Residual Income - Wealth Strategies - Financial Freedom With Murray Miller

Planning and Paying for college can be a complex process, but there are steps you can take to make it more manageable:

Home equity can be used through a home equity loan or a home equity line of credit (HELOC) to borrow money against the equity you have built up in your home. A Highly Specialized Cash Value Life Insurance policy can be structured to pay for college  utilizing tax-favored money.

When it comes to choosing colleges that are most likely to provide you with the best financial package, there are a few things to consider:

Some general tips and insights on applying to and receiving the best offer from a college:

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.

Join the conversation on Social: Facebook, LinkedIn, Instagram

The post S3E8: How can I pay for College without going broke! first appeared on The Family Business.

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Can we Use Home Equity to Make Money?

What are the Requirements for a HELOC?

Have a Low Amount of Debt

Your debt-to-income (DTI) ratio is the amount you owe on monthly debt payments (such as your mortgage, credit cards, etc.) compared to your monthly income. 

How to Apply for a HELOC

How Long Does it take to get a HELOC?

It typically takes about two to six weeks to complete the application and closing process for a HELOC. 

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.

Join the conversation on Social: Facebook, LinkedIn, Instagram

The post S3E7: The Power of a HELOC first appeared on The Family Business.

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Your credit score and credit history have a huge impact on your life. You might already know that credit scores impact your ability to get a loan and how much it will cost you. But did you know that your employment, cell phone bill, insurance and your ability to get cable could balance on your credit score?

What Is an Accredited Investor?

https://www.investopedia.com/terms/a/accreditedinvestor.asp

How Does Your Credit Score Impact Your Life?

Your score can mean approval or denial of a loan.

But credit scores don’t just come into play when you’re looking for financing.

A lower credit score can result in a higher interest rate. And just a small change in your interest rate can mean a much more expensive home.

Your Access to a Wide Range of Conveniences and Necessities

Your score can make it impossible or much more expensive to get funding or even sign up for necessary services like utilities and internet, insurance, or even a job or partnership!

So what’s considered a good credit score? 

Your credit score and credit history have a huge impact on your life. You might already know that credit scores impact your ability to get a loan and how much it will cost you. But did you know that your employment, cell phone bill, insurance and your ability to get cable could balance on your credit score?

How do you build a strong credit score?

Available Free Credit Reports:

https://tinyurl.com/Experian-Free-Report

https://tinyurl.com/Free-Annual-Credit-Report

Dispute Errors on Your Credit Report

This resource from the Federal Trade Commission will walk you through the process of disputing credit report errors step-by-step.

Pay Your Bills on Time

This may sound like a no-brainer, but it’s hard to stress the importance of being prompt with paying your bills enough.

Reduce Your Credit Utilization Ratio

Your credit utilization ratio, simply put, is the percentage of your available credit that you’re currently using.

According to Experian, “your credit utilization ratio should be 30% or less, and the lower you can get it, the better!

Request Credit Limit Increases

A simple way to reduce your credit utilization ratio is to get a credit limit increase.

Avoid Opening New Lines of Credit

The length of your credit history accounts for 15% of your credit score.

The longer your credit history, the better your credit score should generally be, and vice versa.

Pay Off Your Balance

Let’s go back to the credit utilization rate, where the less percentage of available credit you use, the better.

Become an Authorized User on a Credit Card

Some experts even say this can help you achieve a credit score of 700 or higher after a few years.

Have a Variety of Credit Accounts

Avoid Closing Old Credit Cards

With a longer credit history, you’re more established — something lenders prefer over borrowers with little to no credit.

In Conclusion:

As you build your credit consistently following the steps I laid out for you here you will not only increase your financial opportunities you’ll be developing powerful habits towards a healthy money mindset.

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.

Join the conversation on Social: Facebook, LinkedIn, Instagram

The post S3E6: True or False: Your Credit Score can make or break your financial independence! first appeared on The Family Business.

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Estate planning is an important strategy for arranging financial affairs and protecting your family — here are 5 reasons why everyone needs an estate plan:

What is estate planning?

Your estate is essentially everything you own, including your home or other property, car, bank accounts, investments, life insurance, furniture, and personal possessions.

1. Estate planning goes beyond a will

Many people think of a will and an estate plan as the same thing. They’re not.

2. Estate planning saves time and money

The probate process involves paperwork and court appearances by lawyers, and the estate pays their fees. It can be time-consuming, taking months and even years. Given the legal bills, it can end up being quite costly for surviving family members.

You can significantly reduce the time and expense of dying intestate by estate planning. Specifically:

3. Estate planning avoids big taxes

One reason estate planning is often associated with the super-rich: estate taxes. But there are other considerations!

