Homeowners Insurance & Wealth Building

Learn how you can make better choices when choosing your homeowners insurance…

 

It is important that you realize that there are a number of factors that are considered by insurance companies when it comes to pricing insurance for homeowners.

 

In this discussion, TheWealthIncreaser.com will focus on the importance of selecting homeowners’ insurance in a manner that will serve your best interest in the short and long-term.  If you purchased your home in which you used financing–or you anticipate doing so, the lender will require that you have homeowners (hazard) insurance.

 

If you pay all cash or now own your home outright, homeowner insurance is optional, however it is generally wise to purchase unless your net worth allows you to “effectively self-insure” and the risks of loss are mitigated by your net worth.

 

As a homeowner or renter, it is imperative that you are protected against the risks of financial devastation that can result from an uninsured loss.

 

Major provisions in homeowner insurance policies include property coverages (dwelling, other structures, personal property, loss of use), peril insured against–and exclusions that are found in Section I.

 

Section II provides coverage for personal liability and medical payment to others.

 

Prior to choosing your homeowners insurance policy you want to at least read the following paragraphs so that you can get a better feel of what homeowner insurance products are all about.

 

Make a good choice up front for homeowners’ insurance by knowing what you are looking for

There are a number of policies to protect homeowners that are designed for 1, 2, 3 or four family dwelling used exclusively for private residential purposes, and they include:

 

HO-2 (broad form) insures the dwelling (varies by company), other structures (normally 10% of dwelling coverage), and personal property (normally 50% of dwelling coverage) against loss from certain listed perils–and covers additional living conditions (normally 30% of dwelling coverage) if dwelling is uninhabitable. 

In Section II coverage personal liability is generally $100,000 and medical payments to others is generally $1,000 per person for all HO policies.

HO-3 (special form) insures the dwelling and other structures of direct physical loss to property–also covers personal property and is very popular and widely used coverage.  The coverage is similar to HO-2 except certain losses specifically excluded are not covered.  Personal property is covered only on a named peril basis.

HO-3 insures the dwelling (varies by company), other structures (normally 10% of dwelling coverage), and personal property (normally 50% of dwelling coverage) against loss from certain listed perils–and covers additional living conditions (normally 30% of dwelling coverage) if dwelling is uninhabitable.

HO-4 (contents broad form) designed for tenants who rent apartments, houses or roomscovers tenants’ personal property against loss or damage and “also” includes personal liability insurance. 

Because it is tenant coverage, dwelling or other structures does not apply, and the minimum amount of personal property coverage varies from insurer to insurer.  Also provides personal liability insurance.  Loss of use is normally 30% of your personal property coverage.

HO-5 (comprehensive form) provides all risks coverage on buildings and personal property–and insures the dwelling, other structures, and personal property against the risk of direct physical loss to property.

HO-5 insures the dwelling (varies by company), other structures (normally 10% of dwelling coverage), and personal property (normally 50% of dwelling coverage) against loss from certain listed perils–and covers additional living conditions (normally 30% of dwelling coverage) if dwelling is uninhabitable.

The coverage is similar to HO-2 except certain losses specifically excluded are not covered for dwelling and personal property.

HO-6 (unit-owners form) designed for owners of condominium (the condo association carries insurance on the building) units and cooperative apartmentscovers personal property of the unit owner for the same named perils listed in HO-2.

Covers dwelling for a minimum of $5,000 and other coverages are included in the dwelling coverage.  Personal property amounts covered varies from insurer to insurer and loss of use is normally 50% of your personal property coverage.  Covers personal property of the insured on a named perils basis.

HO-8 (modified coverage form) modified coverage that covers loss to the dwelling and other structures based on the amount required to repair or replace using common construction materials and methods–and payment is not based on replacement cost.  It is often selected as coverage for older homes–losses are covered based on the amount required to repair or replace the property using common construction materials and methods.

HO-8 insures the dwelling (varies by company), other structures (normally 10% of dwelling coverage), and personal property (normally 50% of dwelling coverage) against loss from certain listed perils–and covers additional living conditions (normally 10% of dwelling coverage) if dwelling is uninhabitable.

The covered perils are listed and normally are not as comprehensive as those of HO-2, HO-3, HO-4 and HO-5.

 

Homeowner Insurance Resources:

 

www.III.org/

www.insure.com/

Landlord Insurance Options (designed primarily for investors)

 

Know the details of your coverage

You can go to the declarations page to determine the type of policy and coverage you now have to further determine where you now stand insurance coverage wise–with your homeowners’ policy.

 

You can find the type of coverage and policy limits along with endorsements that you may or may not have.  You can also determine if your policy has a percentage deductible or a straight deductible as there may be increased costs associated–depending on the type of deductible you have for covered perils along with the type of claim you make.

 

It is important that you know the details of your conditions on your policy in the case of loss and those details can be found under the “conditions” section in your policy.

 

The “conditions section” of homeowner policies impose certain “duties on the insured” after a covered loss occurs and they include:

 

  • the insured must give immediate notice of the loss

 

  • the property must be protected from further damage

 

  • the insured must prepare an inventory of the damaged personal property

 

  • the insured may be required to show the damaged property to the insurer as often as is reasonably required

 

  • proof of loss must be filed “within 60 days after the insurer’s” request

 

Also keep in mind that endorsements (riders) or by scheduling–your coverage can be modified on most policies!

 

You must know your deductible type–percentage (percentage of loss) or straight deductible (dollar amount) and whether you have a replacement cost provision.

 

With a replacement cost provision losses on “dwelling and structures” are paid on the basis of replacement cost if the insured carries insurance at least equal to 80% of the replacement cost at the time of loss.

 

Losses to personal property would be paid on the basis of actual cash value.  However, an endorsement (rider) can be added that covers personal property on a replacement cost basis.

 

Also, almost all policies will have an appraisal provision that is designed to resolve disputes over the amount paid.  Each party (the insurer and the insured) selects its own appraiser, and the appraisers then select an umpire–and an agreement by 2 of the 3 would be binding on all parties.

 

The “mortgage clause” is also important as it protects the mortgagee.

 

The mortgagee (company in which insured received home loan from) is entitled to receive a loss payment from the insurer regardless of any policy violation by the insured.

 

The mortgagee is also entitled to a 10-day cancellation notice if the insurer decides to cancel the insurance policy.

 

As an insured policyholder you can cancel your policy at any time by returning the policy or notifying the insurer in writing when the cancellation is to become effective!

 

Other conditions and technicalities in section I and section II also apply; however, they are beyond the scope of this discussion.  However, they include among others a liberalization clause, waiver of change of policy provisions, cancellation clause, non-renewal of the policy, assignment of the policy, subrogation and death of the named insurer clause– and possibly more depending on your state and policy issuer.

 

Plan in advance for a successful home ownership period

By planning in advance for a successful home ownership period you will make it a point to know about homeowners’ insurance and make the wisest choice when it comes to selecting the policy that best fits your and your family’s needs.

