repparttar 145704 government, and on and on. The reason they think they need a budget is to help them figure out how much to pay everyone else so atrepparttar 145705 end ofrepparttar 145706 month-orrepparttar 145707 year, or their working life-they will have something "left over" to pay themselves.

This, my friend, is absolutely, positively financially backwards. And because this system does not work, people wind up trying some pretty strange ways to get rich.

When you boil it down, there are basically six routes to wealth in this country. You can

  • Win it
  • Marry it
  • Inherit it
  • Sue for it
  • Budget for it OR
  • Pay Yourself First.

Let's quickly review each of these methods.

Win It: Can you guessrepparttar 145708 No. 1 way average hard-working people try to get rich in this country? They playrepparttar 145709 lottery. People in this country spend more than $8 billion a year on lottery tickets. That's more than $250 for every person, including those not old enough to buy a ticket. Can you imagine if these same dollars had been invested in retirement accounts? Now let me ask you something else. Have you ever wonrepparttar 145710 lottery? Do you know anyone who has? Did that person share any of their winnings with you? Exactly. So let this one go.

Marry It: How's this working for you so far? There's a saying that it's as easy to marry a rich person as a poor one. Really? The truth is that people who marry for money generally end up paying for it forrepparttar 145711 rest of their lives. So let's skip this one too-unless, of course, you really do fall in love with someone who happens to have money.

Inherit it: This obviously isn't worth thinking about unless your parents are rich. And even if they are, isn't there something a little sick about visiting them duringrepparttar 145712 holidays, asking how they are, and then thinking "bummer" when they say, "I feel great"?

Sue for it: This one is big inrepparttar 145713 United States, where more than three-quarters ofrepparttar 145714 world's lawyers practice and upwards of 94 percent ofrepparttar 145715 world's lawsuits are filed. But Canadians are becoming more litigious too. While Canadians have usually left it torepparttar 145716 Americans to sue each other for spilling coffee in their laps or abandoningrepparttar 145717 wheel of an RV on cruise control, some Canadians feel that, rather than earn, save, and invest, a better strategy is find 'em. sue 'em, and sock it to 'em. In any case, it's not a real system that can be counted on to build wealth.

An Introduction to Offshore Investment

Written by Jeremy Pickles


An Introduction to Offshore Investment by Jeremy Pickles

Once upon a time, offshore investment strategies were spoken of in hushed tones. They were conversations restricted torepparttar plush offices of private Swiss bankers, or a dinner table topic inrepparttar 145672 expensive playgrounds ofrepparttar 145673 multi-millionaires.

Thanks torepparttar 145674 information explosion ofrepparttar 145675 1990s,repparttar 145676 internet has opened up many investment possibilities that were traditionallyrepparttar 145677 exclusive preserve ofrepparttar 145678 billionaire boys club.

Many readers of Offshore News are new to this arena and probably confused byrepparttar 145679 barrage of information online. After all, these are shark infested waters and there are many out there who make a very good living ripping offrepparttar 145680 recent stream of naive new entrants torepparttar 145681 offshore world.

First, you need to consider your reasons for going offshore. You need to take very careful note (and sound legal advice) of your domestic tax liabilities first. Americans for example will still be tax liable torepparttar 145682 IRS on their investments no matter what country they are in.

Many investment funds are available only to entities located in 'tax haven' countries - IBCs (International Business Companies), Offshore Trusts, Offshore Foundations andrepparttar 145683 like. You will need to establish a suitable structure in a tax friendly country to gain access to some ofrepparttar 145684 better opportunities available, which is reason enough to go offshore for some even ignoringrepparttar 145685 tax benefits. Again, residents ofrepparttar 145686 USA in particular are not acceptable as clients in many offshore investment funds, but this can be worked around by establishing a suitable offshore company or trust.

It is most important that you do not engage any professional advisors who are 'foreign' torepparttar 145687 offshore investment field. If you are your accountant or lawyer's first client ever to enquire about offshore structuring, you need to change accountants. Whilst their consultancy is charged at a premium,repparttar 145688 large multinationals are very experienced inrepparttar 145689 field - talk torepparttar 145690 likes of HSBC or deVere and Partners.

Be careful dealing with smaller consultant shops who may be pushingrepparttar 145691 latest 'schemes' likerepparttar 145692 recent 'Son of Boss' shelter for example. The legal expenses incurred from running afoul ofrepparttar 145693 IRS or other government agencies will far outweighrepparttar 145694 tax benefits ofrepparttar 145695 latest gray area fad or tax dodge.

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