MyMoneyIQ March 2015 Newsletter

March 2015

WHAT IS A QUALIFIED RETIREMENT PLAN?

A qualified retirement plan is a program implemented and maintained by an employer or individual for the primary purpose of providing retirement benefits and which meets specific rules spelled out in the Internal Revenue Code. For an employer-sponsored qualified retirement plan, these rules include:

The plan must be established by the employer for the exclusive benefit of the employees and their beneficiaries, the plan must be in writing and it must be communicated to all company employees.
Plan assets cannot be used for purposes other than the exclusive benefit of the employees or their beneficiaries until the plan is terminated and all obligations to employees and their beneficiaries have been satisfied.
Plan contributions or benefits cannot exceed specified amounts.
The plan benefits and/or contributions cannot discriminate in favor of highly-compensated employees.
The plan must meet certain eligibility, coverage, vesting and/or minimum funding standards.
The plan must provide for distributions that meet specified distribution requirements.
The plan must prohibit the assignment or alienation of plan benefits.
Death benefits may be included in the plan, but only to the extent that they are “incidental,” as defined by law.

Question Why do employers comply with these requirements and establish qualified retirement plans?
Answer To benefit from the tax advantages offered by qualified retirement plans.
Qualified Retirement Plan Tax Advantages:

In order to encourage saving for retirement, qualified retirement plans offer a variety of tax advantages to businesses and their employees. The most significant tax breaks offered by all qualified retirement plans are:

Contributions by an employer to a qualified retirement plan are immediately tax deductible as a business expense, up to specified maximum amounts.
Employer contributions are not taxed to the employee until actually distributed.
Investment earnings and gains on qualified retirement plan contributions grow on a tax-deferred basis, meaning that they are not taxed until distributed from the plan.
Depending on the type of qualified retirement plan used, other tax incentives may also be available:

Certain types of qualified retirement plans allow employees to defer a portion of their compensation, which the employer then contributes to the qualified retirement plan. Unless the Roth 401(k) option is selected, these elective employee deferrals are not included in the employee’s taxable income, meaning that they are made with before-tax dollars (see page 13 for information on the Roth 401(k) option).
Qualified retirement plan distributions may qualify for special tax treatment.
Depending on the type of qualified retirement plan, employees age 50 and over may be able to make additional “catch-up” contributions.
Low- and moderate-income employees who make contributions to certain qualified retirement plans may be eligible for a tax credit.
Small employers may be able to claim a tax credit for part of the costs in establishing certain types of qualified retirement plans.
The bottomline is that the primary qualified retirement plan tax advantages – before-tax contributions and tax-deferred growth – provide the opportunity to accumulate substantially more money for retirement, when compared to saving with after-tax contributions, the earnings on which are taxed each year.
MESSAGES
from the Masters…
ACCELERATE YOUR ABILITIES
by Chris Widener

In today’s fast-paced life, the wins usually go to those with exceptional skills and abilities. The old quote is true, “The race is not always won by the swift and the strong, but that is the way to bet.”

With this in mind, and with your desire to become increasingly successful, here are some ways to accelerate your abilities, thus enabling you to achieve greater and greater things.

Become dissatisfied with your current state. Growth for growth’s sake is good. Those who will achieve much are those who say to themselves, “I want to grow. I want to be better. And I am willing to do what it takes to get there. This current state is not enough!” This dissatisfaction will create for you an insatiable drive to do what it takes to get your abilities to the next level.

Visualize the benefits of increased abilities. Put them at the forefront of your mind. This will saturate your mind with the motivation that it will take for you to do what it takes to increase your abilities. What good will come out of my increased ability? How will I be better off as well as the others around me? The answers to these questions act as the carrot before the horse, moving you forward.

Understand your weaknesses. If you want to improve, one of the best ways is to start with some area that you aren’t particularly good at. This is the “shoring up method.” Sometimes it is easier to improve something you aren’t good at that something you are. And the gains will still look great for your overall situation! Take some time to consider what areas you are weakest in and focus in on them for a while. The results will obviously be much more pronounced than getting better at something you have already somewhat mastered.

Attempt greater levels of what you are already good at. Another tact to take would be to stretch yourself in an area that you already have some skill and ability in. What areas do you excel in? Now understand that when you leave the weaker areas weak and make extraordinary gains in one area, then you will be moving more toward “specialist” rather than “generalist.” That is okay, but needs to fit in with your overall goals.

Commit time each day to improvement. Steady improvement is the way to go. In fact, you may not see improvement for days or weeks. You may feel like you are failing each time. But alas, eventually you will get it and your skill will increase to the next level. The key is day in, day out, spending time working on improving. Even five minutes a day equals a half hour a week, 2 hours a month. That adds up! Remember, Practice, practice, practice.

Seek out and spend time with someone who has greater ability than you. One of the best things to do to increase your ability is hang out with people who are already more skilled than you. Watching, them, studying them, interacting with them, even competing with them will make you better. As in sports, to improve, you play with people better than you, not worse. They will raise you to a new level. Who around you can you get involved with who will help you with your ability?

Take a class or hire a coach. Go to school my friend. Take a course at a local college or vocational institute. Take a class online. Hire one of the many coaches available today. Pick a specific skill you would like to improve upon and find someone who is a specialist in that area. At the very least, pick up some audio or videotapes to help you grow.