 

Section II personal liability (coverage E) and medical payments (coverage F) provide liability limits and also include coverage if your dog bites someone and you are liable and when others are injured on your property in other ways.

 

Personal liability protects the named insured (along with family members) against legal liability arising out of their personal acts.

 

On almost all HO policies in the United States you will find that section I and section II provides: 

 

Coverage A covers your dwelling

Coverage B covers other structures

Coverage C covers personal property

Coverage D covers loss of use

 

Coverage E covers personal liability (normally $100,000 but for a small additional premium higher limit is available)

Coverage F covers medical payments (normally $1,000 but for a small additional premium higher limit is available)

 

Personal liability coverage protects the insured when a claim or suit for damages is brought because of bodily injury or property damage caused by the insured’s negligence.

 

The insurance amount is a single limit that applies to both bodily injury and property damage liability on a per-occurrence basis.

 

Liability coverage would cover losses if you were burning leaves and your neighbor’s house caught fire, you break an expensive item at a store, you injure a pedestrian while riding your bike, someone slips in your home–along with coverage for other areas in which you were personally liable.

 

Before your insurer will pay anything for damages, you must be legally liable.

 

On the other hand, medical payments to others “are not” based on negligence or legal liability!

 

Medical payments coverage is a small accident policy that is part of a homeowner’s policy, and it pays reasonable medical expenses of another who is accidentally injured on an insured location, or by the activities of an insured, resident employee or animal owned by or in care of an insured and even while the insured is playing basketball at a public facility and injures someone.

 

Medical coverage payments do not apply to the insured or regular residents of your household, other than a residence employee.

 

Always be aware that liability loss exposures arising out of the personal activities of an insured are covered anywhere in the world under coverage E, and not just at an insured’s location.

 

Also realize that there are numerous exclusions under Section II coverage E and F that you want to be aware of in your policy.

 

Additionally, there are additional coverages that you can add to your policy under section II, and you want to be aware of them (ask your potential or current insurance agent about them)!

 

As a homeowner or renter, it is imperative that you are protected against the risks of financial devastation that can result from an uninsured loss!

 

By learning about the HO policies that are available “prior to” your home purchase you are making a good decision and a successful home ownership period for you and your family is more likely to happen and continue well into your future as a result of you being proactive at this time.

 

Conclusion

Prior to your home purchase you must consider homeowners insurance and make a selection prior to closing.  Even so, you want to be aware of the rising cost of homeowners insurance among many companies.

 

Therefore, you may want to shop for your homeowner’s policy prior to closing on your home–and periodically shop the homeowner’s insurance market on occasion once you become a homeowner to see if you can find a company that is highly rated and offers better premiums and coverage.

 

Because your home purchase has the potential to help you build wealth efficiently and ensure a more prosperous future for you and your family–you want to position yourself to avoid common home buyer mistakes–including the selection of homeowners insurance in this economic environment, as well as future economic environments.

 

Always remember that you can add many endorsements to your policy such as inflation guard, earthquake coverage, replacement cost coverage, personal injury (umbrella policy), personal property endorsement, watercraft, home business endorsement and coin, jewelry, paintings and other valuables coverage endorsements–among others.

 

The cost of your homeowner’s policy is based on a number of factors including construction, location, fire protection class (ISO rates the quality of public fire departments from 1 to 10–the lower the better), construction costs, age of home, type of policy, deductible amount, specific insurer, how close your home is to the nearest fire station and in many cases even your credit score.

 

The key when shopping for “homeowners’ insurance” is to choose a highly rated company, carry adequate insurance, add needed endorsements (or riders) that are appropriate for you and your family–along with finding the best premium based on the coverage that you desire.

 

You may want to consider higher deductibles and take advantage of all discounts that may be offered by a particular insurer.  Furthermore, you want to determine if you need earthquake, flood or other additional protection upfront–as after the disaster it is too late to get the coverage that would have protected you from substantial loss.

 

You want to shop various companies as premiums can vary–sometimes dramatically from company to company for the same type of coverage!

 

Be sure to consider purchasing an “umbrella insurance policy” to provide additional coverage (provides more coverage on your boat, cars and recreational vehicles) and it is a must if you are a high net worth individual.

 

In addition, be aware that if you file certain homeowner insurance claims once you become a homeowner you will go into a database (CLUE) that other insurers can see that could increase your insurance rates.  If a fire occurred at your premises, it would go in a database and potential buyers, or insurance companies could see that data.

 

If you have a fixed rate mortgage your payment will remain relatively stable over time.  However, increases in homeowner insurance costs and increases in taxes could push your monthly payment up–sometimes rather significantly.

 

Also be aware of this “other type of insurance that you may have on your home” that you may be unaware of!  

 

If you put less that 20% down when you purchased your property you will normally pay PMI/MIP (Private Mortgage Insurance–conventional loan/Mortgage Insurance Premium–FHA loan) for a number of years until you reach an equity position required by your lender–at a time which “you can request” that it be removed.

 

By considering what homeowner insurance products are available and analyzing them in a careful, critical, analytical and accurate manner–you can make your home purchase more enjoyable at this time and you can live with “joy at the center” well into your future.

 

You want to definitely ensure up front that you have full replacement cost if that is what you desire for your dwelling, you want to ensure that you have the needed coverage for your expensive items by adding a personal property endorsement or floater that will be based on the appraised value of the items in question–and you want to ensure that you have the needed coverage for liability protection (umbrella policy) to protect your assets and net worth–and by doing so you will be a savvy homeowner whether you plan on purchasing in the future–or you are already a homeowner.

 

All the best as you are now better prepared for your home ownership success…

 

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Thomas (TJ) Underwood (the creator TheWealthIncreaser.com) is a long-time financial planning professional who has been an innovator in the personal finance industry as he has shown ordinary individuals from all walks of life how to achieve lasting wealth building success in an efficient manner so that they can enjoy life in a more bountiful manner.

 

He has written over 700 articles on the world wide web and is the author of a number of results-oriented books that are designed to act as a “springboard to success” for all who are sincere in achieving lasting success and have decided to leave all excuses behind.

 

You can learn more about him and how his writing style came about by visiting https://www.thewealthincreaser.com/who-is-the-creator-of-thewealthincreaser-com/

 

 

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Investment Returns & Wealth Building

 

Learn what you can do to determine if your investment returns are doing as well as you think they are as you build wealth…

 

Although choosing a financial planner or advisor can be a wise choice for some, in many instances professional advisors do no better than the market as a whole.

 

Whether you have an advisor at this time or you are choosing your portfolio yourself, you can now compare your returns to those of total market index funds (you can choose among many) to see how well (or poorly) you and/or your financial planner(s) have done over the past few years or so.

 

You will have to “adjust your allocation figures” to reflect “your mix” and then multiply by the index funds’ returns to get your total portfolio return for the year.

