How to survive the Trump Recession (It's coming, get ready)

Well, the news is spreading that we are in line for a recession.  All the economist say that the signs are very clear that this is inevitable.  I found a really great video that explains why we are heading for a recession today.  It's a really informative video and the guy explains if very plainly.  Click the video below.

The analysis is that this is happening due to Trump's Tariff War with China.  However, most of us really don't care why it's happening, people want to know what to do to survive the recession.

Well, you are in luck.  Economists say that we have nine (9) months to a year (12 months) to prepare for the inevitable, so if you are reading this right now you are very fortunate.  If you take the steps outlined in the post you will bless me over and over because you will be able to ride out Trump's Recession like a seagull floating on a stormy sea - you'll feel the waves but it won't destroy you.

Ready?  Here we go.

1.  Save as much money as you possibly can. 

Save every damn penny (it's gonna count, believe me). This is a time to put your energy in a side job, an extra gig, freelance work and sock away every cent of that extra money you earn.  Saving money in an interest-bearing account is optimal, but just saving money in a safe account will put you ahead of 99% of the population.

How much should you save?  Well, you are going to want to have a minimum of about two to three months of expenses.  Having six months or more is really the goal.  It's exceedingly difficult to find a new job during a recession and usually, it will take about six (6) months to find something when the economy is sluggish.  The goal is to allow you to survive and not become one of "the homeless" if or when your current primary income disappears (which often happens during recessions).

2.  Lower your monthly expenses  

Get rid of everything you don't need.  And I mean everything you don't need to survive.  Get rid of software and magazine subscriptions, cable TV, high-end phone packages, trips to Starbucks, etc.  Get your expenses as low as possible so that all the money you save in Instruction #1 would stretch much further and longer for you. Do this now, not later. 

Extra Tip: And also make a list of additional things you are keeping but can live without if things get really, really bad for you.


3.  Start job hunting and job networking now.  

Update your resume.  Update your LinkedIN profile and start networking now, today, as soon as possible.  Don't wait on this.  Make new friends get to know some people who are top of the scale at local companies or people who own their companies.  Get on their radar and make sure they know that you are open to opportunities with them.  Make contacts with powerful people.  You are going to need these powerful and influential friends during the recession.  When opportunities are slim, people with connections tend to fair better.  Make those connections now!


4.  Set up extra income, now! 

Start finding and setting up ways you can make extra or passive income.  Do that now . . . not later, now!  Understand doing side activities to gain extra income is very important for several reasons:

Reason #1:  It takes some time to build up a good income from side gigs.  It takes even more time to gain money from passive income activities.  So you really need the 9-12 months that economists are predicting the recession will be felt by all of us to build up this income source.  Use this time to ramp up your extra income possibilities.

Reason #2:  This side (extra) income may become your primary or only income in the future recession.  So put some effort in doing this.  In fact, if you can more than one extra income stream that the better for you!

Reason #3:  Save all the money you make on these side gigs for the next 9 to 12 months to get you to the Instruction #1 goal faster.

5.  Pay down as much debt as you can

How do you do that?  Simple.  Sell everything. You are probably just like me, you probably have closets full of stuff you haven't touched in years.  You have so much stuff in your two-car garage that you can't even put one car in it.  Your cabinets are full of stuff that you were going to use "later."  Take it out, dust it or clean it off and sell it.  It's easy to list items on E-bay, Facebook MarketPlace, Craigslist, and Amazon.  

Here are some places to go to help you quickly start.

• How to make money on eBay ($1,000 cash in just 37 minutes
• How to sell your stuff on Facebook Marketplace (with videos)
• How to Sell Stuff on Craigslist Extremely Fast
• How to Sell Your Excess Crap for Cash in Just a Few Hours with Amazon's Fulfillment Program

Use every penny from those sales to pay off your debt, every $.01!  You'll thank me later.


6.  Adjust your 401(K) & Investment Portfolio

This is the time to move most of your money from the growth-high risk option to the safe slow-growth option.  It's all about preserving your hard-earned dollars here.  You worked hard to put that money in your portfolio, try to preserve your hard work as long as you can.  Don't worry, it won't be forever.  As soon as the signs of recession are over, just flip them back into your high growth options in a couple of years.

7. Commit to no big purchases for one year.
You know what "big purchases" are.  Big two-week vacations for the entire family, that new car you were thinking about leasing or buying, the possibility of buying a house.  Hold that dream for just a second (12-18 months).  You'll be able to do it later after the crashing waves of recession calm down.

That's it, my friends, if you follow this advice you should weather the storm nicely.  Afterall, you are all my powerful and influential friends and I want to keep you that way. 

