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Category: Wealth

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Investing Wealth

Unlock Your Wealth: How to Become a Landlord Using Your IRA and Secure Your Future

Are you looking for a smart and lucrative way to invest your retirement funds? Have you ever considered using your IRA to purchase real estate? It’s time to explore the exciting world of becoming a landlord using your IRA!  

An IRA is an Individual Retirement Account that can be used to purchase real estate before retirement without paying penalties or taxes. That means you can use your IRA to invest in real estate and enjoy incredible returns that aren’t even taxed! Since 1974, IRA holders have had the option to control how their money is invested, and buying real estate is one of the best ways to invest through your IRA.  

While there are certain complexities involved in using your IRA to invest in real estate, the benefits are well worth it. Right now is the best time to invest in real estate, with so many homes being foreclosed and sold at a bargain. Investing in a home right now would be a smart long-term investment, and a great way to diversify your portfolio. As the prices come up, your IRA holdings will increase manifold.  

Buying a home through your IRA is also a great way to prepare for your retirement. While you can’t buy a home for personal use, you can rent out the home until the age of 59.5 years and subsequently claim your home as your own when you take the final IRA distribution. This is a great way to make sure you have your own home when you retire and keep adding to your IRA.  

If you are considering investing in real estate through your IRA, it is important to enlist professional help. A professional can guide you in buying the right property at the right time for maximum returns, and help you navigate the intricacies of the process.  

Investing in real estate through your IRA is an exciting and inspiring opportunity to take control of your retirement funds and enjoy incredible returns. Don’t miss out on this opportunity to become a landlord using your IRA!  

For more Healthy Money Tips Listen to our PodCast  “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.comCall me at (951) 926-4158

Categories
Advice Growth Wealth

Unlock the Secrets to Aging in Comfort and Security: Say Goodbye to Nursing Homes!

Don’t let the fear of a nursing home keep you from living your best life as you age. With the baby boomer generation reaching their golden years, it’s more important than ever to explore alternative options for aging. Luckily, there are a multitude of ways to avoid a nursing home and enjoy your twilight years in comfort and security.

One option is to join an Aging in Place community. These non-profit associations of seniors band together to offer transportation, home maintenance, meals, and health assistance, all so that members can remain in their own homes for as long as possible. Sharing a home with a friend or relative can also reduce the need for care and lower costs.

For those who cannot afford private care, a pooled trust is an excellent choice. The pooled money can be used to pay for monthly bills, while Medicaid can cover home care costs. Moving to a cheaper area can also be a great option, with some considering relocating to senior communities abroad.

Assisted living allows seniors to receive constant care while still living in a home environment. Adult day care centers provide much-needed relief for in-home caregivers. Companion care services, offered by seniors or companions, or through church or school programs, can also be a low-cost or free alternative.

Financial tools such as a reverse mortgage or getting cash for life insurance can be helpful when funds are low. Additionally, Medicaid offers Home and Community Based Services to help seniors remain in their homes. The Program for All-Inclusive Care for the Elderly offers full medical coverage and community care for those with low income or few assets.

As people are living longer, the likelihood of needing long-term care increases, and without adequate insurance coverage, these costs can quickly deplete an individual’s savings and assets. Getting LTC insurance is crucial, as it not only helps ensure that you have access to the care you need but also provides peace of mind for yourself and your loved ones. By investing in LTC insurance, you are taking an important step towards protecting your future and ensuring that you can age with dignity and financial security.

The options are endless, so don’t settle for a nursing home if it’s not what you want. Take control of your aging journey and explore the many opportunities available to make your golden years your best yet.