 

In the examples below, you will see an allocation of 70% United States stocks, 20% International stocks and 10% bonds–and the total portfolio returns over the years 2022, 2021, 2020 and 2019 and you can then compare your results based on your allocation to those below or other portfolios that you may want to use as a point of comparison.

 

You basically multiply your “allocation percentage” by the “year end return” of your selected portfolio percentage for United States stocks, international stocks and bonds–and then total them up to get your total portfolio return.

 

You can do this for 2022, or if you prefer (or you feel up to it) you can go back three additional years as well by fully grasping the discussion below!

 

2022
If you have 70% allocated to stocks: 70% * -19.53% = -13.67%

If you have 20% allocated to international stocks: 20% * -16.10% = -3.22%

If you have 10% allocated to bonds: 10% * -8.40% = -0.84%

 

TOTAL PORTFOLIO RETURN -17.73%

 

As you can see, 2022 was a bad year for many in a down market!

 

2021

If you have 70% allocated to stocks: 70% * 25.71% = 17.99%

If you have 20% allocated to international stocks: 20% * 8.84% = 1.77%

If you have 10% allocated to bonds: 10% * -2.41% = -0.24% (Note: 3 yr. return 2020-2022)

 

TOTAL PORTFOLIO RETURN 19.52%

 

2021 was a much better year for many compared to 2022!

 

2020
If you have 70% allocated to stocks: 70% * -20.99% = 14.69%

If you have 20% allocated to international stocks: 20% * 11.24% = 2.25%

If you have 10% allocated to bonds: 10% * -2.41% = -0.24% (Note: 3 yr. return 2020-2022)

 

TOTAL PORTFOLIO RETURN 16.70%

 

2020 was also a decent year for many!

 

2019
If you have 70% allocated to stocks: 70% * 30.80% = 21.56%

If you have 20% allocated to international stocks: 20% * 21.80% = 4.36%

If you have 10% allocated to bonds: 10% * .85% = .085% (Note: 5 yr. return 2018-2022)

 

TOTAL PORTFOLIO RETURN 26.01%

 

2019 was a really good year for many!

 

Below are the numbers from which the above calculations were made:

 

Vanguard Total Stock Market Index

Minimum investment $3,000

Expense Ratio .04

 

YEAR           1ST QUARTER                                 YEAR-END RETURN

2022                -5.46%                                                     -19.53%
2021                 6.43%                                                       25.71%
2020                -20.87%                                                     20.99%
2019                 14.04%                                                     30.80%

https://investor.vanguard.com/investment-products/mutual-funds/profile/vtsax

 

Vanguard Total International Stock Index Fund Admiral Shares

Minimum investment $3,000

Expense Ratio .11

YEAR-END RETURN
2022           -16.10%
2021            8.84%
2020            11.24%
2019            21.80%

https://investor.vanguard.com/investment-products/mutual-funds/profile/vtiax

 

Vanguard Total Bond Market Index Fund Admiral Shares

Minimum investment $3,000

Expense Ratio .05

1 yr. -8.40%
3 yr. -2.41%
5 yr. 0.85%
10 yr. 1.39%
Since inception 2001 3.33%

https://investor.vanguard.com/investment-products/mutual-funds/profile/vbtlx#performance-fees

 

Conclusion

By comparing how your portfolio has performed against an index fund you can determine if you (and possibly your planner) had a better return than benchmarks that are available!  Always keep in mind that many funds have a minimum investment amount along with an expense ratio for the management of the fund.

 

The lower the expense ratio the better it is for you, generally speaking–because that means your fund balance is not being chipped away by fees.

 

The allocation breakdown included above is at 70%/20%/10% for a 4-year period and that is done for illustrative purposes only, as allocations will vary from year to year as in many cases you will have to “re-balance” (fees will be involved) your portfolio.  It is also not uncommon for portfolio allocations to fluctuate due to market conditions–even in low-turnover funds.

 

Did you and/or your planner do better or worse than the market portfolios listed above–or a market portfolio fund that you chose?

 

By doing this simple analysis you can determine if you are getting worthwhile returns or whether a change in approach is possibly needed!  Also keep in mind that your returns will be greatly affected by whether your investments are “inside of your retirement account” or “outside of your retirement account” as tax deferral or taxation will play a major role in your returns–particularly over time.

 

Your goal is to invest in the most tax efficient manner possible based on your goals–no pun intended!

 

As you can see above, even though 2022 was a down year–many had a decent total portfolio return when averaged over the four years (11.13%) of analysis.  The key to successful investing is to get your finances in order as soon as practical and invest consistently over time, all while enjoying life as optimal as possible while doing so.

 

By starting early and having a consistent approach (dollar cost averaging) you will normally fare much better in the long-term than those who jump in and out of the market or start the process late in their life stage.

 

It is important that you make “reaching your retirement number” a priority at the earliest time possible.

 

You must know the goals that you seek, your risk tolerance level, your income and financial position and your personal situation as we are all unique in what we desire to achieve during our lifetime.  And your family dynamics will also determine what you need to address at this time and in future years.

 

In addition, if you will be leaving investments, houses or other assets for your heirs you may want to seek competent legal advice as some assets will receive stepped-up basis that can reduce or eliminate possible taxation, and some will not–depending on who receives the asset(s), how they are classified and local or national laws in your country or jurisdiction.

 

All the best to your improved portfolio returns success–as you intelligently add to your wealth building nest…

 

Note: The above information and “market index links” do not serve as an endorsement for Vanguard or any market index fund.  The information along with the links are provided so that you can save time and gain additional insight about how you can use benchmarks to achieve more throughout your lifetime.

No payment or compensation from Vanguard or any other source is provided and TheWealthIncreaser.com will receive no compensation from any source as a result of providing this information.  In addition accuracy of the above information cannot be guaranteed, although all reasonable efforts were made to ensure accuracy.

 

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Adjustments, Benefits, Credits, Deductions & Your Taxes

Learn more about taxes and how you can save on your income taxes at this time…

 

It is important that you realize that there are ways that you can benefit from the tax code if you are a taxpayer in the United States and possibly its territories (and you file income taxes) that could mean more money in your pocket.

 

Even though you may be unable to use the large array of loopholes in the tax code that many millionaires and billionaires take advantage of, there are ways that you can benefit even if you have modest income.

 

In this discussion TheWealthIncreaser.com will discuss ways that you can possibly use adjustments, credits and deductions so that you can benefit yourself and your family so that you can build wealth more efficiently and achieve meaningful goals.

 

In the following paragraphs you will learn about adjustments that could possibly benefit you–along with credits and deductions that you can use to help make your desire to pay lower taxes actually come true!

 

Adjustments

If you contribute to an IRA (and you qualify) and/or you are a teacher and you have teacher expenses that you pay out of pocket, you can adjust your earned income by claiming an “adjustment to your income” which would have the effect of lowering your taxes and possibly increasing your refund amount or reducing the amount of taxes that you would pay if you were in the unfortunate position of “owing” on your taxes.

