How To Own Your Paycheck Again

What's your plan Stan? (or your name) Tell us and win $100

2009-12-30T09:01:00.005-05:00

This is an idea I've seen a couple places that I thought would be fun for my sharp group.

The gift-giving holidays are all but over for 2009.

The bills will start arriving soon.

What is your plan for dealing with them? Has this year brought up any good ideas for next year?

Tell us your plan and you'll be automatically entered to win $100.

You can enter this contest until 12 noon on Sunday, January 18th.

I will choose the top 10 finalists and then let you, my readers decide the winner.

So, tell us YOUR plan for dealing with your holiday bills!

Good luck!

UPDATE: The CONTEST IS NOW CLOSED. A WINNER WILL BE ANNOUNCED ON FEBRUARY 2, 2010.

Tell us your secrets!

2009-12-10T11:10:00.005-05:00

Yesterday my friend Ron told

me about a book called

"Predictably Irrational" by

Dan Ariely.

I haven't read the book yet but

there is a website/blog with the same

name and I spent a lot of time there

yesterday and it's really quite

fascinating.

There is a post on that website

called "Sex, Shaving and Bad Underwear.

It's about self-control and what he calls

"pre-commitments".

From the post:

"pre-commitments, or the preemptive
actions we can take to keep ourselves
in check. Worried you’ll spend too
much money at the bar? No problem,
bring just the cash you’re willing to part
with. Afraid you’ll skip out on your next
gym visit? All right, then make plans to
meet a friend there. And so on.

Pre-commitments can take many a form,
and some get pretty creative."

I do stuff like this all the time. One that

comes to mind is peanuts.

I LOVE them and once I start eating

them I eat too many. So now I

only grab a handful when I'm heading

out the door. Problem solved...unless

I keep a stash in the car!

Also, I've stopped my 10PM snack. I

wasn't really hungry at 10PM but my

sweet tooth was aching.

I've stopped this habit by brushing and

flossing my teeth around 930. Who wants

to do all that again twice in one night?

(anyone else have childhood "taste" memories

of having to drink your orange juice

AFTER brushing your teeth? YUCK!)

The mouthwash and toothpaste seem to

be enough to satisfy my sweet tooth even

though I'm not swallowing them.

This made me wonder what "pre-commitments"

or premptive actions you might have.

So please reply to this article by clicking COMMENTS
below and let us know what YOU do.

They can be about food, exercise, spending

or any other topic.

I look forward to reading them.

Thanks!

Leo

What is the best thing you did in 2009?

2009-12-08T09:27:00.007-05:00

Around this time for the last three years

I've asked my readers to tell me the

best thing they did that year.

Think back on the past year and let me know the best

thing you did.

It can be in any area of your life...finances, health,

relationships, sports, stamp collecting...whatever!

I got a bunch of replies which you can read at:
http://www.LeoQuinn.com/2009Best.html

Leave a comment at the bottom of this post
with your contribution.

One of my favorite accomplishments was finally

organizing my basement. It had been on my to

do list for years and I finally got to it.

I tossed pounds and pounds of stuff. It was actually

fun once I got into it. This was all back in January

and I'm tempted to go back through all the stuff

this January and pare down again.

Getting organized is probably in the top three of

new year resolutions including getting out of debt

and losing weight.

My friend Maria Gracia can help you get organized.

There's more paper than ever... bank statements,
insurance paperwork, schedules, school-related reports,
medical records, warranties-- and of course all the fun
paper too, like memorabilia, articles, hobby-related
stuff and more.

This is not to mention all the email
messages and computer documents that get printed and
copied each day--even more paper!

These papers start small, quickly turn into piles, and
then grow into mountains. Sometimes, these mountains of
paper get so high, that the thought of tackling them is
just too overwhelming-- especially when you don't have a
good filing system in place or much time to put one
together.

If you're sick and tired of the piles of paper taking
over your home and your life and you just don't know
where to start, I have a solution for you. The good news
is, this solution won't take hardly any time at all, and
the result will be stunning--a filing system that will
allow you to dismantle those mountains and find whatever
you're looking for in seconds.

Visit:

Maria's Site

She guarantees you'll be able to get all your paper
organized, in an efficient, easy-as-pie to set up filing
system that will be the envy of all your friends.

Check it out...

Maria's Site

Need some worthy causes to support in this season

of giving?

www.Kiva.org

www.DonorsChoose.com

That's all for today. Don't forget to let me know

the best you you did in 2009.

Make it a great day!

Thank you for reading.

Leo

What have you learned?

2009-08-17T15:49:00.003-04:00

"What has this economic situation taught you?"

This was an interesting question I saw posed somewhere and I thought it would be great to put it out to you, my readers and see what you've learned. It might be something the rest of us have missed.

What changes have you made to your lifestyle, habits etc. Do you think they will be permanent?

What changes did you make previously that made dealing with the situation easier OR harder? And if you must say investing in "How To Own Your Paycheck Again!" made things easier that's OK but that's not what I'm fishing for. :>)

Anything you think would be helpful to others would be appreciated. Click on COMMENTS below and let's hear your (anonymous) story.

Thanks!

Leo

Good advice from readers on INSURANCE

2009-06-01T22:19:00.003-04:00

In my newsletter last week I related the story of some friends who had a house fire recently.

I used the opportunity to encourage my readers to check their insurance coverages. You can see the issue at:

http://www.aweber.com/b/1tqIh

Two readers were nice enough to pass on some more important advice...

I just read your newsletter and the mention of checking your insurance. Thank you for sharing this with your subscribers. 90+% of the American public does not understand their insurance - any way that we can help educate them is a plus. You mentioned you had raised your auto insurance Bodily Injury Liability/Property Damage (known as BI/PD) from 25/50/25 to 100/300/100, and your premium only went up $35.

You might also check with your insurance co. to see what 250/500/100 costs...probably only a couple dollars more. These coverages help protect your assets, against catastrophic losses, if you are at fault in an accident and injure other people or their property.

Here is another thing that you may want to share with your subscribers. There is another coverage that most people overlook or carry lower limits than they have on their BI/PD- that is Uninsured Motorist/Underinsured MotoristCoverage (commonly referred to as UM/UIM).

Many companies set this coverage at the state mimimuns, the lowest available limits allowed by the State Dept. of Insurance, because people don't understand this coverage. Whereas BI/PD applies to other people's injuries or property, UM/UIM covers you.

If you are hit by an uninsured or underinsured driver, UM/UIM covers your injuries, medical expenses, rehabilitation, lost wages....up to your UM/UIM limits. So these should always be at the same limits as your BI/PD....it doesn't make sense to carry more insurance to protect others and less to protect yourself.

Some states have as high as 28% of drivers driving uninsured, and that is expected to increase, due to the current state of the economy, unemployments, etc. In most states, government vehicles do not carry liability insurance. Increasing this coverage usually costs much less than the $35 you paid to raise your BI/PD.

This is a rather simplistic explanation, but I tried to keep it simple to help others to understand. I work in the Auto Insurance industry - for a company in the Top 3 Auto Insurance companies, and we have a fiduciary responsibility to our customers and policyholders to educate them and protect them to the best of our ability.

Sincerely,
Sheri
Scottsdale, AZ.

****

And from a fellow NYer talking about the Uninsured Motorist issue with a personal perspective....

Good lesson regarding the insurance. Another reason folks may be
interested to look into this is because of the "underinsurance" factor.
Many do not realize that if you're injured in an accident, NYS law dictates
that you are only entitled to however much the other party is insured
for... which may be very little...

Case in point - my husband and I were in a motorcycle accident in June
2000. I was permanently injured. The person who hit us was insured for
only $100,000 (thankfully more than the $25K NYS minimum).

Thankfully, because it was clearly his fault, my lawyer was able to easily get the
maximum. But... because of that little-known law, that's all I could sue
for. After my lawyer took his cut (1/3), I was left with $69,000 to try
and cover 7 months out of work, then back to work part-time for 3 months
before I could return to my full-time status.

Plus... a lifetime of medical bills because my hip was shattered and my back was broken in three
places (among other fractures, but these are the ones that still haunt me).
I see a specialist three times a year to check my hip - because it will
need to be replaced at some point - and the $69k is LONG gone.

OK, so this isn't a pity party. All this to say - Had I known before what
I know now, we would have had that extra coverage and underinsurance and
then our insurance would have picked up the difference between the other
guy's $100k and whatever amount we chose (which, by the way, is $300k now -
same as yours)... and things would have been that much easier for a bit
longer with that extra cash.

So that minimal increase to your insurance
premium is WELL worth it if you were to (God forbid) be injured and need to
rely on your own insurance to pick up some of the tab for your medical
care.

Just a thought... and a story to share if you so choose.

Cheers,
Marsha.

***

Thank you Sheri and Marsha.

Focus on the positives AND the negatives

2009-04-13T13:44:00.008-04:00

Getting out of debt is SIMPLE.

Losing weight is SIMPLE.

Quitting smoking is SIMPLE.

All this stuff IS simple but certainly not always
easy.

Losing weight is math. Burn more calories than
you take in and you'll lose weight. Simple.

Getting out of debt is math. Don't take on
new debt that you can't pay off within the
month and put as much as you can on the
old debt. Simple.

You get the idea.

Where we all fall down is on our focus.

We forget our "powerful whys" as my
friend Donna Krech likes to call them.

Why do you want to get out of debt?

Why do you want to lose weight?

Why do you want to quit smoking?

We all know our "whys" when we start
down a road of change but at some
point those "whys" fly out the window
and we forget them.

So for every goal you have trouble with
I'd like to suggest formulating two
lists.

One list for WHY you want to accomplish
something and one list for what the
consequences are for not accomplishing
your goal.

Sometimes the WHYS are not nearly as
motivating as the CONSEQUENCES.

Trouble is we forget about both when we
don't focus on them.

So once you have your lists, put them
where they'll do the most good...meaning
where you'll see them most often.

Review your lists 3x daily, morning, noon
and night.

If weight is the issue, review your list before
each meal.

If it's money related, review your list before
you spend money.

Your list doesn't have to be on paper.

If you have one of the new fangled phones with
all sorts of bells and whistles you probably
have some notepad function. Or if you check
your email using your phone, email your lists
to yourself and read them there.

Program your phone to remind you three
times a day to review your lists. Ding ding.

Record your lists and get the recording on your
ipod or MP3 player. LISTEN to yourself
three times a day or...

If you are trying to stop smoking, for instance,
do you think you'd stay motivated if three
times a day you heard a recording of your
daughter's voice saying "daddy, please
quit smoking so you can walk me down the aisle
when I get married some day" or

"mommy, please lose weight so you can play with me
at the beach next Summer"

or

"mommy, I don't want to have to pay for your
nursing home in 40 years so could you make
good money decisions today?"

Just checking to see if you are paying attention. :>)

Checking out your lists three times a day
and when you find your resolve weakening,
doesn't have to take a long time.

A quick glance to refocus will usually be enough
and in the long run you'll be very happy you
took the time.

The Mind Game of Money

2009-04-05T20:45:00.000-04:00

Money really is a mind game.

A University of Maryland study examined the “denomination effect”.

The study found that if you carry around big bills ($50s and $100s) you’ll spend them slower than smaller bills.

Would you break a $50 or $100 to buy a pack of gum or a cup of coffee? Even if you would, my guess is you’d think about it just a bit longer than if you had to break a $5 or $10. It might even “hurt” you to break a big bill.

And here is the most interesting part of the study: People who break big bills ultimately end up spending that money faster than people who started out spending smaller bills.

Setpoint.

Merriam-Webster defines setpoint as: “the level or point at which a variable physiological state (as body temperature or weight) tends to stabilize.”

