21 Laws of Money
From Straight Talkin Mike............
21 Laws of Money
What consumers can expect in 2013
I don’t have a crystal ball, but I am in contact with a lot of experts in consumer protection, marketing and fraud prevention. Based on information provided by these trusted sources, here are some predictions about what you can expect in 2013.
Anticipated price hikes
The U.S. Department of Agriculture predicts grocery bills will rise 3 to 4 percent in 2013. Higher feed costs will continue to push up prices for animal-based products, especially dairy. In its Food Price Outlook Report, USDA noted that inflation should be “above the historical average” for cereals and bakery products.
Banks will keep looking for ways to raise revenue without inciting customer backlash. This could mean higher overdraft fees and charges for using an out-of-network ATM. It could also mean higher minimum balances to avoid a monthly service charge.
“We’ll continue to see banks emphasize customer relationships, rewarding those customers that have more accounts, bigger balances, or other products and services by waiving checking account fees,” said Greg McBride, senior financial analyst at Bankrate.com.
Good news for home buyers and home builders: Bankrate expects mortgage rates to remain low.
“The Fed is aggressively buying bonds with the goal of keeping mortgage rates low,” McBride explained. “Because of this, the average 30-year fixed mortgage rate should stay below 4 percent for much of the year – even if the economy continues to improve.”
The editors at dealnews.com predict a number of things will be more expensive in 2013. These include: smartphones and some other electronics, cars and many luxury goods.
Dealnews also expects higher shipping costs. It predicts a jump of 4.5 to 4.9 percent from both UPS and FedEx. This could seriously hurt small businesses and people who sell things on the Internet. It might also affect which orders qualify for “free shipping” at some online stores.
And here’s a surprising one: Dealnews says copper prices could rise. That would have a ripple effect, because copper is used in all sorts of consumer products: wire, pots and residential water pipes. It’s also needed for industrial equipment that brews beer, distills liquor and makes candy.
On the bright side: Gasoline prices should continue their slow decline, barring unforeseen circumstances. The U.S. Energy Information Administration expects retail prices for regular-grade gasoline to average $3.43 a gallon in 2013. That would be down from this year’s average of $3.63.
More consumer-friendly regulations
The Consumer Financial Protection Bureau (CFPB) went after unfair practices in the financial marketplace with gusto in 2012. That is sure to continue in the New Year.
My best guess is that we’ll see new regulations proposed for payday loans, prepaid cards and credit reporting agencies. The CFPB is already investigating complaints about errors in credit reports and the difficulty or sometimes inability to have them corrected.
As of Jan. 2, the agency will regulate the country’s large debt collectors, an industry that has been widely criticized for harassment, deception and other illegal tactics to get people to pay – whether they owe the debt or not, in some cases.
“Millions of consumers are affected by debt collection, and we want to make sure they are treated fairly,” CFPB director Richard Cordray said in a statement.
I wouldn’t be surprised to see some civil penalties levied and new rules proposed to prevent abusive collection tactics.
New and changing digital threats
Cybercriminals are sure to step-up their game again in 2013. In a new report, Sophos (the giant digital security company), predicts businesses will be hit with more malware attacks that give the intruders “long-term, high impact access” to those companies.
Digital extortion should increase with more ransomware malware attacks. (See ConsumerMan: Latest ‘ransomware’ attacks are scarily sophisticated.) This new generation of malicious software can encrypt the data on your hard drive and hold it for ransom. It’s often exceptionally hard or impossible to reverse the damage. This makes it critical to back-up your data on a daily basis.
Mobile devices, with GPS location, social media apps and new technology (such as near field communication) will give cybercriminals new opportunities to compromise your security and privacy.
“This trend is identifiable not just for mobile devices, but computing in general,” the Sophos report warns. “In the coming year, watch for new examples of attacks built on these technologies.”
Men, millennials in the grocery store
Men have become more comfortable in the kitchen and more active in planning meals and food shopping. A survey by Cone Communications found that more dads than moms (52 percent compared to 46 percent) plan meals for the week ahead.
Industry analyst Phil Lempert, who runs the website SupermarketGuru, predicts grocery stores will focus more on the male shopper this year and in the future.
“Some supermarkets are experimenting with ‘man aisles’ – locations in the store that feature male-oriented foods and other products to make shopping and impulse buying more targeted,” he said.