 

As a taxpayer you can possibly subtract certain expenses, payments, contributions, fees, etcetera from your total income.  The adjustments (Schedule 1 Part II) would be subtracted from total income on Form 1040 and would help you establish your adjusted gross income (AGI) that goes on your 1040 tax return.

 

Common “adjustments to income” include such items as educator expenses, student loan interest, alimony payments or contributions to a retirement account–among others, and you can possibly take these adjustments even if you don’t “itemize” on your tax return.

 

Other Benefits You Must Know About

You must be able to tell if you can benefit more by claiming the standard deduction or the itemized deduction and you must know whether it is best to use the standard mileage rate or the actual expenses (in order to switch from standard mileage to actual expenses–you must use standard mileage rate in year 1) when claiming the use of your vehicle for your business or farm–at a minimum.

 

Because all tax situations are unique–your tax professional may be able to clue you in on “other areas of your tax position that you are unaware of” to see where and if there are other areas in the tax code that you could possibly benefit from.

 

You may be able to contribute to your company retirement plan and get a pre-tax benefit as well as an employer match–and you definitely want to know about that so that you could contribute at a level that is best for not only your current tax position but also at a level that allows you to meet or exceed your future goals so that you can do what you desire most during your retirement years.

 

If your income is at the right level, you may be able to qualify for a Retirement Savings Contributions Credit (a federal income tax credit designed to encourage low- and modest-income individuals to save more aggressively for retirement).  The credit equals 10% to 50% of your contributions for the year, up to certain limits and is based on your income qualification.

 

Credits

There are many tax credits that are available, and it is important that you (or your tax professional) know of the “tax credits that may apply to your situation” and how they could possibly be of benefit to you and your family at tax time or possibly benefit you and your family in future tax years.

 

To name a few, energy credits, earned income credit, child tax credit, other dependent credit, childcare credit, clean vehicle credit for electric car purchases, savers credit and the home improvement credit, along with many others may be able to help you lower your taxes (technicalities must be met to qualify for many credits).

 

If you or your spouse are elderly and disabled you may be eligible for a credit–or if you anticipate future educational expenses, there are ways that you can use educational savings accounts such as 529 plans among others, that provide tax advantages at the federal, state and possibly local level, if utilized appropriately.  In future years (when you utilize funds to pay for qualified educational expenses for yourself or your children) you may be able to take advantage of the American Opportunity Credit or Lifetime Learning Credit so that you can reduce the amount of taxes you owe–or increase the amount of your refund.

 

In addition, you (or your tax professional) want to be aware of what is possibly available at the state level as well, as in many cases “you will have to apply for the credit(s)” that are offered in a particular state.

 

Tax credits are more valuable than a tax deduction as you would have a dollar-for-dollar reduction (your tax credit would be $1,000 if you were eligible for a credit of $1,000 unless your taxes owed was below $1,000 and the credit was non-refundable, or you owed no taxes, and the credit was non-refundable) as opposed to the deduction being tied to your tax bracket.

 

If you are in the 22% tax bracket and you have a “$1,000 deduction” you would save $220–NOT $1,000 (.22 multiplied by $1,000) on your taxes–when computing your tax deduction.

 

Deductions

You can choose between a standard deduction (2022 amounts provided by the IRS) or an itemized deduction (includes medical expenses, state income or sales taxes, property taxes, mortgage interest, charitable contributions etcetera that you paid or contributed in 2022), depending on which one is most valuable to you from an overall perspective when you combine your federal and state taxes.

 

Deductions are not as valuable as a tax credit as a deduction will be based on your tax bracket–and “is not” dollar for dollar!

 

To reiterate to further enhance your understanding, if you are in the 22% tax bracket and you have a $1,000 deduction you would save $220 (.22 multiplied by $1,000) on your taxes.  On the other hand, if you had a $1,000 credit you would save $1,000 on your taxes generally speaking–get the picture?

 

Conclusion

It is important that you realize that “effective tax planning” is a “year-round process” and you need to know the importance of why you must be able to distinguish between a tax credit and a tax deduction as by having the ability to distinguish between the two–you can make better tax and wealth building decisions.

 

In addition, be aware of how you can use tax shelters such as starting a business, utilizing rental property or investing in a tax efficient manner to possibly lower your taxes.  You want to assess and identify what you potentially can (or need to do) do to plan your tax moves in a proactive manner in order to better predict your future outcomes–thereby reducing your risk of owing on your taxes or having other surprises at tax time.

 

Always be aware that some tax credits are refundable, and some are not!

 

On the other hand, a tax deduction or an adjustment to your income can still be of value as it helps lower your taxable income, which means you’re paying less in taxes overall.  It can also increase your refund, but this depends on how big the deduction or adjustment is, what kind it is, your tax bracket, your income and your filing status.

 

A tax deduction (and/or adjustment) can only lower your taxable income and the tax rate (puts you in a lower tax bracket thus saving you additional dollars that you would be paying if you remained in the higher tax bracket) that is used to calculate your tax!

 

This can result in a larger refund of your “tax withholding” on your W-2, 1099-R, estimated tax payment(s) or other documents in which taxes were withheld.

 

A tax credit reduces your tax dollar-for-dollar–giving you a larger refund of your withholding, but certain tax credits can give you a refund even if you have no withholding (it is a refundable credit)!

 

Whether they go by adjustments, credits, deductions or any other name, the key point to remember is that if they can be of benefit to you at tax time–you want to know about them!  Even though you don’t have to be a tax expert, you want to at least be aware of credits, deductions and other ways of sheltering income that are outlined in the tax code that can benefit you and your family when you decide to file your taxes.

 

All the best as you are now aware of the ABCD test, that you can use right now to analyze your taxes and make adjustments to benefit yourself and your family.  You are now fully aware of why you need to know about how you can use credits and deductions so that you can avoid financial destruction and build a foundation of wealth building that cannot be shaken–because the knowledge that you now possess–cannot be taken!

 

You are now in a better position to achieve at a level that is your absolute best, thereby ensuring that your finances won’t be a mess–as you achieve unlimited success–because you have decided to master the ABCD test–and put “the procrastination of your past” to rest.

 

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Persuasion & Wealth Building

Learn why it is important that you “persuade yourself” of your ability to achieve wealth building success…

 

In the times that we now live in many look for others to do what needs to be done when they themselves have the power to do what needs to be done to achieve wealth building success in an efficient manner.

 

In this discussion TheWealthIncreaser.com will discuss the importance of why you must “fully persuade yourself” of your ability to achieve the success that you desire as it relates to wealth building and achieving in other areas of your life.

 

You must be convinced of your ability to succeed

Although this site can be persuasive in getting you and others on a more prosperous path toward wealth building success, the real persuasion must begin and end inside of you.  It is important that you cultivate habits of success to a higher level so that you can feel good about yourself and your future.