Be the tortoise, not the hare. Slow but sure. Take your time, do it right. Keep going in the right direction. Learn your craft correctly. Don’t give up quality for speed. The whole idea of acceleration is this way: Slow start, work up to high speeds, go the distance. Luckily life isn’t a sprint but a marathon!

Hope these ideas help you as you commit to accelerating your abilities!

Brought to you by:
Mark Holland, JD
Cambridge Financial Center
1942 Berkeley Street
Salt Lake City, UT 84108-3202
801-557-7105
holland.mark@pmlmail.com

http://finsecurity.com/holland

About our firm:

Hello, my name is Mark Holland and I thank you for your interest in learning more about the world of money. I bring a simple method to money management that can best be explained by the Japanese word “kaizen,” meaning “change for the better”. My web site, www.markhollandinsurance.com, and my monthly newsletters are chock-full of financial tips to help you understand how money works, how to take charge of the solutions to your financial and life concerns, and how exciting, liberating and satisfying provident living can be, even in this difficult economic environment.

QUOTES
from the Masters…
On Skills
“What one skill, if you developed it, could have the greatest positive impact on your career? This is the key to your future.”

— Brian Tracy

“Learn to hide your need and show your skill.”

— Jim Rohn

“Develop the art of being exceptional.”

— Patricia Fripp

On Problem Solving
“Average people look for ways of getting away with it; successful people look for ways of getting on with it.”

— Jim Rohn

“Success is finding and doing to the best of your ability, in each moment of your life, what you enjoy most doing, what you can do best, and what has the greatest possibility of providing the means to live as you would like to live in relation to yourself and all persons you value.”

— Nido Qubein

“Success is that old ABC — ability, breaks, and courage.”

— Charles Luckman

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

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MyMoneyIQ February 2015 Newsletter

February 2015

WHAT IS A TRUST?
The word “trust” is applied to all types of relationships, both personal and business, to indicate that one person has confidence in another person.

For our purposes, a trust is a legal device for the management of property. Through a trust, one person (the “grantor” or “trustor”) transfers the legal title to property to another person (the “trustee”), who then manages the property in a specified manner for the benefit of a third person (the “trust beneficiary”). A separation of the legal and beneficial interests in the property is a common denominator of all trusts.

In other words, the legal rights of property ownership and control rest with the trustee, who then has the responsibility of managing the property as directed by the grantor in the trust document for the ultimate benefit of the trust beneficiary.

A trust can be a living trust, which takes effect during the lifetime of the grantor, or it can be a testamentary trust, which is created by the will and does not become operative until death.

In addition, a trust can be a revocable trust, meaning that the grantor retains the right to terminate the trust during lifetime and recover the trust assets, or it can be an irrevocable trust, meaning that the grantor cannot change or terminate the trust or recover assets transferred to the trust.

Trusts can be used:

To provide management of assets for the benefit of minor children.
To assure the grantor that children will benefit from trust assets, but will not have control of those assets until the child is older.
To manage assets for the benefit of a disabled child, without disqualifying the child from receiving government benefits.
To provide for the grantor’s children from a previous marriage.
As an alternative to a will (a “revocable living trust”).
To reduce estate taxes and, possibly, income taxes.
To provide for a surviving spouse during his/her lifetime, with the remaining trust assets passing to the grantor’s other named beneficiaries at the surviving spouse’s death.
Trusts are complex legal documents and are not appropriate in all situations. Before establishing a trust, you should seek qualified legal advice.

MESSAGES
from the Masters…
TEN STEPS TO GOAL GETTING
by Zig Ziglar

1. Make the commitment to reach your goal. “One person with a commitment is worth a hundred who only have an interest.” — Mary Crowley.

2. Commit yourself to detailed accountability. Record your progress toward your goals every night, and list the six most important things you need to do the next day. Daily discipline is the key to reaching your goals.

3. Build your life on a sold foundation of honesty, character, integrity, trust, love, and loyalty. This foundation will give you an honest shot at reaching any goal you have set properly.

4. Break your intermediate and long-range goals into increments.

5. Be prepared to change. You can’t control the weather, inflation, interest rates, Wall Street, etc. Change your decision to move toward a goal carefully–but be willing to change your direction to get there as conditions and circumstances demand.

6. Share your “give-up” goals (i.e., give up smoking, being rude, procrastinating, being late, eating too much, etc.) with many people. Chances are excellent they’re going to encourage you.

7. Become a team player. Remember: You can have everything in life you want if you will just help enough other people get what they want.

8. See the reaching. In your imagination see yourself receiving that diploma, getting that job or promotion, making that speech, moving into the home of your dreams, achieving that weight-loss goal, etc.

9. Each time you reach a goal your confidence will grow so that you can do bigger and better things. After accomplishing any goal, record it in your journal, Weekly Planner or Palm Pilot.

10. Remember, what you get by reaching your destination isn’t nearly as important as what you become by reaching your goals–what you will become is the winner you were born to be!

Brought to you by:
Mark Holland, JD
Cambridge Financial Center
1942 Berkeley Street
Salt Lake City, UT 84108-3202
801-557-7105
holland.mark@pmlmail.com

http://finsecurity.com/holland

About our firm:

Hello, my name is Mark Holland and I thank you for your interest in learning more about the world of money. I bring a simple method to money management that can best be explained by the Japanese word “kaizen,” meaning “change for the better”. My web site, www.markhollandinsurance.com, and my monthly newsletters are chock-full of financial tips to help you understand how money works, how to take charge of the solutions to your financial and life concerns, and how exciting, liberating and satisfying provident living can be, even in this difficult economic environment.

