Sat04192014

Kam’s Kapsules: OPENING THIS WEEK

AFragileTrust 600For movies opening March 7, 2014:

BIG BUDGET FILMS

"300: Rise of an Empire" (R for sexuality, nudity, profanity and pervasive violence) High body-count sequel, set in 480 BC, finds triumphant King Xerxes (Rodrigo Santoro) now leading the Persian army against forces led by Greek General Themistocles (Sullivan Stapleton) in an epic naval showdown over Athens. With Eva Green, Lena Headey and Hans Matheson.

"Mr. Peabody & Sherman" (PG for mild action and rude humor) Animated adventure about a brilliant beagle inventor (Ty Burrell) who makes his mark on iconic moments in history when he travels back in time via Wayback Machine with his pet boy (Max Charles). Voice cast includes Ariel Winter, Mel Brooks, Stephen Colbert, Dennis Haysbert, Leslie Mann, Allison Janney and Stanley Tucci.

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I’m self-employed: What are my saving options?

CharlesSimsJr-160Good news: There are a lot of them. The challenge is figuring out which of the major lone-eagle plans best suits you.

The most common retirement accounts for the self-employed are SEP IRAs, Simple IRAs and individual 401(k)s. These plans have two factors in common: up-front tax breaks and tax-deferred saving, meaning you don't pay taxes until you withdraw the money in retirement.

The Roth version of the individual 401(k) is slightly different: you don't get an up-front tax break, but your money not only grows tax free, withdrawals in retirement are also tax-free.

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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.

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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.

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