Residual Income - Wealth Strategies - Financial Freedom With Murray Miller

George on Facebook  /  The Free 4 Part training 

The post Episode Twelve: Everything You Need Is Inside You. An interview with George Wohar IV. first appeared on The Family Business.

The post Episode Twelve: Everything You Need Is Inside You. An interview with George Wohar IV. appeared first on The Family Business.

Being trapped in a cubicle. Worrying about paying off your mortgage and living paycheck-to-paycheck. That’s when most of us dream about achieving financial freedom – we want to get rid of the debt and start living the life we really want – but how? How does it all work? My friend and mentor Sam Crowley and I will discuss how we achieved financial success in our lives.

Listen in as we walk you through what has worked for us and how you can apply these strategies in your own life. With real-life examples, this episode will give you the much-needed push to embark on a journey of financial independence! Listen while Sam interviews me on the “Every Day is Saturday” podcast. Sam Crowley is a former Fortune 100 exec who launched the personal development brand Every Day Is Saturday & the successful EverydayIsSaturday.com. Sam is a best-selling co-author, speaker & business coach.

Learning points:

● The first thing we do to be financially free is to eliminate the bad debt that you have and we need to put together a plan for that.

● If you have decided to follow your passion, you’ll definitely be rewarded. Because that’s where you put all your efforts into play.

● Get rid of the negative talk in your mind, start hanging around with people who are positive, uplifting and are working towards something great.

● How sooner you’ll become financially free depends on what kind of money magnet you are and how aggressive you are working towards your goal.

Find Sam on his Website @http://everydayissaturday.com/,

Facebook @https://www.facebook.com/samcrowley,

Twitter @https://twitter.com/samcrowley.

Find Murray on LinkedIn Murray Miller

The post Episode Eleven: My Interview on the “Every Day is Saturday” Podcast – The Pursuit of Freedom first appeared on The Family Business.

The post Episode Eleven: My Interview on the “Every Day is Saturday” Podcast – The Pursuit of Freedom appeared first on The Family Business.

In today’s episode Murray demystifies several common stumbling blocks that many of us have stopping us from building our own robust and tax efficient residual income! Listen in and learn how you can put yourself on the path to financial freedom immediately by following a few simple steps.

Find Murray on Linkedin at @Murray Miller

The post Episode Ten: Start Now! first appeared on The Family Business.

The post Episode Ten: Start Now! appeared first on The Family Business.

Can anyone become a Financial Genius? Often times knowing what not to do is half the battle. In this episode we’ll explore the very simple strategies you can implement to create your personal financial fortress!

What if we told you that financial genius is a practice – of not just doing the right things but also steering clear of those that drag your finances down in the long run? The majority of us don’t want to think about not having enough money to live our lives happy and healthy even after we slow down from our peak earning years. But have you wondered how we end up paying irrationally MORE money by falling prey to debt?

Yes, you heard right. To open the doors to your financial genius, you need to rethink your purchases, stop amassing debt and begin investing in assets, in particular income producing assets. And yes, you need to start a war with debt!

In Episode 10 of The Family Business Podcast, we discuss the simple and effective ways to become your own Financial Genius and to set yourself up to live your life financially free! Today we learn from the life lessons of legendary investor and philanthropist Peter Lynch, who revolutionized the mutual fund investor market with his unique approach to investing in companies.

We discover:

The post Episode Nine: Financial Genius first appeared on The Family Business.

The post Episode Nine: Financial Genius appeared first on The Family Business.

Are you the type of person that is hesitant to ask others for help? Do you believe it might make you look vulnerable, weak or incompetent or perhaps you would feel disappointed if you were refused the help you were seeking or what if you do get the help you’re seeking, do you now feel indebted to that person? Well listen in and learn to break this cycle of BS and breakthrough to the next level!

We all know that there is strength in numbers. We’ve also all probably experienced this first-hand at some point in our lives. Yet, most of us refuse to ask anyone for help. We would instead tackle the challenging situation on our own or push away any support offered because we think asking someone for help might make us look vulnerable or weak, or incompetent. Or perhaps we fear being disappointed if that person said “no”.

In this episode, we’re learning to increase the flow of help from others in our life –  friends, people you draw inspiration from, and family! The beauty of this is that it doesn’t matter if people say ‘no’ because simply asking the question from a place of positivity will start a chain reaction that can have positive results far beyond what you had originally expected!