I would argue that there is a big psychological aspect to “setpoint” as well.

That 5’5” guy who has been 250lbs for many years will probably find a lot of success when he first gets serious about diet and exercise.

At some point though, his brain will point out to him that he USED to be 250lbs. “That one extra box of donuts won’t matter….it’ll be a nice reward for losing so much weight”

And before he knows it, his weight is creeping back up to where he was “comfortable”.

The same can be said for money and debt.

According to a Sports Illustrated story , 78% of former NFL players are bankrupt or under financial stress within two years of retirement, and 60 percent of former NBA players are broke within five years of retirement.

Many lottery winners are in a similar position just a few years after their big win.

Why?

Books have been written on the subject but part of the answer comes down to their psychological “setpoint” about money.

Years and years of carrying the same credit card debt can make someone very comfortable with a certain amount.

It’s the most common thing I hear from students. “I invested in “How To Own Your Paycheck Again!” and I was doing so well…”

You’ve chipped away at your debt and 40% is now gone. You’re justifiably proud of yourself. That big screen TV would only add 10% to your debt and your deserve a reward.

Since that 10% would keep you under your original debt “setpoint” you go for it. And before you know it, your debt has crept up back to your comfort level.

So how can you develop a new setpoint?

Prepare for challenges.

You’ve lived with yourself for awhile now. Where do you usually stumble?

Take a small percentage of the amount you were putting toward paying off your debt and start a couple savings accounts. One for long-term saving and one for that “reward” you so justifiably deserve….whatever that may be.

Think about the long-term repercussions of NOT lowering your debt setpoint. You can see them all around you these days. Debt-free people are weathering these financial times much better than the deeply in debt.

How do you get your spouse to work with you on the family finances?

2009-03-04T10:58:00.001-05:00

Last week I received an interesting question

from a reader ...

"So Leo, tell me this, in all your experience,

how do you get your husband on board when

he thinks it's a joke? I've printed the book ....

pleaded with him to at least give it a shot.

Obviously his idea of managing money has

gotten us into big time trouble and now he

won't work on it to fix it. Any hints would be

greatly appreciated. It was May 2008 when

I first asked him to participate."

I figured some of my terrific readers can

provide a much better answer than I could.

And boy was I right!

I've posted the responses I received in the
comment area below.

Feel free to add your own suggestions.

Thanks!

Leo

Credit Debt Loans

2009-01-23T12:26:00.008-05:00

In these "interesting" economic times many people are out beating the bushes for credit debt loans.

Unfortunately these are not "good" credit debt loans but bad credit debt loans. That is, they are looking for loans to pay off credit cards. Specifically they are probably looking for bad credit debt consolidation loans.

(Note: the term "bad debt" in this article does not refer to the credit rating of the individual but rather the type of debt. Bad debt is debt you pay for, credit cards for example "good debt" is debt someone else is paying for like your tenants or customers.)

Consolidation loans have their place but many people get them for the wrong reason or use them incorrectly or don't do enough research.

A consolidation loan, quite simply consolidates a group of debts into one.

In the case of consolidating a group of credit cards into one loan, care must be
taken.

Will there be a fee for the new loan?
Is the new interest rate locked in?
Will you be tempted to run up new balances on the now "empty" cards?

This last point is most important. Long term, a bad credit debt consolidation loan will be of little value to you if you just run up the credit cards again.

If you close the credit cards you'll be hurting your credit score but if that is your only option because you can't be trusted to not use the cards (or pay them off in full) I say close the accounts.

A lower credit score is always better than more debt. ALWAYS!

If the credit debt loan you are considering involves a home and the equity
in that home, great care is required.

I'm not a big fan of rolling unsecured debt (credit card debt) into your home.

Particularly in these economic times I think it good to have both secured and unsecured debt.

If you roll your credit cards into your house and then hit a blip that makes it so you can't pay the mortgage you have a big problem.

If you hit that blip and can only make the house payment and have to let the credit cards slip, you get to keep the house.

Yes your credit will be hurt but you have a place to live while solving the problem.

Better to call your CC company and ask for a lower rate. Mention you've gotten some offers from other companies and you are thinking about switching.

Consolidate your credit cards into a home equity loan only as a last resort.

If you've really hit a hard spot with your finances, find some nearby help from www.nfcc.org

They are the National Foundation for Credit Counseling.

The specific page on that site is:

http://www.debtadvice.org/takethefirststep/locator.cfm

Don't deal with any organization that claims they can help you pay your debts unless they get a link from that website.

So if you are looking for a bad credit debt loan (meaning debt owed to credit cards) follow this advice and you should be OK.

Are YOU a Garbage Truck?

2008-11-13T10:22:00.002-05:00

Original Story by David J Pollay-

How often do you let other people’s nonsense change your mood? Do you let a bad driver, rude waiter, curt boss, or an insensitive employee ruin your day? Unless you’re the Terminator, you’re probably set back on your heels. However, the mark of your success is how quickly you can refocus on what’s important in your life.

Sixteen years ago I learned this lesson. And I learned it in the back of a New York City taxi cab. Here’s what happened.

I hopped in a taxi, and we took off for Grand Central Station. We were driving in the right lane when all of a sudden, a black car jumped out of a parking space right in front of us. My taxi driver slammed on his brakes, the car skidded, the tires squealed, and at the very last moment our car stopped just one inch from the other car’s back-end.

I couldn’t believe it. But then I couldn’t believe what happened next. The driver of the other car, the guy who almost caused a big accident, whipped his head around and he started yelling bad words at us. How do I know? Ask any New Yorker, some words in New York come with a special face. And he even threw in a one finger salute! I couldn’t believe it!

But then here’s what really blew me away. My taxi driver just smiled and waved at the guy. And I mean, he was friendly. So, I said, “Why did you just do that!? This guy could have killed us!” And this is when my taxi driver told me what I now call, “The Law of the Garbage Truck™.” He said:

Many people are like garbage trucks. They run around full of garbage, full of frustration, full of anger, and full of disappointment. As their garbage piles up, they look for a place to dump it. And if you let them, they’ll dump it on you.

So when someone wants to dump on you, don’t take it personally. Just smile, wave, wish them well, and move on. Believe me. You’ll be happier.

So I started thinking, how often do I let Garbage Trucks run right over me? And how often do I take their garbage and spread it to other people at work, at home, or on the street? It was then that I said, “I don’t want their garbage and I’m not going to spread it anymore.”

I began to see Garbage Trucks. Like in the movie “The Sixth Sense,” the little boy said, “I see Dead People.” Well now “I see Garbage Trucks.” I see the load they’re carrying. I see them coming to dump it. And like my taxi driver, I don’t take it personally; I just smile, wave, wish them well, and I move on.

One of my favorite football players of all time was Walter Payton. Every day on the football field, after being tackled, he would jump up as quickly as he hit the ground. He never dwelled on a hit. Payton was ready to make the next play his best. Over the years the best players from around the world in every sport have played this way: Tiger Woods, Nadia Comaneci, Muhammad Ali, Bjorn Borg, Chris Evert, Michael Jordan, Jackie Robinson, and Pele are just some of those players. And the most inspiring leaders have lived this way: Nelson Mandela, Mother Theresa, Ghandi, and Martin Luther King.

See, Roy Baumeister, a psychology researcher from the University of Florida, found in his extensive research that you remember bad things more often than good things in your life. You store the bad memories more easily, and you recall them more frequently.

So the odds are against you when a Garbage Truck comes your way. But when you follow The Law of the Garbage Truck™, you take back control of your life. You make room for the good by letting go of the bad.

The best leaders know that they have to be ready for their next meeting. The best sales people know that they have to be ready for their next client. And the best parents know that they have to be ready to welcome their children home from school with hugs and kisses, no matter how many garbage trucks they might have faced that day. All of us know that we have to be fully present, and at our best for the people we care about.

The bottom line is that successful people do not let Garbage Trucks take over their life.

What about you? What would happen in your life, starting today, if you let more garbage trucks pass you by?

Here’s my bet: You’ll be happier.

David J. Pollay is a syndicated columnist with North Star Writers Group, creator and host of “The Happiness Answer™” television program, an internationally sought after speaker and seminar leader, and the author of “Beware of Garbage Trucks!™ - The Law of the Garbage Truck™.” Mr. Pollay is the founder and president of TheMomentumProject.com, a strengths-based training and consulting organization with offices in Delray Beach, Florida and Washington, D.C. Mr. Pollay is also the associate executive director of the International Positive Psychology Association (IPPA). Email him at david@themomentumproject.com.

How easy are you to stop?

2008-09-20T14:00:00.004-04:00

A couple years ago now I received an email from a reader asking if I knew any ways for her to make some extra money.

She had been making some extra money selling stuff on ebay UNTIL her camera broke.

She couldn't afford to replace it so she stopped "doing" ebay. She was stopped.

Recently I got an email from a reader who'd like to buy "How To Own Your Paycheck Again!" but only has Web TV which can't handle PDFs....which is the format the ebook comes
in. She's stopped.

Excuses like this perplex me.

How many people do you know who have a digital camera? ALL OF THEM? 95%?

Of those people, how many would A) let you borrow it for a day or two or three OR B) would gladly come over and take pictures for you of all the stuff you wanted to put on eBay? My guess is at least 1....which is all you need!

Most drug stores in America and probably every WalMart will take your film and give you the pictures on a CD! Buy a $10 disposable camera...take pictures of your stuff and get the pics on CD! Put on ebay and repeat.

These are simple answers...I'm no rocket surgeon, as you know.

WebTV? OK...I'm going to copy and paste now...

How many people do you know who have a computer and printer? ALL OF THEM? 95%?

Of those people, how many would let you use it to print up something you wanted to read?...I'd bring my own paper. My guess is at least 1....which is all you need!

No friends?...then head over to the public library.

Is this hard?

I can understand sickness, disability and legitimate excuses but if you REALLY
want something put on your thinking cap.

I suspect if WebTV gal was sent pictures of her new grandchildren via PDF
she'd find a way to get a look at those pictures fast! Am I right?

I don't intend this post to offend anyone. It probably reads harsher than
is my intent.

I have a place in the Quitter's Hall of Fame. But these are just two examples that
spring to mind as SO SIMPLE (and inexpensive) to get past...around or over.

What molehills are stopping you now?

Ask 10 friends for their advice. Odds are one of them is at least as
smart as me. :>P

You've lived with you for a long time. You know how you are. Design
things to improve your chances for success.

I'll give you an example from my own life, which makes me look brilliant
but I assure you I could bury you in the stupid stuff.

Last year around November I purchased one of those DVD exercise
programs from an infommercial. It was a 90 day program.

I KNEW I wouldn't stick with it as I was placing the order. I KNEW IT!

So I asked myself "what would have to happen for me to finish this
90 day program?"

Doing it with a friend? Nope. Friends?...what friends?

The only thing I could come up with is "someone knocking on
my door every morning." THAT would make me
finish the 90 days. Nothing else.

So I placed an ad on Craig's list looking for a personal trainer
to come to my place 6 days per week for 90 days.

Found one in less than 2 days I think and from Jan 2 to March
30th Tricia was my babysitter. After the first week I knew
how to do all the moves correctly.

Half of her job was done. The other half was to make sure
I actually got up every morning at 7AM and I did.

Surprisingly, I was awake and moving every day
she arrived. I figured I would have overslept at least
once but I didn't...she's scary! :>)

So now the folks who would love to have a personal
trainer come to their house 6 days a week are
whining and moaning because they couldn't
afford it.

Here I go again with the copy and paste...

How many people do you know who would love to work with a personal trainer to get in better shape in a comfy home rather than a public gym? ALL OF THEM? 95%?

