Build and Maintain Financial Wealth

There are a few steps to building and maintaining wealth. They must be followed to achieve financial success for you, your family and your heirs. The following gems will help you build wealth and keep it for your lifetime, and for your family’s.

Spend less than you earn

I have seen people who earn $100,000 a year and spend $110,000. They will never build wealth. I have seen people worth over $5 million spend much, much more than they earn and lose everything.

I have seen people earn $60,000 a year, but save $10,000 a year. They are on the path to building wealth (although at an admittedly slow pace.)

Give the IRS as little as possible

Utilize all tax saving techniques available. This is difficult, because most accountants are not familiar with unique tax saving strategies like cash balance plans, K plans, and dash plans, which substantially reduce income taxes while building money for the future.

Many frustrated taxpayers have expressed the opinion accountants are working for the IRS. Most accountants deny this and would argue they represent their clients and are not servants of the IRS.

However, the government has been relentlessly extending varied tax penalty provisions applicable to accountants and advisors to the point where advisors and accountants are caught in a dilemma.

Overly aggressive representation of clients can easily put an accountant or advisor into a position where they can be subject to varied penalties, which might even result in the loss of their license to practice law or accounting in addition to some significant financial penalties.


Develop and follow a sound long-term investment strategy. Too many people invest based on what they have read or who they have talked to recently.

They often sell out of the stock market after it has dropped. They purchase real estate after the market has gone up for years. They invest in the latest get-rich-quick strategy they saw on an infomercial.

Find ways to reduce taxes and insurance costs with health savings accounts and the insurance swapout process IM. Investigate senior settlements as a way to sell existing life insurance policies and make a substantial profit.

Once you have acquired wealth, pass it to the next generation with trust-owned premium-financed life insurance; A great way to pay for substantial amounts of life insurance at a huge discount.

A 70-year-old male in average health can purchase $2,000,000 of permanent cash value life insurance with an approximate out-of-pocket outlay of about $10,000 per year. If done properly, the proceeds are income and estate tax free.

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Building and Maintaining Trust For Effective Leadership

The element of human behavior which is central to an analysis of organizations under stress is that of mutual trust. It is the cement which holds the organization together. It is the mortar between its human bricks. Where trust is high, an organization can stand unbelievable amounts of buffeting, where it is low, a seemingly innocuous incident may set off a chain reaction of crumbling human relationships.

– Miles, 1969: The Pathology of Institutional Breakdown

Miles said so much about a foundational concept of being an effective leader (and person) with so little words. As a leader how do you go about building trust with the various stakeholders you interact with? What behaviors do you have that hinder your ability to build trust? As a leader how are you helping your followers’ internalize this important concept and act with integrity?

What does it take to be Trusted as a Leader? In my view Trust is made up of 4 constructs:

1. Credibility, (includes the synonyms of trustworthiness, reliability, and integrity)

2. Respect,

3. Fairness, and

4. Responsibility


Credibility synonyms include trustworthiness, reliability and integrity. So when I use the term credibility I am also referring to the constructs of trustworthiness, reliability and integrity. Credibility means the ability to inspire belief – believability. For a Leader to be credible he or she must “walk the talk” and do it with expertise. Being credible means you are going to do what you say you are going to do and that you are going to do it competently. To be credible also means that you must be transparent. You must have open and honest communications with others. There are no hidden agendas.

So if you want to improve your credibility try doing these 3 things:

1. Walk the Talk consistently

2. Exhibit behaviors that reflect expertise and being a competent Leader, and

3. Open and honest communications and no hidden agendas


The second component is RESPECT. Respect involves being considerate, thoughtful, and showing deference and admiration toward others. As a leader, this means showing your associates appreciation for what they do, ensuring that they have the tools, equipment and training to perform at a high level. It means that you hold your staff in the highest regard and expect the best from them.

How do you make this actionable, what behaviors can you display to show respect?

When someone does an excellent job let them know that you appreciate their hard work and dedication.
Don’t be a know-it-all, at meetings defer to your staff to provide answers – let them shine and have input into decisions that involve them.
Make sure your staff has the technology and training to do their jobs efficiently and effectively. Most people want to do excellent work and it is a big dissatisfier when they don’t have the tools to get the job done to the best of their ability. Also, when your people don’t have the right tools, it usually means it takes them a lot longer to do something. They don’t like it when they are not being efficient.
Never embarrass your staff, not even if you are kidding around. Treat them like you want to be treated.
Accept differences – when someone doesn’t agree with you, it is an opportunity to gain their trust by asking them why.
Show empathy, listen and be caring. Treat that individual as a person, not someone who accomplishes goals for the organization.
Part of listening is giving the person your time – that is your undivided attention. Don’t work on your computer, answer your phone or check emails when someone is in your office talking with you. Have you ever been at a customer service desk in a store asking the attendant a question only to have them stop working with you to answer the phone then go on and solve the problem of the person on the phone before you? How did that make you feel?
Get out of your office, walk around and talk with your staff. When you get to work, do you go right to your office, and stay there? Try this: after placing your personal belongings in your office get out and about. You will be perceived as a more effective leader. You may find taking 15 minutes the first thing in the morning to connect with associates a better use of your time than reading emails.
Don’t waste your staff’s time. Run effective efficient meetings. Respect their time. When people are so busy, they don’t want to waste it sitting around at meetings that don’t accomplish anything.