For more Healthy Money Tips Listen to our PodCast  “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Advice Skills Wealth

Thriving with a Disability: Tips to Meet Your Basic Needs and Live a Fulfilling Life

Living with a disability can be a challenging and overwhelming experience. It can affect every aspect of your life, including your physical, psychological, and financial well-being. But it doesn’t have to be that way. With careful planning and the right tools, you can meet your basic needs and live a fulfilling life. We’ve compiled ten tips to help you do just that. 1. First, take a comprehensive look at your current and future needs. This includes your family’s needs as well. Understanding your needs will help you create a realistic budget and plan accordingly. 2. Next, consult with a financial planner to analyze your current finances. Knowing what you have at present will help you organize the distribution of those finances to meet your basic needs. 3. It’s also important to enlist the help of a professional attorney or financial planner with experience in special needs planning. They can guide you in using your current finances the right way and help you identify other options for benefits, which could prevent financial catastrophes. 4. Adjust your expenses by cutting back on avoidable expenses. Identify the things you can live without, such as eating out, cable TV, and entertainment sources, and start living without them. 5. There’s no shame in looking for a bargain. Many common grocery and clothing brands have regular sales, and online coupons are available, which give you incredible discounts on everyday needs. Try to plan your necessary shopping a little ahead of time so you can find the appropriate sale or coupon. Small savings can really help out. 6. Avail disability insurance benefits. Check if your employer offers disability insurance. If not, you can also purchase disability insurance individually. 7. Social Security Disability Insurance is also available depending on your eligibility and the amount of years you have been contributing to social security. 8. Check if your employer offers sick pay. If you have been injured at work or suffer from a work-related illness, you can qualify for worker’s compensation. 9. Housing assistance is available for people with full medical disabilities. The US Department of Housing and Urban Development provides rental assistance and vouchers to the disabled. The Independent Living Fund also offers payments for those living independently. 10. Finally, check your eligibility for benefits under Medicaid and Husky. Medical care is provided free of cost to those who qualify for assistance under Medicare or any state-run aid program. Living with a disability may be challenging, but it doesn’t have to be overwhelming. With these tips, you can meet your basic needs and live a fulfilling life. Don’t let your disability define you. Take control of your life and find the resources you need to thrive. For more Healthy Money Tips Listen to our PodCast  “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Accounting Investing Wealth

Secure Your Love and Future: Why a Prenup is a Must-Have for Every Couple!

Getting married is one of the most exciting times in your life. It’s a time of love, joy, and promise. However, it’s also a time when you need to be practical and think about the future. While it’s easy to get caught up in the romance of the moment, it’s important to remember that marriage is a big decision that shouldn’t be taken lightly. With the rate of divorce on the rise, it’s crucial to take steps to protect yourself and your assets in the event that your marriage doesn’t work out. That’s where a prenuptial agreement comes in.A prenuptial agreement, or prenup, is a legal document that outlines how assets will be divided in the event of a divorce. Many people view prenups as unromantic, but they can actually be a great way to add transparency to your relationship and make sure that both partners are on the same page about finances.If you’re still on the fence about whether or not to get a prenup, here are ten reasons why you should:
  1. Adding transparency to a relationship: A prenup can help both partners be upfront and clear about their finances, which can actually bring them closer together.
  2. Protecting yourself and your assets: If you earn more than your partner or have more assets, a prenup can ensure that financial liabilities and division of assets are clear before the wedding, so you can be sure of what you’ll be paying in case of a divorce.
  3. Protecting yourself from your partner’s debt: If your partner has a lot of debt, a prenup can help protect you from incurring it in the event of a divorce.
  4. Protecting your children’s future: If you’ve already been divorced or widowed, a prenup can help make sure that your children get their fair share of your estate.
  5. Protecting your business: If you’re a business owner, a prenup can help protect your business from being divided during a divorce, which can prevent you from having to liquidate it.
  6. Ensuring fairness: If you choose to stay at home and take care of the home and children, a prenup can ensure that you are compensated appropriately in the event of a divorce.
  7. Protecting your future career: If you’re about to start a lucrative career that will help you rise up, such as in law or medicine, a prenup can take that into account and ensure that you are protected.
  8. Preparing for the unexpected: People change, and a prenup can help protect your assets in the event that your partner changes in ways that are unexpected.
  9. Saving money: Going through a divorce can be expensive, but a prenup can actually save you money in the long run by avoiding costly legal fees.
  10. A less stressful divorce: Divorce can be extremely stressful, but a prenup can help make the process a little easier by avoiding complications around finances.
  In conclusion, a prenup is not just for the wealthy or unromantic. It’s an important tool to help protect your assets and make sure that you are on the same page with your partner about finances. By planning ahead, you can ensure a more stable future for both you and your partner. So if you’re thinking about getting married, consider the benefits of a prenup and talk to your partner about it. A little bit of planning now can save you a lot of stress and heartache in the future. Remember, a successful marriage is built on love, trust, and open communication, and a prenup can help facilitate that communication For more Healthy Money Tips Listen to our PodCast  “Money 911” and Subscribe to my Youtube channel here Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions Go to my website https://healthymoneyhappylife.com Email me at Kris@HealthyMoneyHappyLIfe.com Call me at (951) 926-4158
Categories
Advice Best Practices Wealth Women In Business

