Saving money has always seemed like a total impossibility to me,” says Laura Preston*, a customer service rep from St. Louis. “I live for today and putting money away for the future just didn’t thrill me because I wanted to see immediate rewards for all my sacrifice. Then I learned about Emotional Savings and that has made all the difference.”
Preston is referring to the 60-20-20 Rule, a method of saving that makes the necessity of putting money away more realistic and enjoyable.
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Every year, we help people who are losing the battle with debt by teaching them the Power Down principle of prioritizing their debts for quickest payoff. One couple I worked with, Dan and Alene* are well on their way to eliminating all of their debt, including a mortgage, in just over eight years by applying Money Mastery’s Power Down principle.
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People in serious debt are often enticed by the claims made by consumer credit counseling services that they can help solve all their borrowing problems. But relying on these services may not be any better than declaring bankruptcy. To understand why, let’s take a closer look at the history of credit extension in the U.S.
In the 1970’s credit bureaus wanted to make money, so they began gathering information on people’s payment histories and charged banks and other lenders for this information.
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Several years ago, credit agencies were altering the information they received from credit bureaus for a small fee. When a creditor reported information, a credit agency could delete some of the information if the client supplied reasonable evidence that the information being reported was incorrect.
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Did you know that you can negotiate down the balance owed on unsecured debt? If you feel like you’re drowning in bills, it may be time to consider working with a debt negotiating company. Such companies specialize in working with creditors to reduce your debt by as much as 40 percent! Why are creditors willing to negotiate?
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Taxes have such a subtle, yet profound effect on our money. That’s why it’s important to organize retirement funds based on how those funds will be taxed. By doing so, it becomes easier to see how taxes will affect retirement money over time. In addition, using calculating tools like the Money Mastery Master Plan software can help project how much money will be available at retirement age and what percent will be subject to some kind of taxation.
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If you’re like most Americans, there’s a pretty good chance that you received at least one offer for a new low-cost credit card this month. While some of those offers look tempting, with rates as low as 6 percent and no annual fee, you may want to use caution before abandoning your present card (or cards).
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This content was contributed by Money Mastery and The Tax Reduction Institute.
Wouldn’t it be great if you never had to worry about getting audited by the IRS, especially if you run a home-based business? And how can you avoid giving 30, 40, or even 50 percent in over-inflated tax payments to the government? Simple.
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This was written by my friend Sandy Botkin C.P.A. He's a former attorney for the I.R.S.
Creating a legal and proper tax documentation system is vital if you want to take (and keep) all of the business deductions you are entitled to. Why? Because proper documentation is required by law. Without it, you could end up losing all of your bone fide deductions.
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This content was contributed by Money Mastery and The Tax Reduction Institute.
The following quote by the 17th-century French finance minister, Jean Baptiste Colbert, very aptly sums up the subtle ways taxes are extracted from us:
“The art of taxation consists in so plucking the goose as to obtain the largest possible amount of feathers with the smallest amount of hissing.”
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