Well here we go, you can check out the previous post that had the 1st 32 ways to create and maintain wealth. Here is 33-64

33.  Make your own coffee: Kicking off part two is a practical way to create some extra money. I know we enjoy

Although delicious, these add up, make sure you read about the Latte Factor

the coffees and the lattes, but over time they really add up.  You may or may not be  familiar with the Latte Factor, but basically it talks about the difference in money you could make over time if you took the money spent at Starbucks or a coffee place and instead invested it for yourself. You can read about the Latte Factor here.

34. Consider an old school approach and brown bag a lunch: Who would have thought that you can create wealth by simply harkening back to the days of elementary school? I find a balance between using lunch to network and eating out, which adds up fast,  and also simply packing a lunch. Too bad I eat healthy adult food nowadays instead of Trix Yogurt and Fred Flinstone push-pops. Anyone remember those?

35. Whenever possible, buy in bulk: When it comes to non-perishable goods, buying bulk is a very simple way to create some extra wealth for yourself. Warehouses like Sam’s Club and Costco are two great places to accomplish. Things I typically buy in bulk include cereal, pasta, toothpaste, body wash, and shampoo. 

36. Avoid late fees: If you are savvy with a computer and using the internet, you can automate pretty much all of your bills these days. You can have it charged to a credit card or automatically deducted out of a checking account. Also most banks offer free bill pay programs as well. Quick tip, if you are a first time offender, generally you can call the company and they will usually waive any late fees.

37. Monitor your bank balance at all times and avoid overdraft fees: This is one of those that sounds simple and is simple, but it’s profound because overdraft fees are like giving your niece a piggy back ride. It’s fine at first because it’s small, but then you realize it’s a lot heavier than originally thought and pretty soon you’re overwhelmed.

38. Avoid ATM fees: Staying on the theme of more practical ways to create wealth is watching out when you go to make a withdrawal.   Be aware of the ATM withdrawal fees charged by your bank. While some banks waive fees for all ATM transactions on any ATM machine, most don’t. So be sure to use only those ATM machines where your bank will not charge the fees, or withdraw directly at your bank.

39.  Count the costs when leasing a car:  Don’t decide to lease a car just because the payments are lower than on a traditional auto loan. The leasing payments are lower because you don’t actually own the car. Leasing a car is very complicated. When shopping, consider the price of the car (known as the capitalized cost), your trade-in allowance, any down payment, monthly payments, various fees (excess mileage, excess “wear and tear,” end-of- lease), and the cost of buying the car at the end of the lease. A valuable source of information about auto leasing can be found in Vehicle Leasing: A Consumer Guide by clicking here, this is published by the Federal Reserve Board and Federal Trade Commission.

40. Save money at the gas station: Did you know that you can save roughly $100 a year in gasoline just by simply making sure your engine is regularly tuned and the tires are properly inflated? Extra money for the retirement account, or if nothing else some Slurpee’s and a Twix Bar…

Knowing what to do with used cars can help you maintain a lot of wealth.

41. Avoid unnecessary car repairs:

This is not to say avoid car repairs entirely, but it has more to do with working with someone who is certified, established, and communicates well about repair costs and options.

42. If you have a old car raise your deductible on collision and comprehensive coverage: Like the last post where I talked about considering raising your homeowner deductible, this is a good way to create some extra cash especially with an older vehicle. Raising your deductible to $500 or higher, or even dropping comprehensive coverage on an older vehicle altogether are some things to consider. Again make sure you are in a position to do so if you are going to raise your deductible. This is why I talk about the emergency savings fund so much.

43. To earn the highest returns with little to no risk consider Fixed Annuities with guarantees: A lot of people are comfortable with CD’s at the bank, and that is fine, however there are other vehicles out there like annuities that have little risk and will allow you to capture a greater return on your investment. This is one of the areas where my heart is, so definitely contact me and I’m more than happy to help.

44. Maintain wealth by efficient credit card usage:  Interest charges are considerable and can be avoided by paying off the entire balance of your credit card, or as much of the balance as possible. Try shifting the balance of credit cards to cards with lower APR (annual percentage rates) also.

45.  Maintain wealth by getting a rate quote for an auto loan from your bank or credit union: This is the ideal way to go before seaking dealer financing. You can save as much as $1000 in dealer financing by going this route.

46. Create wealth over the long run on First Mortage loans: Although the monthly payments will be higher, you will ultimately save tens of thousands of dollars in interest charges over the life of the loan by doing a 15 year fixed versus a 30 year fixed.