Lempert also expects supermarkets and food companies to go after the millennial shoppers (those born between 1982 and 2001) who want flavorful and ethnically diverse food that is also affordable. By 2020, millennials will represent about 20 percent of the population and compared to the general population, they’re expected to have twice the buying power for food they eat at home.
“Millennials are deal seekers,” Lempert pointed out. “They are much more focused on finding the lowest price over brand loyalty.”
Herb Weisbaum is The ConsumerMan. Follow him on Facebook and Twitter or visit The ConsumerMan website.
Some simple financial resolutions for 2013
WASHINGTON - Make resolutions if you must: When you vow to track every dollar and never waste money again, you feel all clean and shiny for at least a few hours into the new year.
But that doesn't usually last. Resolutions get broken because they are too lofty and too ill-defined. It is better to break your resolutions down into a specific to do list: here are the money moves to make now and in the coming weeks that will insure you're in a better financial place before 2013 ends.
Make this mistake and you'll lose thousands when refinancing your mortgage
By Bob SullivanI had just borrowed about a quarter-million dollars and my question was simple: "How do I pay you back?"
The woman on the other end of the phone, however, couldn't tell me. Ten days had passed since I signed the papers to refinance my home and, with the holidays approaching, I was worried my first payment would be late. She tried to soothe me with perhaps the most misunderstood phrase of the refinancing process: "Don't worry. You get to skip a payment."
Follow @RedTapeChron Had I listened to her, it would have cost me thousands of dollars. And if you are one of the millions of homeowners who will refinance in 2013, it could cost you, too.
If your new year’s resolution is to save money or get control of the family budget, refinancing remains a really good option. But the idea that “skipping” the first payment can be pain free, financially speaking, is a myth, repeated over and over by loan officers like mine. Sometimes they are lying, sometimes they are misinformed and sometimes they are just trying to get an annoying borrower like me off the phone. But with rare exception, they are giving bad advice. (News flash: Whenever a bank seems to be doing you a favor, it probably has a hand in your wallet.)
Advertise | AdChoices Real estate transactions are already confusing enough. There are questions surrounding when you make your last payment on the old loan, when you make your first payment on the new loan, how many extra days of interest you pay toward both your old and your new loan, and when you are paying for both loans. We'll get to those tricky issues in a moment, but the priciest mistake you might make in a refinance is also the simplest one to correct.
You've heard this before, but this time, it's probably true: mortgage interest rates are at historic lows, and there may never be a better time to refinance. It's hard to imagine rates going any lower than the 3 percent range they are at now, but it's easy to imagine that, at the first signs of a real economic recovery or real inflation, they will climb sharply during 2013. The low interest rates that the Federal Reserve has imposed to boost the economy have been punishing for many, notably savers, who can barely earn 1 percent interest on their bank accounts and certificates of deposit. The one perk for consumers from the Fed’s interest rate policy is the ability to get cheap home and auto loans. If you haven't refinanced your mortgage in the past 24 months or so, you are missing out.
Fortunately, many American homeowners have gotten the message. According to the Mortgage Bankers Association, mortgage holders engaged in $1.3 trillion worth of refinancing in 2012. In fact, more than four out of five new mortgages in 2012 were refinanced loans, not home purchases.
I wish there were a way to know how many of those borrowers chose to skip that first payment.
'Can I get that in writing?' 'No'
My loan officer was lazy, I believe, and -- knowing that my loan had closed and all the commissions were guaranteed -- just wanted me off the phone as soon as possible. My call was unusual. I am always overly cautious when I set up any kind of new loan payment, as the chances for error are great: a wrong loan number on a check, a bad address, etc. So I always make the first payment early to make sure nothing goes wrong. That good habit proved profitable this time.
When I signed my loan papers, there were no payment instructions in my closing documents (not terribly unusual). My loan officer said I would receive payment coupons later. But when 10 days passed, and I heard nothing, I called. She sent me to the bank's customer service line, where I was informed that there was no record of my loan. (Did that mean I didn’t have to pay it back? Sadly, No.) Customer service transferred me back to my loan officer. She assured me that their computers would catch up to my urge to pay the loan, and I’d get payment information soon. Incredulous that they seemed not to want my money, I persisted. She tapped a few keys on her keyboard, made me wait a minute, then told me that my loan had funded on Dec. 5, so I didn't have to make a payment until Feb. 1.
"But my documents say repayment begins Jan. 1," I said. "So you're saying there will be no late fees if I don't pay Jan. 1?"
"Yes," she said.