For ideas on making money from side-gigs and passive income activities check out my post: Money is Everywhere: over 50 ways to make quick money.


------------------------------------------------------------------------------------------ Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation. It's the little things you do that make the biggest difference. Thanks.

After I completed my taxes this year, I want to kick myself!

About 5 years ago,  I had a successful virtual assistant business with over 30 re-occurring clients. It was a lot of work, but it was great.  In 2008, one of my top clients decided that they wanted me to work with them exclusively and was willing to pay the high bill to have such a privilege.   That was even greater!  So, I essentially closed my business and became and independent contractor. The work was challenging and interesting, my work hours were flexible and I was well paid. 

Then 2009 happened, my major client was a financial services agency. You all know what happened to businesses in the financial sector in 2009, right? Sad day for me.

Then the housing bust happened which affected my landlord's finances, but allowed my husband and I  the chance to purchase the house we were renting (it is a really nice house guys).  To top if off, my sister (who was living with us at the time) was diagnosed with stage-4 cancer. Everything was falling apart, and everything was whirling like a whirlwind at the same time.

Business was slow and new clients were few and far between. The bank said they were not accepting anymore 1099 income statements (that means independent contractors, people) with loan applications.  Unfortunately, that's all I had to show my income or lack thereof.  With a major illness, my sister did not need to be moved to a new house at this critical time.  So, I did what I had to do.  I got a regular, commuter job that issued a W-2.  

It was the solution to everything.  Our income statements satisfied the bank, the loan came through, we bought the house, we didn't have to move my sister at a critical time in her life, and the kids could stay in the schools they loved. 

However, I could not see myself (operative words here) working 8+ hours a day, commuting 2 hours round trip, taking care of a home with children and a sick relative AND maintaining--even part-time--my home business.  So I closed shop.

BIG MISTAKE!

The next year, my husband and I owed thousands of dollars to the IRS!  We had never owed that much money to the IRS before.  We were flabbergasted! But as we completed our 1040, we realized that our true financial savior was the Schedule C.

Let me tell you why:
Owning a business can really help your household's budget bottom line.  The expenses and deductions from your business are amazing, they are huge.  

 Here are the items you can deduct if you own a legitimate business:

• Office Supplies
• Office Equipment
• Other Equipment you need for your work
• Software
• Publications and Books
• Postage
• Business License
• Mileage
• Travel (get a nice hotel room because you can deduct 100% of that)
• Costs while on the road (dry cleaning, tipping, rental cars)
• 50% of eating out while traveling
• Insurance premiums (if your spouse and children work for you and are covered by your insurance it's tax deductible)
• Retirement contributions
• Half of Self-Employment tax (*You have to pay 15.3% of net profits to Social Security - but you can deduct half this amount on your taxes!)
• Phone charges
• But the Pièce de résistance is the Home Office Deduction

The Home Office Deduction:
If you can prove that you have a dedicated space just for business in your home, you can take that space, calculate the percentage it takes up of your home and deduct expenses.  

I don't think you heard me.  Let me give you a "for instance".  Let's look at my case.  I am very blessed.  I have an entire room that is devoted to my home office.  Anyone (which would mean an IRS agent, business inspector, etc.) walking into this room would know immediately that this room is devoted to being my home office.  They would know this simply because there is nothing but home office stuff in there: Desks, computers, printers, books, paper and more paper, office supplies.  There are no beds, no sofas, no TVs - nothing that says "here we relax and entertain friends." 

Now, my husband and I measured the area of our office against the appraised square footage of our home. The IRS estimates our office takes up 7% of our home.  Which means . . . check this . . . we can deduct 7% of our costs to run our home.

(These are example numbers, not the real ones -- I just made them up for easy calculation)

Heating for the year?  Why that's $2,000.  $2,000 x 7% = $140 deduction.  What?!

Alarm Service?  That's $1200.  $1,200 x 7% = $84 deduction.  Stop!

Home Repairs? Receipts total  $7,000.  $7,000 x 7% = $490 deduction.  Get out'a here!

Put window coverings up throughout the whole house?  Well, the window coverings in the office need a separate receipt because that's fully deductible! Boom!

Are you starting to see the advantages of having a legitimate home business?  Let me stress legitimate.  

Well, what is legitimate?  I'm glad you asked.

A business that you are working hard to gain a profit in.  If you can show that you are working hard to gain a profit in your business, that you actively seek clients and customers, engage in promotion of your business, work to acquire income from your business - even if you do this just one hour out of your day. . . then you are legit.  

The list of deductions I provided above for the home office, is only the beginning.  There are so many more deductions that you take when you own a home or small business.  For more on this, simply go to the IRS's webpage. IRS Home Office Deduction Sheet. Or talk to a tax professional, it will be worth your time and money to do so.  Really.