Of those people, how many would be glad to split cost of one with you? My guess is at least 1....which is all you need!

One week at your house, one week at their house...whatever works. Make it work!

So enough diatribe. Again, I don't mean this to sound harsh but I hope it's a kick in the pants to someone who needs it.

It's almost three on a beautiful Sunday afternoon and I'm going to go play with the nieces and nephew...after my nap.

I still haven't recovered from 6 days a week of getting up at 7AM!

Thanks for reading!

Leo Quinn
Quitter's Hall of Fame
Class of 1980

P.S. No I didn't get a six pack from my 90-day program but I could do 4 or 5 pull-ups from 0 and my resting heart rate was much improved.

Here is how to research money-making programs...

2008-08-19T09:08:00.004-04:00

This blog posting is a result
of the email I sent to my
readers on August 12, 2008.

It dealt with a reader who had
been duped out of nearly $10,000
by one of the biggest names
in the "get out of debt"
business.

If you missed that issue of the
newsletter you can read it
at:
http://www.LeoQuinn.com/newsletters/August122008.html

Sadly, I heard from many other people
who told similar stories involving
companies other that the one
I was writing about.

So today I'm writing about how YOU should
investigate money-making programs...it's
what I do when I'm checking stuff out.

NOTE: This is my process for products
with a cost of over $100. Under
$100 and I'm not so thorough because
on the off-chance I am scammed and
can't get my money back, it's not
the end of the world.

If money is so tight that you are worried
about losing $67 or $97, skip it!

First go to
http://www.GetRichQuickExposed.com

This was my first attempt at an information
product.

I quickly figured out people
really didn't care what didn't work...
or rather they didn't want to PAY
to find out what didn't work.

Now you can read all about it for free.

I didn't try everything on those pages
but I tried a lot of them.

First let me preface these comments
by saying that not EVERYONE is out
to scam you.

A lot of the money-making stuff out
there actually works. It's NEVER
as easy as it looks at first but some
of it is legit.

For example, I paid $1000 for a program
in March of last year and within
30 days of getting it, I'd made
an extra $12,000 because of it.

In October of last year I paid $3000
for a program and within 30 days
had made an extra $12,000 because
of it.

You didn't hear about those programs
from me because there are maybe 5
people on my list of 32,000 who
could have done something similar.

I'm not going to get your hopes up
and waste your time by suggesting
you buy these programs.

Do they work? Yes. Could you have
worked them? Not likely without
the advantages I have.

I lose a lot of business from people
who'll promote my stuff only if
I promote their stuff.

If I don't believe in it, I'm not
promoting it. $1000 commission or
no $1000 commission.

Start your research of any program
on Google.

If it's a website simply type the
domain name in the search box...

WEBSITENAME.com
or
www.WebsiteName.com

Leave off the "http://"

If there is a phone number involved
in some promotion I'll put that number
into Google and see what pops up.

Google the names of any people
associated with the program.

If you check out a lot of these
things like I do, set up a special
email address.

I always sign up for any newsletter
offered. You can learn a lot from
those and you might get a special deal.

I have one email account with...literally...
21,340 emails in it...18,336 unopened.
I started that account on August 7th
of 2007.

A newsflash about all this research you
are doing. Most of the info you find
will be NEGATIVE.

I don't recall who coined the term
"mediocre majority" but they are the
ones who scream the loudest when
they fail.

As the Captain and Tenneille used to
sing, "don't be sold on the very
first one"...the first review that is.

Good or bad.

Do your own thorough research and
make your own educated decision.

Be wary of "review sites" that are usually
thinly veiled attempts to make a commission
when you click.

The first "review" I got from one
of these sites was something like...

"Hey check out this site...I haven't tried
it but it looks pretty good...just
read those testimonials!"

I unsubscribed from that list immediately.

Stupid.

I like to see websites that are updated
regularly.

On a website that is
selling a program to make money in
various investments, for example, I want to see
performance updates from the last
month at least.

Sure they could be faked but I at
least want to see an effort before
I continue my research.

Want to see what a website looked like
previously?

Goto:

www.Archive.org and put the domain name
in it's search box.

WARNING:

LeoQuinnn.com was UGLY back in March of 2001.

TESTIMONIALS

I prefer to see them from buyers rather
than friends of the seller.

I prefer specifics..."I did this from
page 212 and this happened."

As opposed to "this info is the best
thing since sliced bread."

Again, YES they can be and are faked
but not everyone is out to scam you.

These days I like to check out
youtube.com to see if the seller
has any videos OR if any buyers
posted review videos.

Don't forget in all this, to assess yourself.

If the business model you are considering
does not fit your personality, skill-set
or time schedule...move on.

You aren't going to suddenly change your
personality in the hopes of making
a lot of money.

Be honest with yourself.

Also assess your assets.

If the program you are considering is designed for
website owners, and you don't have a
website, MOVE ON!

It's foolish to spend money on something
that you are not ready to take advantage
of IMMEDIATELY.

You are looking for the low-hanging fruit.
The shortest distance between you and
money.

In your research you will come across discussion
forums with lots of good ideas, for FREE.

I saw one the other day that I really liked
and would be right up my alley if I needed it.

http://www.sowpub.com/forum/showthread.php?p=21970

I wouldn't do it exactly as he outlined it but
it would be very easy for me to do quickly.

That is a great entrepreneurial forum by the
way.

If the opportunity you are considering
involves selling something
to an individual, my first
question to myself is:

"How easy (expensive) is it to find a
potential customer?"

For example, it's a lot less expensive to
find someone to buy a pizza than someone
to buy a swimming pool.

You could spend five dollars sending postcards
to people who live within a mile of your
shop and sell a few pizzas.

Finding someone who has the desire, acreage
and financial ability to buy a swimming pool
will be far more expensive.

Granted this was not a great example in this
case, but I think it makes the point.

It's an important question to ask yourself.

So you've done all the research.

You're convinced it isn't a scam.

You will buy it using a credit card so if
it does prove to be a fraud you are assured
of getting your money back.

Go for it and give it an HONEST try.

Personally, I only get my money back if
the program is unrealistic, unethical or downright
criminal.

After all my research I buy and then decide
it's not right for me, even though it
would work if I worked it, I'll chalk it
up to experience.

The seller did his job and I think it unfair to ask
for my money back if it's ME with the problem.

Fair is fair.

Finally, if you are considering spending hundreds
or thousands of dollars on some opportunity,
step back and let it sit for a week.

Yeah yeah yeah there is a deadline. Believe me
that deadline is flexible if you have money.

If it's an info product, in three months or less you can
find it on ebay.

Hopefully this post has given you some good
ideas.

I wish you all the best in your search.

Rest assured that when I find something
that works, I'll let you know about it.

An amazing coincindence in Wisconsin!

2008-06-26T23:54:00.003-04:00

On Friday June 13th I was in Tomah, WI to attend the wedding of a cousin on the 14th.

Around noon, cousin Mike and I headed to a fastfood burger place to get lunch for the gaggle of kids running around.

We placed our order and stood aside to wait.

Cousin Mike was home on a 14 day "vacation"from Iraq.

While we were waiting I was telling the storyof my drive up from Chicago the previous day. It was not the weekend to drive around Wisconsin.

The place was crowded and noisy so you can imagine my surprise when a gentleman walked up to me and said "are you Leo Quinn?"

Turns out it was reader Bob from Mississippi (he's on the right in the pic above) who happened to stop at this place for lunch in his travels that day. He told me he first recognized my VOICE!

WOW WOW WOW

Cousin Mike was STUNNED. He re-told the story all weekend. He's not sure what I "do"...pretty sure it's not a "real job" butI now have a little more credibility with

him.

MMA Accounts...MMM Good?

2008-05-29T09:46:00.004-04:00

At least once a week now I get an email from someone asking me to compare my program with something called an MMA account. That stands for Money Merge Account.

In October of 2007 one of the people selling MMAs offered to give me the financial details of
one of her friends so I could run the numbers through my program and she would run them through the MMA program and we could compare.

She said she only wanted to do what was best for her friend and if my system was better she would direct them to me.

Last I knew an MMA account involved getting a home-equity loan...so you needed to HAVE equity and the ability to qualify for a loan. It also involved a fee to the company setting up the MMA for you...I think the fee was $3500. That fee was on top of the fees to get the home-equity loan.

So to start, you're in the hole for $5000. I don't know, but I suspect all those fees would be taken care of by the home-equity loan. That puts you deeper into debt to start, which I'm not a big fan of for obvious reasons.

I accepted the challenge.. and here are the results...

From the MMA salesperson regarding her friends...

They say they have $400 discretionary income at the end of the month.
With the MMA software, they will be debt free in under 12 years.
(The mortgage and 1st 4 creditors are guaranteed to be paid off in 10.3 years. As they pay down their line of credit, they’ll use their line of credit to pay off the last 3 creditors also … so that’s why I’m giving it up to 12 years for being entirely debt free.)

I look forward to comparing notes. If your program does better for them … hey … you have a referral! Because I would want the best for these friends!

Just now, May 29th…I ran the exact numbers for these folks through the fancy new Debt Cruncher and it tells me these folks will be completely out of debt in 9 years and 10 months which is 16 years, 1 month faster than normal. They will also save $146,252 in interest charges.

WOW!

Here is the last correspondence I got from the MMA salesperson…

Leo~
Thank you for taking time to visit w/ me about this. I’m glad to have more explanation about your program. I had wanted to see if you had become aware of the MMA software – so you could see if it was something you might be interested in taking a deeper look into. Anything to help people out of debt … your method or mine … is at least a very positive step in the right direction!!
Thx again for your correspondence!
Suzanne

Huh. Where is the referral? "How To Own Your Paycheck Again!" is two years faster and you save the $5000 in fees! Isn’t that better?

Oh well. I knew it would happen.

So you can spend upwards of $5000 to set up an MMA account or less than $100 for "How To Own Your Paycheck Again!" and achieve a better result.

So now you know!

Thanks for reading. If you need more info on "How To Own Your Paycheck Again!" click HERE!

Leo

"Teach A Money Class For Fun & Profit" - How To Win A Free Copy

2008-05-20T07:56:00.005-04:00

I’ll be giving away 2 copies. ($200-$500 value)

"Teach A Money Class For Fun and Profit" will show you how to
make some extra money by teaching a class like mine.

You'll be helping members of your community learn the fastest
way to pay off their debts AND you'll be reinforcing good money
habits of your own at the same time.

To win one, all you do is post here by clicking COMMENTS at the end of this post and tell me why you want to learn how to "Teach A Money Class For Fun and Profit"

VIDEO ENTRY Gets EXTRA Bonus: If you post a VIDEO on why you want to learn how to "Teach A Money Class For Fun and Profit" post the VIDEO on YouTube and put the link in my blog, you'll win an extra special VERY valuable gift if your entry is chosen the winner.

The deadline for entries is this Friday, May 23rd at 12 noon US Eastern Time.

At that time I will choose ten finalists. Next week all 30,000 of my subscribers will be given the opportunity to choose their favorite entry. The top vote getting entry will win a FREE copy of "Teach A Money Class For Fun and Profit" AND one of the voters will win a free copy by random drawing.

Now, the rules:

1. No purchase required for entry
2. Void where prohibited
3. Chances of winning depend on the number of entries.
4. Additional rules and requirements may be posted on the blog
5. Offer expires On Friday May 23rd at 12 noon US Eastern Time.
6. The 10 finalists will be chosen based on originality, sincerity & usefulness to others.
7. In the finals you are allowed only one vote which can be tracked so don't even try.
8. By publishing a comment or video, you give us the right to use your picture and likeness, sound of your voice (if there is video or audio content) and written comments in our advertising and marketing in perpetuity, world wide, without royalty or compensation.