Points to note:

● There may be times when you’re nervous about doing something you really want to do. It could be because of the fear of disappointment, vulnerability, rejection, or the like – these are confidence suckers and derail you from your actual path.

● People who ask for help are not incompetent. Incompetent people rarely ask for help because they don’t think they need it.

● If you refuse to ask for help from all of the brilliant people around you, you might remain stuck in the paralyzing zone you need to get out of by people who want to help you.

● Learn to help others unconditionally, expect nothing in return, and be grateful when you get something back.

● The natural human instinct is to protect, not to prey on people. That also implies that when you ask for help, most people really want to help you. It is just that sometimes, they’re not in a position to do that – it could be because of their personal situations or engagements.

Resources Mentioned:

● Susan Sly Project – Podcast

● Everyday is Saturday Podcast by Sam Crowley

Find Murray on LinkedIn @MurrayMiller

The post Episode Eight: Should You Ask For Help? first appeared on The Family Business.

The post Episode Eight: Should You Ask For Help? appeared first on The Family Business.

Are you struggling financially perhaps struggling with more debt than you would like and wondering how are you can break free. Everyone deserves and can achieve financial freedom. Listen in and follow these simple tips and strategies that are proven to help you create abundance and a positive money mindset to create total financial freedom in your life.

Strategies To Financial Freedom:

Many of us are stuck in a rut of negativity or debt, living paycheck to paycheck without any savings and living from one month to the next without financial stability. But here’s the thing – you CAN do something about it, but you have to take action right now. If you’re ready to break free from your money woes, this episode is for you!

Listen in as I walk you through how to create total financial freedom in your life. We discuss actionable strategies to create abundance and a positive money mindset, so you attract money the way you’re supposed to!

You’ll learn to:

● Create an easy to follow and consistent financial strategy as you begin your journey to financial freedom – compile a list of all your debts, mortgage, or loans, that you have accumulated. Also, include any money that you may owe to other people. Now build a list of your savings, different streams of income, and investments. Keep this information handy – you’ll need this information in the future.

● Keep a healthy, positive money mindset – money is a means to enhance our lives.

● Tie your financial goals to your emotional goals.

● PAY YOURSELF FIRST – put aside a fixed sum into your savings account before paying for anything else.

Invest in experiences and not material things.

● Pay off your debt like it’s your job! There are two approaches to this – Snowball and Avalanche. The snowball is when you pay off the smallest debt first, and the avalanche is when you pay off the debt with the higher interest rate first. Choose what works best for you and implement it.

● Create an additional stream of income for yourself.

Resources Discussed: People Mentioned:

● Warren Buffett

Find Murray on LinkedIn @MurrayMiller

The post Episode Seven: Strategies To Financial Freedom first appeared on The Family Business.

The post Episode Seven: Strategies To Financial Freedom appeared first on The Family Business.

Stay Positive! We’ve all known this – that life doesn’t always deal us a winning hand. Whether it is sticking with the abnormal “normalcy” of the pandemic or keeping our finances balanced, we all have our fair share of challenges.

Learn how to stay positive and keep moving forward even when life presents you with challenges. On this episode of The Family Business Podcast!

Points to ponder:

● Your comfort zone doesn’t always help you grow. Even diamonds, one of the most precious things on Earth, are made under pressure. Challenges that show up in life are actually making you the best version of yourself!

● Sometimes, things fall apart so that they can better fall together.

● Take a moment to reflect when you think that life is beating you down – maybe it’s just your slate being wiped clean for you to get something better from it.

● Choose to be happy; choose peace always. Because your mindset is everything – when it comes to staying strong, your mind is either going to make you a victim, or it can raise you to make you strong. It all depends on how you process it.

● We get through challenges stronger as a team and a community.

Find Murray on LinkedIn @MurrayMiller

The post Episode Six: Stay Positive first appeared on The Family Business.

The post Episode Six: Stay Positive appeared first on The Family Business.

When looking at income in the future, shouldn’t we be looking at what is going to happen and determine if that is what we want our life to look like? We need to work backward from that point until we reach today, viewing our decisions with money as the pre-cursor of tomorrow?

The reason we even talk about residual income is that’s the key of living your life by design, on your terms, with what we like to call Time Freedom.

Working for money could seem like a rat race, an unending 9-to-5 grind. What we most often seek through residual income is hence this one thing – Time Freedom – which is ANYTHING but a grind.