47. Do your homework on ARM’s: ARM stands for Adjustable Rate Mortgage, and these rates can vary greatly over the lifetime of a loan. A raise in several percentage points can raise your payment by several hundred dollars a month easily so make sure you ask the lender what the highest possible monthly payment will be.

48. Potential homeowners, maintain wealth in one easy step: Never purchase a house until it is been examined by a home inspector that you have selected.

49. Create wealth by paying attention to home improvement contracts: Avoid signing contracts on home improvements that require full payment before satisfactory completion of the work.

50.  If you have a landline at home, check for unnecessary optional features:  I was told the other day that people still actually use landlines at home. (Just kidding!) If you have a landline, make sure some optional features like inside wire maintainence are dropped, this will create an upwards of $50 dollars a year.

51.  Record your expenses: On the road to creating and maintaining wealth, I have found that it is very difficult to pay down debt and start investing without some sort of written log at the very least detailing what you are spending money on. You will be amazed at what you uncover and what you can drop with little effort.

52. Families, create wealth for generations: Teach your children about the importance of saving and investing early, this is one area where too often the educational system does not adequately prepare our youth. The sooner the youth of this country understand the importance of not using debt for everything, the better off all will be.

53. Put your savings on auto-pilot: Direct deposit into savings account and into 401-k’s are one of the best things that could have ever happened to institutions from a money management perspective. If the option is available, set yourself up with direct deposit and you are on your way to saving for the future without having to think about it.

54.  Ignore the annual bonus: Keep your standard of living the same and let’s say you know you are going to get a raise of 3% this year, take all or a portion and there is your emergency savings or investment vehicle that you wanted to start.

55.  Understand that time is on your side, so use it: Everyone I am working with and people who have had success planning for retirement understands that it’s not too late, the important thing is to make a decision today to get started. Everything works out great from there.

56. Keep learning, never stop with education: I think the best way to be sound financially is to continue to utilize resources online, and reading books. Every perspective may not line up with your thinking, but there is such a collective pool of knowledge that is available. I have so many ideas over the coming months that I cannot wait to share.

57. Maintain wealth by making your will known: A will makes sure that your desires and wishes are carried out, should something happen. A lot of people mistakenly assume that wills are for elderly, wealthy people, however everyone should have a will done. A will done correctly should not only cover who gets what, but also medical decisions.

58. Create wealth by spreading the risk: Having a mixture of investments from blue chip companies, to value and growth stocks and bonds are the best way to make sure that your portfolio doesn’t take a tremendous beating like putting all of your eggs in one basket would be.

59.  Sell your skills to create wealth: Everyone reading this is talented and has a message and knowledge in a certain area. Maybe it is time to get creative and find a way to get that message out. As long as you have a vision and a plan, your passion can carry you to a lot of places and connect you with wonderful people. A great man once taught me that your money will always follow your passion.

60.  Consider creating wealth by using FSA’s: Flexible Spending Accounts offered by an employer allow you to pay healthcare costs with pre-tax dollars. If your company offers it, take advantage of it and save up to 33% or more. For more information click one of many good resources is here

61.  Create wealth by learning how to cook: Think about it this way, you learn how to cook, you are not spending as much money every week going out, money gets left over extra for you, and for all of my single clients out there, you potentially improve your dating prospects. Now you can’t possibly say I’m not looking out for you guys.

62.  Maintain wealth by keeping a close look at your stock trades: If you are not an active trader, make sure you are not getting charged inactivity fees on your account. I am not the biggest fan of online stock trading and you will find out my reasons as time goes on, but I do want to look out for you and those that are doing that.

63. Create wealth by knowing yourself: Other than sounding like a Dr. Seuss rhyme, the reason I say this is, when you go to work with a financial advisor or money coach, you are going to want to work with someone who gels with your personality and is going to work hard to get you to your goals and not lead you astray. This is one of the most important relationships you will ever have.

64. Create wealth by giving. I’m a big believer in “give and it shall be given unto you.” Works 100 percent of the

time. On the off chance that that 100 percent does not work for you, then giving still benefits you by being able to write off your charitable contributions on your taxes.

I’ll be back soon continuing my March/April Madness theme centered around the number 32. Feel free to contact me with questions, comments, and I definitely encourage you to schedule an appointment. I am here to serve.