If you'd like more info about the "Teach A Money Class For Fun and Profit" program,
please visit:

http://www.LeoQuinn.com/teachmoneyclass.html

Otherwise, click COMMENTS just below and enter the contest.

Thanks!

Leo

P.S. You won't see your comment immediately, I have to approve them in case
you use any cus words! :>)

Readers making money in unusual ways...

2008-03-10T11:06:00.006-04:00

I put out the call to my readers last week to
share some unusual ways they make money.

If you have any to add, simply send them to
me at ljq@leoquinn.com and I'll get them
posted.

Here they are...

Hi Leo,

Just wanted to share a money making idea with you and the group. My 12 yr. old daughter sent a flyer to our neighbors who live on our cul-de-sac (9 other houses) offering to "pet sit" for them when they went away.

She made an elaborate list of fees for "walking twice daily", bathing, feeding,etc....and included mail and paper retrieval or even turning lights on in different parts of the house at different times so it appeared as though someone was home.

While her business didn't take off right away, within 6 months she needed a calendar of her own to keep track of all of her customers' needs. To date, all have included caring for a pet, but some neighbors have encouraged her to stay and do homework to keep their pet company. Many pet owners would prefer NOT to take their pets to a boarding facility, so she has filled a niche in our neighborhood while making money at the same time.

as a foot note: my husband is a Veterinarian in our small town, and some of these neighbors would potentially have boarded their animals at his facility, but he's not minding the "competition". :)

Pam

I wrote back to Pam that she should really encourage this entrepreneurship. If you have children, you should too!

***

Thanks for letting us know about

cash4books.net

I have been using a different site:

campusi.com

It searches 200 online bookstores and lists all the ones that are
either paying cash for your book, or will let you list your book on
their site for sale. This way you can choose the one with the highest
price.

Ginny

***

Dear Leo;

I bought a 16 hp tractor and a rototiller and a trailer. I did 125+ gardens each Spring. I took off half a day during March, April, and May and made a week's pay every day from noon until dark.

I had a full day on Saturday and Sunday. I had a coworker's wife take calls for me and schedule my work load. I took the two of them out for a steak dinner at the end of the season and paid her 10% of what I made even gardens that she did not get a call on because I would do a neighbor's garden but I would not have been there if she hadn't taken the call.

My tractor was the best tool for the job as others were smaller than mine. I did a BETTER job than if they rented a tiller and did it themselves. They laughed at me at work and stopped as I came to work every day with a dirty tractor from the day before. The money was GREAT. I mowed a bunch of lawns.

Another kid I grew up with saw a subdivision being built next to his home. As the houses sold, he would approach the owners and sell them on having him mow their grass and rake their lawns so they saved money on not buying a lawnmower and yard tools and he did the work. He got his first job after he graduated high school. Tom formally from Connecticut

Thanks Tom. I really like that last one. Lots of new construction around where that idea could be used. Almost makes we wish I had some kids so I could encourage them. Huh...that feeling passed quickly! :>)

Hi Leo,

An unusual way to make extra cash that worked for me was selling earthworms and night crawlers. Of course, you have to be in the right place to do this so it won't work for everybody. We lived at an intersection where two of the four roads were traveled by local fisherman on their way to various lakes. For those who can, it's a great money maker.

My kids had a blast digging garden worms with me - and it was a real treat to be outside after dark picking fat, juicy night crawlers out of the grass. We used empty yogurt and other dairy containers - one dozen per container with a little dirt and some bedding.

A sign at the end of the driveway directed customers to "ring the door bell for service". We often made $50 in a weekend but that was 25 years ago. I'd guess double or more than that today.

-Judith

***

On the theme of kids making money...a neighbor who had difficulty getting around in the snow approached my 9-year-old daughter with an opportunity to walk her dog. She offered my daughter $5 a week if she would walk the dog 3 times a week. This is a huge windfall for my daughter, who loves animals, the outdoors, and the new responsibilities, so this summer (when things are less busy) she plans to offer her services to all the neighbors who have dogs that need walking.

Julie

***

Julie must be peeking in my mailbox because the theme HAS BEEN kids making money. I think that's great. Your kids make money, learn personal responsibility, customer service etc and you earn a hefty consulting fee. Some of these could turn into serious businesses, paying for college and more.

Send me your ideas to ljq @ leoquinn.com

What about credit card insurance...is it a good idea?

2008-01-24T16:59:00.000-05:00

And in this case I mean credit card payment insurance.

Essentially you pay some some small fee each month...usually 89 cents per $100 of balance you carry. If something bad happens and you can't make your minimum payment this insurance will cover the minimum payment for some period of time.

This is one of those questions where you (meaning me) really can't win.

If I say it's a bad idea you get hit with a bunch of "yeah but's". Yeah but my sister in law...yeah but my friend...yeah but my mother etc etc etc.

This post is a result of a call from reader Carl. He has about $10,000 total spread over 6 cards. This means he's paying $89 per MONTH for this insurance. Monthly minimum payments would total approximately $400 total for all these cards.

If you really like the idea of this insurance then self-insure! Set up a specific savings account just for this money. In this example in 4 months you have just about enough to cover your minimum payments for 1 month (4x$89)...in one year you have enough to cover you for three months.

At the end of two years (hopefully using my program) the cards are paid off and you've got a savings account with over $2000 in it.

So, personally I think you are throwing your money away paying this fee to a card company but your circumstances may be different.

Just be sure to read the fine print. What happens if you quit a job..does it kick in then? What if you are at fault for your injury. Are you covered?

Get those answers!

Take a guess and win!

2007-11-12T11:57:00.000-05:00

How much money did I cash in at my local Coinstar machine?

The person who guesses closest will win their choice of any one of my products OR a $38.65 gift certificate to Amazon.com

CLUE: $38.65 is how much was in Jar #4 on the right.

I included the vitamin bottle so you can see how big the jars are. I will take guesses up to next Monday November 26th at 12 noon and announce the winner the following day in my newsletter.

Happy guessing!

WE HAVE A WINNER! Announced tomorrow.

Thanks!

Leo

Let's Brainstorm...

2007-09-12T09:50:00.000-04:00

I got quite a lot of nice feedback from the Allen Says article
I sent this week. I've included it at:

http://ownyourpaycheck.blogspot.com/2007/09/lets-brainstorm.html

if you missed it.

Most of the responses said something like ,
"I'll be thinking of ways to implement
this in my business."

So I figured a brainstorming session would be helpful
for everyone.

The gist of the article is...

"If you are a writer, write like you would
like to be written to"
"If you are a salesman, sell like you would
like to be sold to"
"If you are a speaker, speak like you would
like to be spoken to"
"If you want more love, then love like you
would like to be loved"
"If you want more friends, be the friend
you would like to see"



"When you infuse everything you do with this
secret it takes
on a magical power. Businesses dominate the
 market, books
become best sellers, leaders attract huge
and loyal followings."



"How would you like it?"

"How would you respond to it?"

"How would it make you feel?"



This one simple secret is the answer.
I always ask
myself how would I like to be treated
by this company?
What would I like to see? What would
I like to get?
How would I like to be dealt with?

In my case, here is my thought process...

As someone who BUYS a lot online...I sat down and
figured out HOW I like to be sold.

I've always been a big fan of the "try it before you buy it"
model.

This will be the first thing I test out in the coming weeks.

So I'd ask you..how do YOU like to be sold.

If you need ideas for your business...tell us about your
business and what you are thinking you could
do in your business to live the principles in the article.
Simply reply to this post.

Thanks!
Leo

A Millionaire's Secret

2007-09-12T09:25:00.000-04:00

A Millionaire's Secret

by Allen S a y s

Washington DC was nasty as could be. As I sat on the bench waiting for my bus to arrive I couldn't wait to get back to the backwoods of Louisiana. I had almost sat in a pool of blood that was on the far end of the bench and I was ready to go. I truly hope people coming to visit our country don't make DC one of their stops.

Anyway, before my bus arrived I was approached by a nicely dressed elderly gentleman in need of directions. I told him I had no idea what he was looking for as I too was just passing through. To this day I'm not sure why, but we started talking as if we had known each other for years.

We talked about life, people and eventually the conversation turned to business. It was here that the gentlemen saw something in me, I suppose, that made him feel like sharing what he said was the greatest secret ever told. He said everyone had heard it but almost no one paid any attention to it, even though it was the one thing that could bestow a fortune upon any man or woman who used it.

My ears where definitely starting to perk up. Something about his tone told me this man knew from whereof he spoke. And I wanted to know what the secret was with a passion. He must have sensed my anxiousness because at that very moment he gave me a warning that was almost a scolding.

I'll try to recount here as best I can the rest of our
conversation...

Man: "Do not make the mistake of shrugging off what I am about to tell you because you have heard it before. No doubt you have heard it already from at least one person in your life. You may have even heard it many times. Do you have any aversion to religion Mr. Says?"

Me: "No I don't. I don't believe many preachers know what they are talking about or even what they are trying to teach, but I do know the Bible has a lot of great knowledge in it."

Man: "Good. I would not want you to discount what I am about to
tell you because it does come directly from the Bible. But its
applications reach far beyond what most people can conceive of. It will take thought, intense pondering on your part, to begin to get some inkling of its power."

"This simple secret, when applied to business, will draw money to you as easily as water runs down a mountain. Even a fool can apply it and prosper. When applied to relationships, it will create more friends than you can handle" (laughing heartily)

Me: "What is it, I'm dying to know now?"

Man: "Patience Mr. Says, Patience. I will not give it to you as it has always been repeated by fools who have no respect or knowledge of what it even means. No. I will give it to you another way. What type of business are you interested in?"

Me: "Well, I'm dabbling in Mail Order right now. I would like to
place ads and sell books."

Man: "Fine. Fine. Mail Order it is. Let me tell you how to create a fortune in this Mail Order. All you have to do is create the product you want to buy"

Me: "I don't understand"

Man: "You will" "You see, you are your market. Whatever you want, there are millions of other people wanting the same thing. That elusive product you are looking for is the product millions of others are also looking for right now." "All you have to do is create the product you want to buy, the product you yourself have been looking for. Once you have this product, what would you want the sales message to say so that you know this is the product you have been looking for?" "If someone else where selling this product, what would you want the ad to say, what would get you to buy this product? When you have that answer, that is the ad you want to create."

Me: "I see." (hesitantly)

Man: "See the business across the street here? Pizza. I could
triple the business that place does inside of 10 minutes. That's
what I do by the way." (smiling) "All I would do is walk into the business as a customer. I would sit there and imagine all the things that could be done to me that would make me a loyal customer to that business for life. What could they do for me that would make me feel this way?" "Once I had the answers to that question, I would implement them across the board. Every customer would be treated the way I had imagined. And without any doubt what so ever that business would triple the profits it now makes."

Me: "I think I know..."

Man: "Wait, you don't really know anything yet. That's the problem with people. They brush something off because of where it came from or because they heard it many times. Leave that for fools. You won't "know it" until you have deeply pondered it and put it to use."

Me: "Ok" Man: "What I am telling you has power undreamed of. The
simple words used to describe it cannot contain it. Does not do
justice to it, and has been prostituted by blabber mouths who let wisdom fall off their lips with not even a single brain cell
grasping what they are rambling about."

"What I am telling you is Law, not man's Law, but the very Law's of nature herself. It's the way things work and those who truly understand it rise to the top in every field known to man." "What people don't understand is that it applies to everything. This secret can be applied with virtually every step you take, everything you do, every word you speak and everyone concerned profits by it."