I closed my business and went all W-2.  I regret it.  

Having a regular W-2 income, being an employee really sucks! (Sorry, to all you guys contented with employee status. I'm sure it works for you -- but, it doesn't for me.)  It sucks so much that I have relented and I'm back in business again. 

Learn from me everyone.  If you've always wanted to be your own boss and start a business.  Do it!  Do it now!!!

If you have a business and for whatever reason, you are thinking of quitting and closing shop -- DON'T! 

Stay powerful and influential my friends.

**************************************** 
Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation. It's the little things you do that make the biggest difference. Thanks.

The "I QUIT" Fund

What is the first thing you should start today, if you already haven't?  Your "I Quit" Fund. Really, it's your freedom fund.  It gives you a sense of confidence and freedom.  When a person has an "I Quit" fund, they interview for a job differently.  With an "I Quit" fund, they walk around the job differently.  They seem fearless, crazy confident and amazingly attractive.

Hard to believe, huh?

I tell all my friends that they should create an "I quit" fund.  You should too! 

What's an "I Quit Fund"? It's simply what financial advisers call an emergency fund.  It's a stash of money that takes care of up to 3-6 months of household expenses, in case you lose your job.  Or in case you simply decide you can't stand your job, not one more day . . . not one more moment.

There are so many horror stories about bad bosses, crazy co-workers and dysfunctional working environments it's unreal.  We, as employees, take all kinds of abuse because we need the "security" of a paycheck.  But really, should we take that stress and abuse?  We work hard, shouldn't we assure ourselves of a LIFE as trade off for the hours spent with people that we don't voluntarily choose to hang around?

Begin your "I quit" fund.  Start today.  Stash away $10 or $20 or more.  That's what I did.  I stashed away a few dollars every week and I do it to this very day.  Back then, whenever I got some extra money: a tip, a bonus, a raise, I put the money aside.  Whenever I worked a side gig, I stashed away half of whatever I earned.  Soon, I had over $500 in my little secret fund.  I decided that I wanted my money to grow faster than I could save it or earn it, so I put the money where it would grow.  Within a few months, I had a paycheck worth of savings.  Slowly, but surely I was starting to realize my freedom.

Amassing my "I quit" fund got down-right addictive.  I would save up a paycheck worth of "I quit" funds before I would deposit it into my little mutual fund (that was the way I grew my money).  I did this simply because I liked to count my money after a particularly hard day at work.  I would sit there going with stacks of hundred- and twenty-dollar bills, literally touching my freedom.  It felt damned good knowing that I had enough money to scream out "I quit" and at least be able to survive for 30 days before going hungry.  It was a heady feeling . . . a feeling of true freedom.  

Indeed, that money came in very handy.  Eventually, an ethical dilemma came up on my job.  I had a discussion with my boss about the unethical practice we were embarking in. I told him that I did not feel comfortable doing the task that the company wanted me to do.  He demanded that I continue with the process or endanger my employment.  I quit.  

Everyone was flabbergasted!  How could I quit?  Didn't I need my job?  What would I do next?  All types of questions flew around me. No one understood, how I was brave enough, free enough, to actually quit . . . not my boss, not the other employees, not anyone.  I walked out the door, very satisfied with myself.  Feeling a total control over my life that few people ever feel.

Since that day, I have been hooked on saving.  Even if I save $1 a day, that's one dollar closer to my FREEDOM.   It feels good not being a slave to a job, or a career, or the dictates of superiors in an organization.  

How do you create a little bit of freedom in your life?

If you like this article, you should read:

• 14 Reasons You Know It Is Time to Quit
• Why I Won't Apply for Your Job
• Money & Charlie and the Chocolate Factory
• Money is Everywhere!
• If SHE Can Save . . . 
• Your Six Figure Income

************************************************************************** 
Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation. It's the little things you do that make the biggest difference. Thanks.

The 2014 Savings Challenge

Okay people, this is the best day to begin a new challenge . . . the 2014 Savings Challenge.  By the end of the year 2014 we could save $1,378.  How many of you are up to the challenge?

Having an extra $1,378 at the end of the year would be pretty handy.
How many of you will take the challenge?

************************************************************************** 
Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation.

Life is not a race, and I'm not a rat

I love playing games, you know, board games.  My cousin (from my husband's side) has this really fun game called Rat Race that she and many of my friends like to play. We will sit there and play for hours (one time we played for 8 hours straight!)  