What behaviors do you find important in building and maintaining RESPECT?


The third component in my model of what it takes to build and maintain TRUST as a Leader is Fairness. Fairness includes:

1. equity,
2. impartiality, and
3. justice

As a leader, to act in an equitable way means that you are balanced in the treatment for all in terms of rewards. You are impartial in regards of favoritism in hiring and promoting. And, you are just. Justice requires that you lack discrimination and have a process for appeals when your associates don’t agree with you or with some other aspect in the workplace.

Being perceived by your staff as fair is trickier than it seems on the surface. What we think of as acting in a fair manner may not be perceived by others as fair. I personally experienced this when I was leading a diverse team of individuals. The organization I was working for conducted an annual employee engagement survey. The first year the survey was conducted results showed that there was an opportunity for me to improve my score on the Fairness dimension. When I followed up with my staff, I received important feedback that surprised me, but I understood why it might be perceived by some that I was not being impartial in my hiring process. The mistake I made was privately meeting with staff members that I thought would be strong candidates to be promoted into new leadership roles. Even though I announced at meetings that these positions were open, the fact that I approached individuals that I thought were strong candidates, they naturally told others that I approached them, it was perceived by some that I was not being fair.

Another factor that makes being perceived by your staff as fair is when your staff members perceive that the organization is acting in an unfair manner. As a leader, you symbolically represent the “organization”, so actions and policies of the organization reflect back on you. For an organization to be perceived by individuals as being fair, economic success is shared equitably through compensation and benefit programs. Everybody receives equitable opportunity for recognition. Decisions on hiring and promotions are made impartially, and the workplace seeks to free itself of discrimination, with clear processes for appealing and adjudicating disputes. From my experience in leadership roles, it was not uncommon for staff to have issues with the fair distribution of profits and with some of the organizational policies that didn’t fit with their particular preferences.

What is your experience?


Responsibility means to be accountable to someone or something, having the agency to act and make decisions within that realm and the courage to take blame when your behavior does not hold up to the obligations that come with being responsible to someone or something.

Responsibility starts with being accountable and answerable for your behavior. It means you will act in a manner that is congruent with cultural norms and expectations. You will follow through with the obligations you have placed on yourself and those that have been assigned to you as a consequence of your position in life; common examples include being a citizen, daughter, son, father, mother, wife or husband. Daily, the news agencies broadcast stories about people not living up to their responsibilities as parents, husbands or wives. All people mess up and make mistakes. That’s a part of everyday life. People who can be trusted take responsibility for their mistakes. They don’t blame others or make excuses. When Responsible people mess up, they admit it and do what is necessary to fix it, if at all possible.

When you take on a leadership role, you are accepting responsibility for a span of control and authority over something and usually someone. You may be accepting responsibility for a project, a team, a department, a division, a geographical territory or for the entire organization. In our leadership roles we accept being responsible to the organization, to our superiors and to our patients, clients or customers. However, often overlooked is our responsibility and accountability to those who work for us. An exceptional leader recognizes this responsibility and artfully balances the sometimes contradictory obligations of being responsible to staff, the organization, to superiors, to patients, clients and customers and to one’s family.

Building and maintaining TRUST requires that you are Credible, Respectful and Fair, holding to these three dynamics helps in balancing the intricacies of being Responsible to multiple obligations that are not always in alignment with one another. Another helpful resource is following the practices of a Servant Leader. A Servant Leader is someone who achieves results for their organizations by giving priority attention to the needs of their colleagues and those they serve. Servant-leaders are often seen as humble stewards of their organization’s resources (human, financial and physical).

Another phenomenon about leading and being responsible is that you do not always have absolute control over outcomes that you are accountable for. In interviewing a Chief Medical Officer (CMO) for my dissertation I asked him what it felt like being a CMO. His response was, “it’s like driving a car without a steering wheel”. His words formed an excellent metaphor for what it is like being held accountable and having responsibility in producing outcomes over something that is beyond your total control. For many of us leaders this is not an unusual predicament. It requires us to have TRUST in others that have a bearing on things we are responsible for. It requires us to develop our skills in relationship management, political acumen and interpersonal skills. We must be competent at influencing others that we do not have formal authority over.