"Can I get that in writing.?”
"No. I can't do that."
At that point, I did what any mature consumer would do: I laughed. And then I muttered something about the 100 pieces of paper they just made me sign, with innocuous documents putting the finest point on everything you can imagine, like the form I initialed in multiple places agreeing that, yes, I am known by Bob, Robert, Bobby, Robby and various other nicknames. Yet I couldn’t get the bank to put something in writing saying when I should make my loan payment?
Advertise | AdChoices My loan officer didn't laugh, but eventually she put me on the phone with a supervisor who sounded very grave. She'd done additional research, she said, and found out that the reason customer service couldn't find my loan was because it had already been sold to another bank. We called that bank together and found out my loan actually funded on Nov. 30, so my first payment was indeed due on Jan. 1. And I would have been liable for about an $80 late fee if I had listened to my loan officer. The manager profusely apologized.
Steep penalty anyway
But I'm not writing to warn you about late fees. There's a much bigger culprit here you have to worry about. Had I followed my loan officer's advice and skipped a payment, even if the bank waived the late fee (which the manager said was likely), I would have paid a steep penalty anyway. You've probably guessed the punch line: there's no such thing as skipping a payment. In reality, homeowners are borrowing that money and extending the loan term for an extra month. The payment will be tacked onto the end of the loan, with interest. How much? If it's a conventional loan, that’s 30 years’ worth of interest. Effectively, you are borrowing one month's payment for 30 years. Ouch!
"Skipping is a misnomer. A better description would be ‘deferring with additional interest added,'" said Jack Guttentag, a professor emeritus at the University of Pennsylvania who also runs a consumer education website called MortgageProfessor.com.
Just how much extra interest can skipping that first payment cost you? There are too many variables to create a decent rule of thumb. But here's an illustration from Guttentag's site with deliberately round numbers. Skip the first payment of $500 on a $100,000 loan at 6 percent, and you will pay an additional $2,993 in interest during the 30 years.
Forget the $75 late fee. That's real money. As Guttentag puts it, "a payment that is miniscule to one is a fortune to another."
Some loan officers say they only won't offer the "skip-a-payment" option unless the refinance closes toward the end of the month, when the homeowner might have trouble coming up with the extra cash for closing costs and a fresh mortgage payment close together. Others say they offer it all the time.
To be clear: Most borrowers don’t actually complete their 30-year loans before moving or refinancing, so few would end up paying that high a penalty. Also, it's important to note that my bank didn't even hold the loan, so they weren't profiting from the “skip-a-payment” advice. I believe this is usually a lazy mistake, not a greedy one. Still, the basic truth holds. Don't be tempted to skip a payment when you refinance unless you really, really need the cash for some unusual expense (Christmas credit card bills are probably not the best reason.)
Skipped payments are not to be confused with other loan closing related interest payments, including:
*Your last payment on the old loan. You can't skip that, either. If your loan closes near the end of the month, you should still make the scheduled payment to your old bank. Why? Interest is actually paid in arrears, meaning you pay at the end of the month the cost of borrowing the money for that month. It's confusing, because mortgage payments are really two payments at once -- last month's interest and next month's principal. To keep it simple, if your loan closes on the Nov. 30, you will be paying November's interest with your Dec. 1 payment, along with December’s principal. You won't need to make the December principal payment if you refinance on Nov. 30, but most folks pay far more in interest than principal because they are early in their loan's term, so the overpayment won't be large. Just pay it to avoid late fees, and enjoy any refund that comes your way.
Advertise | AdChoices *Pre-paid interest. When your loan closes in the middle of the month, your new bank will make you pay up-front (as opposed to in arrears) daily interest for the remaining days of the month. If you close on the 20th, you'll pay 10 more days of interest payments. That's OK, it means you won't owe the money on the back end of the loan.
*Money for nothing: The three-day (or more) overlap. There's an odd quirk in most refinancing deals in which there are several days when the homeowner will be paying interest on the same loan to both banks. In most states, consumers have a three-day "right of rescission" after signing their refinancing papers, meaning they can cancel the new loan if they get buyer's remorse. Such regret laws are very consumer-friendly and are necessary because of nefarious loan officers who tricked consumers into bad deals in the past. But, in this case, the consumer-friendly law is also costly, as it means both banks have liability for the loan during that rescission period, and are both entitled to collect interest. Note: The regret period is usually three business days, so if your closing stretches over a weekend, the double-interest period can be even more costly.