"If you are a writer, write like you would like to be written to"
"If you are a salesman, sell like you would like to be sold to"
"If you are a speaker, speak like you would like to be spoken to"
"If you want more love, then love like you would like to be loved"
"If you want more friends, be the friend you would like to see"

"When you infuse everything you do with this secret it takes on a magical power. Businesses dominate the market, books become best sellers, leaders attract huge and loyal followings."

"How would you like it?"
"How would you respond to it?"
"How would it make you feel?"

"Those are great questions to think about every time you do or
create something. You will get into the hearts and minds of
everyone who comes under your influence if you will first think how you would have it done to you." "I'm certain you already know the quote from the Bible I'm referring to. But don't repeat it, just ponder it and practice it."

Me: "I do. But I've never thought of how it could actually apply to everything in life. I too was one of those fools who passed it over without so much as a second thought. I really want to thank you for sharing this with me."

Man: "It's been a real pleasure talking with you Mr. Says, have a safe journey home." And with that, he was gone. The funny thing was, as I was riding home on the bus I realized I never got his name, nor do I remember ever giving him mine. Maybe he saw my luggage tag. I'm not sure. It really doesn't matter. What does matter is that I've profited from that advice for the last 15 years.

I'm not even really any good at it either and I've still pulled in huge amounts of money. Especially from the Internet. This is one place this knowledge can really shine. People have always asked me my secret. How come the Warriors is still here, with the same products, with all this competition, after all these years?

This one simple secret is the answer. I always ask myself how would I like to be treated by this company? What would I like to see? What would I like to get? How would I like to be dealt with?

Those simple questions are all you have to answer. When you do get the answers, put them into action and watch what happens.

Create The Site You've Been Looking For
Write Like You Would Like To Be Written To
Sell Like You Would Like To Be Sold To
Talk Like You Would Like To Be Talked To
Deal Like You Would Like To Be Dealt With
Create For Others What You Would Like Created For You
Excite Others The Way You Would Like To Be Excited

==================================================
This article is from the book: "How To Become A Global Internet
Tycoon," by Allen Says.
http://leoquinn.tycoonbook.hop.clickbank.net

Any ideas?

2007-07-20T09:37:00.000-04:00

Hi Readers...

I recently got this email and I'm sure you can come up with some good ideas for them.

Simply respond to this post and I'll see that they get your ideas.

Thanks!

Leo

My situation is pretty desperate right now.

My husband is a mortgage lender, and works on commission. Right not, because the housing market is so depressed here, he is not making much commission at all. We are not making enough money to pay our monthly bills, much less any extra for groceries. We have been living a nice lifestyle for several years, but unfortunately not saving any money. That is no one's fault but our own.

We have used all the equity in our home (probably more than it is worth, because values have gone down here). We have a hefty first and second mortgage. We recently got a no-cost consolidation loan to pay off our $45,000.00 in credit card debt. The loan repayment will save us about $400.00 on what used to be our minimum payments on those credit cards. We have not cut them up, but put them in our safety deposit box. Our next step is to contact the credit card companies and ask them to drastically reduce the credit limits on the cards for us. Even with the $400 a month savings, our adjustable rate mortgage is increasing about that much in October and will probably wipe out the difference in savings.

I am looking for a better paying job, but so far am having not much luck. My husband wants to try and sell our house, but I don't want to do that. We most likely wouldn't be able to sell it anyway, because there is a huge amount of houses on the market in this area and nothing is selling. If we were able to sell, we would not be able to get enough money to be out from under that debt, and would still owe on the mortgage. Then we would also have to find a new place to live that would be affordable.

Both are cars are paid for, but they are older (mine is a 1991 and his is a 1998). We don't have anything major that we can sell to raise money. We do have a good credit score up to this point. I have already taken $10,000.00 out of my IRA this year just to help in paying monthly bills, but it is now gone, and we will have to face the tax consequences for that next year. We do not know which way to turn. We have no one to blame but ourselves for the situation we are in right now.

I'm wondering if you have any advice to offer. I would appreciate any suggestions you might have.

Sincerely,

C.M.
***
To leave some suggestions for C.M. please click on COMMENTS below

How DO I make a living?

2007-04-10T16:42:00.000-04:00

Listen to this blog posting by clicking on the
PLAY button below...or just read it. It's 3min 30 seconds

The video newsletter I sent last week generated upwards of 300 email feedbacks.

The vast majority of it was overwhelmingly positive plus I got some great ideas
for improving it.

If somehow you missed the hubbub, you can watch it at
http://www.LeoQuinn.com/Apr5Newsletter.html

My favorite response was from Sarah in France...

Dear Leo,

It's much better seeing you in person. The internet is such a kooky place that actually seeing a real person doing what he's supposed to is quite innovative!

When I saw you on your exercise bike I thought you must have been a hyperactive child until you identified the reason for using it on the film.

I still can't work out how you actually make a living though.

Happy Easter
Sarah
***

Her last line was my favorite...
I still can't work out how you actually make a living though.

How does a guy who is goofy enough to make videos of himself while riding an exercise bicycle actually make a very good living helping people get out of debt?

I think it goes back all the way to 1997. It was January, probably the eighth or ninth day of the year. I had just finished a class in a place called Pine Bush New York. If there were 20 people in the class I'd be surprised, but I don't really recall.

As I was going through the evaluations at the end of the class, I found one that I remember to this day: "thank you for not being a stodgy old statistician"or maybe it was "thank you for not being an old stodgy statistician"...... I know the words stodgy and statistician were in it!

In either case, that really made an impression on me. It was only the second class I had EVER taught. I was nervous, and not very sure of myself as you tend to be when you are doing something new. Plus I was only 29 and most of the people in the class were much older. I guess I was entertaining.

I'm not sure I was doing it yet then, but I used to bring credit cards to class that were packed in ice. I also brought a large pair of hedge clippers in case anyone wanted to cut up their credit cards, so I wasn't your typical "finance professor."

Over the years I've noticed people coming into my class usually are not in a very good mood. I'm sure many think that I'm going to be a stodgy old statistician and tell them they have to cut out all the non-fat iced decaf lattes or however you say it.

Somewhere along the way I heard a line from Johnny Carson..."people will pay more to be entertained than educated."

So I strive to make people feel better when they leave my class or interact with me online.

Finance guys with suits and ties are a dime a dozen. Finance guys like me are NOT.

So, how do I make a living at this?

By taking the topic seriously but not myself too seriously.

By realizing people can get the same information I give in many other places
so I'd better be INTERESTING as well as informative.

By not caring what other people think of me. It's really none of my business.
I'm sure I lost a few people on the bike...that's OK...I don't want them
hanging around.

I want people to look at my email sitting in their email box and think...oh
good...I wonder what he's up to today.

I make a living by testing and failing a LOT. But when I fail it's small and
fast, usually, and doesn't cost me a lot of money.

I make a living at this by being a voracious reader AND implementer of
information that will help my business.

I guess it all comes down to being DIFFERENT.

I often quote (I think) Sam Walton in my workshops "if you want to be successful in life find out what everybody else is doing and do the opposite".

That is great advice to live by and it works for me!

Crisis? What Crisis?

2007-04-04T11:29:00.000-04:00

Listen to this blog posting by clicking on the
PLAY button below...or just read it. It's 2 min 5 seconds.

As I write this there is a crisis in America in the
sub-prime lending industry.

A sub-prime loan happens when homebuyers with low credit
ratings are offered mortgages with high interest rates.

Advocates of sub-prime financing tout it as a way
for low-income residents to own their first home.
This crisis clearly shows sub-prime loans are
having the opposite effect.

Well knock me over with a feather.

You mean to tell me that low-income people with bad
credit and poor money habits are having a hard time
keeping up with the payments on a high interest mortgage
and the myriad expenses of home ownership?

That's crazy! I don't believe it. ;>)

As the kids today say, "well, duh".

Truth be told, I haven't really thought much about the so-called
crisis.

I consider one of my jobs, educating people about the pitfalls
of homeownership and debt.

If you need a subprime mortgage to get into a house, you have
no business trying to buy that house. Your American dream can
quickly turn into an American nightmare.

If you have a low income and bad credit you should have
ONE goal in life...ok...TWO goals...well, now that I think
about it, THREE goals...earn more money, learn good money
management skills and improve your credit.

Get yourself to the library and get some books on making
extra money. Invest what little money you have in
making some extra money and learning how to manage
that effectively.

The old "I'm building equity argument" is a crock.
Low-income earners buying their first home with
sub-prime loans are not buying houses that go up
in value.

They have no money for upkeep or to make
improvements so the value of the house goes
DOWN.

So, if you've been thinking about getting a sub-prime
loan, FORGET. Spend your time and money
educating yourself so you can make more money and
manage it well.

Also, check out how the American dream has worked out
for others like you in a previous post on this blog...

http://ownyourpaycheck.blogspot.com/2006/06/should-we-buy-house.html

Be sure to read the comments at the end!

Thanks for reading.

Leo

The BestThing I Did In 2006!

2007-01-03T08:03:00.000-05:00

I recently asked subscribers:

'What was the best thing you did this past year
and why?'

As usual we got many great and inspiring answers to that question. Here are some...

I get to read your letters to Rollin (my dear spouse) as well as they come
to our home computer e-mail address and I want to tell you what the best
thing I did last year was. I forgave everyone who has ever hurt me
physically, emotionally or spiritually. It was quite a list. I also asked
my guardian angels to go to everyone I have ever hurt in likewise manner to
tell them through their guardian angels that I have asked for their
forgiveness. What a change in my life, in our life! Money has appeared
almost magically, problems have been solved almost as easily and I am
happier than I ever believed a person (and family) could be. And I have
always felt that each year of my life has been better than the previous
year!!!

I love reading your letters and we credit you with the beginning of our
economic success through your e-book.

Hope 2007 is your best year yet as well!!!

Mckenzie
***

The best thing I did this year was turn my life in a new direction.  I
took responsibility that if my life was going to look different I was
the one that would have to change it.  I ordered the "Own your
paycheck" program and began working on that.  I quit my full time
salaried job, and against the odds, and the "well-meaning" advice from
others went into practice for myself, only taking cash paying
patients.  I work 4 days a week, and spend
the other days taking care of myself and my family.  I let go of many
self-limiting thoughts and began daily meditation, adding the
principles of the law of attraction with that.  To say that 2006 was a
much different year for me would be a massive understatement.

I will always remember the incredible experiences I had this year.  I
am excited to see what tomorrow brings in 2007!  Thanks for all the
inspiration, the web links, and all the ideas that keep coming my
way.  I cannot say that all these changes happened because of your
newsletter, but it was one of the major contributing factors.  So
thank you!

Good Luck as you continue to expand your business.  I love it when
people propser in their lives.  God bless you!

Gwen
***
The BEST thing I did this past year is face my finances.  The first step was
to track all of our expenses for the month and compare where I THOUGHT the
money was going to where it ACTUALLY went.  It was very interesting to see
the difference...  Then I took my head out of the sand and added up what we
owed and what was due each month and made up my first budget.  That was back
in June and July.  I took on a part time job and have spent the past 6
months tweaking that budget, reducing what I thought was not reducable, and
really looking at what I buy and why.  It is still very, very tight here,
and progress is very slow, but I believe I have put us on the track to a
better financial future.  I have been reading personal finance books,
ebooks, websites, etc., and even though I had 17 years experience in the
financial services industry I am learning the lessons I wished I had learned
20 years ago.

Please withhold my name...
NC
***

Thanks for these.  Look for more next week.


CLICK HERE TO GO BACK TO THE NEWSLETTER

Where are the $5 ATMs?