Dr. Don Nowill is an organizational psychologist. He has an extensive background in business and psychology; coupled with years of experience hiring, and developing high performing individuals, teams and organizations. He combines his professional business experience and a strong academic and research background in the social and behavioral sciences with a personable approach in helping individuals reach their full potential. His approach with clients is personable, collaborative, supportive with an action orientation. His praxis is grounded in evidenced based interventions custom tailored to his client’s needs.

Build and Maintain Websites For Profit

Even with limited knowledge and experience, you can build and maintain websites for profit. Here are just some ways you can do so.

1. Develop Websites for Local Businesses

Approach local business persons and sell them on the
necessity and financial benefits of having a
professional website. Local advertising may get you
started as well, but expect to get a large portion of
your business from referrals.

Charge your clients for the initial design and setup
of the website. Work with them to develop a theme for
their site based on their unique advantages over the
competition. Keep the site simple to start with so
that the cost of producing it is not prohibitive to
the business and you can complete it profitably in a
short time.

In this business, you can also make money on the
maintenance and ongoing support of the website.
Charge recurring monthly fees for such services needed
as web hosting, updates and improvements to the site`s
content, search engine optimization and submission,
increasing traffic, traffic analysis, mailing list
production and maintenance, and much more.

You don`t have to be a master Internet programmer to
provide needed, additional services. There are many
free and low cost sources of scripts and other resources
available to you on the Internet. Offer your clients
(and charge extra for) flash introductions, animated
graphics, syndicated content, traffic counters,
submission forms, chat rooms, pop-up windows,
autoresponders, and more.

2. Sell Websites on the Internet

Build web stores, search engines, shopping portals, and
other websites and sell them on the Internet.

Some develop sites from templates sold by others.
Others build websites from scratch. These websites have
been sold on the Internet as turnkey businesses through
eBay and other websites.

Another option is to take existing free services and
resell them. For example, you could take advantage of
free web stores available to you on the Internet.
Register a suitable domain name, obtain free or low
cost web space, and host that free store at your
domain on your web space. Promote your website and
increase traffic. Finally, sell your website to the
highest bidder on eBay. Be sure that either your
Reserve Price or Opening Bid is high enough to make it
profitable to you. You will need to transfer the domain
name to the buyer.

3. Become an Internet Marketer

Build your own unique website based on a niche theme
that has a sufficient market. Then tie in your content
with appropriate affiliate programs and your own as well
as other peoples` products and services.

To increase commissions and sales, you will need to
regularly maintain your site by updating content,
increasing targeted traffic, adding appropriate products
and services, et cetera.

Simple Suggestions for Building and Maintaining a Solid Business Credit Profile

Here are pointers you should always keep in mind to succeed in your quest to establish and keep an excellent business credit history:

Resolve to keep a high personal credit score. Startup business owners, like you, should realize that their chances of qualifying for suitable credit cards and loans are tied with their personal credit history. That’s because most lenders and credit card firms today would rely on your credit standing to eventually decide whether or not to accept your application for a business line of credit.

Hence, to be granted a business credit program you can use to jumpstart the credit history of your enterprise, you should do your best to maintain an excellent personal credit history. To do this, see to it that you’ll manage your existing mortgage loan as well as your existing credit cards in the most responsible way you can. And make sure that the copies of your annual credit report are free from errors or inconsistencies, which could compromise your chances of qualifying for a suitable business loan or credit card account.

Sign up with a business credit tracker. As early as possible, you should register your enterprise with a popular business credit tracker, like Dun and Bradstreet or D&B. You can do this by visiting the local office of this firm or by taking advantage of their online registration service. In time, you will receive your business registration number, which will then be used by the employees of D&B in monitoring the credit activities of your small shop or store.

Get a business credit card. Always remember that you cannot build a business credit profile UNLESS you’re willing to apply for and manage a business line of credit. This means that after validating the entries in your annual credit report, what you should do next is to sign up for a credit program – either for a business credit card or a loan.

Just remember that it is a lot easier to apply for a credit card than for a business loan. After all, by simply submitting a security deposit to your target firm, soon you can be granted a secured card account, which you can use for covering the purchases and bills that will be incurred by your commercial establishment.

Keep up with the financial obligations of your enterprise. The best tip for maintaining a solid business credit profile is to simply submit on-time and complete payments to your card issuer or lender. Always remember that good credit habits will not just help you build a good working relationship with such firms. They can also help improve the financial prospects of your enterprise, especially if you have plans to apply for bigger loans, later on.

See to it that all relevant credit activities are recorded in your business credit report. Otherwise, the time, effort, and energy you have invested in building and maintaining a solid business credit profile would prove to be in vain.

Hence, before applying for a loan or a credit card program, you should ask the firm whether or not they submit timely reports of consumer and business owner activities to the business credit trackers. If they do then, you may sign up for one of the programs they offer. But if they don’t then, you should continue searching for companies that can provide you the exact type of service and program you need.