In this episode, we’re uncovering numerous remarkable sources of residual income –

Points to note:

● You cannot have complete control of your IRA or a 401k. This is because –

1. You have limited choices in your terms of investments – those funds will dictate when you can start withdrawing money.

2. These particular types of residual income can work only if you accumulate wealth according to their limits and rules.

● There are essentially two types of money – qualified and non-qualified money. Non-qualified money is the money you can take now and qualified money is the money you can take later.

● Income is divided into three broad types – active income, passive income and portfolio income.

● Earned income is income that is a result of your direct labor – part of your personal tax return. It is subject to Social Security, Medicare taxes and Self-Employment taxes, if it’s a small business. Passive income could include rental income if you own real estate, royalties, income from businesses or investment partnerships, or a multiple member LLC.

● The Seven sources of residual income –

1. Royalties

2. Network marketing

3. Subscription models (including affiliate marketing)

4. Owning a Business

5. Investments (stocks, bonds, mutual funds)

6. Real estate

7. Savings (including compound interest savings and life insurance)

Resources Discussed: Podcast Episode:

Pursuing your Passion with Chelsea Miller 

● Robert Kiyosaki

Books Mentioned:

● Rich Dad Poor Dad by Robert Kiyosaki

● The Business Of The 21St Century by Robert Kiyosaki

Find Murray on LinkedIn @MurrayMiller

The post Episode Five: The Various Sources of Residual Income first appeared on The Family Business.

The post Episode Five: The Various Sources of Residual Income appeared first on The Family Business.

In this episode you will learn all of the juicy benefits of starting and owning a legally incorporated business. You will learn how you can reduce or eliminate personal tax, protect your personal assets, increase your bottom line, lower your debt & build a powerful asset – developing a more robust retirement!

Running your business with a sole proprietorship might not always be a healthy option.

In today’s world there are always risks of liability like having your assets threatened in the event of bankruptcy or lawsuits which is real and frankly intimidating for many entrepreneurs. On top of that, being personally liable for debts incurred by your business means that you could lose personal assets if things go wrong!

In this episode I discuss what a legally incorporated business is, all of the upside of incorporating, the tax benefits of owning a small business when you incorporate as either an LLC or an S Corp, and how to plan ahead properly so that you can reap the awesome rewards and set yourself up for a tax-favored retirement strategy!

Points to note:

Find Murray on LinkedIn @MurrayMiller

The post Episode Four: Why Start a Business and Incorporate As An LLC or S-Corp? first appeared on The Family Business.

The post Episode Four: Why Start a Business and Incorporate As An LLC or S-Corp? appeared first on The Family Business.

What Is Residual Wealth Tax Free Income?

It’s not often that you hear about systematic, safe, proven steps to build a residual income that is FULLY tax-free. That is why today, we’re exploring tax-free investment strategies, how they work, the possible downsides and how the benefits make up immensely for the drawbacks.

Join me as I share the lesser-known strategies to build wealth tax-free. (and it’s not that hard – once you know how). These simple strategies for creating tax-free income would compound your small investments into large sums over time!

Value points:

● Four tax benefits the IRS allows that we can all make use of – deductions, exclusions, credits, and exemptions

● A proper residual income plan should include multiple sources of income, and at least one of these income sources should be non-taxable. 

Ways to stash cash to create a tax-free distribution-

1. Roth IRA – This investment strategy gets your money taxed before it goes in, so you have a tax-free sum.

2. Roth 401(k) or Roth 403(b) – You pay tax on the Roth contributions in the year you make the deposit and not in retirement. Roth 401(k)s   and Roth 403(b)s aren’t subject to income limits, so you’re eligible no matter how much you earn.

3. Municipal Bonds – these income distributions can be federal taxes free.

4. HSA savings account – This is a little-known way to invest for tax-free income. The HSA contributions are tax-deductible even for business owners, and there are no income limits.

5. IUL (indexed universal life) – An IUL allows your contributions to grow when certain financial market indexes grow. It not only grows while it’s doing well, but it’s protecting you from market downturns, which means that if the market were to plummet, you are not going to lose money.

Find Murray on LinkedIn Murray Miller

The post Episode Three: What Is Residual Wealth Tax Free Income? first appeared on The Family Business.

The post Episode Three: What Is Residual Wealth Tax Free Income? appeared first on The Family Business.