QUOTES
from the Masters…
On Hope
“Everything that is done in the world is done by hope.”

— Martin Luther

“Great hopes make great men.”

— Thomas Fuller

“A leader is a dealer in hope.”

— Napoleon Bonaparte

“Hope is the companion of power, and mother of success; for who so hopes strongly has within him the gift of miracles.”

— Samuel Smiles

On Being Unique
“Be yourself; no base imitator of another, but your best self. There is something which you can do better than another. Listen to the inward voice and bravely obey that. Do the things at which you are great, not what you were never made for.”

— Ralph Waldo Emerson

“You do not need to be different form who you are. You only need to be more of the person you already are.”

— Brian Tracy

“The greatest good you can do for another is not just share your riches, but reveal to them their own.”

— Benjamin Disraeli

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

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MyMoneyIQ November 2014 Newsletter

November 2014

DURABLE POWER OF ATTORNEY

What Is a Power of Attorney?

A power of attorney is a written document in which one person — the principal — authorizes another person — the attorney-in-fact — to act on the principal’s behalf.

What Authority Is Granted by a Power of Attorney?

The authority granted by a power of attorney depends on the type:

General Power of Attorney: The authority granted is very broad…the attorney-in-fact is granted essentially the same legal authority held by the principal. This means that the attorney-in-fact can exercise such powers as making gifts, buying and selling assets and filing tax returns on behalf of the principal.

Special Power of Attorney: The authority granted to the attorney-in-fact is limited to those powers specifically defined in the document.

The authority granted by both a general and a special power of attorney is typically limited to acts performed on behalf of the principal while the principal is competent, which brings us to a third type of power of attorney:

Durable Power of Attorney: The attorney-in-fact is authorized to act on behalf of the principal even if the principal becomes incapacitated. In fact, a durable power of attorney can become effective immediately, or it can become effective only if the principal later becomes incapacitated.

Why Should You Consider a Durable Power of Attorney?

In the event of future incapacitation, a durable power of attorney can be particularly useful in:

Estate Planning/Management: The attorney-in-fact acquires the authority to implement an estate plan and manage the principal’s estate during a period of incompetence.
Daily Living: A durable power of attorney can give the attorney-in-fact the authority to manage such practical issues as making living arrangements for a disabled person and paying the bills.

As with any legal document, legal advice should be obtained before entering into a power of attorney.
MESSAGES
from the Masters…
MAKE YOUR LIFE AN EXPERIMENT
by Steve Goodier

Do you experiment with new attitudes and new behaviors? Do you constantly try to improve your skills? Do you make your life an “active science”? It is not hard to see what can happen when we refuse to improve ourselves.

Do you know who set the standard for fine watch making for most of the 20th Century? If you answered, “The Swiss,” you are correct. Swiss wristwatches dominated world markets for at least 60 years and Swiss companies were committed to constant refinement of their craft. It was the Swiss who came forward with the minute hand and the second hand. They led the world in discovering better ways to manufacture the gears, bearings, and mainsprings of watches. They even led the way in waterproofing techniques and self-winding models. By 1968, the Swiss made 65 percent of all watches sold in the world and laid claim to as much as 90 percent of the profits.

Now…which country sold the most wrist watches in the 1980s? The answer is Japan. By 1980, Swiss companies had laid off thousands of watchmakers and controlled less than 10 percent of the world market. Their profit domination dropped to less than 20 percent. Between 1979 and 1981, eighty percent of Swiss watchmakers lost their jobs.

Why? The Swiss had refused to change the way they traditionally designed watches and utilize the less expensive and more accurate Quartz crystal. (Quartz movement, ironically, was invented by a Swiss.) They did not seriously experiment with a radical new way of designing timepieces.

Our lives are not so different. Without constant experimentation — daily growth and change to become the best we can be — our old attitudes, behaviors and skills will no longer work for us. The old ways of thinking and doing will be about as relevant as a grandfather clock on a space shuttle. We need to experiment and improve. We need to turn our lives into an active science.

“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do,” wrote Mark Twain. “So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.”

Make your life an experiment…and something wonderful can happen!

Brought to you by:
Mark Holland, JD
Cambridge Financial Center
1942 Berkeley Street
Salt Lake City, UT 84108-3202
801-557-7105
holland.mark@pmlmail.com

http://finsecurity.com/holland

About our firm:

Hello, my name is Mark Holland and I thank you for your interest in learning more about the world of money. I bring a simple method to money management that can best be explained by the Japanese word “kaizen,” meaning “change for the better”. My web site, www.markhollandinsurance.com, and my monthly newsletters are chock-full of financial tips to help you understand how money works, how to take charge of the solutions to your financial and life concerns, and how exciting, liberating and satisfying provident living can be, even in this difficult economic environment.

QUOTES
from the Masters…
On Stewardship
“Don’t be afraid to give your best to what seemingly are small jobs. Every time you conquer one it makes you that much stronger. If you do the little jobs well, the big ones tend to take care of themselves.”

— Dale Carnegie

“If you wish to have power and influence over the many, be faithful (disciplined) when there is just a few. If you have a few employees, a few distributors, a few people, that’s the time to stay in touch and be totally absorbed – when there is just a few.”