 

You can then put yourself in position to develop goals with more clarity and your vision of success will become clearer to you and you will have more direction to see your way through, thereby putting you in position to know in more definite terms, what you need to do.

 

You must put a realistic plan into effect that you believe in

You must have the ability to put a plan that you believe in into “action” so that you can truly reach your goals.

 

In order to do so you must be fully persuaded (within your heart and mind) of the success that you will achieve, because if you are “fully persuaded”–you sincerely believe and you are not hiding anything up your sleeve (you are laying it all on the table and you are pursuing what you really desire at such a high level that there is no doubt that what you desire most will become a reality)!

 

By implementing plans for attacking your monthly spending and monthly intake of income, implementing plans to have mastery over how you use credit and implementing plans of how you will manage your finances in a comprehensive manner–you are showing that you are on a path to actually persuading your heart and mind to do what is necessary for you to “live more abundantly” and greater success will be much more likely to occur as you embark on your wealth building journey.

 

You must consistently approach your wealth building efforts with confidence

You must have the ability to create a plan that you believe in and one that you can follow with a high level of confidence and clarity.  By doing so you give your heart and mind the ability to move forward at all times–even when adversity occurs.

 

You cannot have the attitude of a quitter and go in the direction where success does not live as you must have the focus and commitment to see your way through and do what you really need to do, if you truly desire to see your dreams come true.

 

You must see the success that you will achieve within your heart, you must hear the success that you will achieve within your heart, you must feel the success that you will achieve within your heart, and by seeking to be fully persuaded at this time–you can even get your mind to take part!

 

Conclusion

It is important that you persuade your heart and mind of the success that you can (and will) achieve and not rely on the actions of others to take you where you need, desire or definitely can go, because in the end, it is your show!

 

By paying attention to what is important to you, visualizing what is important to you, and moving to action toward what you “need to accomplish” financially, you can put yourself in position to do what you desire in the coming years in many–if not all areas of your life!

 

By making it a point to do more and achieve more and by “making a rational argument to yourself” about the wealth building success that you can achieve, you can discover a better course of action to take as it relates to your wealth building future, because you now truly believe.

 

Isn’t it time that you convince your mind to operate at “peak performance” as it relates to your wealth building activities so that you can leave a legacy for your family and loved ones?

 

By doing the needed analysis within, you can persuade your heart and mind to take the best action that is best for you–so that you can truly win!

 

From this day forward you must look within and expect success in all that you do, so that you can make your big and small dreams come true.  By “persuading yourself” of the success that you can (and will) achieve if you give it your absolute best–you put yourself in position to pass any test.

 

All the best as you “persuade yourself” toward the best action to take as you reach a higher level of success…

 

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Pessimism & Wealth Building

Learn why your pessimistic view of your wealth building future serves no real purpose and if you have that view–you must end it now…

 

In spite of TheWealthIncreaser.com’s  most recent article showing visitors to this site ways to move forward and achieve more in 2023 and beyond, reports continue to come in at this time of “pessimism growing” in many parts of the world.

 

It is important that you never stop having a productive and highly beneficial outlook of your wealth building future and the steps that you will take to make things happen for your and your family’s greater benefit–regardless of how others may feel!

 

To help you “reduce the pessimism” that you and others may be feeling or feel that you are facing–TheWealthIncreaser.com will attempt to show you ways that you can reduce pessimism in your life and achieve more going into calendar year 2024.

 

The year of 2023 does not have to be a pessimistic year for you and your family if you address what needs to be addressed at this time and you take productive steps to achieve more–and you leave all of the negative noise behind and you are willing to grind–until it is success that you find.

 

How many see the current economy and their future

In the current economy with inflation and uncertainty at many levels, it can be difficult for many to have a positive outlook on their future.  With housing costs and rental rates out of alignment with the incomes of many and an uneasy feeling in the air as it relates to the economy, many find it appropriate to feel “pessimistic” toward their future.

 

Even so, you must see a way out as you cannot let where you are now at be the defining point in your life!

 

With monetary shortfalls on a monthly basis whether spending on grocery, gas, entertainment and other needed items that many took for granted for years, now a real happening–many have a depressed or disheartened spirit about their finances and their financial future.

 

In spite of the negative news that you may hear or see on a daily, weekly or monthly basis–it is important that you keep a positive perspective about your future and what you can accomplish in your future.  You must not see your future like others who let pessimism rule their thought process and leads them on a path to less-than-ideal movement in their life.

 

How many could see the economy and their future if they had the right vision

If you and others who have a “pessimistic view” of the future decided to pursue a better path toward success you could put yourself in position to create lasting wealth building success.

 

However, the decision to pursue success–whether financial or otherwise–resides inside of you!

 

You must realize that if you see yourself getting more income, cutting expenses or doing a combination of the two–you are embarking on a serious path toward making your dreams come true, because by visualizing what you need to do–you put yourself in a much better position for making your dreams come true!

 

You put yourself in position to get more income by determining if you need to get more income (you determine if you need more income by creating a budget or cash flow statement) and if you need too, you seek additional ways to earn income whether it be a second job, a better job, uber, lyft or some other gig or side job that can help you get ahead financially.

 

You cut expenses by using coupons, cutting back on coffee and smoothies that could be costing you hundreds on a monthly basis, getting a roommate, finding ways to save on energy and utilities that you use in your home, cutting back on entertainment and eating out and analyzing your finances in a “comprehensive manner” to see where–and if you can find additional savings.

 

Your money management personality will tell if you have a “pessimistic or optimistic” view of your future!

 

Can I lower my insurance premiums, can I improve upon my investment returns, can I lower my taxes, can I properly establish an emergency fund, can I save for my or my children’s educational costs in a better way, can I plan for what will happen after I transition and finally can I save for my retirement in a manner that allows me to live at the level that “I” desire–and not at a level that others who could care less of my existence desire that I live at?

 

These and other questions are what you must ask if you desire a more optimistic outlook on your future and you desire to save money at this time!

 

If you decide right now to do more in your life and you put the right plan in place that you believe in–success can happen for you and your family, and you can achieve many goals that you may now feel are out of your reach.

 

How many could put in the work to transform their pessimism into optimism if only they were willing to put forth the necessary effort

Your determination at this time to put into action the steps that can lead to the success that you desire in a more definite manner is what can lead to you achieving more and reaching many goals that you may formulate along the way.

 

You can buy grocery from your favorite retailers, you can donate to your favorite causes, you can retire early, you can provide higher education for yourself and/or your children and much more, however it all starts by you deciding at this time to leave inaction behind–if it is true success that you want to find.

 

You must increase your effort at this time and realize right now that most people who are “pessimistic about their future” only use a fraction of their brainpower on a daily basis when they actually have so much more to use and so many more empowering gifts to give to society–if only they tapped into what they have inside at a higher level!

