Home » Articles posted by admin (Page 4)

Podcast: JP Morgan Obtains Patent On Bitcoin-like Digital Currency Of Their Own

JP Morgan obtains patent on Bitcoin-like digital currency of their own.  Does it still make sense to buy term and invest the difference?  The coming collapse of the public pension system.  The increasing popularity of semi-retirement.

Click here to download…

How To Buy Ripple (Video)

Podcast: The Capital Value Of Passive Income

The capital value of passive income, saving money by going vegetarian, can you sell your home without a real estate agent? and Does the 0% capital gains rate apply to you?

Click here to download…

Podcast: Is Ripple The New Bitcoin?

Is Ripple the new Bitcoin?  The tax implications of profits in virtual currency.  Holiday scams and the pitfalls of investing in collectibles.

Click here to download…

Podcast: Financial Documents Your Family Needs To Know About

Financial documents your family needs to know about.  Bitcoin up above $200 again. Buying stock in dollar stores.  What is a ‘safe’ withdrawal percentage from retirements plans these days?

Click here to download…

Podcast: The Role Of Psychology In Investment Success

The role of psychology in investment success. How to fire your financial adviser. How to avoid affinity scams. Is your credit score affecting your love life?

Click here to download…

Podcast: What Is A Debt Validation Letter And How Can You Use One?

What is a debt validation letter and how can you use one?  Would you use an online-only financial adviser?  The trend toward 15 and even 10 year mortgages.  Is Twitter the new resume?


Click here to download…

Podcast: Why You Should Have A Legal Membership Plan

Why you should have a legal membership plan.  The explosion of Prepaid Cellular and why it makes sense to consider it.  How to invest in Israel, and how protect yourself from credit card skimming scams.

Click here to download…

Podcast: How Long Can A Negative Item Stay On Your Credit Bureau Report?

How long can a negative item stay on your credit bureau report?  How many years before a debt is no longer legally owed?  What does the number of young adults now living at home tell us? The challenge of long-term unemployment and how to overcome it.

Click here to download…

Podcast: Google Chromecast Internet TV

Google Chromecast Internet TV, one quick way to raise your credit score by 100 points, Do you need travel medical insurance?, and the basics of managing insurance costs.

Click here to download…

Free Home Phone Update

My wife laughed this morning when she saw our monthly phone bill of $1.83.  We have free home phone service, but this is a government fee that we have to pay for having it. A little crazy to have to pay a tax on free home phone service, but I guess I can live compared to the $20 to $30 a month that most people pay.

If you have not yet reviewed the bonus report on how to switch over to OOMA, take a minute and do so today.  I also noticed the the cost of OOMA is now down below $150 at Amazon.

James L. Paris
ChristianMoneyPlus Co-Founder

Christian Financial Radio Host Goes To Prison

Below is another example of a Ponzi scheme targeting Christians.  A reminder that we should not just trust someone merely on the basis that they profess a Christian faith.

“In the end, Patrick Kiley’s booming radio voice was softened, only able to apologize for scamming hundreds of victims of Trevor Cook’s Minneapolis-based Ponzi scheme.

Before he was sentenced Monday to 20 years in a federal prison, Kiley, 75, said that to apologize fully would require more than the two minutes the court gave him to speak.

He didn’t get the extra time.

“I take responsibility for what I believed in, for which I was wrong,” Kiley said.

U.S. District Chief Judge Michael Davis, who presided over Kiley’s trial last summer and the legal consequences of Cook’s $194 million Ponzi scheme, said that if Kiley’s case were a routine federal crime, Kiley wouldn’t have received such a severe sentence.” Full Story Click Here

James L. Paris
ChristianMoneyPlus Co-Founder

 

Putting Your Retirement Savings Into Overdrive When You Turn 50

It’s a generalization to say that the kids are out of the house, the dog has died, and it’s just you and the wife (or husband) by the time you reach age 50, but the reality is that many people do find themselves with more limited obligations…and, therefore, fewer expenses…when they reach the “big 5-0.” So, what are you going to do with all that extra money now? Take more vacations? Enjoy some more dinners out? Buy that boat you’ve long been eyeing?

There’s certainly nothing wrong with having some fun should you find yourself with a little more cash these days, but do not forget that you can also apply some of that money to improving the balances in your retirement plans. Until you reach the age of 50, you may deposit up to $5,500 per year into an IRA (note, however, that’s also a total of $5,500 to all of your IRAs, in case you have more than one). However, once you turn 50, you can add $1,000 to that yearly contribution limit, which means you have the ability to make an even bigger difference in the size of your retirement account at that time.