The concept of the game is that you take a little Rat Man Game Piece  and roll some dice and  try to get out of this small circular area of the board called the "Rat Race" or what everyday man calls: LIFE.  The goal is to move from the Rat Race into  your DREAMS which is a larger area of the board in the game. It can take hours for a player to get out of the little bitty circular space that is the Rat Race and move into the bigger expanse of the board.  Once in the bigger expanse of the board, the player makes loads and loads of money easily and the goal changes from gaining enough money to get out of the rat race into falling on the circumstances that allow you to obtain your dream.

I've played the game over and over again, trying to figure out what is the thing that holds me back in the real world of "gaining my dreams".  Why am I still in the rat race . . .

When it came to me.  I'm in the rat race because I'm identifying with the RAT!  And dog gone it, I'm not a rat.  What is stopping me from living my dreams, from having the type of wealth I want, the income I want, the life that I've always wanted?

This little psychological problem:  MY THINKING.

I'm at work.  Working my ass off.  Working hard, running back and forth, fixing problems, juggle impossible tasks, schedules and projects. I'm doing what seems like the impossible and then going home and nearly falling into bed in a near faint.  I'm working hard.  And because I'm working hard, doing things I hate doing, being in a place that I hate being, dealing with difficult people for the measly salary that I get . . . I think:

If I get $(insert yearly salary here) for doing all of this stuff I hate. . . then how much crap will I have to do/take to get $100,000 or $150,000 or $200,000 a year?

And that's the problem.  Our heads are still in the Rat Race!

Here's the facts people.  And I want you to read this real slow.  In fact,  I want you to read this every day until it gets into your thick skulls . . . 

The amount of money you make does not mean your work gets harder, or you deal with more stuff, or you must work with even more difficult people.  The amount of money you make is the worth that you put on what you know. The amount of money you make actually becomes greater as more people know, understand and value the work you do.  That's it.  That's all.  Want to make more money?  Make sure more people know about the work you can do.

An example:
Let's say you are an Accountant by trade.  You can work for an accounting firm or for a company that needs accounting services (every large company needs accountants on staff).  You make an okay, five-figure income.  You work hard, but promotion, raises and bonuses are at the whim of your boss -- and it doesn't look like you'll getting any of those benefits soon.  What do you do if you want to become a six-figure earner?  Well, as an Accountant you probably have experience/knowledge of tax laws.  What can you do with this knowledge?  

OPTION:

1.  You can begin a business on the side, helping small and new business clients complete their taxes.  

[Good idea!  But this limits you to helping a hand-full of people.  There's just so much time in the day and you are only one person -- so only about a half dozen people can be helped using this method. Unless each of those half-a-dozen people are willing to pay you $16,000 a year for services rendered, this method may not be the best way to gain the six-figure salary you want.]

2. You can begin a business  teaching new business owners all about their taxes breaks. 

[This is a much better idea because you can now expand your audience to a class room full of people -- around 30 or 40 individuals.  This has the potential for more money but you have to produce the class over and over again.  Marketing your class over and over and over again to make sure you get a classroom full of people. To gain a six-figure income, you would have to charge $112 each student, conduct the class 30 times in one year and each class would have to enroll a minimum of 30 students.]

3.  You can create a DVD teaching new business owners all about their taxes and breaks.

[Much better.  You can produce your class as stated in #2 above and have it filmed and create a DVD.  Continuously market this DVD and you can gain "passive income".  You produce the class once, and get paid every time someone orders your DVD!  The more people you market to, the more changes you can make money from your product without additional "work" -- are you starting to see what I mean about the more people who know about your work, the more potential money you can make?  If you sold your DVD for $129 you would only need to sell 775 DVDs in one year to become a six-figure earner.)

4.  You can create tele-seminars teaching new business owners all about their taxes and breaks.  

[Tele-seminars are like #2 without limits.  You can have hundreds of people all around the world on one of your tele-seminars.  You can create a tele-seminar in your own time.  You can repeat the play of your tele-seminar if you find it wildly popular, with unlimited viewers.]

Notice that in many of these scenarios, you are not working harder.  You are doing the same things that you do daily.  The difference is you are serving more people and more people are valuing your services.  The goal is to maximize on the number of people that you can serve!

The amount of money you make actually becomes greater as more people know, understand and value the work you do.

So for many of us, our biggest obstacle to advancing our work, or growing our business, or asking for a raise or negotiating a salary, is that we truly think if we get more money, we'll have to do more work and as far as work goes we're already at our limit so . . . WRONG!  Stop thinking that way!

The amount of money you make actually becomes greater as more people know, understand and value the work you do.



The difference between you and a six-figure-income person is:

1.  A six-figure income earner markets their specialized skill or knowledge to large groups of people.  The more people who know what they do, the better.

2.  A six-figure income earner takes on more responsibility or what "looks like" more responsibility.  But in fact, they just take on the responsibility of their life, their career, their livelihood.  No one cares more about your prosperity and your money business than you.  Stop looking to your boss, colleagues or others to prove your value and your worth.