4. Estate planning protects children

If you die together with your spouse or without a surviving spouse to take care of your children and other dependents, who will get custody of them?

5. Estate planning takes care of you too!

It can also include a durable power of attorney and healthcare proxy – two important legal documents that ensure your wishes will be carried out if you’re temporarily or permanently incapable of handling them.

The bottom line

Estate planning isn’t only for the rich, and it doesn’t have to be an overly complicated or expensive process. An experienced estate-planning lawyer can work with you to create an estate plan customized to your needs, financial affairs, and family situation.

The sooner you get started, the better.

Some Search Engines you can use to get started:

How to Find the right Attorney: https://lawyers.findlaw.com/lawyer/practice/estate-planning

How much should I pay for my Estate Plan: https://www.findlaw.com/estate/planning-an-estate/what-does-an-average-estate-plan-cost-detailed-price-analysis.html

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family.

Join the conversation on Social: Facebook, LinkedIn, Instagram

The post S3E5: Estate Plan: Do I really need one? first appeared on The Family Business.

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First of all where did they come up with that name? Well, the Chat part is because at it’s core beginning was built as a Chat Bot. And the GPT stands for Generative Pretrained Transformer.

The website: https://chat.openai.com/chat

Difference between ChatGPT and gpt-3.

OpenAI, creators of both ChatGPT and gpt-3 have been working tirelessly to make life easier for many of us.

The new ChatGPT was created from conversational data!

To use it you start by typing in a prompt; for example, if you want to create a viral YouTube title for a video about ChatGPT, all you do is input the prompt, and ChatGPT will generate multiple options for you to choose from.

You can get very in-depth if you know how to activate the prompts, so developing a skill set around writing exceptional prompts is essential.

However, it’s also important to create a skillset around using the tool because that’s what it is, a tool for business. Approach it almost as an assistant vs. a replacement for doing the work for you.

My Takeaways: How ChatGPT AI will at a minimum change the future of content creation and customer service.

Overall, ChatGPT is changing the game for artificial intelligence in life and business. ChatGPT can make life easier by generating human-like text, answering complex questions, and creating original content.

So now we have an AI model of the world from the entire collection of language. Currently it doesn’t test it’s linguistic knowledge against the real world but the future is clear.

This new AI systems will be able to extract out patterns from the world itself from images and then be able to test their linguistic constructions against the world so it will practice the most advanced models using text and image and ACTION and all of that is going to come down the pike next year.

So if you are a business owner or marketing professional or a savvy entrepreneur, with the latest rollout of ChatGPT, now is the time to look into artificial intelligence to boost your business.

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family. 

Join the conversation on Social: Facebook, LinkedIn, Instagram

The post S3E4: What Is the significance of ChatGPT? first appeared on The Family Business.

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Bitcoin was the first decentralized digital currency, created by anonymous developer using the alias Satoshi Nakamoto in 2008. Many others have followed since, such as Ethereum, Litecoin, and DogeCoin just to name a few. 

https://coinmarketcap.com/all/views/all/

Cryptocurrency is considered by many to be among the most revolutionary financial technologies of the modern world, as it is not tied to any particular country or organization, making it almost impossible to control. 

Blockchain technology is an advanced database mechanism that allows transparent information sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain.

Crypto Exchanges: A crypto exchange is a platform for buying and selling cryptocurrencies. In addition to trading services, crypto exchanges also offer price discovery through trading activity, as well as storage for crypto.

https://www.forbes.com/advisor/investing/cryptocurrency/best-crypto-exchanges/

Crypto Hot and Cold Wallets: A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often also offers the functionality of encrypting and/or signing information.

https://money.com/best-crypto-wallets/

Cryptocurrency has become popular because it gives users access to a convenient and secure way to transact money. Although it carries with it a certain level of risk due to its potential price volatility, and the fact that there is no one to call or email if there is a question or an issue because it’s being run by thousands of servers across the globe.

What happened to FTX?

FTX that was founded in May of 2019 filed for bankruptcy in November of 2022, and unfortunately a lot of people lost a lot of money. The consequences of FTX’s rapid decline and collapse likely will affect cryptocurrencies well into the future and could drag down broader markets as well. 

https://www.investopedia.com/what-went-wrong-with-ftx-6828447

Current Regulators in the United States for our Financial System that all have varying degrees of protections set up to help in the case of insolvency.

FINRA https://www.finra.org/about

SEC https://www.sec.gov/

SIPC https://www.sipc.org/for-investors/what-sipc-protects

Crypto Regulation

https://www.coindesk.com/powered-by-consensus/crypto-regulation-new-laws-2023/

Cryptocurrency exchanges are legal in the United States and actually fall under the regulatory scope of the Bank Secrecy Act (BSA). The Bank Secrecy Act of 1970, also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering.  

