Archive for the income Category

Whitney Houston’s Estate is not BROKE!

Many reliable sources on the internet have label Whitney Houston’s estate as BROKE and in a financial bind.  Sources say that Whitney Houston was already on the brink of a financial calamity even facing bankruptcy.  Music Industry Insider Wayne Russo gives a full break down of Whitney’s liability to Sony Music Group, and why it may be a long time before her Estate would reap any of her music royalty wealth. (Read article here) But music royalty wealth is only one piece of a very big pie that heirs of Whitney Houston can profit from to continue her legacy.

Postmortem Riches

Celebrity wealth in death is not a new topic, and until Michael Jackson’s death in 2009, Elvis Presley reign as the highest paid dead celebrity.   Keep in mind that the bulk of wealth that is deriving from Elvis Presley is not music royalties.  Presley’s postmortem earnings come from Graceland admissions, licensing and merchandising and a Cirque du Soleil.  Licensing and Merchandising is a billion dollar industry and the advisors to these dead powerhouses know it; that’s why Elvis Presley Enterprises, Inc. (not to be confused with his estate) gross proceeds for 2011 were in the billions.

Whitney Houston’s Legacy & Deja Vu

Although the Estate of Whitney Houston maybe in debt to the Sony Music Group, for music royalties. Nothing is stopping the heirs in creating a new company that will continue to keep Whitney Houston’s legacy alive and bring in some of those postmortem riches. Let us not forget that when Michael Jackson died, once again reliable sources on the internet said is estate was in debt to AEG for $30-35 million, fast forward  2 1/2 years later, Forbes listed him as one of the highest paid dead celebrities in 2011.

© 2012, Lorillia Brown-Phillips.  All Rights reserved.

Share

What is this a 1099-K?

If you a business owner or service provider of any sorts, you should be familiar with the 1099 form, especially if you are an independent contractor.  Starting this year in 2012, any gross amount of income that you received in 2011, that was settled by a  third party network for example eBay’s PayPal, Google Wallet, or Amazon will now be reported on a new tax form called the 1099-K Merchant Card and Third Party Payments form.  This new 1099-K tax form has been considered a way for the IRS to flag upcoming audits.  Read more here.

Share

Creating a 5 Step Financial Makeover in 2012

It’s now 2012, and if you’re still procrastinating with making a financial leap, then you don’t want to put it off any longer.   Procrastination is never a good thing, and why have your personal finances suffer in the meantime.  If you need a financial makeover, it takes a mental commitment; one that will allow you to stay the course until the end of the year.  Here is a quick 5 step checklist that can assist you in staying committed to a financial makeover in 2012.  Read the rest here.

Share

Dealing with Financial Stress and Anxiety during the Holiday Season

In these economic times, many individuals are going through some rough financial pressures.  For example, the lost of a job, home foreclosure, or unmanageable debt that keeps accumulating.  Studies have shown that people who are struggling financially during the holiday season experience a much greater burden of stress and anxiety than any other time of the year.

Many individuals who are experiencing this type of stress and anxiety do not realize it’s not because of lack of money.  More money will not change your financial situation if it did, why do 9 out of every 10 lottery winners who become millionaires go broke within 5 years?  What changes your financial situation, is your mindset.   Changing your mindset will allow you to live the life you were destined for, it will allow you to eliminate a mindset of lack and develop a mindset of financial abundance.  Listed below are 4 principles one must master in order to reap the harvest of becoming financially secure:

1.  Learn to embrace the concept of being an abundant thinker

2.  Learn how you can become an abundant thinker

3.  Educate yourself on why the recession has nothing to do with your finances

4.  Learn how to stay motivated in any economy, so you can become recession proof

These concepts may seem esoteric and out of the box for some individuals, but if you’re in a place where you’re hurting financially.  Consider learning something new, it was Albert Einstein who said “Doing the same thing and expecting different results is Insanity”.

 

Share

How to Obtain Financial Success

There are a measure of wealth rules that must be abided by in order to accomplish financial, freedom, success and prosperity. For instance, rich individuals understand that they have to get paid based upon their final result instead of on their time, they understand the importance of holding unlimited revenue potential, and they know that they must leverage themselves so that they don’t need to work hard in order to bring in monumental sums of money. They also realize that they must create assets and opportunity as it’s not always about buying those things.