3.  A six-figure income earner already knows what they are worth and are willing to fight/negotiation for it.

4.  A six-figure income earner is willing to walk away from bad deals or create their own opportunities.

If you are not doing any of the four things above and you want to start being a six-figure income earner.  Then start doing those things today. The faster you starting doing these four things, the richer your bank account and your life will be.  Let's start now, after all, I've always wanted to have powerful and influential friends!
Until next time my lovelies.


************************************************************************** 
Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation.

What you focus on grows . . .

Do you want to grow your problems? 

Apparently, I used to love growing my problems. Seriously, I used to look at my financial situation (which was pretty bad) and focus on what I was lacking.  I did this constantly, worrying about when and where the next dollar was going to come from. I would see bills and freak out.  An unexpected expense would put me in a tizzy.  All day long I was trying to figure out, how I was going to pay this or that. I would get really angry because everywhere around me people were driving better cars, whipping out their platinum or red credit cards, shopping for frivolous stuff for crying out loud and I couldn't even pay for essential things, like food, heat, gas!

I would clip coupons, skip lunch, plan what I could sell on e-bay next, try to hunt down a side-job I could do on weekends, because I needed, needed, needed more money and I just didn't have enough.  I never had enough.   I just couldn't make ends meet in my head.  And it didn't help that bill collectors started calling.  Urgh!  Reminding me every day that I just didn't have enough money.

I obsessed over it (this lack of money), not realizing that I was growing my problem.  What you obsess over, you grow.  Repeat that 10 times.

Do you want to know what made me break out of obsessing on my lack of money and made me realize that if I just changed my thinking just a little bit, that things would change?  When I began writing the series "Money is Everywhere: 50 Ways to Make Quick Extra Income".  

I'm still not done writing that series of articles, because guess what . . . when I began concentrating on simple ways to make money -- it began to happen. I began to make more money.  I was able to pay some of my bills.  And I told myself, well I can do more of this and take care of more of problems.  And I realized that truly money was everywhere and all I had to do was access it. Then a crazy thing happened, more money began to come my way.  

My eyes were opened, I began to see all the little ways I could make more money.  Then I took ACTION.  I began making more money and got so wrapped up in making more money that I lost track of the series and now I have to play catch-up because . . . guess what?  I found even more ways to make extra money!

We are all amazing people, and truly we are the children of God.  Whatever our minds focus on, we can make happen.  We can make anything grow, even our negative, doubtful things! As you sow, so shall you reap.

What did I do to change my circumstances?  I refocused my mind and showed myself that money (or the potential to make money) was all around me, plentiful and there to do it's job . . . help me to pay my bills.  The more I focused positively on the abundance  and plentifulness of money around me, the more it comes to me.  This will work on anything that you focus on.  Try it.

Do you want love in your life?  Then love on people.  Go out, get to know people and love them.  Gather love around you.  Tell yourself everyday that love is out there waiting for you, waiting to rain down on you and all you have to do is meet enough people and you will find it -- everywhere.

Do you want a better career, a career that you love and wouldn't mind waking each day to do?  Then tell yourself that your dream job is out there.  Listen to audio and video of people doing their dream job.  And then do the thing you want to do . . . for FREE, whenever you can.  The opportunity will come that will let you do that thing you like doing (your dream job) for a living.

It's all about how and what you focus on. Listen, not just what you focus on but how you focus on it.

So tell me people, what good thing do YOU want in your life?  How are you going to think, concentrate, focus on it from now on? Do you want to grow your good things in life? Share with me please!

************************************************************************** 
Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation.

Protect Your Digital Assets

 

If, God forbid, something happened to you tomorrow and you are no longer alive or (even worse) you were permanently incapacitated . . . who knows the passwords for your online accounts with Facebook, Twitter, Tumblr, or your blog?  Say, your family has an idea what your password would be for your e-mail accounts.  Do you necessarily want them to read your e-mails?  Or, would you rather your e-mail account be deleted all together?  These are very serious questions that, lately, many people are grappling with.

You should be asking yourself: Who in your family have the permission to access your accounts and perhaps shut those accounts down?  Who has possession of your content?  Now what if you are blogging or have a website that gains income through advertising or affiliate links?  What if content created by you . . . a video, a blog post, a meme . . . goes viral. What type of value would this activity have and what kind of asset could it become for your family?  In other words, if you are not around who owns the copyrights, and thus the money to that creation?  

Digital Assets and who owns them after we die is a new problem that has arisen in the last 15 years -- and you should be paying attention to this!