 

Don’t let that be you–if you are sincere in making your dreams come true!

 

Conclusion

It is you who must do what you need to do to ensure that the sky that you see is blue and the clouds contain (your goals) what you want to see come true.  You have a never-ending reservoir of creativity that you can use for your and your family’s greater benefit if you decide to tap into it at this time.

 

It all starts inside of your mind and heart as you control your thought process and the direction that your life can take–along with the improved knowledge of the type of future that you can make.

 

It is important that you have a view of your future that is optimistic for you, achievable and believable by you–and something that you are committed to make come true!

 

You then put yourself in position to “leave pessimism behind” and only see the success that you can achieve–in your mind!

 

Are you one who talks a lot, thinks a lot, but implements nothing–or are you one who will move to action and create a better future for yourself, your family and society–starting today?

 

And just as you will rise higher and higher and achieve more by applying what you will learn on this page and site by leaving pessimism behind once and for all, so too will the creator of TheWealthIncreaser.com rise higher and higher and continue to provide you new insight on ways that you can achieve more and be who you were meant to be–and by doing so optimism and success is all that you will really see!

 

All the best as you aggressively leave pessimism behind, and you start on a much more serious grind…

 

 

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Inaction & Wealth Building

           NEW YEAR–NEW YOU…

Learn why your inactivity can prevent you from building wealth more efficiently…

 

As 2023 begins it is important that you take inventory at this time of how you operate daily as it relates to your finances and the future action that you plan on taking–or the lack of action that you may be inclined to take in an unplanned way.

 

It is very important now that the year is new, that you do what you need to do to make your dreams come true.

 

Your goal to be all that you can be in calendar year 2023 (and beyond) can be made clearer to you if you at this time have the endurance to do what you need to do!

 

Do you procrastinate, fail to plan and have no clue of what you need to do to make your dreams come true–or do you approach your wealth building effort with confidence, clarity and a real action plan that will take you where you need or desire to be?

 

In this discussion TheWealthIncreaser.com will discuss the importance of you “moving to action” on a consistent basis so that you can win the majority of your races and avoid the financial catastrophes that other people who fail to run at the right pace–face!

 

You must be sincere in your desire to move forward financially

If you often procrastinate or fail to take the needed action when it is time to do so your inactivity could be robbing, you and your family of achieving much more during your lifetime.

 

By failing to take action at this time you are letting the time value of money and compounding work against you as opposed to for you.

 

Therefore, you must have the determination at this time, or you must be fully committed to seek better ways of reaching your goals that are of most significance to you so that you can build wealth more efficiently.

 

Your sincere wealth building approach and your willingness to cultivate the “keys to success” at a higher level is what could possibly get you out of your “inactivity trap” if you are one who often procrastinate.  By doing what is necessary in a timely manner you can take your finances to a better state and therefore ensure that your goals won’t occur late.

 

You must have a plan of attack on how you manage your finances

With most who procrastinate or fail to take action in a timely manner, the reason for doing so is normally a lack of focus and a lack of understanding on a “plan of attack” that will serve their best interest in the short and long-term.

 

By visiting this site, you can now create a plan of attack that works with your mind and one in which you can implement with confidence!  You can start the process by creating personal financial statements and mastering your credit at this time–not at a time in the future!

 

You can implement a plan for long-term success by analyzing and improving upon all areas of your finances including insurance, investments, taxes, education planning, estate planning/wills and retirement planning, thereby leading to a more relaxed and comfortable lifestyle for you and your family.

 

You must not let adversity or unwanted occurrences deter or detour your effort toward success

As well as you may implement the steps mentioned above, adversity and situations that you did not plan for will occur as life happenings that you have not, or cannot plan for will occur.

 

Therefore, it is your responsibility to continuously review, if you sincerely desire to make your dreams come true.  You also want to create an emergency fund that is properly funded at the earliest point in your life stage so that you can mitigate the damage that adverse situations can create.

 

You must show a real desire to reach higher and achieve at or above the level that you desire.  By doing so you will be in the know and you will increase your cash flow and achieve results that will show.

 

Conclusion

 

Even though the creator of TheWealthIncreaser.com has on occasion admonished visitors over the years in many discussions, that admonishment was done from a position of getting those who need to take action (or take the right action) to do so in a more timelier manner in order for them to achieve their goals and live out their life with more meaning and with joy at the center.

 

Or another way of looking at it is the creator of TheWealthIncreaser.com presents discussions from the vantage point of “love for humanity” so that you and others who desire lasting wealth building success can achieve that success at a higher level of excellence so that you can really do what you desire during “your” lifetime.

 

If you are one who often procrastinates or fail to take action (or shall I say the right action) on a consistent basis, you can change that now by implementing the above steps and your life can take a turn for the better.

 

You must never let worry, anxiety, fear, frustration, lack of effort and excuses be a deterrent as you move about throughout your life as it relates to your finances in 2023 and beyond.  You no longer have to w a f f l e back and forth and wonder (or doubt) if the moves that you make will lead you on a real path to success as it relates to continuous positive movement in the management of your finances, if you make a definitive choice to move forward and give it your absolute best!

 

By “eliminating or reducing inaction” in your life, you can start (or continue more effectively) on a path to reaching your goals and live out your life with more clarity and you can enjoy life in a manner and style that is more beneficial for you and your family.

 

All the best as you actively pursue “a more direct path” to the success that you desire…

 

 

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Stability & Wealth Building

Learn why it is important to stabilize your finances as you build wealth…

 

As the economy moves in ways that many oppose and difficult times are in store for many during this holiday season, it is important that you put yourself in a comfortable position by “stabilizing your finances” at this time so that you can achieve more in your future.

 

In this discussion TheWealthIncreaser.com will show you the importance of “stabilizing your finances” so that you can operate at “peak performance” and achieve more throughout your lifetime.

 

1) Stabilizing your finances requires that you analyze your finances immediately

Are you letting what has been passed down from others set limits on your life—or are you using what has been passed down as a base point for you to grow and create an atmosphere for greater opportunities and results in your life?

 

By analyzing how you manage your cash flow on a monthly and yearly basis and taking inventory of what you now own and what you now owe to others, you can determine future moves that you can take to help stabilize and improve your financial position.

 

2) Stabilizing your finances requires that you master your credit immediately

Whether you are new to credit or you have been managing credit and financial affairs for years, it is important that you know how credit works and how you can use credit for your greater benefit throughout your life or during the period in your life that you desire to utilize credit.

 

You can start on a path to master your understanding and application of credit by understanding the credit factors and how to use that understanding to better serve your and your family’s best interest–not creditors.

 

3) Stabilizing your finances requires that you comprehensively analyze and improve upon your finances as soon as possible

In a sense, stability is the quality of being unchanging or static.  However, in this discussion stability will be presented as getting to a desired point and remaining there–or possibly improving in a positive way.

