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Robert J Russell, IRES, REALTOR, Broker
Income Creation Vs. Wealth Creation
Whatever their reasons, the simple fact is that people in the job track will never create true wealth because they are copycatting an income creation system, which is based on linear growth, as opposed to a wealth creation system, which is based on leveraged growth.
People copycatting the income creation system are locked into a time-for-money trap. They trade a unit of their time for a unit of dollars. With income creation, 10 hours of work, equals 10 hours of pay. Unfortunately, most of the time, income creation is an endless treadmill. If you don't do the work, you don't get paid. If the treadmill stops, the income stops. People following the income creation system become slaves to temporary income, and they are accidents waiting to happen. If they fall victim to illness, or injury, or long layoffs, or burnout, they are income-less.
Those brave souls who have broken away from the ranks, who have realized that there are other systems out there to copycat -- wealth creating systems -- are choosing to copycat a system that allows them to leverage their time. They don't fall victim to the time-for-money trap because they do not trade time for dollars. For them, 10 hours of work means 100 hours of pay... or even 1,000 hours of pay. Moreover, their efforts create residual income. Unlike temporary income, residual income keeps earning money whether they show up to work or not!
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Education pays. Not only will you earn more, you'll also be less vulnerable to rising unemployment.
And you don't need a Bachelor's or Master's Degree to up your ante.
According to BLS, in 2008, workers over 25 with a 2-year Associate's Degree earned, on average, $736 a week. Compare that to high school graduates, who made just $591. The unemployment rate for this group is also 2% higher - a very significant gap when it comes to unemployment figures.
A 2-year degree - either online or on site - will put you on your way to a rewarding career as one of the following:
Inside Sales Consultant
Inside Sales Consultants work to maximize the sales and increase customer retention for large companies whose business is driven by independent agents. ISCs build and maintain productive relationships with agencies, find ways to maximize participation in incentives programs, coordinate education of agents on products, technology and market dynamics. They analyze regional trends, sales trends and perform financial reviews. Successful ISCs also increase agent retention and help agents increase sales.
Salary: $39,222
Degree Required: Associate's Degree in Business
Sales Worker Supervisor
As a Sales Worker Supervisor, you'll oversee the work of a sales staff - from retail salespersons and customer service representatives to sales engineers and wholesale sales reps. Your staff and responsibilities will vary, depending on the type and size of the organization, but some basic duties will include preparing work schedules and assigning workers to specific tasks. A job as a Sales Worker Supervisor can lead to a managerial position, which tends to focus more on planning and strategy.
Median Salary: $40,016
Degree Required: Associate's in Business Administration
Customer Support Representative
Are you good with people? Able to stay calm under pressure? If so, you'd probably make a great Customer Support Representative. In this role, you're the main point of contact for customers, whether they're individuals or other companies. You may be on the phone talking to customers, placing and processing orders or coordinating with other departments. You'll need to make sure customers receive adequate service, and help them with any questions or concerns. You'll also want to help build long-term customer loyalty. Some questions are routine, but others are more involved and may require in-depth research or consulting with a supervisor. Either way, communication skills will be essential to your success.
Median Salary: $39,958
Degree required: Associate's in Business Administration
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Money Smart for Young Adults The FDIC's Money Smart for Young Adults curriculum helps youth ages 12-20 learn the basics of handling their money and finances, including how to create positive relationships with financial institutions. Equipping young people in their formative years with the basics of financial education can give them the knowledge, skills, and confidence they need to manage their finances once they enter the real world. Money Smart for Young Adults consists of eight instructor-led modules. Each module includes a fully scripted instructor guide, participant guide, and overhead slides. The materials also include an optional computer-based scenario that allows students to complete realistic exercises based on each module. The curriculum is distributed on CD: click here to order it. Money Smart for Young Adults is:
Modules range from 90-110 minutes if taught in their entirety. However, the content is layered so that it can be taught in two (or more parts). To help an instructor tailor the modules to the needs of the audience, the front of each module includes a matrix or Layering Table to delineate the module's components. The matrix will assist an instructor in presenting material responsive to the needs of your target audience within the available time frame. A description of each of the eight modules follows:
Potential Uses of Money Smart for Young Adults
Additional Information on the Computer-Based Scenarios
Need for Youth Financial Education The curriculum is distributed on CD: click here to order it.
For Information about Real Estate & Insurance - visit http://www.robertjrussell.com
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'Dead peasants' insurance pays your employer a secret, tax-free windfall when you die. Insurers have sold millions of policies to companies such as Dow Chemical.
By Liz Pulliam Weston
Right now, your company could have a life insurance policy on you that you know nothing about. When you die -- perhaps years after you leave your employer -- the tax-free proceeds from this policy wouldnt go to your family. The money would go to the company.
