Category Archives: finance

Pay On Death Benefits Have Flaws: POD Problems

The ugly side of an inheritance.

Solving the problems of inheritance law is worth a look and a deeper understanding. Understanding the differences covered in this article may prevent you from having to hire an inheritance lawyer in the future.

Let me explain:

Let me paint a scenario for you. You go to your banker and tell him hey I’ve got $10,000 in this account, and I want to make sure that if something happens to me, my kids can get to it.

Your friendly banker says oh that’s easy. All you have to do is sign this paper here that says that if you should die, we will pay upon death to this beneficiary. All your loved one has to do is bring a death certificate and valid ID.

You fill out the paperwork and you know that your kids are going to get the $10,000 should you kick the bucket and you go away happy.

On the way home you stop by McDonald’s and get your favorite big Mac and you feel like you solved a big problem for yourself and the world that day.

Then, later years down the road, the unthinkable happens.
You exchange your earthly body for some wings a harp and a white dress that sort of looks like a fighter going into the ring. Of course, I am being facetious and please don’t misunderstand me. I’m not trying to upset anyone if you have lost someone. Lord knows I’ve lost enough family members to outfit a good volleyball team.

But my point will come through in just a moment.

Let’s say it’s been 10 years since you signed that piece of paper. The bank might’ve changed hands or done something else in the meantime. The staff might’ve changed. And when your kid comes in. Let’s say he was 18 when it happened when you signed. Now he’s 28.

Everything is going to be contingent upon who he talks to when he walks through that door.

As soon as the bank sees that there’s money in that account, the bank might tell him, “Hey, you have to get an attorney for us to release the funds.”
Hey… Wait a minute… What happened to the pay on death beneficiary thing?

Well… Your family member is gone. They can’t exactly come to the bank and say that they signed it so that you can get the money.

And the bank gets to call the shots. That is, until you get your estate attorney involved.

I certainly don’t want to scare you. But this happens every single day.

The truth is, the bank often wants to hold onto the money. They also don’t want to be liable for giving up the money and having some other family member come along and say that they were the rightful heir of the money

So, my advice to you is to make sure that you have a POD or pay on death beneficiary clause in place with your bank because it is the easiest way for your loved one to get a hold of the money should they need it. But, you should also have a very strong will and a great attorney that you can tell your family to go to in order to get your will exercised.

If you take these precautionary measures, then, you really are doing your family a favor. You definitely deserve a big Mac on your way home today.

Mindset for Millions: Is there a school for Millionaire Wannabes?

become a millionaire

Where to learn how to become a millionaire

What type of schooling should you go to if you want to become a millionaire?

Boy, that is a great question. There really is a big difference between the school that you would probably choose and the school that is right for you.

-The reason I say that is that I am keenly aware that if you come across a school that tells you that it is easy to become a millionaire and that all you have to do is follow their full proof, proven steps, one by one, then you will probably be inclined to go with them.

Furthermore if they proclaim to have the only secret on how to get wealthy you will for that reason alone.

But the school that proclaims that it will hold you underwater til you almost drown so that you can (learn to) understand the experience of wanting something as much as life itself, would probably not make it to your top 10 list.

However, I would beg that that is probably the school that would be right for you. When it comes to making money, it is not child’s play.

There are so many people that simply state that making money is easy (by easy I mean brainless) and that there is some secret to it. However, I have a group of friends that are all millionaires. What I recognize in all of them is that they are very passionate about what they do.

They leave nothing to chance and they tend to be smart individuals. The one thing that they are smartest about is human nature. At least that is my observation. All of these guys possess the one ability to see through my bullshit better than anyone else.

I have learned that when I am with them, there is no use in pretending or trying to manipulate their beliefs about what I’m telling them or about me for that matter. I am much better off simply being authentic and sharing from my heart including the good, bad and freakin’ awful. They can smell a rat, if you know what I mean?

I think the biggest key to having business success is people skills. All of these guys know people. They know what they’re thinking, they know what they’re going to do. They have also been great friends to me because they have been able to call me out on my own stuff.

They can often see what I am up to better that I can see it myself.

They have often given me direction on how I should live my life in a way that is more true to who I am as a person.

Overall, I would highly suggest that you seek out as a first line of attack to really get to know yourself and understand people. The thing is we automatically think that we understand ourselves. However, what I have found throughout my journey is that there are specific blind spots that we really cannot see well. It is sort of like a fish doesn’t know he is in water. It is really from this context an understanding it that we can really grow. Until we are clear on our contexts however we are stuck in it. It is sort of like the old saying that as long as you don’t think your superstitious you are and as soon as you realize that you’re superstitious you aren’t.

Once we really get to know ourselves then that gives us the opportunity for us to understand other people and what is that drives them. The more you understand this process the higher your ability to communicate with others.

Once you learn better people skills and better communication skills, and you’re on the right track start be able to build yourself into a millionaire.

Learn More…

Also make sure that you have a great financial planner and that it is someone that you trust. There’s an old saying that if you can trust a man in your room alone with your wife then you can trust him with your money. I personally use a friend of mine here’s his website.