It's important to keep all these quirky, refinance-related interest payments straight when talking to your loan officer, so you'll know what to do when he or she suggests you can skip a payment. None of this should scare you away from refinancing, which is really the only way you can make the recession work for you.
But remember, you are refinancing to save money, and you probably shopped around trying to save $50 here or $100 there on closing costs; don't lose thousands of dollars because of one false move after closing.
Will Rich People Desert the U.S. If Their Taxes Are Raised?
By BRUCE BARTLETT | New York Times – 1 hour 25 minutes ago
Bruce Bartlett held senior policy roles in the Reagan and George H.W. Bush administrations and served on the staffs of Representatives Jack Kemp and Ron Paul. He is the author of "The Benefit and the Burden: Tax Reform - Why We Need It and What It Will Take."
On April 30, the Treasury Department announced that 461 Americans had renounced their citizenship in the first quarter of 2012. A 1996 law requires that every person doing so be named, with their names published in the Federal Register. The idea is to shame those who may be renouncing their citizenship solely to escape taxation.
The extreme step of renouncing one's citizenship is necessary to escape taxation by the United States, because the United States, alone among the major nations of the world, taxes its citizens wherever on earth they live.
Other countries tax only those who live and work within their borders; if their citizens live and work in another country, they are liable only for taxes incurred in that country.
Americans living abroad, however, must not only pay taxes in the country in which they are living, but United States taxes as well, although there is an exemption of $93,000 that is adjusted for inflation annually. The only legal way for American citizens to avoid American taxes is to renounce their citizenship and live their lives permanently in another country.
In recent years, the number of Americans renouncing their citizenship has increased. According to the international tax lawyer, Andrew Mitchel, the number of Americans renouncing their citizenship rose to 1,781 in 2011 from 231 in 2008.
This led William McGurn of The Wall Street Journal to warn that the tax code is turning American citizens living abroad into "economic lepers." The sharply rising numbers of Americans renouncing their citizenship "are canaries in the coal mine," he wrote.
The economist Dan Mitchell of the libertarian Cato Institute was more explicit in a 2010 column in Forbes, "Rich Americans Voting With Their Feet to Escape Obama Tax Oppression."
According to Andrew Mitchel's research, the sharp rise in Americans renouncing their citizenship since 2008 is less pronounced than it appears if one looks at the full range of data available since 1997, when it first was collected. As one can see in the chart, the highest number of Americans renouncing their citizenship came in 1997.
Mr. Mitchel hypothesizes that the reversion of Hong Kong to Chinese control may have forced many residents of that former colony with dual citizenship to renounce their American citizenship, because China does not recognize dual citizenship.
It is undoubtedly the case that the vast bulk of those renouncing American citizenship do so for reasons unrelated to taxation. Americans who marry foreign nationals, for example, often adopt the citizenship of their spouse's nation. Also, many of those on the Treasury list are not actually American citizens, but foreigners who had permanent residence status in the United States. Those born with dual citizenship sometimes prefer to have only one to simplify their lives.
However, reports by Bloomberg News and the Zurich newspaper Tages-Anzeiger suggest that increased scrutiny by the Internal Revenue Service of Americans living in Switzerland, where a number of banks are suspected of aiding tax evasion, may have led some American expatriates living in that country to renounce their citizenship.
The mobility of individuals with a large net worth - who generally have no difficulty finding a nation to welcome them and their capital - has unquestionably increased in the last several years, especially within the European Union, where barriers against the movement of people have fallen sharply. This has reduced the ability of all governments everywhere from engaging in soak-the-rich policies.
As I noted in a recent post, Britain recently reduced its top income tax rate in part because of a belief that it would reduce the number of Britons living abroad. And the victory of the Socialist François Hollande in France's presidential election on Sunday, on a platform of raising the top tax rate to 75 percent, may lead to some relocation from there, according to an article in The Financial Times.
However, while there is no doubt that some people do migrate solely because of taxes, the number is small even when it doesn't involve a loss of citizenship.
Bank of America Starts Mortgage Reduction Effort
By NATASHA SINGER | New York Times – 7 hours ago
RELATED QUOTES Symbol Price Change BAC 7.715 -0.24
Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.
The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.
The principal reduction offers from Bank of America Home Loans are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures.
“To the extent principal reduction and other modification tools help us turn mortgages headed for possible foreclosure into long-term performing loans, it will be positive for homeowners, mortgage investors and communities,” Ron Sturzenegger, a legacy asset servicing executive, said in the statement.