Live long and prosper,

Wes

Connect with me on Linked In and Twitter

http://www.linkedin.com/in/wescomer

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Well here we go! This is the start of March Financial Madness, which I am excited about and I believe will be a fun way to talk about money, get some discussion going, and even talk just a little bit about our brackets in the process. I’ll quickly recap the basic premise of March Financial Madness, over the next few weeks I will be dedicating time to writing about financial topics revolving around the tournament theme, counting down from 64 all the way to the championship. Today I am starting with 64 Ways to Create and Maintain Wealth as an Individual Business Owner, and

My bracket might not be doing so hot, but at least this blog entry will be!

 Athlete, but I have broken it up into two blogs, the 2nd part will go up tomorrow. So today I will have the 1st 32 ways, tomorrow I’ll have 33 through 64. Let’s get started!

1.  Create and maintain a wealthy mindset:  The most important thing to creating wealth for yourself is to first adopt a wealthy mindset. If you believe you can achieve wealth, you’re already more than halfway there. Goes back to that old saying of “as a man thinks, so is he.”

2. Evaluate your 401-k: I could easily spend the next 6 months writing about how important it is to do this. Especially now more than ever with most 401-k’s taking a tremendous hit, you have to know what your options are. If you have retired or moved on to a different company and you have old 401-k’s just sitting doing nothing,  you will be much better served by rolling it over into an investment vehicle that will actually work for you and make you money.  Most 401-k’s can be rolled into IRA’s, Annuities, or directly into mutual funds. These vehicles are more effective than parking it on the sideline.

3. Consolidate and pay off debt as soon as possible: This is an area that I am very passionate about because what I am working with my clients on is showing them how to be completely debt free in 7 years or less, being able to live debt free allows you to invest for your future and frees you up to pursue the goals and dreams that you have for yourself or your family. I care so much about wanting people to live debt free that I do my debt elimination plans for free. If you would like a plan done for you, contact me directly here, or visit this site.

4. Commit to putting away money and pay yourself first:  From an investment and savings standpoint, one of the biggest misconceptions I hear all the time is “Well, I don’t have $500 a month to invest so I can’t do anything!” Not the case! You would be amazed at how far even commiting to put away $25 or $50 a month can take you. I’ll take some time in future posts to show how powerful even $50 a month can carry when invested properly.

5.  Review your life insurance policy: Now is the perfect time to take your policy and review everything. One of the biggest drains on a budget is paying too much premium on insurance that you may not need, or if you do need it, not purchasing the most efficient policy for your situation. Is cash value important to you? Do you only need it for a particular period of time? This area is a particular passion of mine and I look forward to many topics dedicated to the value of a well put together policy.

6. Make sure you have a good DI policy: DI refers to “Disability Insurance” and this is a vital piece that often goes missing. We own insurance on our lives, we own insurance on our homes and vehicles, but forget to cover our ability to generate an income. It goes back to a question I often ask people which is if you had a goose that laid one $300 egg every day, would you insure the egg or the goose? This is a great way to maintain your money and wealth.

7. Continue to invest in the market: From a market standpoint, 2008 was atrocious. However the fact remains the same that over the long haul, by being patient and consistent with investing, you will come out ahead in the long run. The fundamentals are still important which is buying low and selling high, and everything is on sale. I have a trademark saying that my clients have heard from me over and over and I will share it “It’s not about timing the market, it’s about time in the market.”

"It's not about timing the market, it's about time in the market"

8. Homeowners, consider raising the deductible on your homeowner’s insurance: The reason to do this is the average homeowner claim is every 14.7 years. First make sure from a cashflow standpoint you are in a position to cover the costs of a higher deductible otherwise this is not a good idea, however if you can, the benefits are that now you will have a lower premium that you can now save for yourself. The money savings may be small or substantial, either way it will add up over time.

9. Athletes, make sure you become a professional in your finances!: Whether you turn pro or not, having a relationship with someone you trust that will give you great advice and great plans is critical. As a former college athlete myself, not everyone gets to compete professionally and that is ok, but it is important to prepare financially for life after college competition.

10.  If you are renting and looking for renter’s insurance, compare quotes from multiple sources: You will save on average at least $50 a year if not more by doing this. Remember to get enough coverage that will adequately replace everything you are looking to cover.

11. Save by refinancing your mortgage: This option may not be available to everyone, but with the housing market in the current condition it is in, take advantage of low interest rates. For a quick example I was able to recently help a client of mine refinance their mortgage from 7.6% to 5.6%, lowered their payment by $260.81 a month. That is now money that they are using to purchase life insurance since they have two kids and money they will turn around and invest for themselves.