If you are online -- providing, creating and sharing content -- you (my dear) have Digital Assets and you should make sure your family or your loved one and trusted friend have access to these assets should something happen to you.  Indeed Digital Assets are part of your Estate and courts are making decisions about your online accounts everyday now.

"Confusing . . . online user agreements and state and federal laws can restrict Internet users' ability to transfer their online accounts to loved ones after their death and prevent families for retrieving information stored in the digital realm."  

Protect Digital Assets After Your Death - Kiplnger May 2013

 Don't be like most people and dismiss your digital assets as insignificant or unimportant.  Instead, understand the value of your assets (the world and the courts see them as viable assets believe me) and that these assets can be passed along to benefit your family.




 
What are digital assets?  

Simply defined, digital assets are "an individual's electronic possession: e-mails, digital photos, videos, tweets, songs, e-books, websites, programs, applications"



Here's a list of digital assets I can think of off the top of my head:

• Family photos or digital photos you've taken and stored
• Videos you've created
• Video game characters with virtual points/tools/weapons acquired through hours of playing
• Digital Music library you've paid for and collected
• Domains names you own
• Websites you've created
• Affiliate programs and money gained from them
• Advertising on website and the money gained from them
• Blogs you have created
• Content you have created and placed on blogs, social media sites and websites
• Podcasts and and internet radio broadcasts you are involved in
• e-books created
• e-books purchased and stored
• Social media accounts
• apps owned and apps created
• e-mails authored
• graphics and memes created

How Should I Protect Myself and My Digital Assets?



Lawyers would love, love, love you to do nothing or even talk to them about digital assets so they can charge for services in creating a "Digital Trust" and other such things.  But there are simple things you can do that does not involve attorney's fees and other fees.  However, if you have significant digital assets such as: domain names that are worth thousands of dollars, or graphics/memes that have gone viral or apps that you have developed that supply you with royalty checks each year -- you should definitely talk to your estate planner and consider a digital trust for the benefit of you and your family.

So, if you are an average guy like me.  Here are the steps you can take to protect yourself and your digital assets:

1.  Figure out who is electronically savvy enough to take care of your digital assets and name this person your Digital Executor. This person will be in your will and any executive directive you establish.

2.  List your assets (all your accounts), passwords, pins and security questions/answers.  Create both a digital file (password-protected document) and a hard copy file (sealed in an envelope).  Place both in two different locations (of course).  Let key people (namely your digital executor) know the existence of these files and the location of these files.

3.  In a separate document as a Digital Directive, give full instruction on what the Digital Executor should do with these accounts.  Delete them, memorialize them, give them to family members to manage, or designate them to continue with your digital work.


4.  In your Will or Executive Directive, give your Digital Executor permission to execute your wishes with your digital assets. Your will can mention and direct them to the Digital Directive which will give them access to your Digital Assets List. It is essential that you don't put any account or password information in your will because wills becomes a public documents.  Which means anyone can access the information.


The Law and Your Digital Assets  
In many cases, if the company that holds your online account receives notice of your death they will freeze the account. Many of the terms of service say that accounts can be deleted or accessed by family members only if an official "death certificate" is supplied.  Death certificates usually don't arrive until 4 to 6 weeks after an individual's death.  This is what usually happens in instances of death, however, there is no definitive law on what happens to digital assets after death.  Which means many online companies are just handling digital asset ownership by ear -- usually, on a case-by-case basis. Which also means that anything can happen in regard to your online account after you die.  And that many decisions about your digital assets are being made by people with very little understanding of online presence, reputation branding, virtual worlds and digital assets -- the U.S. Court system.

What often happens is if detailed instructions are not left by the departed, companies will assume that they must "maintained privacy" via the TOS agreement "the departed" agreed to when alive.  Current privacy laws do not force online companies to allow family members or estate executors to access the deceased data.

Paul Black has a great PDF that can explain account policies. You should definitely read Your Guide to Estate Planning for Digital Assets.


You may also wish to become familiar with the Stored Communications Act and the
Computer Fraud and Abuse Act  which currently criminalizes unauthorized access to computers and data.





So let's recap . . .

Along with doing the 4 steps above:

IN YOUR WILL: Place a specific clause to allow for the estate trustee to access your digital assets.  This clause should give the power to access, handle, distribute and dispose of your digital assets. Don't put any password information in your will because it becomes a public document.

YOUR LIST OF ACCOUNTS: Leave a detailed list of accounts and passwords. You can use websites like SecureSafe or  Legacy Locker, to hold this information.

DIGITAL ASSET TRUST
You will need a lawyer to create a trust.  This trust grants the beneficiary the legal right to access your account information after you have passed away through the use of trust law. I recommend this route if your digital assets are valuable.  For example, Lady Gaga's Twitter account is worth $9 million dollars.  I would definitely advise Lady Gaga to place here digital assets in trust!