The bank said it planned to contact more than 200,000 homeowners who could be candidates for the offers, sending letters to a majority of them by the third quarter of this year.
To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January.
In the statement, the bank said it had started making such offers in March to a narrower group of homeowners — those who were already in the process of seeking mortgage modification. The bank estimated that the earlier wave of trial reduction offers to about 5,000 people could amount to more than $700 million in forgiven principal. But homeowners have to make at least three timely payments for the reductions to become permanent.
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Good time to repost this helpful information from Mr Anonymous
"How True Professionals and Private Bankers Can Help You (Post RV)"
- by Mr. Anonymous
Lately as we seem to draw very near to the reality of Dr. Shabibi pushing that "RV Button" there has been a lot of talk about Private Bankers, Bank Packages and following "gurus" to other so-called "investment" resources.
First, I would like to say that most of us, probably a good 98% of us Dinarians have never had any real life experience with a Bank or a Personal Wealth Manager. Therefore, as we are not familiar with this level of sophistication, we have normal fears, anxiety and apprehensions about dealing with these Investment Professionals. This is very normal to be nervous and uncertain!!! Read on, hopefully I can put some or all of your fears to rest.
However, first I want to caution you! Right now, you are the most vulnerable to being taken advantage of by con artists, hustlers and confidence men. You must not allow yourself to be rushed in to anything that you do not understand. Refrain from telling ANYONE how much Dinar you own, don't register for seminars, or newsletters, or serial number registry services - it is my opinion that many or even most of these self-proclaimed so-called "gurus" are trying to use your fear to collect your confidential information which they will sell later after the RV, or they will use it themselves to take advantage of you.
Recently more and more of these "gurus" have been exposed as "hacks" who call the RV every other day!!! Do you really feel you can trust an individual that seems more obsessed with their own self-glory, than with doing what is right for the Dinarian community?
So, all that being said, just to keep the Attorneys happy, remember that I, nor the IQD Team or any other website where you may be reading this, does not give financial advice, and that these are illustrations only, and that everyone's situation is different and therefore you must consult your own professionals for advice that is relevant to your situation.
DONT INVEST IN ANYTHING YOU DON'T UNDERSTAND!!!
The great Warren Buffet has said many times that one of his guiding principles is that he never invests in to something that he does not understand!!! Considering that Mr. Buffet is one of the wealthiest men in the world, I will take his advice at face value, and follow it. Therefore, repeat after me: "I will not be rushed in to investing in to something that I do not understand".
That being said, remember this, if it was a good, sound investment idea, it will be a good sound investment idea tomorrow, next week, next month or even next year!
Another couple of quick tips while I'm on this topic: remember to diversify, and use a rule of thumb of not investing more than a few percentage points of your total wealth in one area. Most high-level professional portfolio managers would never dream of investing more than a few percent in to any one stock - NO MATTER HOW "HOT" IT IS!!!
USING INTEREST FREE BANK ACCOUNTS & TAG ACCOUNTS
Okay, somehow this whole notion of these interest free accounts and "TAG" accounts has made its way in to the Dinarian world. This was probably brought in by some "guru" who was trying to make a name for him or her self.
The truth is, when this Iraqi Dinar RVs, you will have access to several Personal Bankers that will work with you personally to structure your accounts accordingly.
They will also accommodate temporary accounts for you if you wish to have wire transfer funds sent in to your accounts. They will also accommodate moving your money in to your more permanent accounts. This will protect you from any improbable chance of a "back/reverse" wire transfer.
However, I would like to say something about this so-caled "back/reversing" of Wire Transfers. I currently work for a global manufacturing company that sends and receives international wire transfers all the time! Each transfer is tens of thousands of dollars, or hundreds of thousands of dollars. In over 30 years of business, with thousands of these wire transfers from almost every country in the world, this manufacturing company has NEVER, EVER, EVER had a wire transfer reversed!!! Just keep that in mind. People and "gurus" like to say it can happen to scare you, so you will follow them! Don't be fooled.
Next, your Personal Banker and Investment Professionals will open your eyes to how the "Wealthy People" and large businesses are treated. Don't you know that "Wealthy People" and large businesses have access to "insurance protection" on their deposits and investments, many have access to protection up to $50 Million each account???