FinCEN is the U.S. Financial Intelligence Unit 

https://www.fincen.gov/

What is CBDC?

https://www.federalreserve.gov/central-bank-digital-currency.htm

Ripple Labs, Inc.

https://ripple.com/

Ripple and the SEC lawsuit. 

The lawsuit claims that Ripple raised over $1.3 billion through the sale of XRP tokens without registering them as securities with the SEC.

Ripple has argued that XRP is not a security and should not be subject to the same regulations as other securities.

As of the recording of this podcast the lawsuit has not yet been settled.

https://www.sec.gov/news/press-release/2020-338

In conclusion I personally don’t believe crypto currency is a scam and I do believe there is opportunity however there are and will continue to be bad actors that will try to take advantage of innocent people! 

If you want to invest you need to learn, do research and proceed with caution. 

As always let me know via DM or text what you plan to do and if you’d like me to introduce new companies and opportunities for you to research. 

Always keep in mind that you should never invest in high risk investments like crypto with money that you can’t afford to lose especially something new regardless of the potential for high returns. 

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family. 

Join the conversation on Social: Facebook, LinkedIn, Instagram

The post S3E3: Cryptocurrency. Scam or Legit? first appeared on The Family Business.

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3 Ways to Fund your Future

My first suggestion is for you to put together your own Asset Map to identify how to build your own IUL.

Go to https://thefamilybusiness.info/asset-map/ to begin!

These are the three main ways that I found to fund your own IUL (indexed universal life).

Perhaps delaying paying off your mortgage fast (15 years vs. 30) or if you’re paying above your loan by making extra principal payments, you’re actually paying off one of your biggest tax breaks and delaying that for a time can actually help you fund your IUL.

Stretching that out and utilizing those funds that you’re using to pay off the home early, and then building an IUL to supplement your retirement can be a strategy for you to explore. Regardless we all should pay down consumer debts to free up funds to build our retirement account.

The second way is using your 401(k) or work sponsored retirement plan.

The good news is that some companies pay a match. Take advantage of that!

It’s free money.

However because there’s market volatility you may want to consider alternatives for the money you’re saving above the match.

If you’re young you typically have time to sustain the inevitable market downturns because you have time for the market to recover again before retirement.

If you’re more seasoned and the market goes down, you might not have that market recovery time to build back up.

Tax-deferred does not equal tax-free. Freeing up those funds, if you’re paying above a match and putting it into an IUL, can be a viable growth and tax strategy.

You will pay tax on the interest and reinvested dividends that you earn! This eats into your gains.

These taxable accounts are the least tax-efficient vehicles. Seek diversification.

Instead of putting all your eggs in one taxable account bracket, put a portion of those funds in a tax-free bracket?

The power of indexing is that it’s tied to the market, yet it’s not in the market!

In a down market, you’re locked in at zero to help protect against losses due to market downturn.

Zero can be your hero. The 0% floor protects you from market volatility.

If there’s a positive index credit year, you r account value goes up from that level so instead of worrying about market recovery you begin where you started from when the gains in your account was last locked on your policy anniversary.

And lastly, the beauty of an IUL once again, it’s not a traditional investment. You’re using this for the dual purpose of accumulation and in case something happens to you or your family members, will they be covered.

As always you can reach out to me for additional clarification or if you’d like to have me run numbers for you so you can see what this can look like for you!

Start Your Free Wealth Coaching: Text me at 508-905-5561 with a couple dates and times and let’s begin building a financial wall around your family. 

Join the conversation on Social: Facebook, LinkedIn, Instagram

The post S3E1: 3 Ways to Fund your Future! first appeared on The Family Business.

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Beware of financial coaches and courses emphasize the importance of performing a single action as the key to success. 

Many do not take into account the uniqueness and diversity of each individual participant. 

Did this stem from our educational system?

Measuring individuals based on academics is at the very least misleading. 

The shift to the creator economy.

YouTube ?

Amazon ?

Flip Houses ?

Day Trading ?

Get in Sync with your Uniqueness.

Your Richness Is In Your Uniqueness! 

My message: Throw out your pursuit of purely financial gain and focus on the long game instead. 

What is your 10- and 20-year plan?

I love your comments, texts and DMs so keep them coming.

Join the conversation on Social: Facebook, LinkedIn, Instagram

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The post S2E20: Insider Training with Chelsea Miller! Building a Lucrative Income Stream in Network Marketing: Part 2 first appeared on The Family Business.

The post S2E20: Insider Training with Chelsea Miller! Building a Lucrative Income Stream in Network Marketing: Part 2 appeared first on The Family Business.