Back to Basics

It has been over a year since last reading T. Harv Eker's bestselling Secrets of the Millionaire Mind. But it has been nearly two years since attending his Millionaire Mind Intensive. In these times of the news and media trying to force a recession down our throats, it is more important than ever to be aware of our "financial blueprints". I was clicking through some of the links of Retire Your Kids Now and started listening to some of Harv's words of wisdom and you should too.

During fantastic times it is so much easier to keep a positive mindset and remain optimistic as we go day to day. When it is time to tighten the belt and watch the budget is when we need exposure to right influences more than ever. How we react during rising gas prices and a devaluing dollars is a strong influence to our kids. What influence are you demonstrating to your young ones? Remember, we must watch our words around young ears.

Realize that great fortunes have been made during economic downturns. Life is cycles and the down economies are just that, a cycle of life. but people have needs during all economies and the one who can find a way to satisfy the most need will make the most money, regardless of how bad it gets. To participate in a recession is a choice. Prepare your mind for the slow cycle of economy.

Get your kids involved in a little brain storming and figure out a way to increase your household cashflow. A second or third job usually isn't the answer, when factoring in additional travel, child care expenses and the possibility of bouncing into a higher tax bracket. Take a look at some of the money earning opportunities that are presented at www.retireyourkids.com.


Remember, regardless of the size, your own business will not only increase income but provide you will tax savings that will keep more money in your family's pocket. As always refer to professional tax advise.

Another reason I use Quicken products

In my business I use Quicken Quick Books because it makes it really easy for even me to understand the day-to-day accounting of my business but especially for that end of the year tax time that hit us December 31st. But Quicken has some fantastic educational tools available to all.

I was doing a little surfing and came across an article by Don Silver that is right up my alley. Take a minute and check it out. How Your Kids can Retire as Millionaires

Debit Card Dangers

My 15 year old just got her first debit card before Christmas. Sounds like a great way to monitor and control spending and it is. The bank we use allows for a maximum cash out from an ATM or Point of Sale purchases daily which I set. I can also monitor all transactions through the internet. I control the direct deposit of 10 percent of her earnings being transfered from checking deposits into a savings account, a long term savings account. Which means, she will see that money in about 45 years. The savings only works one way and that is deposits in never out until they are transfered into a higher yielding investment.

I have used an ATM card for over 20 years and pretty much take them for granted. However, take a look at the attached video. There is caution that must be taken when putting even ATM plastic into the hands of a teenager. But it is still a great way to prepare a teenage to become a responsible adult. Just stay on top of it.

You can read the accompanying article to this msnbc.com broadcast by clicking HERE

A good question and some GREAT answers

This article just came out in yesterday's Kiplinger.com

I have a 15 year old who started her first job last year and of course she has been saving a minimum of ten percent of her income for long term, one day to be retirement money. Any other purchases she might be saving for is not commingled with here long term money. We sil be transferring that savings into a Roth IRA before tax day, April 15th which this year lands on a Tuesday. Check out Kim's answer by clicking here

A right on article

I was doing a Goggle surfing and came across this article from CNN Money and there are some really great ideas to take in and certainly use to teach your children about money. The whole idea is to teach our young how to work for money only until they can get into position so that money will work for them for the rest of their lives.

Pay particular attention to the Start early, save more box. Here you can see the importance of time when it comes to wealth creation. Remember, you can always replace money but you can never replace time. Time is more valuable then money. The sooner you and your children get started, the sooner financial independence is achieved. Check it out here CNN Money

Don't let your banker see this

I invest where I determine what interest rate I want to be paid. I recently opened a small account of $500 to see what it is like to trade a mini FOREX account. Some brokers are now allowing us to open accounts with as little as $250. I played it safe and in the process missed out on a 54% gain over night.

When you know what you are doing making rates of return well beyond what banks and even mutual funds pay is possible. There are places to make huge returns on your money and it is not in a bank. Where to you think your bank and other financial institutions invest your money?

You must learn how to bypass the middle man. If they can invest your money in high return vehicles then why not you. Warren Buffett is known to have over 20 billion dollars invested in the FOREX markets. A huge portion of Chrysler's profits come from trading in the FOREX markets and the list goes on and on.

Click here to see what happened to me last night and learn more about how you too can earn more in a month than most do in a year at the bank.


Jim

New Robert Kiyosaki video

At retireyourkids.com be sure to check out the new video addition of Robert Kiyosaki and and a young 11 year old who first read Rich Dad Poor Dad when he was 7 years old.