12.  Movie watchers, get an online DVD membership: This is a subtle way to create money for yourself. If you watch a lot of movies like I do, rather than always going to the store where it costs more to rent, start using an online service. I highly recommend Netflix for it’s large library, fast service and no late fees. They even offer Blu-Ray service for only an extra dollar per month for High Definition fans like me. More value for less money is what I want for everyone.

13. Business owners, make sure you own a good business overhead policy: Business overhead insurance is a policy that is designed to protect the business’s everyday expenses if the owner or partner becomes sick or disabled and is unable to come to work for an extended period of time. The utilities, supplies, etc, would be covered by the policy. This is signifcant because the busines is able to function and operate because the bills are still getting paid.

14. Lower your tax withholdings at your job: Rather than making interest free loans to the government with the money that is being taken out, lowering your withholdings in effect will be giving yourself a monthly raise on your checks. More money that you can put away or use for other things. The tradeoff is your refund check will be less, but again can you really afford to be giving the IRS interest free loans? For more information about adjusting your withholdings visit here.

15. If you want to purchase a permanent life insurance policy such as a whole life or universal life, plan to hold it for at least 15 years: If you purchase a permanent policy and cancel it early in the first few years, the surrender charges will more than double your life insurance costs.

16. Take advantage of free tax reviews: I’ve encountered a lot of people in my travels that are not aware that this option is available to them. This service can go back 3 years on your taxes and recover money that might be overpaid and at times the money recovered back to you is very substantial. As a money coach, it is my moral obligation to make people aware of this service. Find someone you trust who can provide this service, or you can contact me because this is something I am able to provide.

Alright, let’s take a moment to smile and stretch before the next 16 ways. I don’t know about you guys but my actual March Madness bracket is pretty sub par at this point. I’ve pretty much blocked out the Midwest portion of my bracket, it’s awful. I have a near perfect South however. I’ve enjoyed interacting with you guys about your selections so keep them coming. Final Four is North Carolina, Louisville, Pitt, and Memphis. Clearly I have not done so hot in picking my Final Four.

17.  Plan vacations ahead of time: Vacations are a wonderful time to get away and relax from a busy and productive lifestyle, however vacations can also be a drain financially if done incorrectly. You can reduce the cost of a vacation significantly by planning and booking ahead of time. Even booking at least two weeks  in advance makes a difference compared to waiting until the last minute.

18.  Count the costs when dealing with auto loans: To avoid up to several thousand dollars in finance charges, pay for the car in cash or a large down payment. The loan should be for as short of a term as possible.

19. If you have adequate life insurance, eliminate credit life insurance: Credit life insurance on your credit

Take advantage of low interest rates and refinance!

 cards, home loans, and auto loans is not necessary if you have enough life insurance to cover all of those expenses. Credit life insurance is expensive and often that is money being paid that could be better served saving for yourself.

20. Review your cell phone bill: Make sure that your cell phone plan lines up with how you are actually using the phone. Things to make sure you understand include long distance and roaming charges, area that is actually covered, peak calling periods, and what are the termination charges of ending your contract early since the standard is typically a two year contract. If you never text and only make calls on the weekend for instance, having a unlimited voice, data, and text plan probably isn’t the best option for you.

21. Create an emergency savings fund: This is critical to have because it is important to be prepared for unexpected emergencies and unplanned events. My rule of thumb is to have three to six months of your monthly income saved up in either a savings account or a money market account. This is money that can replace a damaged roof, car problems, any sort of event that you were not initially planning for but needs to be taken care of immediately. Having an emergency fund is an important part of any financial portfolio.

22. Start an IRA: IRA stands for Individual Retirement Account and is a great retirement savings vehicle outside of work and traditional 401-k’s.  There are several types of IRA’s that are either self directed plans like Traditional or Roth IRA’s or employer directed plans such as SEP, and Simple IRA’s. The common denominator between all of the different types of IRA’s is that there are tax advantages to opening them. Contact me if you have any questions about IRA’s or how to start one.

23. Consider a home energy audit: Having this audit performed can save you hundreds of dollars a year on home heating and air conditioning. Ask your electric or gas utility company if they can provide this audit for free  or if there is a charge. If they do not, ask for a qualified professional that can perorm this audit.

24. If you having a checking or savings account, make sure you have a P.O.D. or T.O.D. on the account: Depending on which bank you go to, ask for a P.O.D. which stands for Payable on Death, or T.O.D. which stands for Transfer on Death.  The reason why you do this is because if something were to happen to you, anything in those accounts would go to a designated beneficiary, similiar to life insurance. Without it, it gets tied up in the courts.  Anything that avoids the court process is a wonderful thing, whether it’s $300 dollars in the account or $30,000 in the account.