2006-12-18T21:44:00.000-05:00

I was reminded of a couple things at the grocery store yesterday.

Do you have Coinstar machines at your local grocery store? They
are those big green machines you dump your change into and they
spit out a receipt and you can claim the money minus a 7.5%
fee (last I knew).

Now you can get paid in gift cards from many merchants,
including Amazon.com, I-Tunes and Barnes & Noble. The nice
thing is they don't charge you the normal fee for counting
your coins when you get paid in gift cards.

If you need gift ideas or money is tight consider
dumping your large jug of coins in the machine at your local store
if you have one. You can get locations of the machines at the
coinstar.com web site.

While I was at the store yesterday I got some cash out of the ATM.
When it came time to ask me how much I wanted, the machine informed
me that I could withdraw in $10 increments. Most ATMs these
days require you to take out at least $20.

It reminded me that several years ago I used to know where all
the $5 ATMs were. That is ATMs that would allow you to take out
only $5. There were not too many of them.

And why would I need to know where I could get only $5 out?
Well, often times I didn't have $20 or even $10 in my account and I
needed cash.

I hope you never have to experience needing cash and having less
than $20 in your account. I have to tell you it's not a fun way to
live.

If that is a regular occurrence for you, I must ask what is your
plan to fix it?

Again, my point in telling you stories like this is to
remind you WHY you want to carefully manage your money no
matter what your age. And also WHY it's important to have
multiple streams of income.

You have many choices to learn how to do both better.
Certainly my 'How To Own Your Paycheck Again!' and
'The Beginner's Guide to Chatteling' programs are two
good options but no matter what you decide to do I simply want
you to do SOMETHING.

To help, I've come up with an extra bonus
if you invest in either of my programs today.

I call this bonus 'Pay For It Quickly'. This five-page report will
show you how to make back your investment in either of my products in 10
days or less. If you're reading this e-mail you have all the tools
necessary to that quickly, easily and funly. (is that a word?)

To invest in 'How To Own Your Paycheck Again!' click below...
http://www.LeoQuinn.com/plan

To invest in 'The Beginner's Guide to Chatteling click below...
http://www.LeoQuinn.com/chatteling

No matter if you are 8 or 80...it's never
too early or too late to start.

Don't wait. There will NEVER be a perfect time. Your mind
will always find 'good' excuses to wait until the new year or
when the kids go back to school or the car gets fixed or
you get that raise.

Haven't you been 'waiting' long enough? You aren't reading this
far because I'm the next Hemingway. If it's because you are still
undecided, then I call your attention to my Unconditonal 30-Day
Money-Back Guarantee. You have nothing to lose and everything to
gain.

Take action right now!

To invest in 'How To Own Your Paycheck Again!' click below...
http://www.LeoQuinn.com/plan

To invest in 'The Beginner's Guide to Chatteling click below...
http://www.LeoQuinn.com/chatteling

You'll thank me someday! ;>)

Make it a great day!

Leo

Day 13 - My Cross Country Adventure Ends...

2006-10-29T23:27:00.000-05:00

I started writing this at 7:36 AM in the Atlanta airport

I had no problem getting through security and had about 90 minutes till departure. I
enjoyed that extra hour of sleep today due to the return to standard
time. (You remembered right?)

It's was beautiful day in Atlanta. The shuttle to the airport was
waiting for me as I got off the elevator at the hotel...the Airport
Crowne-Plaza. There was no waiting to check-in...short lines at security.

I had a great time in Atlanta but it was very nice to get home.
It was a direct flight to Albany and we landed right around 11:30 AM.

It's been a windy weekend here in the Northeast and our flight was a little

bumpy the last few minutes but not too bad at all.

My bag was half way open on the luggage carousel and a carrying strap from another bag was hanging out of it but I don't think anything was missing.

I do think I left my old digital camera in the rental car in TX and I have a call in to the

Lost and Found there. Not a big deal really. I'd downloaded most of the pictures I took and it was 4 or 5 years old anyway.

I last recall having it in Texas because 9 of the 10 kids did a rendition of that Sound of

Music scene where the kids are singing goodnight/goodbye to the dinner guests...and

I recorded it with the camera.

Other than losing the camera it was a GREAT trip.

I had 8 flights...6 trips thorough airport security...spent time in 5 cities...three hotels and three car rentals.

I had absolutely no problems with any of it. My luggage arrived at the same time I did, all six times...the hotel rooms were clean and comfortable. The planes left and arrived, for the most part right on time. There were no weather delays. The hotels had washers and dryers so I could wear clean clothes.

I made some great contacts, spent time with some relatives and renewed some old friendships. In this day and age it could have been a much more frustrating trip.

I'm grateful that it wasn't

In my weekly newsletter I'll include a short video with the item I carried with me

that I think smoothed the way for me on this trip. It'll put a smile on your face and

you'll want to run right out and get one for yourself.

Thanks for following along and for your comments.

Have a great day!

Leo

Day 11 - My Cross Country Adventure...

2006-10-27T23:21:00.000-04:00

Since I last checked in I've flown from Salt Lake City through Denver on
my way to Dallas.

This was one day before Denver got walloped with snow. PHEW!

While in Dallas I stayed with my friends Dan and Kelley AND their
10...TEN...children. And you are complaining about how many kids? ;)
They are great! Verywell behaved and respectful.

I was only on the ground in Dallas for about 28 hours and then it was a
1 hour and 40 minute flight to Atlanta, GA on American Airlines...my fourth airline
company on this trip.

I've had great experiences on all the airlines.

I'm not renting a car here in Atlanta so I had to find my way to the
hotel shuttles. This is a huge and busy airport and I made a wrong turn or two but
eventually found the place I needed.

I can see the flight path of the airport from my hotel room
and right now I can see 8 planes in line to land at 10:42PM.

It was a rainy day in Atlanta but it didn't effect me since the seminar
I'm attending went all day.

It's been a great trip but I am very looking forward to getting home and
implementing all I've learned and working with the interesting people I've met....and
sleeping in my own bed will be a nice added benefit.

I'll make one more entry related to this trip once I'm home. I'm due
in Sunday morning.

Thanks for reading and thanks for your best wishes.

Leo

Day 8 - My Cross Country Adventure...

2006-10-24T23:52:00.000-04:00

Just like that and a week is gone.

It went fast.

It's been a beautiful stay here in UT. I brought Indian summer with me and they were very appreciative.

Today after the conclusion of the conference I was attending, there was still about 90 minutes of daylight so I checked out the travel brochures in the hotel lobby.

I discovered Park City, UT (site of the 2002 Olympics and The Sundance Film Festival) was only about 40 miles away.

I punched the address into the GPS and off I went. I'm not one to get too excited about scenery but the area around here is very beautiful. No snow around here yet, but it's on the way I'm sure.

The winding mountain roads looked on the newer side but they were not roads I'd want to be on during a snow storm.

By the time I arrived in Park City, the Rolex store was closed. Oh well, guess I'll have to get a Rolex on my next trip.

You can get a sense of the type of shops you'll find in this town by virtue of the fact they even HAVE a Rolex store. It was probably just a regular jewelry store but word ROLEX on the awning dwarfed the name of the place.

Tomorrow I'm off to Dallas, TX through Denver on Frontier Airlines. It's a total of only 3 hours flying in 4 hours so I won't get much TV watching in on this trip.

Utah has been great.

I highly recommend you visit.

Thanks for reading!

Leo

Day 6 - My Cross Country Adventure...

2006-10-23T00:35:00.000-04:00

I started this day in Hollister, CA. Several of the cousins live down that way and it was nice to see them all. Saturday it was 88 degrees and I was sweating!

I'm not sure if this city is what inspired the clothing line all the kids wear these days.

I arrived at the San Jose airport about 1 hour before my 1:30 flight. I checked my bags at the curb, which I've never done before. (They made it.) I asked the guy to weigh my bag
to make sure it wasn't overweight.

He curled it like a barbell and said it was OK. Good enough for me!

There was a bit of a line at the security check point but I got right through. My flight was leaving from gate C-9 and once you got through security there was NOTHING else to do but wait. No bathrooms...no shops...just two small waiting areas for two gates and they were jammed.

This was a flight on Delta. I can't recall ever flying them before. They have most everything automated, right down to calling the rows they were boarding.

Even the safety presentation was on video.

The flight was good and uneventful. My seat mates weren't very talkative..not English anyway. I did notice wood flooring in the bathroom! Fancy. We arrived right on time to sunny Salt Lake City, UT.

Utah is beautiful....the surrounding mountains remind me of Las Vegas.

I'm staying in Sandy, UT and it's a very new looking place. My GPS gets me around nicely
and without any problem. I found out where the conference is tomorrow so I'm all set.

I was happy to discover a washer and dryer in the hotel and I used it. They also have an indoor pool which I'll probably skip this trip.

I asked the gal at the front desk if this was a unusually nice day for UT and she said it's usually colder and snowing by now.

Apparently I bring the nice weather with me. Happy to do it.

I'm here till Wednesday morning and then it's on to Dallas, TX through Denver.

Have a great week!

Leo

Day 3- My Cross Country Adventure...

2006-10-20T03:44:00.000-04:00

It's 12 midnight in San Jose CA as I write this...so 3AM where I came from.

I left my conference in Baltimore around 3:15PM. I set the GPS for
Reagan International Airport and after missing a turn or two due to
heavy traffic I finally got to the airport around 5...one hour before my
6PM departure.

I'd been to BWI 4 or 5 times this year but this was my first trip out of
Reagan so it wasn't as familiar to me. I felt a little rushed handing
the car back in and getting on the shuttle for the terminal...since I
didn't know what the line situation would be.

No waiting at the Frontier Airlines counter...my bag was the exact same
weight as when I weighed it in Albany....so I haven't accumulated too
much junk yet.

Next it was getting through security. I walked all the way down to the
WRONG gate....it was the gate for my connection in Denver....so back
down the long corridor I go. No lines at security and I got right
through....and once again walked right onto the plane!! Me thinks I'm
cutting it way too close...two for two.

I chose Frontier Airlines for two reasons...newer planes and 24 channels
of Direct TV in the seats. I'd flown them once before a few years ago
from Vegas and was very happy with them. Well, my bag was a few hours
late but I can forgive a lot when there is TV involved.

I had a middle seat on this 3 hour and 40 minute flight. Turned out it
wasn't so bad. Neither of my seat mates were very talkative...one was
reading a book by former Notre Dame Football coach Lou Holtz and the
other, some sort of riveting document called "Linking Housing Growth To
Water Supply" No wonder he dozed off.

Didn't they realize they could watch TV?????

I ordered a pay per view movie called Nacho Libre...a Jack Black movie
from the Summer. It won't win any Oscars but the wrestling scenes were
funny and made 90 minutes of the flight go pretty fast. After that I
watched exactly what I would have watched if I was home...the Direct TV
feed was from NY.

The landing in Denver was the smoothest landing I can ever remember.
Amazing.

I had 90 minutes before my next flight so I made some calls and checked
my email and got on the flight to San Jose.

On this flight there was a seat between me and my seatmate....and she
read a book too!!! What is it with these people? I watched The Tonight
Show and Conan O'Brien and we were just about here.

A nice feature of Frontier's TVs is the live map channel. It
approximates where you are on a map...and tells you the speed and altitude.

My cousin Nancy picked me up a few minutes after 11 and I'm staying with
her tonight in the Willow Glen area of San Jose. She has a whole list
of errands for me to run tomorrow. The GPS will come in handy again!

I don't travel again till Sunday afternoon when I head for Salt Lake
City. So look for a new update late on Sunday night.

Thanks for reading!

Leo

Day 1 - My Cross Country Adventure...

