Archive for the wealth 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.

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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.

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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.

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Are you creating derivatives?

Before I begin to write about how to create and develop derivatives, I first want to ask you do you know what a derivative is?  If you think the derivative I’m talking about is some exotic financial instrument traded on Wall Street then your wrong.  The definition of a derivative is a byproduct or substance that can be created by another product.  The root word for derivative is derived.  So let me illustrate for you an example of a derivative; let’s use an apple.  An apple is a derivative of an apple tree; apple sauce, apple juice, and apple cider is a derivative of an apple.  Do you see my point, the example that I gave you were two examples of byproducts of another, which in turn created derivatives.

As a business owner or entrepreneur you too should be creating your own derivatives; that derivative could be a book, an online course or a coaching program.  The derivatives that a business owner creates become byproducts for that business, and when you create your own derivatives you create infinite income or passive income for yourself.  Your business derivatives become assets created by you, and when you create your own assets; your assets create passive income.  See most business owners concentrate on generating earned income, for example how can I get more business or get more clients.  But when you concentrate on creating earned income, the asset side of your balance sheet is empty and it has zero assets.  In order to create passive income you have to build your business assets which in turn are your derivatives.  When you begin to create derivatives the asset side of your balance sheet builds up, which will create passive income on your profit & loss statement.  Remember in business it’s important to have a profitable balance sheet as well as a profitable income statement.  So what are you waiting on get started on that book, put together that online course, or start that coaching program.  Remember when your begin creating financial wealth your only using 10 percent of your time and living on 90 percent of what you created.

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How to Spend Wisely to Save Money

Have you ever noticed that the things you buy every week at the grocery stores go up a few cents between shopping trips? Not by much…just by a little each week but they continue to creep up and up.

There is a way that we can keep these price increases from impacting our personal finances so much and that is by buying in quantity and finding the best possible prices for the things we use and will continue to use everyday… things that will keep just as well on the shelves in our homes as it does on the shelves at the grocery store.

For instance, if you are a pet owner dog food and cat food costs about 10% less when bought by the case than it does when bought at the single can price and if you wait for close out prices you save a lot more than that.

Set aside some space in your home and make a list of things that you use regularly which will not spoil. Any grain or grain products will need to be stored in airtight containers that rats can’t get into so keep that in mind.

Then set out to find the best prices you can get on quantity purchases of such things as bathroom items and dry and canned food.

Don’t forget to shop at stores such as CVS, Walgreens, Rite-Aid or any other regional drug stores in your area.  These stores offer great discounts, coupons and rewards, you often cut your shopping bill in half by shopping at these stores as opposed to the supermarket chains.

You will be surprised at how much you can save by buying a twenty pound bag of rice as opposed to a one pound bag.

You can buy some clothing items such as men’s socks and underwear because those styles don’t change, avoid buying children’s and women’s clothing, those styles change and sizes change too drastically.

Try to acquire and keep a two year supply of these items and you can save hundreds of dollars.

How this article can help with your personal finance journey.

 

 

 

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My first E-book, yippee!!!

We’ll after investing in a book writing course to prepare me for writing my first personal finance book, I have made one accomplishment and completed my first E-book “75 Common Tax Deductions for Small Business Owners”.  Although this is not the big kahuna which is my Personal Finance book this is a start, and it’s getting me in the writing spirit.  I know your wondering why I chose this topic as my first E-book, well the reason is simple I often get bombarded with questions from clients and prospects on what’s tax deductible.  So instead of rehearsing the same answer over and over again, I can now point individuals to the source of information for FREE.  This E-book is an informative read if you’re wondering what you can and can not deduct.  I used youpublish.com to upload my E-book for download; there is no fee for the service.  The website is user friendly so if you have basic computer skills like myself uploading the PDF version of the book will not be a problem for the most novice computer.  Again check the E-book out and tell me what you think.

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Why are you so Broked?

 

 

 

Recently on LinkedIn I came across a post regarding the difference between Wealthy and Broke people.  The title of the article is named “Being Broke Is a Waste of Life”  it was written by Luther Thompson a professional I connected with on LinkedIn.   This article clearly defines the difference in characteristics between a Wealthy person and a Broke person.  Please read the article below, and tell me what you think:

BEING BROKE IS A WASTE OF LIFE!

Why are you still tired, broke and enslaved?

The following is a list of the Top 20 principles of the wealthy. It is not meant to be specific financial advice, however it is a bright-red warning flag to help you avoid financial trouble.

1. The Broke think everything is too good to be true, while the wealthy think that getting a job sounds too bad to be true.

2. Broke people give up when things don’t go their way; a few disappointments and they are onto something else, saying things like “it wasn’t for me.” The wealthy work harder and become more determined when things go bad, and understand that you have to take the bad with the good to make it.

