Lynnette Khalfani - The Money Coach™ Newsletter
7-21-2006
Hi All:
Greetings from The Money Coach!
This newsletter is jam-packed with information that I know many of you will be interested in, so please take 2 or 3 minutes and read everything quickly, and then forward this newsletter to a friend …
* Want to Become A Millionaire? Get FREE training from The Money Coach.
* Financial Tip of the Day – Your 401(k)
* Media Highlights – Essence, SmartMoney.com, The Tavis Smiley Show and more.
* Financial Coaching You Can Afford: One hour with The Money Coach for just $19.95!
* Updates to the Web Site – Take the Interactive Financial Quiz or Get Help Now
* Upcoming Seminars and Speaking Engagements – Catch me at these major events
I just got back from a much-needed vacation in the Dominican Republic … so my apologies to those of you who’ve written me the past two or three weeks. But I’m back in full swing now.
I really do love the month of July – mainly because it’s summer time, but also because my birthday happens to fall in July. I know a lot of us women dread each passing year, but I actually look forward to getting older. Every year just gets better and better.
For anyone who may be wondering, I’ll be 38 years young next week … and I’d love for you to help me celebrate in a special way. This may be bold, but I’m going to ask each of you for a present – and in return, I want to give you a present as well.
The best birthday present you can give me in 2006 is to help me spread the word about my latest book, called The Money Coach’s Guide to Your First Million (McGraw Hill; August 2006).
Free Training From The Money Coach
If you liked my previous book Zero Debt – which became a national bestseller – then you’ll really love Your First Million. I’m so proud of this book because it has something for everyone. Your First Million explains the money-management tips, tricks and techniques millionaires have used for years – and shows you how to do the same thing. After reading this book, you’ll know how to become a millionaire – and stay that way – by overcoming financial obstacles (like excessive debt, poor credit, limited savings, etc.) and building long-lasting wealth (through strategies like smart financial planning, investing, using real estate, and becoming your own boss).
So here’s what I’d like from you: Please tell everyone you know about The Money Coach’s Guide to Your First Million, and of course, be sure to pick up a copy ASAP. You can pre-order an autographed copy right now from me, and your book will be shipped to you in August. (Of course, you can also pre-order the book from your favorite local retailer or via Amazon.com. Here's the Amazon link: http://www.amazon.com/gp/product/0071470816/sr=8-1/qid=1153492016/ref=sr_1_1/102-1822787-0023327?ie=UTF8.
In exchange for your generous support – and ladies, I’m especially counting on your help -- here’s my special gift to you:
I want to offer anyone who gets a copy of Your First Million the chance to receive personalized financial coaching from me – absolutely FREE. The coaching will take place starting in September. I’ll send you more details about it in August. But for now, just know that by simply getting a copy of Your First Million, I’m going to make you a “Millionaire in Training.”
When you order your copy, forward your purchase confirmation via email to: millionaire@themoneycoach.net. You’ll be added to a list of people that we’ll send information to for my “Millionaire in Training” program.
OK, now onto a slew of other news …
First, here’s your Financial Tip of the Day:
Worried about retirement?
Well, you don’t have to be, if you plan ahead.
It’s never too early – or too late – to plan for your retirement. If you have a 401(k) plan at work enroll in it today. A 401(k) is a great way to save for your Golden Years and build a retirement nest egg. You sock away money on pre-tax basis, and the assets you invest grow tax-deferred. Most companies let you save up to 15% of your salary in a 401(k). Your employer may even offer a dollar-for-dollar matching contribution. But even without a match, a 401(k) is a smart way to invest for the future. In 2006, you can stash as much as $15,000 in a 401(k) plan. If you’re over 50, you can put in an extra $5,000 a year. That’s the government’s way of allowing older people to play “catch up” if you’ve gotten a late start saving for retirement. Want to know how much you’ll have at retirement based on your 401(k) savings? Just click this Bankrate.com link to find out: http://www.bankrate.com/brm/calc/401ksav.asp.
Bonus idea: to ensure your retirement funds are adequate, avoid these three 401(k) mistakes:
1) Don’t borrow from your 401(k) unnecessarily. By withdrawing money from your retirement fund – even temporarily – those funds lose the ability to earn compounded interest. Over time, you wind up with a smaller nest egg. Also, if you quit your job (or get downsized), that 401(k) loan will be due, and any unpaid amount will be taxable if not immediately repaid.
2) Don’t cash out your 401(k) when you separate from a company. In other words, don’t let your previous employer cut a check directly to you in your name. If you do, and you’re younger than 59 ˝ years old, you’ll pay ordinary income taxes on the funds, plus a 10% penalty. So let’s say you cash out $20,000 from your 401(k) and you’re in the 25% tax bracket. That means you’ll pay a $5,000 in taxes plus a $2,000 penalty for an early withdrawal. By the time Uncle Sam is done with you, that $20,000 really gets slashed by 35% to just $13,000. Do you really want to pay the government 35% just to get your own money?
3) Don’t wait to get started. You’re losing valuable time each day you procrastinate about joining your 401(k) plan, or adding to that retirement fund. If your company offers a matching contribution, you’re also walking away from that “Free” money on the table. So don’t delay any longer. Start building your retirement nest egg today!
Financial Coaching You Can Afford!
I’m so pleased to be able to tell you about a way for you to get personalized coaching from me that’s affordable, convenient and instantly available. And when I say affordable, I’m talking $19.95 for an hour with The Money Coach … If you’re having debt or credit problems, or if you simply want to improve your finances, don’t wait to take action. That will only worsen your predicament. Click any of the links below for immediate assistance if you need help with any of the following 10 areas:
Updates to The Money Coach Website
We’ve had the website tweaked and updated. I hope to give you a clearer sense of how I can help you, and to better keep you informed about where you can catch me. Visit my new Get Help Now section, check out the Testimonials and Meet Lynnette pages, take my interactive Financial Quiz, or get financial coaching from the comfort and convenience of your home or office via a series of pre-recorded MP3 audio sessions.
Upcoming Seminars and Workshops
You can come meet The Money Coach – and learn more about your personal finances – at the following upcoming events.
Peace and prosperity to you!
Lynnette Khalfani, The Money Coach