2006-10-18T07:05:00.000-04:00

I got to the airport about 45 minutes before the 12:55PM departure for
Baltimore. I've been on the route many times and wasn't worried about
too many lines. Sure enough no wait at the Southwest ticket counter.
BUT my bag was 3.5lbs overweight. I was prepared for this. I pulled a
small empty bag out of the big bag and filled it with some books I'd
brought and I put on my fleece sweater. New weight? 47.5!!
50lbs was the limit.

There was a longer weight than usual at the security checkpoint but no
big deal. They did take an interest in the small bag I'd just pulled
out. They ran it through the x-ray machine twice and then took it over
to the "special test" area. Finally she resorted to pawing through it
and felt a great sense of accomplishment when she pulled out a small
tube of toothpaste I'd left there from my last trip...before the new
regulations.

She gave me several options one of which included going back to the
check in counter (and through security AGAIN). I liked option 3. Toss
it! Ironically, it appears I did not pack any toothpaste. Oh well. I'm
sure Baltimore has a spare tube somewhere.

Once through security I barely had time to hit the bathroom and then
walked right onto the plane! I had my "A" boarding pass so finding an
aisle seat was easy.

As I watched people file in I noticed a woman make a beeline for the
center seat in front of my row. Her 80+ year old husband looked a
little bewildered behind her because there was no seat for him next to
her. I said to him..."you wanna sit behind her and hit her on the
head?" He said "yes" He was very talkative which I enjoyed...it made
the flight go faster. He was a WWII veteran and had been in the Albany
area visiting a war buddy he'd been in contact with but not seen in
person in 60+ years. A retired school superintendent from New Mexico he
and his wife are frequent travelers.

The flight was only 65 minutes and a little bumpy toward the end but my
conversation with Mr. Caster took my mind off it. They named one of
their boys Landry...after former Dallas Cowboys coach, Tom
Landry...anybody know Landry Caster from Texas?

My luggage was quite wet coming off the carousel but not damaged
inside. This was my fourth trip to Baltimore BWI this year so I have
the routine down pretty well.

Got to the Alamo car rental counter without much problem. The two
agents were helping other people so had a 10 minute wait here. I'm here
for two days but because of timing was being charged for a THREE day
rental. It worked out to something like two days and two hours. I
mentioned this to the agent...and how it was the 4th or 5th time I'd
rented from Alamo this year. He let me know of the option of bringing
it back earlier...which I kinda figured out on my own...but then he
decided to enter it in the computer as if I was picking it up a couple
hours later.

Opening my mouth there saved me $57. Don't forget to try it yourself!

I'm staying at a Bed and Breakfast in the Fells Point area of
Baltimore. It's right on the water...directly across from where they
filmed the TV show Homicide, Life on the Street from 1992 to
1999...according to a sign on the building. I didn't think that show
was on that long. The place is very nice and I look forward to
breakfast this morning!

Not sure if I'll make an entry everyday but Thursday night I head to San
Jose, through Denver on Frontier Airlines. Frontier has TVs in all the
seats so I'm quite looking forward to that. I will have Seinfeld Season
3 with me in case nothing good is on!!

Thanks for reading and have a great week!

Leo

The Barter System Pays Off!

2006-09-26T22:01:00.000-04:00

A reader just sent in this terrific example of how creative thinking can save a lot of time and money--for all parties involved.

"Today our annual chimney cleaning was scheduled. This time I'd hired a new chimney sweep, a local small business.

The owner himself arrived and, after taking a look at our chimney and woodstove, stated that he'd have to return with a helper because our chimney was only lined halfway, and the stove had to be pulled out.

As we chatted, I asked how much it would cost to fully line our chimney, thereby cutting our annual chimney cleaning costs by nearly 40% (not to mention the safety factor). The answer: $1800.

We continued to talk and I mentioned how I'd selected this company because they had a website. The owner then lamented the fact he had a huge list of customers but no system for contacting them, mailing postcards with special offers and reminders, collecting emails, etc.

Since that's what I do on the side as a home business, I explained various ways he could organize and take advantage of this list to keep his customers happy and guarantee repeat business.

I suddenly saw a great way to get my chimney liner and help this business owner at the same time. I suggested we barter our services. He'd get my consulting help and I'd get my chimney lined!

He agreed, and now I look forward to helping a local business become even more profitable. In return, I think I'll get a pretty good deal on chimney cleaning for years to come!"

This reader now has an extra $1800 to apply to debt, $1800 they were planning on spending for home improvement.

So...here's an assignment for you.

What are some items or services you need? What are some items or services you can offer in exchange?

Get bold and just offer to barter. Simply say, "Hey, I've got a great idea--why don't I do XXX for you in exchange for XXX that I need? We can help each other out."

What's the worst that can happen? You get a "no, thanks"?

Try it and let me know the results you get! I expect some GREAT stories, just like this one!

What Makes You Laugh?

2006-07-23T15:19:00.000-04:00

This is a bit off topic but sure to make your day! I’m on a mailing list that recently asked people to submit their favorite funniest movies. I found myself laughing out loud at just the memory of some of those movies.

Not one to pass up a great idea I decided to find out what movies make YOU laugh.

I’ve included a bunch of my favorites below.

If you need a memory jog check out… http://www.afi.com/tvevents/100years/laughs.aspx

Give us all a good laugh and let us know your favorite movies and any funny scenes or lines you remember.

Groundhog Day

Slapshot- In my carpet cleaning days I actually worked for one of the Hansen brothers!

Blazing Saddles – “Where the white women at?”

Young Frankenstein- “Abby Normal”

Airplane! – “Ever been in a Turkish prison Joey?” "Surely, you can't be serious!" "I am serious , and don't call me 'Shirley'!"

There’s Something About Mary

Kingpin

Caddy Shack – “Looks good on you though!”

Planes Trains and Automobiles

Four Weddings and a Funeral – Best wedding toast in a movie!

Little Shop of Horrors (1986)

The Naked Gun (1988)

National Lampoon’s Vacation

National Lampoon’s Animal House

Raising Arizona – “I’m Barren!!”

Wedding Crashers

DodgeBall

Anchorman: The Legend of Ron Burgundy

Bedazzled – The Dudley Moore version from the 1960’s…although the Brendan Fraser version from the 90s had it’s moments too.

Let us know your list!

The TRUTH about debt negotiation...

2006-06-22T08:01:00.000-04:00

QUESTION:

(I've been looking into) companies who offered ...debt elimination &/or credit solutions - whereby they said that they can cut/reduce my total debts to 40 cents to a dollar because they can NEGOTIATE with the credit card companies and ask for the reduction of the debts to 40 cents to a dollar?

Then they will make a payment plan to spread my reduced total payment to 2
or 3 yrs. by asking me to open a bank account where I will deposit the
agreed monthly payments, and where the monthly payments will be taken out
to pay the different credit card creditors, and their fee is 15% of the
total debt which they will be paid in installments and become fully paid
during the first 6 months of the 2 or 3 yr payment plan.

But they want me to go into default first for 3 or 4 months before they are
able to NEGOTIATE with the different credit card companies.
What do you think of these offers by these companies?

The reduction of my debt by 60% is so enticing.
What do you think? Please enlighten me.

Rosalind

ANSWER

Rosalind:

I can answer this very quickly.

Stay away from these companies.

They wreck your credit AND if the creditors who agree to accept 40% on the dollar, inform the IRS, then you will get a tax bill.

Example:

You owe $10,000.

The company gets you a settlement of $4000.

Credit card company tells IRS you received $6000 in unearned income.

In the 30% tax bracket? You get a bill for $1800 (30% x $6000) at least.

So that's the $4000 settlement +$1800 in tax + their fee for the negotiation $1500 + your credit is ruined.

Notice how this company gets their fee within 6 months, so when this all blows up they can walk away unscathed. You are left with new debt, old debt and a credit report that's a mess.

Oh, and during the time you are in default you'll be getting calls and letters from your creditors...a LOT of calls and letters. If you send one of those letters to your creditors telling them to stop it, as you are entitled to do, you may be sued in court.

I hope people reading this who went down this road or know someone who did, will let us all know how it went.

So my very short answer is "Not worth it", Rosalind.

Hope this helps.

Best wishes,

Leo

Should We Buy A House?

2006-06-07T11:54:00.000-04:00

Hey Leo,

I have a question for you. My husband and I just got married last year and found out last week that we are expecting a baby. He has a daughter and I have a son so this will be our first together, and we are very excited.

However, we are currently renting a small two-bedroom twinplex and would very much like to buy our own house and have a nursery for the new baby. Our credit scores aren't great and we wanted to get a consolidation loan to pay off all our debt since we are only paying minimum payments at outrageous interest rates right now and getting nowhere fast.

The banks have turned us down for this loan for our credit being so bad. Any suggestions on where we can turn? The whole point in us getting this loan is to help boost up our credit scores, but no one seems to care about that.

Signed,
"Drowning in Debt"

Dear Drowning:

Congratulations on the new baby.

Sit down and write those banks who turned you down a thank-you note. You signed yourself "Drowning in Debt", and you think a mortgage will improve that? A mortage AND a new baby?

Debt consolidation loans do not PAY OFF YOUR DEBTS, they simply move it around. Be a minute late with a payment and your rate will probably go up.

Robert Kiyosaki, author of Rich Dad, Poor Dad, calls a single family home the single worst investment a family can make. Why? Among other reasons because of the upkeep. Now you can call the landlord. If the roof leaks in your own home, you are responsible for fixing it and paying for it.

I'm hoping some of my readers will leave comments on their own horror stories, thinking their own home was going to solve all their problems. I know those stories are out there because I hear them all the time.

I promise you, without a dramatic increase in your income and proper money management that house will, in short time, be an anchor around your neck. My advice to you is to hunker down where you are or find a bigger place to rent for the price you are paying now.

Don't spend your time and energy looking for more loans or buying a house with "no money down". Work on increasing your income. Your credit will improve as you pay your bills
on time.

I don't mean to sound harsh but I'm hoping to impress upon you that a new house AND a new baby are probably too much to take on based on what you've told me.

Good luck!

How to Be a Saver

2006-05-31T22:26:00.000-04:00

If you aren’t already a saver, then you probably have very little chance of developing a saver’s mentality.

There are always exceptions, of course, but you are either a "saver" or a "spender", and for most folks, no matter how hard they try, they’ll never be able to change.

And you know what? There’s nothing inherently wrong with either (unless you take it to extremes, of course). It has a lot to do with your God-given personality.

So, if you’re a spender, not a saver, accept the way you are. Acknowledge your weakness. Say, out loud:

“I am a spender, not a saver. I know I should save more. I will find a way to save more and plan for my future.”

Now, develop a plan to overcome your weakness, one that doesn’t involve changing who you are! (Because we both know that’ll never happen.)

Accept the fact you will have to do a couple things that may be unpleasant to you, for various reasons:

1. Figure out what you earn and what you spend
2. Adjust spending until you reach your desired savings amount
3. Decide how much you will save, and with what vehicle (401(k), Roth IRA, traditional IRA, high-yield savings account, brokerage account, etc.)

But wait! If you know there is no way you’ll ever do these things, then find someone who enjoys doing them, and hire them to do it for you. Problem solved! Now, all you have to do is turn over your information, and wait for the report.

Don’t be foolish, though. Before hiring help, make sure you find:

1. Someone you can trust with your personal financial data
2. Someone who charges on a fee basis only
3. Better yet, someone who might be willing to barter services with you

Now, decide on a reward you will give yourself when you have completed the your tasks (or hired someone else to). What will it be? A night at the movies? A bubble bath? A new CD? Make it something you really, really want.

All done? Good. Enjoyed your reward? Great.