Do you really think that you will have to worry about the small FDIC limit of $250,000.00??? This FDIC limit is for the "common person" or "middle class". Don't be mislead by these hack "gurus" and fear mongers! They are either completely misinformed themselves, or they really do know the truth, but chose to mislead you anyways so you will follow them!!!
HOW THE MONEY WORKS!!!
Okay, first you must understand the basics of why the banks will bend over backwards to get your Dinar post RV!
And, before I go on, I have read so many posts, and have heard so many questions on Conference Calls about Banks refusing to talk to people, or help them with their Dinar. That is correct, today (pre RV) the "common, low level" employees of Banks are told by upper management that this is a "scam" etc. So, when you talk to them, they of course tell you what they were told by their boss. Don't mistake, that employee may secretly agree with you, but they will never tell you anything more that the official word from corporate! So, don't be discouraged that your local bank says that the Dinar is a scam and they will not work with you. That will all change POST RV.
Okay, back to why Banks will bend over backwards to get your money. The following picture is courtesy of HowStuffWorks.com and it shows the deposits-to-lending power. You can find a detailed report on this process by going to www.TheIQDTeam.com and look under the "pre/post RV" section. From the above image, you can see that our Banks create money in the economy by making loans. The amount of money that banks can lend is directly affected by the reserve requirement set by the Federal Reserve.
The reserve requirement is currently 3 percent to 10 percent of a bank's total deposits. This amount can be held either in cash on hand or in the bank's reserve account with the Fed.
To see how this affects the economy, think about it like this. When a bank gets a deposit of $100, assuming a reserve requirement of 10 percent, the bank can then lend out $90.
That $90 goes back into the economy, purchasing goods or services, and usually ends up deposited in another bank. That bank can then lend out $81 of that $90 deposit, and that $81 goes into the economy to purchase goods or services and ultimately is deposited into another bank that proceeds to lend out a percentage of it.
In this way, money grows and flows throughout the community in a much greater amount than physically exists. That $100 makes a much larger ripple in the economy than you may realize!
When you walk in to the bank with several hundred thousands of dollars worth of Iraqi (IQD) Dinar, their lending department is going to think it is Christmas!!!
The Bank's Branch Manager will want to meet with you and also arrange for you to sit down with their Private Banker. This is a very normal process, and soon you will become accustomed to not standing in that "common peoples" line, waiting for a teller window. You will sit in a nice office, or at the minimum a very comfortable chair at a nice desk. You know, those people you have noticed all your life, but never really understood why they were sitting over there???... Right!!! Are you starting to feel it?
MEETING WITH THE BANKS PERSONAL BANKER - WHAT TO EXPECT So, when the Banks personal Banker meets with you, here in short is what you can expect. They will treat you like a VIP!!! And before I go any further, I've heard many callers talk about their "BAD CREDIT". First, don't worry any longer about your "bad credit" when you have this kind of money post RV, your credit file will "magically disappear" and will not be a real issue any longer.
So, if a Personal Banker tries to tell you that you can get a loan to buy a house, but that loan will be a higher interest rate because of your "bad credit", tell them that they need to do something or else, you will close your accounts and move your money to the Bank across the street! Understand!!!
Don't let them push you around! If you have really bad credit, then there are separate seminars of credit repair professionals that have excellent strategies on how to get that repaired or discharged. Do not pay off any old debts (especially ones that have been discharged) without first seeking professional help.
For most financial institutions, their Private Banking model will provide to you a dedicated Private Banker, who is also an accredited financial adviser. They will often be supported by a team comprised of dedicated Private Banking Associates and a Manager of Credit Structures, to do the "technical" work for you. Additionally, each member of this team will be educated to understand your complete financial picture and work closely with you to achieve your personal and financial goals.
I would like to interject here now a word of caution, don't invest all your eggs in one basket. If you have post RV several $Million available for investments, don't tell this one Bank's Persoanl Banker how much you have in total, maybe only tell them you have $250,000.00 or a $Half Million to invest with them. Don't tell them what you have in total, and don't be afraid to make multiple relationships with the top banks in your area! Got it?!!! Spread it around and Don't Tell!!!
PRIVATE BANKERS PROVIDE YOU A UNIQUE ADVANTAGE
This unique advantage you will now have post RV of having both a Private Banker and a Credit Specialist working close together is that you can be put on the fast track to responsive high-end credit vehicles.
Their combined expertise can help you to leverage your credit to grow your personal wealth, create personal equity in your company (if desired to still own a company post RV). They can help you to acquire or diversify investment holdings, purchase real estate, provide financial assistance for family members or consolidate your existing lending.