25. Cancel unneeded magazine subscriptions:  Last year I was a big offender in this area. This is a very simple way to create some wealth and money for yourself. Avoid what I like to call being “magazine happy” Identify the favorites and keep those, recognize which ones you could really do without and dump those. You will be glad that you did, I know I was.

26. Consider dropping PMI: PMI refers to “Private Mortage Insurance” and is usually required on a mortage if the down payment is less than twenty percent. If your down payment was more than that however, this a way to again to create some extra money by letting ago of something that you don’t need.

27. Ask your bank about free checking. You can save more than $100 a year in bank fees  by selecting an account with free checking or no required minimum deposit.  Also, a bonus freebie for this one, request a complete list of bank fees that are charged on your accounts such as ATM or debit card fees.

28. Avoid credit cards with an annual fee: Credit cards with cash back programs and reward points are a great way to save money. Just make sure there is no annual fee attached to it. These days there are a plethora of reward type cards with no annual fee so there really is no justifiable reason to carry a card that has one.

29.  When signing up for credit cards with rebates and awards, examine the terms:  I am not saying that there is anything wrong with these, or to get rid of them, but what I am saying is understand that these are probably going to come with higher interest rates as well.

30. Small to medium-size business owners, are you saving for yourself?: What I mean by this is oftentimes the business has taken great efforts to provide benefits and retirement accounts for employees to contribute to, but nothing for themselves. Owners, make sure your plans are structured properly so that you are able to contribute to them along with employees, secretaries, etc.

31. Consider purchasing long term care insurance: More than ever it is important to really begin looking at the effects of long term care and the costs and impact it can have on a family. Even our own government has recognized the need for long term care because they realize that the states are not going to be able to afford to pay it. That responsibility will fall on us and it is important to be ready for it. The average cost of a long term care semi private room in Ohio right now is $70,000 a year and will only continue to go up. Do not wait until you are uninsurable, once you are deemed uninsurable, you cannot take that back.

32. Renting or owning a place to live: You can create wealth for yourself simply by not relegating yourself to the classifieds section or Craigslist. You will save money in the long run calling the builing itself that you would like to live in, or by effectively partner with a good realtor.

Well I’m glad to have officially kicked off March Financial Madness, check back over the next few days as I will be going straight through and counting down to the championship!

For any questions about refinancing or any mortgage things I covered you can contact me or give my good friend Katie McCartney a shout and tell her Wes Comer sent you. She can be contacted at (614) 766-5330 ext. 223 or email her at katie@katiemccartney.com or visit her website here

Utilize that contact me page, look forward to hearing from you!

Live long and prosper,

Wes

You can also connect with me on Linked In and Twitter

http://www.linked.com/in/wescomer

http://www.twitter.com/wescomer

Hello everyone! Welcome to my 1st ever blog entry. I’m excited to be writing these, I believe this will serve as an excellent source of information regarding finances as well as ideas and solutions on a variety of topics. I wanted to use this entry to set the stage for future entries and what to expect from me going forward. My plan is to update the blog three times a week, typically on a Monday, Wednesday, and Friday.

I would recommend bookmarking the site since new content will be continually added every week. Some weeks I may write more than three blog entries, very rarely will it ever be less than three. I have a lot of features, planned for the site as time goes on, a lot of which I can’t talk about right now but rest assured they will be huge, and you will gain plenty of value by being a regular visitor to my website.

I have way too many people to thank as I celebrate the launching of Comer Financial Vision so I will keep it short as best as I can. My Mom and my brother Matt I will thank first because at the end of the day your family will always be there. I want to thank my church family over at Kingdom Christian Center and specifically my Pastor, Pastor Lonnie Keene, thank you for teaching me about the importance and power of having a vision. The “vision” part of the name is my tribute to you. Also a big thank you to Jon Wolfinger over at Ignited Enterprises who took his time and assisted me in the conceptual phase and helping me develop this amazing website. I came to Jon with this vision and he helped me literally bring it to life. Thank you for your time and talent helping me with this, I look forward to seeing what we can come up with in the coming months and years.

Finally, I plan on continually adding to the people and businesses I support on the front page, so be on the lookout for that, if you would like to be featured on there, feel free to contact me.  If you have any questions about anything you see on the site, or you have some topics that you would like me to write about, you are welcome to utilize the contact me page. I look forward to hearing from you.

Live long and prosper,

Wes

You can also follow me on my Linked In and Twitter page as well.

http://www.linkedin.com/in/wescomer 

http://www.twitter.com/wescomer