Let’s illustrate the impact of this extra, or “catch-up,” contribution you can make by turning 50. Let’s say, for the sake of discussion, that you have contributed nothing prior to turning 50 (which, hopefully, is not the case). If you contributed the $5,500 per year on the basis of 12, equal, monthly contributions of $458.33 per month, you’d have about $232,000 by the time you turned 70, if we assumed an annual rate of interest of 7%. Now, by adding the $1,000 to your contributions (again, spread over the course of 12 monthly contributions), your balance at age 70, assuming the 7%, becomes almost $275,000. This means that your extra $20,000 in contributions over the course of those 20 years adds $43,000 to the total of what you will have accumulated by age 70.

If you participate in a 401(k) plan at work, the contribution benefits associated with turning 50 are even more substantial; annual contribution limits for folks under age 50 are presently at $17,500 per year, but when you turn 50, you can add another $5,500 per year to your total 401(k) contributions. Assuming, then, that you’re already maxing the maximum contributions by the time you reach age 50, you can realize another $232,000 (again, assuming the 7% annual rate of return) by the time you’re 70 just on the basis of having made your annual “catch-up” contributions. Note that these limits often change, so depending on when you’re reading this, they may be different at that time (they are regularly adjusted upward to account for inflation).

The power of the time value of money is great…but it’s even greater when you actually have some, or more, to sock away. With average life expectancies for Americans sitting somewhere around 78 to 80 years of age, it’s prudent to take whatever “spare change” you can find and apply it to your wealth-building programs, and with the higher contribution limits afforded to you once you hit 50, your opportunities to reach your goals are better than ever.

Robert G. Yetman, Jr.
ChristianMoneyPlus Co-Founder

More Christians Turning To CrowdFunding

I just read an article a couple of weeks back about Christian filmmaker Darren Wilson raising over $350,000 to produce the film Holy Ghost. One of our readers sent me a link to an article about Christian artist Carman raising over $500,000 using Kickstarter. Carmello Licciardello, known by his stage name ‘Carman,’ was recently diagnosed with cancer in February. Nonetheless, he is not allowing that to stop him from launching a major tour and using Kickstarter as the funding mechanism.

More and more Christians are using so called crowdfunding and we just became aware of a Christian based service similar to Kickstarter called FaithLauncher.

I can also recommend The Kickstarter Handbook, by Don Steinberg.  Don was a guest just recently on my live Sunday night show and has a lot of great information on this topic.

James L. Paris
ChristianMoneyPlus Co-Founder

Put Your Long-Term Financial Goals on Auto-Pilot

Perhaps the greatest challenge, overall, to achieving long-term financial goals is the inability…or, more precisely, the unwillingness…to apply a set sum of money each month toward achieving them. The importance of understanding basic psychology, and our simple failings as people, can go a long way to helping us to appreciate the importance of “systematizing” our efforts to achieve financial stability and independence.

One of the best mechanisms to which you can turn to help achieve your goals is the automatic debit from your bank account. When you initiate an automatic debit from your account and into a retirement plan, like an IRA, you are immediately turning a discretionary expense into a bona fide monthly obligation. The problem with any discretionary expenses, including those that are genuinely important, is that we simply do not look at them the same way as those expenses that are required. Now, you might be thinking, “I don’t pay my electric bill each month by debit, but yet I make sure to get that in just fine.” That may be true, but your electric bill is not a discretionary expense; if you don’t pay it, a service that is essential to your well-being will be eliminated. Therefore, the strategy here is to identify those discretionary expenses that you should be elevating to the same level of importance as the electric bill, and incorporate the mechanism of the monthly debit to achieving that. There are large numbers of people who would have never achieved any kind of reasonable net worth at a point in their lives when they need it the most had they not employed such a simple mechanism to either fund a retirement account or pay down a substantial debt; this is the “Part B” to the use of such a mechanism, the fact that you can employ it to pay down debt as much as to build savings. For example, using an auto-debit feature to make extra principal payments to your mortgage is another great way to put your wealth-building efforts on automatic pilot.

It is no secret that people are inclined to procrastination, to putting things off, and often do so to such a degree that many important tasks fail to ever get done. Working towards your long-term financial goals, and plugging away at the specific tasks in which you should engage as a part of the process, are, unfortunately, efforts that are all-too-frequently pushed off to the side. Make a resolution today that you will move them back to center-stage by accomplishing them with the assistance of the auto-debit feature…and start working your way, finally, toward the financial freedom about which you’ve always dreamed.

Robert G. Yetman, Jr.
ChristianMoneyPlus Co-Founder