Lynnette Khalfani - The Money Coach™ Newsletter
4-24-2006
Hi,
Here are some money-saving and money-making ideas for those of you who:
Also, check out my website (http://www.themoneycoach.net) for a run-down of where The Money Coach has been, and where you can find me next. … Hint: to all my subscribers in Chicago and Washington D.C., I’ll be in your areas – live in person – very soon!
Are you deep in debt?
You may be able to get rid of old debts by writing one simple letter.
If a collection agent ever calls you demanding payment for an old bill, don’t rush to send a check. The very first thing you should do is send a debt verification letter, also known as a debt validation letter.
Simply put: this is a letter asking for proof that you actually owe the debt – and proof that the statute of limitation has not yet expired. The statute of limitations refers to the limit on time when a creditor can sue you over an old debt. Under the law, it’s your right to send a debt verification letter.
A strong letter will also demand a copy of your signed, original loan agreement, as well as proof that the collection agency owns or has been assigned the debt.
Be sure to send your debt verification letter certified, returned receipt requested.
It may turn out that you don’t owe that old debt after all.
By the way, if you dispute the debt or send a debt verification letter requesting written identification of the original creditor, then under Section 809(b) of the Fair Debt Collection Practices Act, the collection agent can’t hassle you about the matter. The bill collector must cease all collection efforts until he verifies the debt and mails you a response. While your dispute is being verified and/or investigated, the collection agent also can’t report your debt as delinquent to the credit bureaus. If they do, it’s a violation of the Fair Credit Reporting Act.
It’s not exactly the lottery. But it is free money. And you can claim yours in just 1 minute.
Many of you may be owed a windfall ... no strings attached … and not even know it.
It’s true. 26 million Americans are the rightful owners of billions of dollars worth of unclaimed property and money. At least $100 billion is held by state governments. And billions more are kept by banks, insurance companies and the federal government.
For example, the IRS has more than $75 million in un-cashed tax refund checks.
Money typically goes unclaimed when someone moves, dies, or changes names, as often occurs with marriage or divorce.
What type of unclaimed property or money is out there? The list is long. But the most common payouts come from forgotten savings and checking accounts, inheritances, insurance policies, military benefits, and Pensions.
Are you curious to know if a check has your name on it?
Then log onto http://www.missingmoney.com. In just 30 seconds, you can see if you’re owed unclaimed money in any state. If you do find some “free” money, be sure to drop me an email at lynnette@themoneycoach.net and let me know about your success. Don’t worry: I won’t ask for a cut of your new-found riches! J Just tell me what you plan to do with the money. I do hope it will be something positive like investing, saving, or paying down debt. But maybe you have other plans in mind …
Want to quit your job and start your own business?
What would you say if I told you that you can become your own boss and still have the same benefits as an entrepreneur that you might have in corporate America?
Well, thanks to a host of new laws, tax policies, and retirement options, you can now become self-employed … and create your very own benefits package. It’s a safety net that can match – and in many cases exceed – every benefit or perk you might get in the corporate world.
Take that 401(k) plan at work. As an entrepreneur, you can have what’s called a “solo” 401(k) designed especially for small business owners. You say you have a pension plan? Then open your very own “solo” pension plan for entrepreneurs. Life and disability insurance can also be replaced. Buy supplemental insurance now. It’ll be cheaper and easier to obtain before you quit your job. Lastly, to replace those medical benefits you get in corporate America, open a Health Savings Account. It lets you pay for your medical costs and save taxes too. All you would-be entrepreneurs, start investigating these things now … before your leave the corporate world.
Do you know how many people in America become millionaires every day?
100? 1,000? 10,000? The answer might surprise you. Try 25,000!
That’s right: Every day, nearly 25,000 people become newly-minted millionaires in the United States. So my question is: why shouldn’t you be one of them? Becoming a millionaire may not be as difficult as you think. But it does require versatility. At times you have to be willing to take risk … and at other times you have to follow the safe route, using tried and true personal finance strategies that build wealth. In my upcoming book, Getting to Your First Million, I describe the seven things you must do to become a millionaire. Some millionaires are entrepreneurs who’ve started their own businesses. Others make their fortunes in real estate or the stock market. Amassing a lot of money is one thing. But hanging on to wealth is something entirely different. That’s why people who sustain millionaire status have one thing in common: they control their spending and don’t live above their means. To get the inside scoop on the seven secrets to becoming a million, pre-order your copy of Getting to Your First Million now from Amazon.com at: http://www.amazon.com/gp/product/0071470816/qid=1145913976/sr=1-2/ref=sr_1_2/102-1822787-0023327?s=books&v=glance&n=283155
Wishing you wealth, good health, and personal happiness!
Lynnette Khalfani,
The Money Coach