Can you really build wealth automatically?
The answer is yes…you just need to acquire a new wealth building habit.
You are going to love this habit because you do not even have to remember it….a banking computer remembers the habit for you! How is that possible? Read on and you will soon see.
Here is how the automatic wealth building habit works. It is based on the miracle of compounding interest and the amazing banking technology that is available to virtually all of us today.
Step 1
If you do not have a bank account with “Bill Pay” go to a bank that has it and open a new account. Ask them how many checks can be sent per month, can it be managed via the internet, what are the costs. Many banks now offer this service for free as a promotion to get more customers.
Step 2
Decide who it is that you want to help build wealth. Yourself, your child, a grandchild, or even a friend. This habit also works for building spiritual wealth…more on that later.
Step 3
After you open the account you now have the ability to select any amount of money that you want sent to any person or organization and at almost any time interval. Some banks even offer an unlimited amount of bills that can be sent. The banks will then mail checks at regular intervals to the people or organizations you have designated…you do not have to do anything.
The real power of this habit is that you are not going to be sending bills in most cases…you will be sending wealth building payments….automatically!
OK, before we get to step 4 let’s look at the amazing power of compounding interest to see how much wealth can be built over time with this habit.
Here is an example of how much wealth you could build by having your billpay send just $50 per month into an account (mutual fund, IRA, etc) that has a 5% yield.
1 Year = $615
5 Years = $3,400
10 Years = $7,764
25 years = $29,775
You can learn more about compounding interest by doing a Google search on the internet. Obviously the amount of wealth you can build varies with the amounts and frequency of bill payments sent to your wealth building accounts and your rate of interest.
This is where research can help you, it is beyond the scope of this article to show you all the amazing possibilities that exist.
The beauty of the bill pay system is that it is very easy to adjust your recurring amounts up or down based on your current financial situation. As an example, you could set up your bill pay to send $12.50 each week into an account (Equals $50 per month) or change it to $15 per week for a few weeks and then back down to $12.50 at a later time. You decide exactly who gets the money, how much, and how often….you have complete control at all times. It is amazing wealth building power.
Step 4
Now it is time to set up your automatic wealth building habit using your banks billpay system. Get the address of the person or organization you want the money sent to including the account number. Go online and set up a new account with this information. Set frequency and amounts. Note: I have been doing this since 1992 and have multiple accounts (Charities, IRA’s etc) that have received money from me every month for 14 years and I have never written or signed a single check! I know from personal experience that the system works and I have never had any problems.
You can get very creative with how you build wealth and who you help build wealth.
* Set up an automatic bill pay to fund a child’s college education. There are many states that have plans that start with low monthly fees when the child is born or still young.
* Set up an automatic bill pay to fund a child’s savings account, just have the money be sent to the child’s bank with their account number listed on the check memo “Deposit to account ######”
* Set up an automatic bill pay to send a charity a payment every week. Remember that I said earlier that this habit can help you build spiritual wealth? If your church receives an automatic charity payment every week you are helping to support your church every week, even when you miss a Sunday service.
* Set up an automatic bill pay to send money to someone in need.
* Set up your bill pay to actually pay bills that you have paid late in the past….you may be able to save enough in prevented late fees to fund your wealth building payments!
The possibilities are endless…..you just need to take action and make it happen!

Turning debt into wealth can seem like an impossible task, especially if you find yourself in a position of debt. But, the principle of transforming debt into wealth is a sound one. And is a principle which has allowed many people to really make mass wealth thanks to the principle of turning debt into wealth.
Your principle is the most important thing to remember about wealth building and wealth creation. Your principle is the amount you start with, and if every gambler knew the principle of that first part of the money you have in your hands, they would never gamble!
You see, the principle amount of money you start with is the most important thing to protect. Someone should have told me that years ago! After having started my first real company, it started achieving success, but then turned for the worse. It ended up with me using up my credit card debt just to survive.
No, no, and no! I wish I learned this principle years ago! I am glad you are learning it now. Turning debt into wealth is not difficult when you know how, but the foundation is what counts, and that is the principle amount.
So, how do you turn debt into wealth? Realize that your principle could be your own money, but it does not have to be. I re-iterate that it doesn’t have to be your own money! When businesses want to expand, they get into debt!
Debt is the most important part of wealth, because it starts with some other person’s hard earned money. This saves years of effort to get to the first step.
To accomplish this needs some wisdom. If you are new to investing, making money for yourself instead of for someone else, you will not likely get the results you seek. Math comes in handy here, and here is why.
Understand the basics of math, which you did in school, and you will succeed in the wealth creation process. Imagine for a moment, you start with your principle, and after going through an equation, you get 1.5 times your principle.
This principle and the extra is essential. You protect the principle and the extra is profit, albeit gross profit. You need to factor in the debt to be able to convert into wealth. After all you want a profit.
So, you can put it in a high yielding savings account. Now, you have your principle protected, but if your credit card charges 30% per year compounded, then you have a problem with only getting a few percent from savings.
The biggest key is this – your debt can transform into wealth. Debt into wealth is not difficult, when you treat any kind of debt as a principle which can grow into a large tree of wealth.