Building Financial Security: Simple Tips to Take Control of Your Finances and Secure Your Future

Are you worried about your financial future? Do you ever feel like you’re just barely getting by, and the idea of retirement seems like a far-off dream? You’re not alone. Many people feel overwhelmed and uncertain about their finances, especially in the midst of economic uncertainty and unexpected emergencies.

But the good news is that financial security is within your reach. By following a few simple tips, you can take control of your finances and build a brighter future for yourself and your loved ones.

First, start by making saving a habit. Remember when you were a kid and your parents encouraged you to put a portion of your allowance into a piggy bank? The same principle applies today. Set aside at least 10% of your income into a savings account, and make it a regular habit. This will give you a safety net for emergencies and unexpected expenses, and help you build towards a more secure future.

Next, ditch the credit cards. Credit cards can make it easy to overspend and rack up debt, leaving you feeling trapped and uncertain about your finances. Instead, focus on buying only what you can afford with cash or your debit card. This will help you stay within your budget and avoid unnecessary debt.

Speaking of budget, make sure you have one! A budget is an essential tool for gaining financial security. By knowing exactly how much money you have coming in and going out each month, you can make informed decisions about your spending and ensure that you’re not overspending or falling into debt.

Another important step is to avoid silly risks. We all want to get rich quick, but the truth is that the most reliable way to build wealth is to do it slowly and steadily over time. Avoid get-rich-quick schemes, gambling, and other risky investments that could leave you worse off than before.

If you’re looking to save for retirement, consider putting your savings into a tax-deferred account or a Roth IRA. These types of accounts allow you to save your money and avoid taxes until you withdraw it, making it an effective way to build towards your retirement.

While you’re at it, make sure you’re not paying unnecessary taxes. Work with a good tax attorney to figure out where you can save on taxes legally, without risking any legal trouble.

Finally, invest intelligently. Making the right investments can be a great way to build wealth over time. However, it’s important to work with a professional who can guide you toward the right investments for your goals and risk tolerance.

Protecting your assets is also an essential part of gaining financial security. Make sure you have insurance for your assets, including your home, car, and life. This will give you peace of mind and help you enjoy your assets without worrying about your finances.

In short, financial security may seem like a daunting goal, but it’s within your reach. By taking these simple steps, you can take control of your finances and build a brighter future for yourself and your loved ones. Remember, the freedom that comes from not having to worry about retirement and emergencies is priceless. So start building your financial security today!

For more Healthy Money Tips Listen to our PodCast  “Money 911”

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com

Call me at (951) 926-4158

Categories
Advice Wealth Women In Business

From Ancient Rome to Modern Day: The Timeless Success of Deferred Annuities

Have you ever wondered how people secured their retirement income in ancient times? Look no further than the Roman Empire over two thousand years ago, where speculators sold a payout known as Annua – the root word for what we know as annuities today. Fast forward to 1720 in the United States, where the Presbyterian Church used annuities to provide a secure retirement for aging ministers and their families, widows, and orphans. Annuities have been a reliable and vital financial tool for individuals, organizations, and businesses worldwide ever since. In 1912, Pennsylvania Company Insurance was among the first to offer annuities to the general public in the United States. Today, annuities continue to grow in popularity as people look for secure ways to guarantee retirement income. Many notable people throughout history have made use of annuities, including Benjamin Franklin, Babe Ruth, OJ Simpson, and even former Federal Reserve Chairman Ben Bernanke, who disclosed that his major financial assets were two annuities.    