— Jim Rohn

“Use what talents you possess; the woods would be very silent if no birds sang except those that sang best.”

— Henry Van Dyke

On Stress Management
“If you are distressed by anything external, the pain is not due to the thing itself but to your own estimate of it; and this you have the power to revoke at any moment.”

— Marcus Aurelius

“I am more and more convinced that our happiness or our unhappiness depends far more on the way we meet the events of life than on the nature of those events themselves.”

— Karl Wilhelm Von Humboldt

“Stress comes from within; it is your reaction to circumstances, not the circumstances themselves.”

— Brian Tracy

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

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MyMoneyIQ October 2014 Commentary

Retirement Readings

October 2014

LIVING WILLS

What Is a Living Will?

“Living will” is a term commonly used to refer to a legal document available in most states that allows an adult to state in advance whether or not life-sustaining medical procedures should be used to prolong life when there is no chance for a reasonable recovery.

Why Should You Consider a Living Will?

Reasons to consider a living will include:

A belief that adults have the right to control medical decisions regarding their care, including the right to refuse or withdraw life-sustaining treatment.
Concern about the suffering and loss of dignity that can occur when life-sustaining measures are used to prolong an inevitable death.
Easing the emotional pain the family might otherwise have to suffer in making such a difficult decision.
Relieving a doctor’s and hospital’s fears of liability in withholding or withdrawing treatment.
Language concerning organ donation can be included in a living will.

How Do You Implement a Living Will?

While the validity of a living will is determined by state statute, the requirements generally include that the document be (1) in writing, (2) dated, (3) signed and (4) witnessed by two people who are not related to the declarant and are not heirs of his or her estate. In addition, doctors and their employees, as well as hospital employees, are generally not acceptable witnesses. Consult your doctor or attorney for more information about the availability of a living will in your state.

Once a living will has been executed, copies should be given to close family members, the primary doctor and the family attorney.

A living will can be revoked at any time by destroying the document and any copies or by signing a notarized revocation of the document.

MESSAGES
from the Masters…
10 WAYS TO BURN CALORIES WITHOUT EXERCISING

by Steve Kendall

Health and fitness expert Covert Bailey once said, “Fit people waste their energy while unfit people save their energy.” The trick is to find ways to waste your energy while carrying out your routines. “Human effort” energy is like time: You can’t save it to use at a later date. The old saying says it best: “If you don’t use it you lose it.”

The following are 10 ways you can burn calories and get your tasks done by wasting some of your stored energy.

Mow with the flow. Mow the lawn with a push mower. You can save “fossil fuel” energy and doing it manually will burn off last nights’ dessert.

Step it up. Use the stairs instead of the elevator or escalator. Not only will you burn calories, but you will also have the stairs all to yourself.

Work with me. Walk or ride a bike to work if possible. If you commute on mass transit, get off at the previous stop and walk the rest of the way.

Park and shop. What do most of us do when we go shopping? We look for the cherished parking spot nearest to the store entrance. Some of us continue to drive in circles until the perfect spot becomes available. Why not park away from the crowd? You will burn calories by walking and save your car from parking lot dents and dings.

Homework. Do your housework with vigor. Put on your favorite music with an up-beat tempo and work at a much quicker pace.

Walk this way. Go for a walk. Take a friend, neighbor, co-worker or a dog (yours or a neighbors) and go for a brisk walk. It is low impact, convenient and free.

Clean it up. Wash your dishes by hand. By cleaning them manually and at a quick tempo you burn calories and save on your electric bill.

Rake it in. Raking leaves at a vigorous pace for 20 minutes is the equivalent of running one mile.

Drink it down. Drink eight pints of ice water a day. According to “Men’s Health” magazine your body will expend 123 calories of heat daily to warm the water to body temperature. That amounts to losing a pound a month.

Eat breakfast. According to research at Duke University, those who skip breakfast eat more later and choose foods higher in fat and calories.

The bottom line: Look at the routines you currently maintain. See if you can find creative ways to continue doing what you already do, only with added health benefits. You will find it much easier done than said.

Brought to you by:

Mark Holland, JD

Cambridge Financial Center
1942 Berkeley Street
Salt Lake City, UT 84108-3202
801-557-7105
holland.mark@pmlmail.com

http://finsecurity.com/holland

About our firm:

Hello, my name is Mark Holland and I thank you for your interest in learning more about the world of money. I bring a simple method to money management that can best be explained by the Japanese word “kaizen,” meaning “change for the better”. My web site, www.markhollandinsurance.com, and my monthly newsletters are chock-full of financial tips to help you understand how money works, how to take charge of the solutions to your financial and life concerns, and how exciting, liberating and satisfying provident living can be, even in this difficult economic environment.
QUOTES
from the Masters…
On Self-Limiting Beliefs

“Being challenged in life is inevitable, being defeated is optional.”

— Roger Crawford

“We would accomplish many more things if we did not think of them as impossible.”

— Chretien Malesherbes

“If a man harbors any sort of fear, it percolates through all his thinking, damages his personality, makes him a landlord to a ghost.”

— Lloyd C. Douglas
On Sowing and Reaping/ Law of Reciprocity

“You will become as small as your controlling desire; or as great as your dominant aspiration.”

— James Allen

“Life is a process of accumulation. We either accumulate the debt or the value, the regret or the equity.”