Building wealth is all about having a system that implements fundamental steps that once you have learned can be applied to create wealth. These steps are crucial to achieving your Financial Freedom Day.
It is never too late to build a financial wall around you and your family that nothing can get through. This would be referred to as financial security. We call it your Financial Freedom Day! It is the day when you have enough assets that pay for all your expenses now and in the future. The quicker you identify your financial freedom day the better. It does not have to be 10, 15, 20 or even 30 years down the track. It is not unrealistic to have a Freedom Day of between 3-5 years. It is the day that you can travel with your family when and where you like with no restrictions, afford the home you want, put your children into the schools you desire and teach your children there are no limits.
Financial freedom is having an asset base which generates the income to not only meet your needs but to create a lifestyle that you dream of. You do not want to be relying on anyone for your financial freedom, the government, your employer, your partner, your husband, your family. Financial freedom changes your life!
So now you ask; how? How do I set a financial freedom day? How do I achieve fianancial freedom? Ask yourself At what age would you like to be financially free?
To achieve financial freedom you need a system. A proven, step-by-step, time tested system that will get you on the path to building wealth. This system
is called ‘Building Your Wealth Cycles’ comprising of 8 fundamental steps to building sustainable wealth. All entrepreneurs have a system to build wealth.
The 8 fundamental steps are as follows: -
1. Financial Conditioning
One of the first areas that must be looked at is your mindset with regards to money. Your mindset is a result of your financial conditioning, you must be aware of your conditioning and the impact it has on your potential to create wealth. You must be able to make the changes necessary to bring money and wealth into your life. We have been conditioned about our money beliefs from a very young age from people around us that loved us very much, like our parents, grand-parents, teachers, coaches, peer support leaders and other family and friends. They only know and understand what they have been taught about money from the family that raised them.
Start to think about the language that was used in the home when your were growing up. Was it “money doesn’t grow on trees” or “no, we can’t afford that” or “Do you think we have a money tree growing in the yard” or “I’ll put that away for a rainy day” or “Money isn’t everything” and finally “Money is the root of all evil”. These are just some of the beliefs that have been handed down generation to generation in countries all around the world.
We encourage you to sit down and write down some of your beliefs around money. Also, ask your children whether they hear your limiting beliefs around money and what are they.
2. Financial Baseline
Your financial baseline is all about identifying where you are right now with your finances. You must take a look at the reality of your present financial situation. Start today, from where you are right now. It might be a little scary or fearful. You cannot get to where you want to go without knowing exactly where you are today. Start asking some very basic questions like How much money do you currently earn? How much money do you spend? For how much, and to whom are you in debt? Do you have anything set aside in savings?
Just remember, what you did yesterday, last month and last year does not have be indicative of what you are capable of doing in the future. The most important thing you can do is take stock of where you are right now!
Also, how do you keep your financial records. Do you keep things in a shoe box and only empty it out once every year. Do you have piles and piles of paperwork everywhere. Do you have a filing system set up? If you don’t have your finances organised then you will not have a good clear picture of your financial baseline.
3. Financial Freedom Day
Millionaires always have a plan. They determine their financial goals and take action to make them happen. Your Financial freedom Day is the day when you’ve reached your financial goals. To determine when your Financial Freedom Day is you need to know what your vision is. Your vision is a picture of how you want to be living sometime in the future. In order for you to be motivated and move towards your vision it must be exciting, realistic and must never compromise your valuues. You must also excercise no limit thinking. There are 3 things you need to clarify in order to declare your Financial Freedom Day. They are your monthly cashflow, your total net worth and the day, month, and year that you want this to occur.
4. Managing Your Lifestyle Choices
Managing lifestyle is all about managing your debt levels. It is about creating a debt elimination plan that will eliminate credit card debt. There is good debt and bad debt. Bad debt is debt associated with lifestyle choices. It is where you’re using your income to increase your liabilities. Good debt is debt that is acquired through the purchase of assets, assets that are then invested to produce passive income.
5. Foundation of Your Wealth Cycles
A wealth cycle is a process whereby you are paying yourself first before paying anyone and anything else. This ensures that money is being allocated to your asset column. It is something that is ongoing and the purchasing of assets does not just happen once. A wealth cycle also includes an understanding of entity structuring for the purpose of protection and tax. You must also make a decision about the type of investor you are whether you are active or passive. You must also develop some money rules and stick to them.
6. Acceleration fo Your Wealth Cycles
This is all about education. You must educate yourself in the areas you want to invest whether it be stocks and shares or real estate or international securities or commodoties or collectibles. Seek mentors and coaches that specialise in those areas of wealth creation.
7. Leadership of Your Wealth Team
No-one creates wealth without a team around them. No more ‘Lone Ranger’ you must surround yourself with team. Leadership of you wealth team is one of the most under-discussed areas of leading your wealth. Make no mistake, you are the leader of your wealth team, whether you realise it or not. Your job is to inspire, motivate, hold and communicate the vision to all of those on your team.
8. Creating Sustainable Action
Keep taking action each and every day. You must every night right out a list of revenue producing activities. You must work towards your Financial Freedom Day, every day. Even if they are small action steps it does not matter.
Expand your knowledge in these 8 fundamental steps through education, mentoring, coaching and acquiring specialised knowledge and it won’t take you long at all to achieve levels of wealth you never thought was possible.