So, my dears, what are your digital assets worth?  Make sure to protect them . . . for your family sake, for MY sake -- because, after all I've always wanted powerful and influential friends.

Like this article? Then you will probably like these articles too:

• Protect Your Ideas
• Protect Your Cash
• Don't Buy Stuff You Can't Afford

 

**************************************************************************
Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation.

Real Money vs. Fake Money

Why do I love my friends and followers on Twitter?  Let me tell you . . .

I was talking to Paris Nichlaides @OdysseusCA on Twitter, telling him about how I always tell my children, when they exchange coins for paper at the bank that they are trading Real Money for Fake Money.  You understand that don't you?  That when you give up your coins you are giving up REAL MONEY.  You DO understand that the paper money in your pocket/purse is just "Monopoly Money," right?  

Paris immediately sent me to a video that talks about the difference between "real money" and "currency" and it is really good, really entertaining and filmed in a way to hold your interest while explaining complex ideas.  I love it!  

I just had to share this information with you guys and found this video an excellent education on money, wealth and freedom . . . all the things I love to talk about on this blog so it fits right in.

Man, I love my friends and followers on Twitter. 

You can get more information at this webiste: GoldSilver.com | YouTube Channel

Like this article? Then you will probably like these articles too:

• Opportunity vs. Money
• Money and Charlie & the Chocolate Factory
• Wealth- What is it really?
• Don't Buy Stuff You Can't Afford

**************************************************************************
Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation.

Job Offers and Gaining a Higher Income: It's All About Negotiation, Duh!

Looking for a new job?  What to be a high-income earner?  Great!

Don't like negotiation?  I mean, do you hate to negotiate?  That's good, very good.  

Now, do you  understand that having that attitude (hating negotiation) dooms you to be poor for your entire life?

What?!  

Don't get angry with me for telling you that those who do not have good negotiation skills will forever be unsatisfied with life, will forever be under-paid. This is not my opinion, it's the truth actually, it's scientific fact.

Don't worry, I'm not putting you down. I'm just as poor as you are -- because in the past I told myself that I hate negotiating, and to be truthful I still do.  So clearly, I'm an expert on this topic.  But recently, I stopped hating negotiation and learned some techniques that have helped me gain a better financial situation -- so, rest assured that I know what I'm talking about! 

Negotiation is essential, negotiation is so essential in your life that it should be taught in kindergarten -- yeah, it's that essential.  Yet, we are thrown out into the world with little to no skills in this area and told to make a success of ourselves.  Yeah, good luck!

Note to self and all my friends:  If you ever have an opportunity to take negotiation classes - take them!  It will change your life forever.

Now sit back and relax. We are going to completely explore negotiation skills.  You can thank me later,  because this post is truly gonna change your life.  I'm going to help you get rich by negotiation!


How to Negotiation Your Salary 

Employers expect it and respect those who negotiate

Women and people who are historically low-income earners typically undercut themselves by avoiding negotiating.  They don't realize that many employers expect you to negotiate.  In fact, many employers see potential employees that negotiate as potential high-performers. These are the people that can think beyond the current job, these are strategic thinkers -- a job skills that is highly rated in the business world.  Show off your skills!


Prepare yourself, it's your best weapon

Do the homework.  It's very important to prepare yourself for negotiating, and the best way to do this is to figure out the salary you want or need. Then go to websites like: Salary.com or Glassdoor.com and figure out what the pay rate scale is for someone with your experience and your occupational title, residing in your area.  Then compare the salary you want with the pay scale you've found.  The salary you want  should be above the 50% percentile of the pay scale you just research. If the salary you want is below the pay scale's 50% percentile, you should to adjust your numbers.


Don't let them get in your head

What most people don't realize is that negotiations happen before the job is offered, often during the phone interview.  He's the rule that you must understand at all costs: Never, never, never tell them what your previous or current salary .  

If they ask for salary history on applications put $0 in the box (if the box requires a numerical entry) if it allows text you can submit "competitive" or "current market".  If they ask you for salary history over the phone or email . . . I've come back with statements like: "Why don't we talk about this in person?"  or  "My current employer requests that I do not reveal sensitive company information."  The key is that you should never name a number first.


Practice responses and negotiation statements

Potential Employer: What type of salary are you looking for?

Candidate: "Well, I've actually done some research while preparing for this interview.  What I found is that there was a pretty wide range depending on a number of factors associated with the job, like years of experience, education, etc.  To answer that question I'd really need to have a full picture of all the responsibilities of this position before I know what that range could be. Let's talk a little more about the position, I have a number of questions . . ."

Potential Employer:  "I can't move you on to the next interview without your current salary.