One type of annuity that has gained significant attention over the years is the deferred annuity. As the name suggests, a deferred annuity allows for deferral in the payout, which allows the value of the annuity to increase. After a deferral period, the annuity can produce more income, providing a lifetime of financial stability. Deferred annuities can be purchased in periodic, systematic, or lump sum payments, providing flexibility to suit individual needs.    

Deferred annuities have the added advantage of tax deferral, making them commonly referred to as tax-deferred annuities. With tax deferral, you can earn interest on your annuity without paying taxes until you withdraw funds from the annuity. This makes it an attractive option for individuals looking to build a retirement nest egg.    

Fixed deferred annuities are typically invested in high-quality A-AAA government and investment-grade bonds, providing stability and no risk to the client. On the other hand, variable deferred annuities are invested in the securities market, and clients assume the market risk. Fixed index deferred annuities use the index as a gauge to credit interest to the client, providing a balance between market risk and stability.    

One unique feature of deferred annuities is that they are creditor-protected in most states, providing an added layer of security for individuals concerned about protecting their assets. Additionally, a CD deferred annuity refers to a type of annuity that has a multi-year interest guarantee, similar to a bank-issued CD.    

It’s important to note that deferred annuities are first guaranteed by the claims-paying ability of the insurer, and then each state has a State Insurance Guarantee Association (SIGA) with varying coverage limits. Therefore, it’s essential to choose a reputable insurer and do your due diligence before investing in a deferred annuity.    

In conclusion, annuities have a rich and successful history, dating back to ancient Rome, and continue to provide a reliable financial tool for individuals, organizations, and businesses worldwide. Deferred annuities, in particular, offer flexibility, tax deferral, and stability, making them a popular choice for those looking to secure their retirement income.    

For more Healthy Money Tips Listen to our PodCast “Money 911” and Subscribe to my Youtube channel here

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com Call me or text (951) 926-4158

Categories
Capital Economics Wealth

TACKLING THE DEBT, SAVING, AND POOR KNOWLEDGE DILEMMA FOR SMART FINANCIAL DECISIONS IN YOUR LIFE

Knowing financial terms and other surplus jargon is irrelevant to one’s personal financial situation. However, knowing some financial terms is marginally helpful to one’s general well being. Understanding how the Fed uses the Federal Open Market Committee (FOMC) to implement monetary policy through Open Market Operations (OMOs) as they direct the Federal Reserve Bank of NY’s Trading Desk to buy securities – is not in the least bit helpful.

In my view, the solution to tackling the debt, saving, and poor knowledge dilemma is teaching people how to make better decisions. Personal Financial Proficiency (PFP) in a manner that allows them to make smart financial decisions in their personal lives, their professional lives, or maybe in their business lives

There is so much information, programs, and courses focusing on financial literacy today; most of them are of little value and waste time. Countless studies have shown that many people fail basic financial questions when asked, and many have so little savings that they can’t handle a $2,000 emergency. 

Teaching financial proficiency through my Foundation Building program is simple; it takes real-life situations and breaks them down so you can apply real-life fixes. The big difference with the Foundation Building program is that they learn these solutions through short 15-minute programs. 

In creating these programs, I reversed and engineered over the last four decades the excuses people used for not having enough saved or accumulated debt, etc. I have heard every excuse you can imagine, and I took all those reasons why they couldn’t and designed solutions so they could. Sadly, the lack of sufficient savings and spending habits is not a problem for just the working poor; it dramatically affects people earning over $250,000 as well. These classes are designed for everyone to get proficient in PFP.