— Jim Rohn

“You will be more successful indirectly in relationships rather than directly. To have a friend, be a friend. To impress others, be impressed by them.”

— Brian Tracy

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

Posted in Uncategorized | Leave a comment

MyMoneyIQ August 2014 Commentary

Economic Scarcity, Scarcity Thinking and Thrift

Scarcity is the most basic idea in economics. That’s what the textbooks tell us. Why? Because the study of economics is ultimately about the movement, or allocation, of scarce resources from less profitable to more profitable uses. What does “scarce” mean in its economic context? Not what you may think. To most of us, “scarce” means that we don’t have enough, enough money, enough clothing, enough shelter, enough leisure, and so on. Economists use “shortage” to characterize what the rest of us describe as scarcity. Economists view scarcity in terms of practical limitations. You might be a millionaire. However, even in that fortunate circumstance, there is only so much that your money will buy. Therefore, your money is a scarce resource.

Differing definitions of words like “scarcity” can make sound money management difficult. An economist will look at the ten-dollar bill in her wallet and consider the available options for the “reallocation” of her money from its inert condition in her wallet to a more productive use. The rest of us may look at the same ten-dollar bill and be glad to have it because, you see, money is scarce and we just don’t have enough of it. It doesn’t grow on trees, you know. This is what is known as “scarcity” thinking, or thinking “lack.” Have you ever noticed that when you think “lack,” then “lack” is what you get?

There is a better way. Remember that scarcity is nothing more than an idea describing practical limitations and that it applies to everyone. Are there more ten-dollar bills out there? Sure there are. However, the ten-dollar bill burning a hole in my wallet is the one that will buy me anything that ten dollars will buy. Where will I decide to “reallocate” this scarce resource into something more profitable?

I’ve been interested in the idea of thrift for some time. Let’s be clear about what thrift is not. It’s not cheap or stingy. If you read any of the work of Tom Stanley, for example, “The Millionaire Next Door,” you find that thrift is very pro-active. Where scarcity thinking focuses on fear, thrift is centered on prosperity. The root of “thrift” is found in the word “thrive,” to prosper or flourish, to be successful.

A noted theologian once counseled that we never give up what we really want for what we want now. Rather than wasting our time worrying about what we lack or don’t have, the real issue before us becomes one of mobilizing our resources, whatever they are and however defined they may be; and then to focus on those activities (resource allocation) that will take us where we really want to go. The Japanese have a word, “kaizen” or “continuous improvement,” which characterizes the process of incremental change that will eventually bring us the success we seek.

Yours in success,
Mark Holland

Posted in Uncategorized | Leave a comment

MyMoneyIQ August 2014 Newsletter

August 2014

YOUR CHOICE: PLAN NOW OR PAY LATER

Spending a little time and money NOW in planning your estate can yield substantial benefits…

You have the opportunity to arrange your estate in such a way as to minimize taxes and estate settlement costs, leaving more of your assets to your family.

You are able to accomplish your goals and objectives for the disposition of your assets.

Your family can continue to benefit from your knowledge and experience, even after you are gone.

The other choice is to let others — the courts, attorneys — do your estate planning after your death.

The end result of this choice is usually increased costs, delays and frustration for your family.

MESSAGES
from the Masters…
WHAT IS YOUR BASIC RESOURCE?
by Tom Hopkins

What is your most basic resource? It’s not money, not brains, not who you know. Your basic resource is time. Unless you use your time well, you’ll never even get a glimpse of what your potential is. Using your time well isn’t easy — which is why so few people do it. We all have challenges with organizing our lives, setting priorities, and planning our time.

Regardless of what you do in life, time is money. If I gave you a check for $86,400 and said, “From this moment you have 24 hours to invest it. You can invest in anything you want to with this money. Whatever you don’t invest, I get back tomorrow at this exact same moment.” What would you do during the next 24 hours? You’d be out there working hard and fast to invest that $86,400, wouldn’t you?

That being your attitude, why aren’t you busily investing as much as you can of the 86,400 seconds given to you every day? That’s right — at the beginning of every day we’re all given 86,400 seconds. As each second ticks by, we’ve lost the benefit of it forever unless we find a way to invest that moment in the future.

The seconds of your life — and that’s the way you live it, one second at a time — can be invested in countless ways that will bring you a future return. Many of these ways will give you repeated returns stretching over many years. You can invest your seconds in the creation of future income, in gaining new knowledge and acquiring useful skills, in making contacts, in enhancing your personal life. The methods of gaining future benefits from present time are myriad. And so are the ways of wasting time. The seconds you squander vanish forever with no potential return. If you don’t invest your daily treasure of 86,400 seconds wisely, in essence you hand them back at the end of each day to the force that gave them to you. So, invest your time wisely.

Brought to you by:

Mark Holland, JD
Cambridge Financial Center
1942 Berkeley Street
Salt Lake City, UT 84108-3202
801-557-7105
holland.mark@pmlmail.com

http://finsecurity.com/holland

About our firm:

Hello, my name is Mark Holland and I thank you for your interest in learning more about the world of money. I bring a simple method to money management that can best be explained by the Japanese word “kaizen,” meaning “change for the better”. My web site, www.markhollandinsurance.com, and my monthly newsletters are chock-full of financial tips to help you understand how money works, how to take charge of the solutions to your financial and life concerns, and how exciting, liberating and satisfying provident living can be, even in this difficult economic environment.