3. Broke people always have an excuse. Wealthy people say “my fault” and refuse to make excuses.

4. Broke people think that not getting what they want is OK. Wealthy people are disgusted at the thought of not getting what they want and will do whatever it takes.

5. Broke people always have to talk it over with their broke friends to make sure no one will make fun of them if they make a decision. Wealthy people think for themselves and could care less what their broke friends think.

6. Broke people are never coachable and teachable. Wealthy people are always learning, even when the money starts coming in, they never stop learning from those who were there first.

7. Broke people are scared of others. Wealthy people entrust in others and know that other people are crucial for their success.

8. Broke people are always procrastinating; they would rather talk about it, read about it, think about it, but never seem to do anything. Wealthy people hate doing anything but getting it done.

9. Broke people are glad when the day is over. Wealthy people love when the day begins.

10. Broke people think Wealthy people are lucky. Wealthy people put themselves into a position to be “lucky,” and then work hard to make the “luck” show up.

11. Broke people work by the hour. Wealthy people work by the month.

12. Broke people want to know that after 1 hour of work they have something to show for it. Wealthy people find broke people who think like that and make them their employees.

13. Broke people get excited they just got hired. Wealthy people think it is funny that someone could be fooled that easily; they are just making the wealthy person wealthier.

14. Broke people complain a lot. Wealthy people are thankful that no one shot at them today, they didn’t have to fight in a war, and that they don’t have a job.

15. Broke people are too concerned about what other people are doing. Wealthy people are only concerned about what they can be doing to get more done.

16. Broke people think that if no one is doing something, it must suck. Wealthy people think that if no one is doing something, it means more money for them.

17. Broke people think that if everyone (all 200 people at the meeting in a city of 1 million) is doing something, it must be saturated. Wealthy people think that broke people aren’t too bright.

18. Broke people think it is OK for other people to live where they want to live, drive what they want to drive, and do what they want to do.

19. Broke people are OK with the fact that they can’t do these things. Wealthy people get sick just thinking about being average.

20. Broke people think that other people’s opinions are worth more than their dreams. Wealthy people know that their dreams are worth more than other people’s opinions.

I have learned to be wealthy. You must learn from the broke and do not do what they do nor think how they think.

To your success,

Luther Thompson, Jr.
Luther Thompson, Jr. & Associates
PO Box 1026
Atlanta, Georgia 30156-1026
Voice mail: 866.485.7373
Email: lutherthompsonjr@bellsouth.net
Blog: http://lutherthompsonjr.wordpress.com/2010/05/11/profits-are-better-than-wages/

 

 

 

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You Don’t Deserve to be Wealthy!!!

That’s right I said it, “YOU DON’T DESERVE TO BE WEALTH”!!  So, I know your wondering why would you say that, I have that right to deserve to be anything I want.  Let me ask you a question then, if you deserve to be wealthy, what are you doing to create wealth for yourself.  What are you feeding your mind, to develop that wealth mindset.  I want to share a video with you, listen to Les Brown and Bishop Bernard Jordan share their incite on this subject:  Let me know what you think.

 

 

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Have you been Googled?

Have you ever put in your full name in Google to see what results you would get?  We’ll I did and I have to say I was pleased I found three pages of information on myself and business Brown & Associates, LLC.  So I was pleased to find out I do have a digital footprint in Google.  So after being pleased with the results of me searching my full name Lorillia Brown-Phillips,   I  created a created a Google/Youtube story for my area of expertise.  Please check it out below and let me know what you think?

 

 

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Are U using Life Insurance as an Investment?

    I recently met with a potential client yesterday; this client which of course will remain nameless had two very large life insurance policies (amounts I will not disclose). My goal for the meeting was to illustrate to him how he can still obtain the same amount of insurance he currently has and pay less in policy premiums.  His response to my illustration was what would happen to the payments that I have made for over 15 years.  Now, its not important for me to write word by word the whole conversation me and client had, but what I want to point out is, there are some individuals that believe that their insurance payments are a form of investments and that if I exchange one policy for another I’m going to lose the amount that I invested in the policy; another fallacy is how long will it take me to rebuild my savings with this policy?  Well insurance is to help and assist you with risk, Life insurance is to help, manage and protect your love ones from risk that may occur in the event of your death.  So my goal to any client or potential client;  what was the goal when you purchase this policy, is it to pay any expenses at the time of death, create a legacy your love ones, or to assist you with your with Estate planning goals; now those are just some examples on how life insurance  can help you manage risk.  My goal with this writing is not to put down any type of  life insurance product, I’m an advocate that Term, Whole Life, Universal Life and Variable Life have their place, but my goal is to always find out what do you want to accomplish by purchasing Life insurance.

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