For more Healthy Money Tips Listen to our PodCast “Money 911”

Meet with Kris Miller – Financial Fitness Strategy Sessions

https://healthymoneyhappylife.com/

Kris@HealthyMoneyHappyLIfe.com

(951) 926-4158

Categories
Capital Wealth

THE LACK OF FINANCIAL UNDERSTANDING AFFECTS ALL AGES AND SOCIOECONOMIC LEVELS

Promoting informed financial decisions, saving habits, and education in the workplace is essential to a vibrant and productive workforce. Unfortunately, many people may lack the basic math skills and financial know-how to make decisions. One of my favorite books, which I reread from time to time, is the 1988 book Innumeracy by John Paulos; he coined the book’s title from people being slow in math as compared to illiterate. Math and money are very different, and learning the differences is crucial to building wealth securely.

Even though many adults across generations were functioning with medium levels of financial literacy, too many workers today possess low levels of Personal Financial Proficiency (PFP) and have difficulty applying financial decision-making skills to real-life situations.   

Here are a few general questions about everyday financial situations that stumped so many:

  • Determining wages and take-home pay, 
  • Questions about investment types, risk, and return, 
  • Understanding specific risk economic outcomes risk
  • Understanding that 401(k) are not pensions

This is where Americans exhibit the lowest scores, with less than one-third answering correctly.

Lack of financial understanding affects all ages and socioeconomic levels. The result is those who fall into the limited PFP category, even though financially literate, may not manage their financial resources effectively and may feel intimated by retirement, budgeting, tax planning, and Social Security topics.

One way to help everyone become more confident about their personal finances is by building a solid foundation with Personal Financial Proficiency. 

Financial literacy dark secret

People with higher levels of financial literacy “fluency bias.” are more likely to build weak foundations to support their financial houses. Sadly, in this case, a little knowledge is dangerous and prevents many from developing a strategy that works and won’t leave you in a pickle as you get to retirement age.  

For more Healthy Money Tips Listen to our PodCast “Money 911”

Meet with Kris Miller – Financial Fitness Strategy Sessions

https://healthymoneyhappylife.com/

Kris@HealthyMoneyHappyLIfe.com

(951) 926-4158

Categories
Capital Economics Wealth

A TAX BOMB IN DISGUISE: THE SECURE ACT AND THE IRS

The SECURE act is a Tax bomb in disguise. Many people saved large retirement accounts where they thought a big chunk of it would be left over for their beneficiaries. The beneficiaries used to be able to take withdrawals from the inherited funds over their lifetimes. Taking the money over their lifetime was known as the stretch IRA.

Under the SECURE act, all of the inherited IRAs, 401(k), etc., money will have to be withdrawn and taxed within ten years after death. This change is known as the ten-year rule.

This new ten-year rule allowed beneficiaries, or so they thought, that the money could be left to compound for those ten years. However, the IRS had different ideas. They did not want to wait ten years to get their significant share. The IRS ruled that the money would be subjected to required distributions each year during the ten years, and the inherited accounts and those forced required distributions would take big chunks out of the growth.

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People tend to get involved in the fine print for workarounds-there are none. The IRS needs money badly to fund the US’s spending. In case you didn’t know, the government spends more each year than it takes in. Therefore what better place to get big tax dollars than from someone who is not around to complain?

While it may seem that this tax-grab situation looks dismal, tax-saving moves can be used to make the most of a challenging situation. 

There are a few options that may have some significant tax breaks. Suppose you want to create a source of tax-free income for retirement or family. In that case, you need to consider a Roth IRA. Although subject to limits and rules, the Roth should be reviewed. Another option widely gaining popularity is a new “special” type of life insurance. This new product comes with much higher limits, fewer restrictions, and greater flexibility. A more practical option is to use a combination of both to maximize all the benefits.

Converting to these options while the market is down minimizes the tax liability and allows for more significant tax-free growth when the markets rebound.

The tax time bomb does have a ticking clock, so you must take advantage of the 2017 tax reform legislation because those lower tax rates are temporary and set to expire after 2025.