QUOTES
from the Masters…
On Life/ Living
“Life is no brief candle to me. It is a sort of splendid torch which I have got a hold of for the moment, and I want to make it burn as brightly as possible before handing it on to future generations.”

— George Bernard Shaw

“Life is what we make it. Always has been, always will be.”

— Grandma Moses

“Out of love and hatred, out of earnings and borrowings and leadings and losses; out of sickness and pain; out of wooing and worshipping; out of traveling and voting and watching and caring; out of disgrace and contempt, comes our tuition in the serene and beautiful laws.”

-– Ralph Waldo Emerson

On Influence/ Association
“Those with influence seem to have a way of making others feel better by being around them than by not being around them.”

-– Bob Burg

“One man practicing sportsmanship is far better than a hundred teaching it.”

— Knute Rockne

“There comes that mysterious meeting in life when someone acknowledges who we are and what we can be, igniting the circuits of our highest potential.”

— Rusty Berkus

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

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MyMoneyIQ June 2014 Newsletter

June 2014

AVOIDING PROBATE

Probate is simply the Latin word for prove, which means that the estate probate process is the process by which your will is brought before a court to prove that it is a valid will. The courts charged with this responsibility are generally known as probate courts, which may actually supervise the administration or settlement of your estate.

Supervision of the estate settlement process by the probate court can result in additional expense, unwanted publicity and delays of a year or more before heirs receive their inheritance. The publicity, delays and cost of probate motivate many people to explore ways in which to avoid or minimize the impact of probating a will, including:

State Statute If specific requirements are met, many states have made provision for certain estates to be administered without the supervision of the probate court, resulting in less cost and a speedier distribution to heirs.
Form of Property Ownership The joint tenancy form of holding title to property allows ownership to pass automatically to the surviving joint tenant, who is normally the surviving spouse.
Transfer on Death Many states have enacted Transfer on Death statutes that allow a person to name a successor owner at death on the property title certificate for certain types of property, including real estate, savings accounts and securities.
Life Insurance Unless payable to the estate, life insurance proceeds are rarely subject to the probate process.
Lifetime Giving Gifts given during life avoid the probate process, even if made shortly before death.
Trusts A “Totten” trust, which is a bank savings account held in trust for a named individual, can be used to pass estate assets at death outside of the probate process.

A revocable living trust, created during the estate owner’s lifetime, can be an effective way to avoid the expense and delay of probate, while retaining the estate owner’s control of his or her assets prior to death.

Proper planning may serve to minimize the impact of the probate process on your estate and heirs.

Any potential method of avoiding probate, however, should be evaluated in terms of its income and/or estate tax consequences, as well as its potential impact on the estate owner’s overall estate planning goals and objectives.

MESSAGES
from the Masters…
TOP THREE KEYS TO GREATNESS
by Jim Rohn

Several years ago I went into the studio and recorded a 56-minute video for teenagers called “Three Keys To Greatness.” Although my focus was for teenagers, the principles I shared certainly apply to adults as well.

Recently I was asked to list these three things using one to two sentences for each. Now for your benefit here they are again.

1) Setting Goals. I call it the view of the future. Most people, including kids, will pay the price if they can see the promise of the future. So we need to help our kids see a well-defined future, so they will be motivated to pay the price today to attain the rewards of tomorrow. Goals help them do this.

2) Personal Development. Simply making consistent investments in our self-education and knowledge banks pays major dividends throughout our lives. I suggest having a minimum amount of time set aside for reading books, listening to audiocassettes, attending seminars, keeping a journal and spending time with other successful people. Charlie Tremendous Jones says you will be in five years the sum total of the books you read and the people you are around.

3) Financial Planning. I call it the 70/30 plan. After receiving your paycheck or paying yourself, simply setting aside 10% for saving, 10% for investing and 10% for giving, and over time this will guarantee financial independence for a teenager.

If a young person, or for that matter an adult, focused on doing these three simple things over a long period of time I believe they will be assured success!

To Your Success,
Jim Rohn

Brought to you by:

Mark Holland, JD
Cambridge Financial Center
1942 Berkeley Street
Salt Lake City, UT 84108-3202
801-557-7105
holland.mark@pmlmail.com

http://finsecurity.com/holland

About our firm:

Hello, my name is Mark Holland and I thank you for your interest in learning more about the world of money. I bring a simple method to money management that can best be explained by the Japanese word “kaizen,” meaning “change for the better”. My web site, www.markhollandinsurance.com, and my monthly newsletters are chock-full of financial tips to help you understand how money works, how to take charge of the solutions to your financial and life concerns, and how exciting, liberating and satisfying provident living can be, even in this difficult economic environment.

QUOTES
from the Masters…
On Attitude
“What we see depends mainly on what we look for.”

— John Lubbock

“Age is a matter of feeling…not of years.”

— George William Curtis

“Watch your manner of speech if you wish to develop a peaceful state of mind. Start each day by affirming peaceful, contented and happy attitudes and your days will tend to be pleasant and successful.”

— Norman Vincent Peale

“You can do 99% of the things right but not posses a winning attitude, and you will fail.”

— Art Williams

On Change/ Choice
“I used to say, ‘I sure hope things will change.’ Then I learned that the only way things are going to change for me is when I change.”

— Jim Rohn

“To improve your life, be prepared to make new choices and decisions.”