Take the final step to guarantee you’ll be a saver forever:

Set up automatic withdrawals from your checking account to your savings vehicles for the amounts you need to save.

That’s it. That’s all there is to it.

You already know how much you can save. You know where you want to save it. Just set it up to run every week, paycheck, month, quarter…whatever works for you!

Go to the websites. Go to the Human Resources representative that can help you with paperwork. Pick up the phone. Just do it.

Now, plan your reward for completing this final, all-important task. Make it worthwhile.

Again, if you feel you’d never complete this task regardless of how much you want to save, hire someone to do it for you! They’ll know your user ID’s and passwords, so you may want to change those once the setup is complete.

The point is, what you’re doing now doesn’t work. Unless you completely change your tendencies, you’ll never do what you know you should—save some, or more, money. So you MUST do something different!

Why not try this?

Once your system is set up, you will have nothing left to do but spend whatever money is left over! Your savings are in place, and you’ll get used to not having that money, because you never see that money.

And when your statements arrive in the mail showing how much you’ve saved and/or invested, you’ll be thrilled!

Not everyone is a saver. But everyone can save!

Now go to it.

Do You Have Credit Card Fraud Protection?

2006-05-26T23:02:00.000-04:00

A friend of mine just told me her credit card number was stolen (although the card never left her wallet), and $15,000 worth of fraudulent transactions were made within 36 hours.

She downloads her transactions regularly and was able to catch it fairly quickly.

My friend contacted her credit card company, who had already noticed the fraudulent activity, shut down her card, and taken steps to reach her (albeit by snail mail).

They assured her she wouldn't be liable for the purchases. All she'd have to do is fill out an affidavit stating the charges were fradulent.

My friend is still puzzled, as she and her spouse rarely use this particular card for any kind of online shopping. The only time it leaves their sight is when they use it in a restaurant.

All this leads to a bunch of questions YOU need to be asking about your credit card companies. (Hopefully, you don't have that many.)

What's their policy if your card card or card number is stolen? How much are you liable for?

If you're using a debit card and someone gets hold of that card number, how much are you liable for? Can they clean out your bank account?

(My friend and her husband were switching to debit card use exclusively...now they're re-thinking that, depending on what their bank's policy is regarding debit card fraud).

Some steps you can take to protect yourself:

1. Make sure you know how much you're liable for should your card or card number get stolen.
2. Regularly (if not daily) check your credit card online for strange transactions, and contact your card company immediately if you notice anything funky.
3. Never let anyone walk away with your credit card. Pay for restaurant meals with cash.
4. Check to see if your card company has special software that will generate a unique one-time-only card number for online purchases. Use these religiously!

Finally...who do you think is eventually going to pay for that $15,000 my friend's unknown thief racked up?

YOU and ME, my friend.

So do your part...protect yourself...and put these really, really evil guys (or gals) out of business.

Readers Help With Spoofing

2006-05-24T23:56:00.000-04:00

In yesterday's newsletter I shared how I was "spoofed" by a "phishing" email that very closely resembled typical eBay e-mails.

I must have touched a nerve, because several readers wrote in to share their own experiences.

I also had readers offer some helpful hints:

From Vickie:
"I just wanted to add a thought to your info- you can forward those "pfishing" emails to "spoof @paypal.com" or "spoof @ebay.com".....they can use the info to maybe stop some of this craziness....."

From Beth:
"Leo, please reinforce in writing what you said in your video:

NEVER, EVER, EVER click on a link 'within an e-mail' that connects to your financial information."

There you go, Beth. Now it's in writing.

Even if the e-mail IS legit, it won't kill you to navigate to the site, log on, and make sure.

"How To Own Your Paycheck Again" Issue #47 Up

2006-05-24T11:59:00.000-04:00

I sent out my latest newsletter yesterday.

If you aren't subscribed, or didn't receive yours, you can go here to read it:

http://clicks.aweber.com/z/ct/?EHeDAtPeDIg.QsxFBS.Qyg

Enjoy.

Get Returns of 20% or More on Your Money

2006-05-22T13:23:00.000-04:00

So, last week the stock market was tanking. In a big way. 200+ points or more.

Interesting.

If you have a credit card balance with interest at 20%, and pay it off with any extra cash you may have, you're getting a 20% return on your money. That's a heck of a lot better than the stock market average of anywhere between 7% and 11%, depending on which types of stocks or funds you own.

I'm not saying you shouldn't invest. There's no better return that contributing to your 401(k) or other plan that is tax-deferred up to the amount your employer matches.

For example, if your employer matches 50% up to 6% of your income, you're getting 100% return on 3% of your salary. I'd take that ROI (return on investment) any day. It would be foolish to not take advantage of such an offer. Restructure your budget so you can at least contribute up to the employer match.

But if you're already doing that, and still have money lying around in a 1-2% savings account somewhere...why would you forego paying down any debt with interest greater than what you're earning on your savings?

Just something to think about.

Debt Management: How To Do It Right

2006-05-18T22:02:00.000-04:00

Got debt?

Chances are, you’re doing what you can to pay it off, as quickly as possible. You want to be debt-free.

A worthy goal, to be sure.

But what do you do in the meantime?

Having a debt management plan is just as important as having a debt reduction plan. It can save you hundreds or thousands of dollars in interest, and maybe even reduce the total amount of time it takes for you to be come debt-free.

Here’s how to do it right.

Promise yourself you won’t take on any more debt. Put all your credit cards somewhere besides your wallet. Try putting them in a cup of water and sticking them in the freezer. By the time you defrost them, your urge to spend will be gone.

Why so drastic? Because you can’t management your debt if you keep adding to it.

Now, you need to make a list of all the debts you have. Creating a chart or spreadsheet is probably the easiest way to sort all the vital information.

List the following:

Creditor’s name
Principal currently owed
Minimum payment
Interest rate
Contact phone number
Website address with login information

Next, add any credit lines with zero balances to the above list. (I’ll explain why later.) Fill in all the above information, except principal and minimum payment, of course.

Take your list and start calling each of your current credit card companies. Ask what their current offers are for balance transfers. Insinuate that you’re closing your account for better offers elsewhere (because you certainly would move your balance in that case, right?).

Take notes on your chart or spreadsheet for each offer. Watch the fine print: ask if there are balance transfer fees, how long the lower rate period lasts, what happens to the transferred balance if you make a late payment, etc.

Be aware that a common gimmick now is to offer a very low rate for transferred balances with no fees, as long as you charge a certain amount each billing period, say $25, which is billed at a higher interest rate than your transferred balance. Since the credit card companies apply your payment to the lowest-rate balance first, you’ll accrue the higher interest rate on the monthly charges until your transferred balance is paid off.

For example, say you transfer $5000 at 1.9%. The rate goes up in 6 months unless you charge at least $25 a month by the close of the billing period. Purchases are charged at 11.9%. If you pay $200 a month on the card, it’ll take you 25 months to pay off the transferred balance (ignoring finance charges). Meanwhile, for 25 months you’re charging $25, which grows to a balance of $625 plus interest of 11.9%.

This gimmick won’t hurt you if you can get a low interest rate for purchases (say, less than 9.9%) and you make sure you only charge the amount needed to maintain the low transfer rate. When the transferred balance is paid off, have the cash on hand to pay off the purchases, too.

Okay, back to debt management.

After you’re done calling all your credit card companies, choose the one with the best offer. Transfer as many of your balances as you can to that card. If there’s not enough room, ask for a credit limit increase, or transfer the rest to the card with the second-best offer.

Note: if you ask the best-offer card to increase your credit limit, it’ll show on your credit report, so unless your credit is sterling, be careful.

Figure out when any introductory rates expire and make a note on your calendar. If you won’t have your balances paid off by then, back up about six weeks and make a note to search out a new lower rate.

When you’re done, you should have all your credit card balances on just one or two cards. Maybe three.

At this point, most experts would recommend you close your other accounts. I disagree, unless it would improve your credit, and you need to make a large purchase soon, such as a mortgage. Put those cards in the freezer instead.

Why not close them? Because if you need to transfer balances again, those credit card companies will be hungry to get your business back. If you’ve faithfully paid your transferred balances on time, your credit will be in good shape (or at least better than it was) and they’ll fall all over themselves to get you to transfer balances back to them.

Another note here: if you can’t control your credit card spending, then by all means close the accounts. No debt management strategy is worthwhile if it means you’ll only put yourself deeper in debt!

Some folks often ask me if it makes sense to put their credit card debt on a home equity loan or line of credit, as they often have low introductory interest rates. I hesitate to recommend this. Home equity is secured by your primary residence. If you can’t pay, the banks foreclose. Why take the chance if there’s another way?

Get your debt to the lowest rate possible, keep track of when low rates expire, and pay as much as you can as fast as you can.

Those are the secrets to successful debt management!

How Much Does That Sofa Really Cost You?Some Debt Advice

2006-05-17T10:55:00.000-04:00

So, your sofa is looking pretty nasty. It’s covered with Kool-Aid stains,and throw pillows are hiding threadbare spots where the tufting peeks through. You even had to throw down some plywood to keep the pillows from sagging.

Time to go out and buy a new one, right?

Not if you don’t have the cash.

Here’s why that new sofa is going to cost you a lot more than the $800 sticker price if you go into debt for it.

Let’s assume you buy the sofa as well as matching loveseat and end tables for a grand total of $2000. You finance your purchase through the furniture store for three years at an interest rate of 21.45% (let’s leave out the “no interest for two years” deal for a minute).

Your monthly payments will be…drum roll, please…$75.

“Wow”, you think. “That’s pretty affordable.” Sure it is.

Until you count the true cost of that sofa.

Let’s assume you’re 30 years old and you’re going to retire at 65. Let’s also assume you have access to a 401(k) that your employer matches at 50%, you can earn a 10% average return on investments, and your combined federal and state tax brackets are 20%.

If you pay for your furniture with cash and invest the $75 a month in your 401(k) for three years instead, you’d have $4,330 more in your account at the end of the three years (plus your sofa). Now keep that $4,330 in your 401(k) without any additional investment and in another 32 years, at retirement, it will have grown to $83,112.

So, basically, your sofa cost you $2,000, plus $700 interest, plus $83,112 that would have grown over 32 years in your retirement account.

Final sticker price: $85,812.

Yikes.

Here’s an alternative plan: hang on for another two years, save $80 a month in a money market mutual fund or savings vehicle that earns at least 4%, and use cash to pay for your new living room set.

Final sticker price: $1,920

Here’s an even better alternative plan: hang on for another two years, save $80 a month, and after you buy the sofa, put $80 a month in your 401(k) instead (you were already living without it for two years).

Final sticker price: $1,920, plus an extra $815,699 in YOUR bank account by age 65.

Now what about those “no interest for two years” deals? Well, you can certainly take advantage of those, if you’re disciplined enough to pay off the balance in less time. Most people aren’t.

You can use this strategy for every major purchase you make.

The cost of debt is a big deal, when it’s compounded by time, interest and 50% employer matching.

So next time you hit the furniture store and the salesman is telling you, “It’s only going to cost you $75 a month”…you’ll know better. Tell him or her, “Nope! It’s actually going to cost me around $800,000. See you in two years.”

Here To Help You Get Out of Debt

2006-05-17T09:38:00.000-04:00

Hi there. Most of you already know me through my newsletter and "How To Own Your Paycheck Again" program, but just in case you don't, here's what I look like.

I'm looking forward to using this blog, since it'll let me post my ideas, thoughts, advice and any pertinent links quickly and easily, without having to write up a newsletter or clog your inbox.

For those of us who actually DO know it all, blogs are a great way to let everyone else in on our little secret. :-)