In this economy, many people have lost their jobs or are in fear of losing them. Retirement savings are down and no one seems to know when the economy will turn around. In times like these we must pay close attention to how every dollar is spent. If you’ve lost your health insurance or otherwise need to get health insurance, it’s more important than ever to get the coverage you need to protect your family’s finances without paying for coverage you don’t need.

PPO, HMO, HSA…with so many health insurance plans to choose from, how do you know which health plan is right for you? With hundreds of health plans available it can be difficult to decide which health plan is best for you and your family.

The following guidelines are provided by Jeff Breazile, owner of Benefit Studio Health Insurance Services (http://www.benefitstudio.com), a California based independent insurance agency.

To help narrow down the many choices available and find the right plan for you and your budget, it’s important to compare premium quotes from different health plans. But what benefits do you get for your monthly premium? Look beyond just the quoted premium of a health plan and consider what benefits in a health insurance plan are most important to you.

Focusing on the benefits you need most is the first step in finding a Califorrnia health insurance plan that not only offers the protection you need, but is affordable as well. The health plan with the lowest premium may not give you the financial protection you need if you get sick, have an accident or otherwise need to seek medical attention. A comprehensive health plan that covers a wide range of services and benefits may cost more in premium, but could actually save you money over a basic or “catastrophic” plan on the other end of the spectrum where you would pay a much larger share of the costs when you receive medical care.

Here are some tips to help you narrow down the list of health insurance plans when deciding which plan will be the best fit. Start by deciding which type of benefits are most important to you. What benefits have you used most in the past? How much of the medical expenses could you reasonably pay yourself if you have a major medical event? Use the following list to focus on the most important benefits. Then you can compare the plans with the benefits that best fit your needs.

PPO – Is it important to you that your plan offer a large network of participating doctors and hospitals? Do you want to be able to see a specialist without having to obtain a referral from your primary doctor? Preferred Provider Plans (PPO) offer the largest networks of participating doctors and hospitals. With a PPO you also have the option of getting medical care outside of your PPO network, although you will usually pay more if you receive care from a provider that is not in your network.

 HMO – Another option is a Health Maintenance Organization (HMO). Although not as popular as PPO health plans, many people prefer them due to their simplicity. You can obtain most services for a low copayment and usually no coinsurance requirement. The tradeoff with an HMO is you must stay in network to receive covered medical services. HMO networks are normally smaller than PPO networks and generally a referral is required from your primary care doctor to see a specialist.

Maternity Benefits – While the cost of health insurance plans vary widely, and it’s important to choose a health plan that has the benefits you need, you may be able to save money by choosing a plan without certain benefits. If maternity benefits are not important to you, look for a health plan without maternity benefits. This alone could save you hundreds of dollars annually on your health insurance plan.

Deductible Amount – Except for services where you are only responsible for a copayment, the deductible is the amount you pay before the insurance plan pays anything. If you’re willing to pay more of the upfront costs when you need medical care, choosing a higher deductible can help keep your insurance premiums lower.

Copayment (Copay) – The copay is a flat fee you pay at the time of service. After paying the copayment, the plan usually pays 100 percent of the balance of covered services. Some California health insurance plans allow you to visit the doctor’s office for a low copay without having to meet your annual insurance deductible.

Coinsurance – In addition to the deductible, when comparing health insurance plans, pay attention to what coinsurance amount you will be responsible for after your deductible is met. Coinsurance is the percentage of the charges you are responsible to pay for covered medical services apart from any copays or your deductible.

Out of Pocket Maximum – The out of pocket maximum is the maximum amount per year you’ll have to pay for covered medical services. After reaching your out of pocket maximum, your health insurance plan pays for any additional covered medical expenses up to the plan’s lifetime benefit amount.

Prescription Drug Coverage – When it comes to prescription drug coverage, some health insurance plans keep the premiums lower by covering only generic prescription drugs. Keep in mind that while there are many generic prescription drugs available, not every prescription drug is available in generic form.

Preventive Care Services – In order to encourage healthy lifestyle habits and thereby reduce future medical expenses, many California health insurance plans offer low or no copayments or other financial incentives for preventive care services such as physical exams, immunizations, annual gynecological exams, mammograms, prostate exams and cancer screenings.

 Health Savings Account (HSA) – Are you interested in a health plan that will help you save money on your tax bill? Consider a Health Savings Account (HSA) compatible health plan. A Health Savings Account (HSA) combines high deductible health insurance with a tax-advantaged medical savings account. Withdrawals that are used to pay for qualified medical expenses, including your insurance deductible, coinsurance and co-payments are federally tax-free.

By focusing on these nine plan benefits when shopping for California health insurance, you’ll find a plan that fits your healthcare needs and your pocketbook.