-– Brian Tracy

“Are you a thermometer or a thermostat? A thermometer only reflects the temperature of its environment, adjusting to the situation. But a thermostat initiates action to change the temperature in its environment.”

-– Nido Qubein

“You must be on top of change or change will be on top of you.”

-– Mark Victor Hansen

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

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MyMoneyIQ February 2014 Newsletter

February 2014

AN INCOME ANNUITY SOLUTION

How Can an Income Annuity Protect Against the
Risk of Living Too Long?

The purpose of an annuity is to protect against the financial risk of living too long…the risk of outliving retirement income…by providing an income guaranteed* for life.

In fact, an annuity is the ONLY financial vehicle that can systematically liquidate a sum of money in such a way that income can be guaranteed* for as long as you live!

Here’s How an Income Annuity Works:

The annuitant pays a single premium to an insurance company.
Beginning immediately or shortly after the single premium is paid, the insurance company pays the annuitant an income guaranteed* to continue for as long as the annuitant is alive, assuming the annuitant selects a life income option. There are other payout options also available.
The insurance company pays survivor benefits, if any, to the annuitant’s designated beneficiary after the annuitant’s death.
* Guarantee is based on the continued claims-paying ability of the issuing insurance company.

Please contact my office if you’re interested in discussing possible income annuity solutions to the “risk of living too long.”

MESSAGES
from the Masters…
HEART
by Zig Ziglar

Some things cannot be measured, and the heart is one of them. I think of three former NFL football stars. Mike Singletary, according to the experts, was too short and his 40-yard speed was not that great. However, they could not measure his heart and they did not measure his speed for the first five to fifteen yards, and at that distance he was exceptionally fast.

As a result, when a running back broke through the line of scrimmage…Singletary was able to stop him in the first couple of yards. That made quite a difference.

Emmitt Smith’s 40-yard speed was not earth shattering…(but) again, the experts could not measure his heart nor the burst of speed he was able to generate the instant he touched the ball. As a result, he was able to break through the hole at the line and pick up five to eight yards on a consistent basis and frequently break for much longer runs.

Jerry Rice is the other classic example. His 40-yard speed also was not record-breaking, but his commitment to excellence (was) not measurable. Videotape of Jerry Rice shows him running stride for stride downfield with a defensive back until the pass is thrown to him. At that point, Jerry turns on the afterburners and frequently leaves the defensive back well behind.

There’s something here for all of us to learn. We can measure I.Q., speed, strength and a host of other things, but the will to win and the commitment to excellence will enable a person of average ability to excel. So, use what you’ve got, including your heart, and I’ll SEE YOU AT THE TOP!

Brought to you by:

Mark Holland, JD
Cambridge Financial Center
1942 Berkeley Street
Salt Lake City, UT 84108-3202
801-557-7105
holland.mark@pmlmail.com

http://finsecurity.com/holland

About our firm:

Hello, my name is Mark Holland and I thank you for your interest in learning more about the world of money. I bring a simple method to money management that can best be explained by the Japanese word “kaizen,” meaning “change for the better”. My web site, www.markhollandinsurance.com, and my monthly newsletters are chock-full of financial tips to help you understand how money works, how to take charge of the solutions to your financial and life concerns, and how exciting, liberating and satisfying provident living can be, even in this difficult economic environment.

QUOTES
from the Masters…
On Belief
“Live your beliefs and you can turn the world around.”

— Henry David Thoreau

“Whatever you believe with emotion becomes reality. You always act in a manner consistent with your innermost beliefs and convictions.”

— Brian Tracy

“Somehow I can’t believe that there are any heights that can’t be scaled by a man who knows the secrets of making dreams come true. This special secret – curiosity, confidence, courage, and constancy, and the greatest of all is confidence. When you believe in a thing, believe in it all the way, implicitly and unquestionably.”

— Walt Disney

On Parenting/ Family
“Spend unbroken chunks of time with the most important people in your life.”

— Brian Tracy

“There is no greater leadership challenge than parenting.”

— Jim Rohn

“One should guard against preaching to young people success in the customary form as the main aim in life. The most important motive for work in school and in life is pleasure in work, pleasure in its result, and the knowledge of the value of the result to the community.”

— Albert Einstein

The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

We don’t want to add to your e-mail clutter! If you do not enjoy my newsletter, just reply to this e-mail and ask to be removed or call my office.

Thanks!

Posted in Uncategorized | Leave a comment

MyMoneyIQ January 2014 Newsletter

Happy New Year to all.

Here are some thoughts for the New Year. As Thomas Jefferson reminds us, “. . . great sayings . . . contain the best parts of the best books.” Enjoy.