 

You should be congratulated on your commitment to stabilize your finances, especially if you’ve lived with instability throughout your life.  You can do so “comprehensively” by analyzing and improving upon your insurance, investments, taxes, education planning, estate planning/wills and retirement planning.

 

By stabilizing your finances, you are building on a foundational base that won’t collapse or fall down.  Quite the contrary, you are building on a base that you can utilize throughout your lifetime that allows you to scrape the sky as far as you can see!

 

Conclusion

By deciding at this time to “stabilize your finances” you can get to a point where you manage your finances from a position of strength and from a position that is more advantageous for you and your family.

 

The knowledge that you now have or will soon have will be no good unless you know how to apply that knowledge for your greater benefit–and to the detriment of creditors.

 

The goal of this discussion is to give you the wisdom to connect what you now know or will soon learn to what really matters in the financial realm of your life so that you can achieve what you need to achieve–or what you desire to achieve!

 

You don’t have to live in instability during the holiday season or at any time as it relates to your finances if you make the choice not to and you decide from this day forward what you really want to do!

 

By “properly” analyzing your unique financial profile at this time, your family will love what you do—and so will you!  You must not only have faith that you will stabilize and improve upon your finances and other areas of your life–you must also take the needed action so that you can avoid financial strife!

 

It is very important that you change the financial atmosphere in your life today—and it is the desire of TheWealthIncreaser.com that this discussion has shown you a new, more positive and more uplifting way!

 

Always realize that instability creates opportunity for major growth that can then put you in position to stabilize your finances for the remainder of your life and put you on a path to build the type of financial future that puts you in control—and helps relax your soul.

 

All the best to stabilizing your future and pursuing a more definitive path toward wealth building success…

 

 

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Tough Times & Wealth Building

Learn why you must “push forward” with a higher level of energy when difficult times occur if you desire true wealth building success…

 

In the current economy, for many it is difficult to not only live at an acceptable level and save for the future–it is also a difficult time in general.

 

With inflation, increases in rental rates and housing rates, increased costs for food, clothing, gas, household items and increases in other areas of importance in the lives of many–it can often be difficult and challenging for those who want lasting success as it relates to wealth building and financial management–to not only know where to start–but also how to reduce the anxiety that they may now be feeling!

 

And with a recent uptick in concern about their future and increased communication to the creator of TheWealthIncreaser.com about financial concerns and where the economy now stands, the creator of TheWealthIncreaser.com thought that “the time was now” to discuss ways that you and others can withstand and prosper in the current economy and pressing economic environments that you may face in the future.

 

In this discussion TheWealthIncreaser.com will discuss the importance of pushing forward in difficult times and also not so difficult times as the success that you desire depends on the habits that you form and the consistency in action that you take on a consistent basis.

 

By taking the following three actions you can possibly reduce the anxiety that you now feel and also eliminate tough times or reduce the effects of “tough times or adversity” occurring while you build wealth in any economic environment.

 

Action # 1–Determine where you are now at

A cash flow analysis along with the creation of a personal income statement and personal balance sheet will get you moving fast in the current economy and will help you determine what kind of financial shape you are in.

 

It is attuned to getting your used car checked out by a highly competent mechanic prior to purchase.   You can then put yourself in position to “tune up” your finances and improve upon your net worth in future years.

 

Action # 2–Determine where you are now at “credit wise” so that you can then master how you manage your credit

During tough times it can be easy to run up credit and get other types of loans in an attempt to stay afloat.  That is why the first step that you took above was so important.

 

You now know if you have excess income coming in monthly or if there is a shortfall.  If there is a shortfall you must get more income, cut expenses or more than likely do a combination of the two.  You must not repeat the debt cycle and you start on the path to not repeating the debt cycle by mastering your use and understanding of credit.

 

By getting more income into your household on a monthly basis and cutting expenses you can pay down your debt and get into position to make real financial strides in the future.  If after analysis your debt payoff looks bleak or unachievable within a reasonable time frame you may have to look at bankruptcy as a potential option prior to depleting all of your assets and tapping into your retirement accounts–not after.

 

Action # 3–Determine where you are now at with your overall finances and put a plan in place that ensures long-term success

You can now analyze each major area of your finances to see where you can possibly make improvements now–or in the future.

 

By analyzing your insurance, investments. taxes. education planning, estate planning/wills, emergency fund and retirement planning, you can get on a path to ensuring that you effectively “get out in front” of your finances and not put yourself in a “disadvantageous” financial management position.

 

That does not mean that adversity and unforeseen happenings won’t occur in your future and at times simultaneously, however you will be in a better position to rebound and make positive moves that can get you back on track and still attain the goals that you were pursuing.

Conclusion

As tough as times can seem (and are in many cases) it is important to realize that you are still here–alive and you have the potential to change the trajectory of your life for the better–and building wealth to a level that allows you to achieve at a level that is your absolute best is possible.  In the picture above you will see the site of the “Birmingham Bombing” of a church in the 1960’s that caused the death of 4 young girls who had no chance to reach their true potential.

 

It is important that you at this time show your value to humanity and press forward and push toward what you desire with more urgency and an improved plan of attack.  By using your determination to put your finances in order during tough times (or at any time) you can set yourself up for a lifetime of success where you manage your finances more effectively and efficiently and achieve a higher level of wealth building success–from this day forward.

 

 

It is important that you have the perspective that adversity or tough times will occur and when those times occur you must love, honor and believe in yourself even more.  Even if you are married, recently fell in love or expect to–you must realize the importance of always loving yourself at all times in spite of the difficult stretch that you may find yourself in.

 

By doing so you open up the possibility and you increase the probability to achieve more and open a new door.  You are now on a path to “determining within” that tough times won’t last and you will enhance your path to success–and it will be a blast.

 

All the best as you leave “tough times” behind and achieve at a level that leads you toward absolute success…

 

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Peak Performance & Wealth Building

Learn how you can live out your wealth building dream(s) and operate at peak performance if you don’t let naysayers and other outside (or inside) forces deter (or detour) your efforts…

 

As you pursue your goals it is important that you never let the opinions of others, or the negative actions of others affect you in a detrimental way.

 

You must also not let the internal workings of your mind and how “you” approach your wealth building efforts affect you in a negative way!

 

Wisdom is the skillful use of knowledge and knowing what to avoid and what to confront is a great way to approach wealth building if you are one who desire to operate at “peak performance” as it relates to your wealth building efforts.  Why make mistakes yourself and prolong your journey to financial freedom when you can learn from the mistakes of others and achieve success more efficiently?

 

The real use of empowering information is in the execution or acting—not gaining the knowledge alone!

 

You must be determined to put into action what can really move you forward!  It is imperative that you have a clear understanding of wealth building basics and how you can use the basics of wealth building to more effectively direct you toward your goals!

