The Prosperity Blog

How to Face Your Biggest Financial Fears

Boo! Halloween can be fun if you enjoy dressing up or seeing others dress up. It’s also a season when some people like to “scare themselves” with scary costumes, movies, Stephen King novels and haunted houses!

The truth is, many people enjoy being temporarily frightened—a phenomenon confirmed by science. Of course, a scary movie or haunted house is just make-believe, and we know it will be over soon. On the other hand, financial fears aren’t so fun—especially if you don’t know how to make them stop!

Your money fears may make you feel like hiding under the bed. But knowing how to face them can help you regain a sense of peace and control. Today, we look at some of the biggest financial fears, and how to deal with them constructively!

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The New Tax Plan Explained

What Do the New Tax Plan Changes Mean for You?

new tax plan explained Two weeks ago, we gave an overview of ways you can reduce your taxes, including some great advice from our friend, tax expert and author Tom Wheelwright. You’ll find that post here: “Slash Your Taxes: Tax Reduction Tips for 2018.” Today, we dive more deeply into the new tax plan — explained in English!

What impact will the tax cuts and revised IRS rules have for you? What does the new tax plan mean for home owners, business owners and investors—especially real estate investors? Will your taxes be lower, or should you change strategy to avoid higher taxes? Let’s find out!

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Questions Every Investor Should Ask Wall Street

“If they can get you asking the wrong questions, they don’t have to worry about answers.”
– Thomas Pynchon, Gravity’s Rainbow

Are Investors Asking the Right Questions?

Financial and political power congregates on Wall Street… epicenter of the American financial universe, and the subject of many a movie about the ruthless and the rich. Few people question why Wall Street holds the purse strings of our nation. To the average American investor, putting your money into stocks, bonds and mutual funds is just “what you do.”

Investing (or should we say, speculating) in the stock market is exactly what approximately 120 million Americans do – often, without questioning why. There may be other options, but few search them out.

According to a 2017 Gallup Report, 54 percent of American adults have money in the stock market. For Americans with annual household incomes between $75k and $99k, the number jumps to 75 percent. For those with incomes over $100k, it rises all the way to 89 percent.

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Slash Your Taxes: Tax Reduction Tips

“If you drive a car, I’ll tax the street. If you try to sit, I’ll tax your seat.
If you get too cold I’ll tax the heat. If you take a walk, I’ll tax your feet.
Don’t ask me what I want it for—If you don’t want to pay some more.
‘Cause I’m the taxman, yeah, I’m the taxman!” (George Harrison)

Taking on the Taxman with Tom Wheelwright

If you have ever felt overwhelmed by the 6,000 pages of tax regulations or the checks you write to the IRS, you are not alone. For many Americans, taxes are the biggest bill they pay—sometimes even more than their mortgage. But it’s an area where you might have more control than you know. And with the new tax reform… there are even more ways to benefit!

“The fastest way to put money in your pocket is to reduce your taxes,” says Tom Wheelwright, one of the top tax reduction experts around. I am fortunate to have known and worked with Tom for many years, and his good thinking on taxes has profoundly affected my own approach to tax reduction for my family, business, and clients. Today, we share some of the wisdom we’ve learned from Tom’s advice for reducing your taxes.

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How to Recover from a Financial Setback

Today’s post is from Kate Phillips, founder of Total Wealth Coaching and co-author (with Kim Butler) of Financial Planning Has Failed

The truth about financial loss and the path to prosperity.

Nearly every American will experience multiple financial setbacks during their lifetimes. Incomes fluctuate. Investments fail. Emergencies strike. Life happens.

Very few people travel a straight road to financial success. Most of us encounter detours, potholes, even road blocks and dead ends along the way. 

According to a 2017 study by the National Endowment for Financial Education reported in, 96% of Americans experience four or more major life events (layoff, illness, divorce, etc.) by age 70 that cause their incomes to drop 10% or more. By age 61, three out of four workers have gone without income for a year or more at least once.

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Too Old for Life Insurance? Whole Life Insurance for Seniors

“Old age isn’t so bad when you consider the alternative.”
– Maurice Chevalier

“Am I too old for life insurance?”

We get this question a lot, surprisingly, from people who are only in their 50’s or 60’s. But the truth is that you’re probably not too old for life insurance.

Most mutual companies offering whole life insurance will insure people up to age 85. Health has more of an impact than age on whether or not you will qualify. But don’t assume that you won’t qualify just because you’re over age 60 or 70, even if there has been a health crisis in your past.

However, just because you CAN get life insurance doesn’t mean you should. In this article, we’ll examine why many seniors ARE buying life insurance, along with some of the pros and cons of doing so. If you are a grandparent or great grandparent wanting to leave an inheritance, a senior looking for greater protection and financial flexibility, or a middle-aged adult considering whole life insurance for a parent, this article is for you.

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Protecting Your Financial Privacy: Facebook, Banks, and Big Data

Is “Financial Privacy” becoming the next famous oxymoron to be added to the likes of “jumbo shrimp,” “liquid gas,” “friendly fire” and “unbiased opinion”? Very possibly, suggests a bombshell claim from the Wall Street Journal last month.

Increasingly, your personal data is being bartered and sold. In this article, we’ll examine the revelations, the response, and steps you can take to minimize the exploitation of your personal information.

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