TSD Memphis

Fri04182014

So you want to be billionaire? Think about it!

onwealthynigeria 600Many entrepreneurs struggle to make ends meet and make payroll on a regular basis. Others make it so big that they reach billionaire status. That's a level beyond the dreams of most and that is why most will not ever make it.
According to Forbes magazine, it is the thought processes and patterns of billionaires that separate them from other business owners. So let's look closely at a few of the characteristics of those that have achieved the ultimate.

Dream and mindset

Mark Zuckerberg of FaceBook, Richard Branson of Virgin, Steve Jobs of Apple, Bill Gates of Apple, and Oprah Winfrey of Harpo all dream large. This country is full of "mom and pop" stores and restaurants whose owners have fulfilled their dreams of business ownership. While many are happy and satisfied at their current levels of success, there are billionaires who have taken a store concept to a whole new level.

Consider Wal-Mart, which has multiple stores in cities across the country. Sam Walton had the mindset and vision to take the concept of one store to many stores. The goal was achieved as vision was coupled with the execution of plans to get there. Today, the Forbes Richest People in America List features several members of the Walton family.

Read more

Tax-deferred investments and early withdrawal

moneymatter 600Withdrawing funds from a tax-deferred retirement account before age 59½ generally triggers a 10 percent federal income tax penalty; all distributions are subject to ordinary income tax. However, there are certain situations in which you are allowed to make early withdrawals from a retirement account and avoid the tax penalty.

IRAs and employer-sponsored retirement plans have different exceptions, although the regulations are similar.

IRA exceptions

The death of the IRA owner: Upon your death, your designated beneficiaries may begin taking distributions from your account. Beneficiaries are subject to annual required minimum distributions.

Read more

Taxes: Making the most of refunds

TaxRefunds 600With W-2s and 1099s in hand, most folks expecting a refund are lining up to file those returns. The doors are open to the many tax preparers who have waited patiently for the season to arrive. Once the money arrives there are many things that can be done with those much-anticipated dollars. Plan to get the most out of the money and improve your financial position. So, let's discuss a few of the many options of spending the refund checks.

Checking, savings or money market account

One option is to save your refund check for a rainy day or emergency. Experts advise that savings should equal between three and six months of expenses for cushion in the event of layoffs or cutbacks. This rainy day or emergency fund is separate from other accounts to make sure that it is not spent or mingled with the rest of the funds. It is to be used for the mortgage, rent, car repairs and such in times of need.

Instead of spending every cent received, try placing some in a checking, savings or money market account. The Internal Revenue Service (IRS) through direct deposit will place your money electronically into your account as instructed. The IRS will even divide your refund over multiple accounts with the completion of Form 8888, which is the Allocation of Refund Form.

Read more

Oscar Predictions 2014

OscarPredictions 600"12 Years a Slave" is benefiting from the most Best Picture buzz as we approach Oscar night, although this is shaping up as one of those rare years when the award for Best Director will probably go to a different film, "Gravity." Look for "12 Years" to net only a trio of statuettes overall, with "Gravity" likely landing seven.

"12 Years a Slave" is the sort of elaborate historical drama the voters just love to recognize, as reflected in such past picks as "The King's Speech," "Gladiator," "Shakespeare in Love," "Titanic," "The English Patient," "Schindler's List," "Driving Miss Daisy," "The Last Emperor," "Amadeus" and "Out of Africa," to name a few. And since the Anglophilic Academy ostensibly is impressed by English accents, it will also help that "12 Years: is a British production.

Besides forecasting the winners, I also suggest which nominees in each category are actually the most deserving. Furthermore, because some great performances are invariably overlooked by the Academy entirely, I also point out some who should've at least been nominated.

Read more