There are many additional considerations when determining to make changes.

 

For more Healthy Money Tips Listen to our PodCast “Money 911”

Meet with Kris Miller – Financial Fitness Strategy Sessions

https://healthymoneyhappylife.com/

Kris@HealthyMoneyHappyLIfe.com

(951) 926-4158

Categories
Entrepreneurship Growth Wealth

Why Incorporate Or Form An LLC?

Over the last 25 years people have asked me what the benefits are of setting up a Corporation or an LLC. I always say, there are a lot of reasons to form one but let me go over the five primary reasons.

  1. Liability Protection: This means that you and your personal assets are separated from any liability that can affect your Company. Yes, insurance is always a first line of defense, however if someone claims negligence or punitive damages, insurance will always find a way to not get involved or remove themselves from the equation, so they do not have to pay. This means that the liability falls through to the business. If you do not have a properly structured Corporation or LLC, this means that you the Proprietor would assume the liability. Should this be a lawsuit situation, that means your personal assets and business assets would all be considered one and could be seized in the event a Judgment is achieved by said Creditor.
  2. Tax Savings: I hear this all the time, “My CPA said not to incorporate or form an LLC until I am making over $50k.” If you are looking to build a successful business, you need to incorporate or form an LLC now. Operating your business or investments as a Sole Proprietor gives you very limited deductions, roughly about 15-30 different deductions on your Schedule C. Whereas, if you use a Corporation or LLC, the IRS Corporate Tax Code is comprised of 81,000 pages, which equates to 233-305 different deductions you can take advantage of that will not only allow you more use of your money upfront, but also reduce your tax payment to whom I like to call our silent partner, “Uncle Sam.” As a Sole Proprietor you are also subject to Self-Employment Taxes if you are in an active business which is equivalent to 15.3% of your hard-earned money. So just know that you will not only pay Federal Income Tax, but State Income Tax and the Self-Employment Tax. This all could add up to 40%-45% of your revenue. When the government talks about taxing the rich, they are talking about W2 wage earners and Sole Proprietors. As the old saying goes, “The more money you make personally, the more money they, (the IRS & State) take.” As a Corporation or LLC, you can play the “game” by the rules that the IRS wants no one to know about.
  3. Protection against Creditors: What does this mean? Let us say you were operating as a Sole Proprietor and had a liability issue that resulted in a judgment or you went through a marital dissolution and your “Creditors” kept coming after every asset you acquire. If you establish a Corporation or LLC, you can limit the amount of how much the Creditors could take. They can only garnish what you draw personally but cannot attack the Corporation or LLC since it was not involved in the previous liability issue. This would be like someone going after your employer if you personally had a liability issue.
  4. Can build its own Credit Score: Corporations and LLCs have the ability to build their own separate credit from you. This will allow you to double if not triple your borrowing ability depending on whether you have one Company or three. This allows you to keep your personal FICO score up & Debt To Income Ratio down since you are not the only credit profile being used. Building credit immediately in your business is essential to not only maintain cashflow but to also build up the credit history of the Company to show that it can manage and sustain debt without you the Principle personally guaranteeing everything.
  5. Estate Planning: If you are looking to build your business to either sell or pass it on to the next generation, you need to form a Corporation or LLC. Corporations and LLCs have perpetual existence which means they do not die; they simply get a new President or Member. When you have a properly structured Corporation or LLC, you will receive a Record Book which contains Ownership Certificates. Once these are issued to your Family Trust, the Company becomes part of your estate plan which allows your estate including the Company to by-pass probate, should something happen to the owners. This is how you create true Generational Wealth.

 

If these five primary reasons do not explain to you why you should setup a Corporation or LLC right now, I encourage you to contact my office at 775-384-8124 or send an email to contact@controllersltd.com to schedule a time to speak with my Senior Strategists. We look forward to speaking with you and assisting you in building a more profitable & protected future!

Much Success,

Scott L. Arden, CEO
Controllers, Ltd.