| Before you become engaged, decide together to | | | | family - and the nation! |
| become financially free. These are the easiest | | | | Another choice would be to keep the interest |
| ways to become a multimillionaire! There is power | | | | invested and compounding and in 14 short years |
| when money makes money! Compounding is | | | | (20 years total), your investment from six year's |
| earning interest on the principal and the | | | | salary would be worth $1.8 million. Now that's |
| accumulating interest. | | | | exciting! |
| Reduce the Cost of Your Wedding | | | | 401(k) Investment Program |
| Forty-five billion dollars was spent on weddings in | | | | The value of a 401(k) investment program is so |
| 2004. In the United States, the average cost of a | | | | awesome, that when you and your spouse |
| wedding on the east and west coasts is $38,000; | | | | graduate from college, I urge you to consider the |
| the national average is $26,000. The bridal gown | | | | following: |
| and reception generally are the most expensive | | | | * Select the best job which has the best 401(k) |
| items. | | | | plan and contribute 100% to your plan. |
| After receiving my masters, my first job was | | | | Remember, 80% of all companies offer a 401(k) |
| the director of a college food service. During | | | | plan and 50% of those will contribute to your |
| those four years, my associates and I became | | | | plan-free money for you. |
| well-known for the gorgeous wedding receptions | | | | * Live as close to your job as possible in order to |
| we would create. From all my experience, you | | | | reduce your commute time, automobile expenses, |
| can have an eloquent wedding for thousands less | | | | and the wear and tear on yourself. Choose to be |
| than the national average. | | | | rested and to spend lots of quality time together, |
| If you and your fiancé have the goal to be | | | | rather than in commuter traffic. |
| financially free, spend less and still have an | | | | Let me blow your mind! You can have $1,889,888 |
| awesome wedding. Be creative! Purchase the | | | | in 20 years with a yearly cost of only $5,700. |
| book A Simply Beautiful Wedding by Eileen Silva | | | | "How's that possible?" |
| Kindig. It shows how to have a magnificent | | | | First, assume you fully contribute to a 401(k) for |
| wedding for much less so that you will have a | | | | 20 years. Remember, you are not out-of-pocket |
| sizeable nest egg to start or continue with your | | | | the full $15,000. Your employer contributes $5,000 |
| investment program. If you save $15,000 on your | | | | per year. And, if you are in the 43% federal and |
| wedding and invest it, in just 30 years you would | | | | state income tax bracket, the government |
| have almost $1 million! Leave it alone and in 10 | | | | reduces your taxes by $4,300 a year. So, instead |
| more years you would have over $4 million! | | | | of $15,000, you are only out of pocket $5,700 |
| Reduce Your Taxes - Legally | | | | per year. |
| Another major way to become a millionaire is to | | | | Just think, as a payroll deduction each paycheck, |
| reduce your income tax and invest the tax | | | | in 20 years you will have invested out-of-pocket |
| savings yourself. The average household spends | | | | only $114,000 ($5,700 per year) while the |
| $18,750 in taxes per year. Reduce them in half | | | | investment increased to $1,889,888 ($15,000 |
| and invest the $9,375. Chapter 16 in 80 Proven | | | | invested per year). |
| Ways to Become a Millionaire is devoted to this | | | | And when you are married, each of you can |
| topic in detail. In addition, the Appendix has 2000 | | | | contribute $15,000 per year to a 401(k) so you |
| Ways to Lower Income Taxes. | | | | can double the investment returns shown. |
| First invest in your 401(k) and other pension plans. | | | | Free Money - Invest Semimonthly Versus |
| Then start a home business, even if it's part-time, | | | | Annually |
| as it will allow you to take advantage of many | | | | Another gigantic aspect of the miracle of |
| tax savings. | | | | compound interest is the free money you can |
| For 25 years, I owned several farms in Vermont | | | | make if you invest semimonthly or monthly |
| while I lived and worked in California. Those farms | | | | instead of yearly. |
| gave me excellent income-tax deductions, making | | | | For example - invest your payroll deduction ($625 |
| it possible to legally reduce my income taxes. | | | | semimonthly)/20 years and you will have |
| Instead of paying unnecessary income tax, I | | | | $1,889,888. Invest $15,000 once per year/20 |
| invested that money. Yes, and I still paid my fair | | | | years and you will have $1,767,152. The |
| share of taxes. Did you know there are 72 | | | | difference is added investment income - $122,736. |
| different taxes in a loaf of bread? | | | | Look at what consistent investing means to your |
| Eliminate Paying Interest | | | | wealth creation and financial freedom. Take |
| When you pay interest on loans and credit cards | | | | $122,736 and divide by 20 (number of years). |
| others become millionaires instead of yourself. The | | | | This gives you $6,136 extra, free money per |
| only interest you should ever pay for is for | | | | year invested! |
| investments-period! It is tax deductible and will | | | | This is the power of money making money! |
| save you money, so you will have more to | | | | Compounding is earning interest on the principal |
| invest. For everything else, pay cash. See how | | | | and the accumulating interest. |
| simple it is to become debt-free in Chapter 8. | | | | Remember that Wealth is a Matter of Choice - |
| Before my dear, beautiful girlfriend and I were | | | | Yours Alone. Choose today to become a |
| married, we agreed to pay interest only on | | | | millionaire, to focus on your wealth creation, to |
| money for investments. Now decades later, no | | | | create a life you love for you and your loved |
| interest was ever paid. You can choose to do the | | | | ones. |
| same whether married or not. | | | | NOTE: This article is designed to inspire you into |
| The average household spends (actually wastes) | | | | action and to provide accurate and authoritative |
| $10,875 interest per year on 14.2 credit cards and | | | | information in regard to the subject matter |
| loans. Keep this money and invest it for yourself. | | | | covered. Factual material has been obtained from |
| In 20 years the total invested is only $217,500 | | | | sources believed to be reliable, and is not |
| and you will have over $1 million. Continue for | | | | guaranteed. All examples are for illustrative |
| another 10 years and you will have over $5 million | | | | purposes only and are not to be construed as |
| with only $326,250 invested. WOW, the power of | | | | recommendations, advice, or tax counsel. The |
| compounding interest! | | | | author is not engaged in rendering legal, |
| Invest Second Salary | | | | accounting, or other professional service. If legal |
| I strongly recommend waiting six years before | | | | or other expert assistance is required, the author |
| having children. (Chapter 3 of 80 Proven Ways to | | | | strongly recommends that the reader should |
| Become a Millionaire covers this in great detail.) By | | | | contact his own professional advisors. |
| doing so, both husband and wife can work | | | | Past performance should not be taken as being |
| full-time. Choose to live on one salary and invest | | | | representative of future results. Anything |
| the entire other salary. In six years you will have | | | | tax-related should be discussed with your |
| $261,737 and a couple of choices. | | | | accountant before it is used for tax purposes. All |
| You could choose to have a perpetual income of | | | | information provided in this article is for |
| $39,261 created from the interest and dividends | | | | informational purposes only. |
| so you can stay home and raise your own | | | | (Reprinted with permission from 80 Proven Ways |
| children. What a blessing that would be for your | | | | to Become A Millionaire by Paul S. |