Your Private Banker can help you to take comfort in understanding better the aspects of your risk tolerance and help you to take advantage of flexible financing options such as LIBOR or Bankers Acceptance (BA) facilities.
While remaining your primary point of contact, your Private Banker is also able to draw upon the extended support of a diverse group of Industry Professionals. Instead of having to deal with multiple service providers, should you require the specialized services of an investment specialist or a commerical banker, that person will be included as part of your financial team.
Right now there is a lot of mis-direction and out right lies being posted and said to confuse many of us in to believing that these "gurus" have some sort of "inside secret" knowledge that we all can't possibly have access to! That is 100% rubbish in my humble opinion. They have no special intel or inside information. Many are out there saying they have special Bank packages!
That is nonsense, you will be able to go to your local bank and talk to your Private Bankers, interview several of them, and then come up with your own "bank package". Many of these gurus say theirs is special because of the size of their group! I say "BS"!!!
First of all, none of the banks are even accepting the IQD Dinar as a legitimate "Investment", most banks currently are calling it a "scam" and maybe even a few have laughed at you as you leave their branch with your tail between your legs! Right!!! Okay, so what makes a "guru" have anything better??? Lets be real, come on!!!
Many people recently have been finally calling these "gurus" out, asking them to stop their noise and nonsense that is so very disruptive to a vast many of us Dinarians! We have grown tired of hearing that is has RV'd, or it will RV on Tuesday, and if not, then on Thursday. Or that the bank screens are flashing, or the virus attacked.
Heck, I remember late last year "gurus" saying the RV was held up because of an Asteroid that was possibly going to hit the planet, and that the UN and Top Military Officials had to come up with an "anti-astroid" defense system, and there was no time to talk about an RV!!!! REALLY??!!! I mean seriously guys (gurus) REALLY??!! But, they said nonsense out there like that, its been posted, its find-able by search engines if you even care to look.
To finish up on a positive note, I encourage you to read the latest news, you can find it posted on TheIQDTeam.com website, listen in to their calls for analysis and Straight-Talking Mike's expertise at making it understandable by us "common" folk. He does a really good job of it.
Another thing I highly encourage you to get off that "guru" roller-coaster and keep yourself grounded with the news and facts.
Lastly, don't sign up for bank packages, don't give away your personal information to these "gurus" because you don't know if they have an ulterior motivation. It is my humble opinion they want your contact information so that they can sell it post RV, or use it for other reasons which I can only assume are not always going to be with your best interest at heart.
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Something to remember...ANONYMOUS
Mega Millions winner in Kansas claims share of prize - but chooses to remain anonymous
NBC's Savannah Guthrie reports.
By James Eng, msnbc.com Updated at 5:36 p.m. ET: One of the three winners of the record $656 million Mega Millions jackpot has claimed his or her share of the prize in Kansas but has chosen to remain anonymous, Kansas Lottery officials said Friday.
The announcement was made at an afternoon press conference at state lottery headquarters in Topeka.
Under Kansas law, lottery winners can choose not to publicly reveal their identities. Dennis Wilson, Kansas Lottery executive director, said the state's winner "has chosen that option."
The winner retained legal counsel and a financial adviser and "looks forward to retiring," Wilson said.
The winning ticket was purchased at a Casey's General Store in the eastern Kansas town of Ottawa, Wilson said. The winner had the choice of taking the annuity option of $218.6 million, paid in 26 installments, or the cash option of $157.9 million paid in one lump sum. The winner opted for the cash option and after taxes the winner will receive a check for $110.5 million.
Dennis Wilson, executive director of the Kansas Lottery, announces that the winner of one-third of the Mega Millions jackpot has chosen to remain anonymous.
"It’ll take a few days for us to transfer the money to their account. It was a single ticket holder – one person claimed the ticket," Wilson said.
The Casey's store will receive a $10,000 bonus from the Kansas lottery for selling the winning ticket.
The person didn't check the winning numbers until Monday. "They checked it over 10 times … and still had a hard time believing it," Wilson said.
As for choosing to remain anonymous, Wilson said the winner obviously doesn't want the publicity.
"We all have to understand that these kind of winners need time to digest. They were still in awe that they had won it," Wilson said.
"They're like all of us. They think about the possibility of winning but they never think that it would happen to them - but it did. It proves real people really win - and you could be next.