Affluent individuals abide by these rules and consequently they’re successful financially, yet most individuals don’t even know about these principles, not to mention live by them. That’s likewise why financially free individuals know about and capitalize on passive income, although the masses don’t. Basically, passive income minds of all the “wealth principles” and provides everybody the ability to grow limitless wealth.

Once you work to produce passive income streams, you’ll be getting paid founded on what you put in, not simply the time you spend executing it. As you are able to produce as many income streams as you wish, there’s absolutely no limit to the sum of money you are able to potentially earn.

When formulating passive streams of income, you’re not spending time, you’re investing it. Instead of trading time for revenue you’re investing time into long-run residual profits.

For a few illustrations of passive income consider a writer who composes a book, publishes it, and then brings in residuals on it for the remainder of his life. Or consider having a number of coin vending machines.

There are likewise a lot of simple home and net business models that anybody may easily begin to utilize with big potential. One big benefit that many individuals find in this sort of passive stream of revenue is that a lot of profitable businesses, particularly online, may be started free or really cheaply.

Make sure that you learn all you can about passive streams of revenue today.

Share

What does “Financial Freedom” mean to you?

Before you read this post I want the reader to understand that this is just my general consensus and opinion it is not back by any polls or surveys.  The  21st century concept of time and money are being redefined. ”Financial Freedom”, is a term that has gained much importance in the changing financial scenario.

For some individuals ”Financial Freedom”  can mean the freedom from continuous financial responsibilities through a planned management and allocation of assets. It could free a person from back-breaking work by giving him a steady source of income for life.

One must not think that a financially free person is also debt free. However,  prudent asset management ensures that a person debts do not become a burden but only a part of his over-all expenses. In this way, his debts do not hinder his long term financial goals.

Financial freedom cannot be equated with being rich. One must not forget that surplus wealth requires constant supervision. In the long run, a rich man’s or woman’s obligations do not make him or her ”financially free” in the true sense.

Thus, financial freedom maybe defined as a lifestyle that blends expenses and income according to the individual preference. This makes ”financial freedom” a more possible and convenient state of being.

Share

What inheritance will you leave for your love ones?

The bible speaks about inheritance in Proverbs 13:22, “A good man leaves an inheritance for his children’s children, but a sinner’s wealth is stored up for the righteous.” (NIV) We live in a society that measures a person’s wealth by the type of car a person drives, designer clothes and handbags he or she wears or the mc mansion that is in the process of foreclosure. All of these items are easy to accumulate and easy to put you in a whirlwind of high debt and uncontrollable spending. If your goal is to pass on an inheritance to your children accumulating high price items should not be your goal. Because you are only allowing your children to inherit your bad spending and credit card habits. Begin your journey by educating yourself about eliminating debt, budgeting and residual income; remember the number one form of wealth is not money it’s education. Once you have sought and obtained education, begin putting what you learn in action. Include and educate your children about the importance of being debt free and staying away from consumer debt. Live within your means by keeping an ongoing budget of your family spending. Begin your journey of accumulating different streams of income, for example residual income can provide you and your love ones with an income that can
last generations. 

Share

What are the Three types of Income?

Many clients and people I randomly talk to always share with me the reasons why they cannot  start building Wealth.  One of the responses I always get is “My Income is not High Enough.” My response to them is always “What Income is not High Enough?”  These individuals are not aware that there 3 types of Income, which are Earned, Passive and Portfolio.  Most people are only aware of Earned Income, which is what they are referring to when they are complaining about their income is not high enough.  Here is the definition of the three types of Income:

• Earned Income – income you receive from your job or place of employment

• Passive Income – income you receive from royalties, real estate, intellectual properties

• Portfolio Income – income you receive from mutual funds, dividends, investments.

Earned income is income that you have to work for it does not work for you.  If you want to establish streams of income that can work for you and you not work for the income.  It’s important to work towards building Passive and Portfolio income.

Share