Candidate: "Oh, well you have me in a corner here, because my current employer requests that employees do not reveal sensitive company information to outsiders.  While I'm still employed at [NAME OF COMPANY] my salary  is considered sensitive information.  My loyalties are with my current employer, you understand.  I really don't feel comfortable divulging sensitive company information.  I'm sure you understand."

Potential Employer:  We really need a number . . .

Candidate:  To give you a number, I really need to know more about where I fit within the organization, the requirements of the job and your expectations. I'm sure after exploring this further potential direct report, we can identify an overall package that meets both of our needs.

Potential Employer:  Oh, come on it's not rocket science.  Just give us an idea.

Candidate:  I really don't feel comfortable providing a number with the information that I have right now.  But you probably have a better grasp of the market range of this position. Can you give me a sense of the range your company is thinking of paying the person in this position?

or

Candidate:  I'm aware of the range for this position and I view myself as bringing value on the higher end of that range.  I'm looking in the range of . . .

Go for a range that begins on the higher scale of research (see "prepare yourself" above).  If your research says that 75% of people with your title and experience earn $60K, begin the range there.   Make sure to start at nearly the top of the range of your research and give them a large spread of $15K to $20K.  So for example, the range you are looking for would be $60K - $80K.



Practice Silence

After you are forced to state your price range.  Be silent.  Practice being silent.  Yes, it can be a little awkward, but get used to that feeling. 



Get Your Head Straight

Understand that negotiating your salary is the easiest money you will ever make.  It is literally the biggest factor in determining whether you are a high-earner or not. It also sets a precedent with your employer that you are to be taken seriously! You must decide mentally that you are going to ASK.  Seriously, you have done the hard work already, you have convinced your potential employer that you are the best person to help them.  You are the best person to meet the challenges they have in store.  

This is very important: If you are offered the job,  understand that before you sign the offer letter, your negotiating power will never be that high again.  Make the most of it!



After They Give You An Offer

Your response should be . . .

1.  I appreciate your offer of $XX but I was expecting $XX for my experience, drive and performance. 

(TIP: Make sure the amount your expect should be 5-10% higher than the salary you actually want.  If you want $50,000 you should say $55,000.)

or

2.  Most other POSITION TITLE in my region at similar companies are paid $XXX to $XXX and I think my skills and expertise are that valuable, if not more.  Can you offer anything in that range?

Your potential employer may baulk at these statements.  Expect that.  Understand that their goal is to get you to work for them at the lowest salary possible.  Don't back down.  Continue to show enthusiasm and excitement for the potential opportunity -- but stay confident in your abilities and value.  Ask them to consider the possibilities and get back to you later.

The recruiter will come back usually in the middle of what was offered and what you "say" you expected.  If you've done everything I have outlined, this amount should be exactly that amount you wanted in the first place.  Congratulations.  

But wait, negotiations aren't exactly finished.


Don't forget that salary is not the only thing to negotiate.

There are other things that you can negotiate and ask for, especially if you don't get the salary that you hoped for.  You can then compensate for that disappointment with other perks.  Make sure to consider these things:

1.  Signing bonus
2.  Flexible schedule/family & life balance/telecommuting options
3.  Benefits that start immediately, on the first day of work
4.  Additional vacation/sick/personal day matching your old job
5.  Promise of performance bonus
6.  Company paid phone
7.  Retirement matching

The list can go on and on, research the different perks that companies offer and figure out which ones matter to you. 


Seeing and Hearing Leads to Believing

So, in the past I've read and read and read every article and many books on negotiation -- however, negotiation techniques never hit home for me until I actually saw them being used and then practiced them in real life and in real time.  Here is an example of how to negotiate for a higher salary.  Notice how the mock negotiation session really give insight on how to effectively handle yourself during negotiations. 

The lesson here is: You need to "practice" negotiation. Practice, practice, practice over and over again until you can do it in your sleep.





Lesson Learned:

Now that you've learned all about negotiation, you should watch this 30 Rock clip - Negotiating with Jack Donaghy, it's funny but it's excellent! 



Please take this blog post and this lesson seriously because my goal is to be surrounded by influential, wealthy and powerful friends and associates.  New job opportunities and job offers are your best chance to become a high-earner and I really, really want that for you, my dear readers . . . because as you well know by now, I have always wanted powerful and influential friends!

Like this article? Then you will probably like these articles too:

• Devaluing Your Skills and Experience 
• Your Six Figure Income
• Negotiate Your Way Into a Telecommuting Job

**************************************************************************
Do me a favor . . . Click one of the icons below and share this article with friends! Leave a COMMENT by clicking on the little orange "comment" below right by "written by Telemill" notation.