 

The goal of TheWealthIncreaser.com is to get to those who desire real wealth building success the knowledge that is needed when (or preferably well before) they need it so that they can operate daily at peak performance and make wiser decisions as it relates to their finances!

 

In this discussion TheWealthIncreaser.com will discuss how operating at “peak performance” provides you the opportunity to achieve more in less time.

 

  • You must have a yearning to operate at peak performance as it relates to your finances

In life we all have ambitions or goals that we want to achieve, and as far as financial planning is concerned, those ambitions or goals can be numerous.

 

You want to have an attitude of always reaching higher so that you can reach the goals that you desire.  By doing so you can operate at a higher level of excellence, and you can do so at this time if you are fully committed and you know the actions that you need to complete.

 

  • You must know the action steps that you need to take to operate at peak performance

The reason most people fail to achieve or reach many of their financial goals are that they often don’t know what steps they need to take to make it happen—or more importantly make it happen in as efficient a manner as possible.

 

You will soon be in position to avoid this pitfall that has hampered many over the years.  By setting meaningful goals and knowing the right steps to take to move toward achieving those goals you are properly preparing your heart and mind up for operating at a higher level of excellence.

 

Click on “the numbers below” to see the steps that you can take right now so that you can get started on operating daily at “peak performance” and achieve results that will show.

 

1–Cash Flow Analysis

2—Credit  Analysis

3—Comprehensive Financial Analysis

 

  • You must put into action on a consistent basis the steps that will take you toward your goals more efficiently

You application of the steps mentioned above in a manner that is germane to your and your family’s financial future and most important goals are what will help you attain your goals in a more efficient manner.

 

By doing what needs to be done to help improve your finances you are showing discipline and a real desire to reach the goals that you are motivated to achieve.

 

By taking action steps on a consistent basis you are showing that you truly believe, thereby setting yourself up for the new found success that you will soon achieve.

 

Conclusion

Isn’t it time you listen appropriately to your inner voice, learn more as it relates to effective money management that can lead to you reaching many, if not all your goals–so that you can show your true love to your family and others whom you associate with?

 

Isn’t it time you travel down a “road to success” that has fewer twists and turns–and no detours?

 

It is important that you plan on doing Dream Living and operate at “peak performance” so that you can do Dream Giving as you climb higher and higher.

 

When it comes to operating at “peak performance” it is you who must want to do so!

 

You must be sincere in your desire to achieve at peak performance and if you are you will pursue your wealth building goals with a higher level of commitment.  In summary, to achieve at peak performance you must have the desire to ignite your own fire inside so that when you reach your summit and it is time to descend–you can glide.

 

At all times you must realize that you control your destiny and the direction that you can take in your life.  Now is the time that you not only realize it, but you put action plans into effect so that you can achieve more—bit by bit.

 

Did you know that you are:

 

Too blessed to be negatively stressed

Too blessed to operate with less

Too blessed to be a mess

Too blessed to give less than your very best

Adequately blessed to pass any test

 

All the best as you operate at “your peak” as you pursue unlimited wealth building success…

 

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Return from Peak Performance & Wealth Building to Who is the creator of TheWealthIncreaser.com

Learn about Managing & Improving Your Credit & Finances for this MILLENNIUM© –the first book created by Thomas (TJ) Underwoodthe creator of TheWealthIncreaser.com in 2012–10 years ago this month

 

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Financial Aggressiveness & Wealth Building

Learn why it is important that you take an aggressive approach as you build wealth….

 

In the current economy it is important that you pursue your wealth building goals with a high level of intensity so that you can truly reach your goals.  It is you who must be active in pursuing the success that you desire so that you can achieve at a level that takes you higher and higher!

 

It is important that you are “aggressive as a lion” and you are “truly determined” to catch your prey (reach your goals) as you navigate on your journey to financial freedom.

 

In this discussion TheWealthIncreaser.com will discuss the importance of pursuing what you desire most with a higher level of intensity so that you can truly grow and attain the goals that are most important to you and it all starts now by you being more aggressive on the front end–not after you make mistakes!

 

1) You must formulate a plan of action that you sincerely believe in

It is very important that you formulate goals that are meaningful and significant to you and goals that can make your life more enjoyable.  What do you desire to see come true in 12 months or 1 year, in 60 months or 5 years and in 120 months (10 years) and beyond.

 

Regardless of the goals that you pursue you must put a written plan in action that allows you to know where you can go–and you also need to know where you need to go to live out your life in comfort–pun intended.

 

That process starts by creating a budget or cash flow statement at a minimum and using the data derived from that analysis to set realistic goals that you have a high likelihood of achieving–and particularly your retirement goals.

 

You also need to have a way of managing your credit that gives you the advantage and you must know in a comprehensive way–all areas of your finances that you need to address and all areas that you must address if you desire to achieve more while here on planet earth.

 

2) You must pursue the goals that are included in your plan with a high level of intensity

It is up to you to enhance the right qualities that will take you toward the success that you desire in a more efficient manner.  You must aggressively focus on improving your determination, commitment level and passion so that you increase the odds of attaining your goals and make the future success that you desire more likely to occur.

 

That includes gaining the preparation and knowledge that you need to achieve major success at this time–not after you make mistakes or in the middle of a transaction.

 

You must be active in making the success that you desire a reality–if it is real success that you really want to see.

 

3) You must not only do what you need to do–you must also continuously review to ensure that your dreams will come true

As you move toward many of your goals and in many cases reach them, you must realize that you must continuously review and make improvements when and where appropriate on a consistent basis.

 

Are there areas where you can improve upon as it relates to your insurance, investments, taxes, education planning, estate planning/wills and retirement planning?   Is your emergency fund appropriate for what you plan on doing now and in your future and do you have a vivid picture of your life stages and a more defined angle of how you can use that vivid picture to achieve more?

 

Do you have the mental fortitude to stick it out when times get tough and do you know your responsibilities as it relates to managing your finances and improving your wealth management skills?

 

Conclusion

 

It is important that you aggressively pursue your wealth building efforts, however you don’t want to get too far ahead of your wealth building efforts prior to learning what you need to know on the front end or proactively–if you desire to be more effective over the course of your life.

 

It is important that you pursue your wealth building goals with a high level of intensity and you move to action on a consistent basis.  By pursuing your goals in a more intelligent, consistent and proactive manner you put yourself in position to be where you should be–controlling your future in a manner that is more advantageous to you and your family–not creditors.

 

It is important that you boldly pursue your wealth building goals and you have a “never quit” attitude as you pursue increasing your net worth and reaching the goals that are most significant to you and your family.

 

You can now manage your finances in a more aggressive, smarter and results oriented manner where the goals that you desire most stand a better chance of being reached.  And isn’t it wonderful to know that it all started by your decision to be more aggressive and also because you decided to operate daily by “igniting your own fire inside” so that you would have a “joyous and more rewarding” wealth building ride.

 

All the best as you “aggressively seek to build wealth” and improve your financial health….

 

 

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