Whats more, the company might use this policy to pay for retirement benefits and other perks not for you or your fellow workers, but for your companys top executives.
Sound outrageous? Such corporate-owned life insurance is also big business:
Hundreds of companies -- including Dow Chemical, Procter & Gamble, Wal-Mart, Walt Disney and Winn-Dixie -- have purchased this insurance on more than 6 million rank-and-file workers.
| $100? $200?
$300? You can't save if you don't shop around. • Auto • Health • Home • Life |
These policies, nicknamed dead janitors or dead peasants insurance, soared in popularity after many states cleared the way for them in the 1980s. Congress recently tried to crack down on the practice, to the howls of the insurance industry -- which earlier this year managed to derail reforms.
The policies have generated lawsuits by survivors who got little or nothing when insured workers died. A couple of examples:
In a lot of circumstances, the families dont get anything, said attorney Mike Myers of Houstons McClanahan & Clearman, which represents survivors suing companies over corporate-owned policies. The company tries its hardest to keep the policy a secret.
Labor leaders and some lawmakers have denounced the policies as unjust and repulsive. The companies say profits from the policies can help offset the increased cost of employee benefits and enhance the businesses bottom lines.
Corporate-owned life insurance actually comes in two flavors:
No one knows how many corporate-owned policies are issued on executives versus rank-and-file workers. Wal-Mart alone had taken out about 350,000 such policies between 1993 and 1996. Nestle USA had policies on 18,000 workers in 2002, The Wall Street Journal reported. Enron had $500 million in policies on workers.
Sales of the policies came to a virtual standstill in September 2003, according to the insurer trade group ACLI, when the Senate Finance Committee approved legislation that would have taxed payouts made to companies if the employee had left more than a year earlier. That indicates that most policies arent being sold to protect companies financially against the loss of key current employees.
Strong insurance industry protests led the powerful committee to reconsider its action. Further work on the issue has been postponed until 2004, and indications are that the senators are softening on the idea of greatly restricting the policies, said Jack Dolan, ACLI spokesman.
Companies insist that janitors policies have a legitimate business function, but the IRS has been cracking down, arguing that many of the arrangements are nothing more than tax shelters. The agency has been particularly harsh on once-popular leveraged policies, in which policy loans were used to pay premiums. In the mid-1990s, the tax agency began disallowing billions of dollars in interest payment deductions the companies had been taking on such loans. Companies efforts to defend their programs have been largely unsuccessful; a U.S. Tax Court judge called Winn-Dixies program a sham, saying it lacked economic substance and business purpose.
The controversy helped convince Walt Disney and Wal-Mart, among others, to drop the policies. Winn-Dixie battled the IRS in court, but the supermarket chain recently lost its final round when the Supreme Court refused to review a lower court decision that backed the IRS.
So far, one company has prevailed against the IRS -- Dow Chemical, which took out the policies on more than 21,000 workers. A U.S. District Court in the Eastern District of Michigan ordered the IRS to return $22.2 million plus interest to the company. The IRS has appealed the ruling.
Survivors lawsuits, meanwhile, typically focus on two issues:
Insurable interest is usually a big deal for insurers. They want to make sure whoever is buying life insurance doesnt have an incentive for bumping off the insured. Insurers usually require purchasers have a strong familial or emotional connection to the people being insured, or that they would suffer significant financial losses if the insured people died.
(Its that latter standard that was loosened in the 1980s, making it easier for companies to buy policies for all their employees, not just key executives.)
Most states also have advise and consent laws that technically require companies to get workers permission before buying life insurance on them. But attorney Myers said many businesses circumvent these laws by purchasing the insurance in one of the states that doesnt require notice or consent, including Delaware, Georgia, New Jersey, North Carolina, Pennsylvania and Vermont.
"Executives fly to Atlanta to meet with the insurance company and its brokers, sign some papers, get on their respective corporate jets and fly home, Myers said.
Other companies offered their workers small policies -- typically $5,000 to $10,000 -- as an incentive to allow larger corporate-owned policies to be issued on the workers lives. The small policies can later be canceled, even if the company keeps up the premiums on the other insurance.
Anger about these practices likely will keep the heat on Congress to make some reforms. Its possible that lawmakers will restrict severely companies ability to write the policies on rank-and-file workers. At the very least, companies probably will have to get workers consent before buying any new policies and clearly disclose that the coverage may extend past the time they leave the company, the ACLIs Dolan said.
But he rejected the idea that corporate-owned life insurance was immoral or a company bet against its workers.
Its an important business planning tool, Dolan said. Companies are using it for extremely valid reasons.