Lottery officials have said the other two winning tickets were sold in Maryland and Illinois. But so far no one has stepped up to claim his or her share of the prize in those states – at least no one who has produced a valid ticket.
One Maryland woman, Mirlande Wilson, a McDonald’s employee and mother of seven, had claimed to media outlets earlier in the week that she purchased the winning ticket to last Friday night's drawing. But doubts quickly surfaced, and on Thursday Wilson told NBCWashington.com she seems to have misplaced the ticket. Wilson previously had said she hid the ticket at the McDonald's where she works.
Maryland lottery officials said no one has stepped up in that state to claim a share of the prize, the largest in lottery history. Likewise, the Illinois winner has yet to come public.
The winning numbers were: 2-4-23-38-46 and the Mega Ball 23.
7 Secrets of Self-Made Millionaires
By Grant Cardone
Learn how to generate multimillion-dollar wealth -- and enjoy the journey on your way to the top.
First, understand that you no longer want to be just a millionaire. You want to become a multimillionaire.
While you may think a million dollars will give you financial security, it will not. Given the volatility in economies, governments and financial markets around the world, it's no longer safe to assume a million dollars will provide you and your family with true security. In fact, a Fidelity Investments' study of millionaires last year found that 42 percent of them don't feel wealthy and they would need $7.5 million of investable assets to start feeling rich.
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This isn't a how-to on the accumulation of wealth from a lifetime of saving and pinching pennies. This is about generating multimillion-dollar wealth and enjoying it during the creation process. To get started, consider these seven secrets of multimillionaires.
No. 1: Decide to be a multimillionaire
You first have to decide you want to be a self-made millionaire. I went from nothing — no money, just ideas and a lot of hard work — to create a net worth that probably cannot be destroyed in my lifetime. The first step was making a decision and setting a target. Every day for years, I wrote down this statement: "I am worth over $100,000,000!"
No. 2: Get rid of poverty thinking
There's no shortage of money on planet Earth, only a shortage of people who think correctly about it. To become a millionaire from scratch, you must end the poverty thinking. I know because I had to. I was raised by a single mother who did everything possible to put three boys through school and make ends meet. Many of the lessons she taught me encouraged a sense of scarcity and fear: "Eat all your food; there are people starving," "Don't waste anything," "Money doesn't grow on trees." Real wealth and abundance aren't created from such thinking.
No. 3: Treat it like a duty
Self-made multimillionaires are motivated not just by money, but by a need for the marketplace to validate their contributions. While I have always wanted wealth, I was driven more by my need to contribute consistent with my potential. Multimillionaires don't lower their targets when things get tough. Rather, they raise expectations for themselves because they see the difference they can make with their families, company, community and charities.
No. 4: Surround yourself with multimillionaires
I have been studying wealthy people since I was 10 years old. I read their stories and see what they went through. These are my mentors and teachers who inspire me. You can't learn how to make money from someone who doesn't have much. Who says, "Money won't make you happy"? People without money. Who says, "All rich people are greedy"? People who aren't rich. Wealthy people don't talk like that. You need to know what people are doing to create wealth and follow their example: What do they read? How do they invest? What drives them? How do they stay motivated and excited?
No. 5: Work like a millionaire
Rich people treat time differently. They buy it, while poor people sell it. The wealthy know time is more valuable than money itself, so they hire people for things they're not good at or aren't a productive use of their time, such as household chores. But don't kid yourself that those who hit it big don't work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.
No. 6: Shift focus from spending to investing
The rich don't spend money; they invest. They know the U.S. tax laws favor investing over spending. You buy a house and can't write it off. The rich, in contrast, buy an apartment building that produces cash flow, appreciates and offers write-offs year after year. You buy cars for comfort and style. The rich buy cars for their company that are deductible because they are used to produce revenue.
No. 7: Create multiple flows of income
The really rich never depend on one flow of income but instead create a number of revenue streams. My first business had been generating a seven-figure income for years when I started investing cash in multifamily real estate. Once my real estate and my consulting business were churning, I went into a third business developing software to help retailers improve the customer experience.
Lastly, you may be surprised to learn that wealthy people wish you were wealthy, too. It's a mystery to them why others don't get rich. They know they aren't special and that wealth is available to anyone who wants to focus and persist. Rich people want others to be rich for two reasons: first, so you can buy their products and services, and second, because they want to hang out with other rich people. Get rich — it's American.
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