All the best for 2014.
Mark Holland

Some Things to Think About This Year – 2014

Each part of the day has its own special charm . . . the quiet calm of early morning, the beautiful light and lengthening shadows of late afternoon, the restorative peace of evening. Tune in to the miracle of each hour. – Unknown

Learn to be silent. Let your quiet mind listen and absorb. – Pythagoras

You cannot look at a sleeping cat and feel tense. – Jane Pauley

Don’t cry because it’s over. Smile because it happened. – Dr. Seuss

Love yourself first and everything else falls into line. You really have to love yourself to get anything done in this world. – Lucille Ball

Earth laughs in flowers. – Ralph Waldo Emerson

I try to take one day at a time, but sometimes several days attack me at once. – Ashleigh Brilliant

To greatly oversimplify it . . . moments matter. So be a little more conscious of the way you’re speaking to the people you care about and the strangers you interact with. Those moments shape your life. – Tom Rath

Gratitude is the inward feeling of kindness received. Thankfulness is the natural impulse to express that feeling. – Henry van Dyke

It’s never too late—in fiction or in life—to revise. – Nancy Thayer

Just the knowledge that a good book is waiting at the end of a long day makes that day happier. – Kathleen Norris

I have always felt that the moment when you first wake up in the morning is the most wonderful of the twenty-four hours. No matter how weary or dreary you may feel, you possess the certainty . . . absolutely anything may happen. – Monica Baldwin

There is nothing like staying at home for real comfort. – Jane Austen

Mankind would lose half its wisdom built up over centuries if it lost its great sayings. They contain the best parts of the best books. – Thomas Jefferson

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What are You Willing to Settle For? MyMoneyIQ August 2013 Newsletter

How Many People Are Financially Independent During Retirement?

Most people want to be financially independent during their retirement years. Government statistics, however, tell a different story.

According to the Social Security Administration, of people age 65 and older:

39.6% have incomes under $20,000
28.2% have incomes from $20,000 to $40,000
18.9% have incomes from $40,000 to $75,000
Only 13.3% have incomes in excess of $75,000
Source: Social Social Administration, Office of Policy, Income of the Population 55 or Older, 2010, released March 2012
Which group will you be in?

The secret to financial independence at retirement is to commit to a plan today, while you’re working and earning an income, a portion of which can be saved for your future financial security!

MESSAGES
from the Masters…
AN ACCUMULATION OF RICHES
by Brian Tracy

LITTLE THINGS MEAN A LOT

One of the greatest success principles of all is called the Law of Accumulation. This law says that everything great and worthwhile in human life is an accumulation of hundreds and sometimes thousands of tiny efforts and sacrifices that nobody ever sees or appreciates. It says that everything accumulates over time. That you have to put in many, many, many tiny efforts that nobody sees or appreciates before you achieve anything worthwhile. It’s like a snowball. A snowball starts very small, but it grows as it adds millions and millions of tiny snowflakes and continues to grow as it gathers momentum.

LEARN WHAT YOU NEED TO LEARN

There are three areas where the law of accumulation is important. The first is in the area of knowledge. Your body of knowledge is a result of hundreds, perhaps thousands, of small pieces of information.

Any person with a large knowledge base has spent thousands of hours building that knowledge base one piece at a time. And what you see when you meet the individual is an expert in his or her field, with that high level of knowledge that makes him very valuable in the marketplace.

SAVE YOUR MONEY

The second area where the Law of accumulation works is with regard to money. Every large fortune is an accumulation of hundreds and thousands of small amounts of money, and the place to start is to take any amount of money that you can right now and begin to save it. When you begin to save money, it sets up a force field of energy and it triggers the law of attraction. As a result you begin to attract to you even more bits of money to add to your savings.

ATTRACT RICHES INTO YOUR LIFE

And I’ve spoken to many, many successful people and they’ve told me the same story. That as soon as you start to put savings aside, it starts to attract into your life and into your work all the money that you need to achieve your goals. The reason why most people retire poor is they never put the initial savings aside to start with.

GET THE EXPERIENCE YOU NEED

The third area where the law of accumulation applies is in the area of experience. You’ll find that successful people in any field are those who have far more experience in that field than the average. And there is nothing that replaces experience. Whether it’s in business or entrepreneurship or management or parenting or selling or anything else. Many people do not take the risks that are necessary to move out of their comfort zone because they’re afraid it won’t work out.

EVERYTHING COUNTS

But the fact is that until you move out of the comfort zone and get the experience from making the mistakes, it’s not possible for you to grow and become capable of earning the kind of money that you desire. Now here’s the key to the law of accumulation. It says that everything counts. Everything that you do counts. The biggest mistake that people make is they think that only what they want to count, counts. That when you read a book, when you listen to an audio program, when you go to a course, when you go to bed early and you get up early and you work, it all counts. And it’s all going on the plus side of your ledger.

USE YOUR TIME WELL

But when you watch television, waste time, hang out, fool around and so on, all of that counts, as well, and it’s going on the negative side. A person who has a great life, by the law of accumulation, is a person who’s accumulated far more credits on the credit side than debits on the debit side. And here’s an important point. If what you are doing is not moving you towards your goals, then it’s moving you away from your goals. Nothing is neutral. Everything that you’re doing is either moving you toward the things that you want to accomplish in life, the person you want to be, the wealth you want to accumulate, or it’s moving you away. Everything counts. The law of accumulation says that everything counts.

ACTION EXERCISES

First, begin today to build your knowledge base in the subject that can be most helpful to you in achieving financial independence. Whether it takes a week, a month or a year to become thoroughly knowledgeable, it doesn’t matter. Just get started today. Second, get as much experience as you can in your chosen field. Start a little earlier, work a little harder and stay a little later. Take risks and try every different way you can think of to achieve your goal. This experience is invaluable and it accumulates over time.

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The purpose of this newsletter is to provide information of general interest to our clients, potential clients and other professionals. The information provided is general in nature and should not be considered complete information on any product or concept described.

For more complete information, please contact my office at the phone number above.

Published by The Virtual Assistant; © 2012 VSA, LP

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