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    The Principles of Financial Control
    The Principles of Financial Control
    The Principles of Financial Control
    Ebook177 pages1 hour

    The Principles of Financial Control

    By LC Green

    ()

    Read preview

    About this ebook

    Read this book whether you’re just opening your first checking account or you’ve already mastered money management basics. In LC Green’s down-to-earth manner, you’ll learn how to: 

    •Have money left over at the end of each month 
    •Get out of debt permanently 
    •Buy your first house 
    •Figure out the stock market and mutual finds 
    •Develop a budget you can live with 
    •Set and reach financial goals 
    •Defer taxes 
    •Protect your nest egg with the right amount and type of insurance 
    •Carefully manage spending with dozens of effective strategies 

    Stop guessing what to do with your money! Education is the first important principle that leads to financial freedom. Start your education with this book.

    LanguageEnglish
    PublisherLC Green
    Release dateApr 20, 2016
    ISBN9781533797698
    The Principles of Financial Control

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      Book preview

      The Principles of Financial Control - LC Green

      Author: LC Green, Jr.

      Published by:  LC Green Publishing

      Limits of liability and disclaimer of warranty:

      This publication is designed to provide information and

      education in regard to the subject matter covered.

      It is sold with the understanding that the author and

      publishers are not engaged in rendering legal,

      accounting or other professional services. 

      If legal advice or other expert assistance is required,

      the services of a competent professional

      person should be sought.

      LC Green Publishing

      L C Green & Associates, Inc.

      Tax Planners /Wealth Managers

      3553 Atlantic Ave. 175

      Long Beach, CA 90807

      (310)515- 7316

      Email: lcgreen@rocketmail.com

      www.amazon.com/author/lcgreen

      Our Corporate Mission is to Minimize Tax Exposure and Optimize Profitability.

      -~

      ABOUT THE AUTHOR

      Founder of LC Green & Associates, Inc., a financial management firm, LC Green, Jr. has been in the accounting and financial management fields for more than fourteen years. 

      As an instructor at three Los Angeles County colleges for over eight years, Mr. Green has taught Accounting, Bookkeeping, Taxation and related Financial Management subjects. Mr. Green teaches continuing education for insurance and tax professionals.

      He conducts workshops nationwide for major corporations and non-profit organizations, and has been an Instructor at five colleges in Los Angeles County for over nine years, teaching various subjects such as accounting, bookkeeping, taxation, and other related financial management courses.

      As a public speaker LC Green has delivered more than one hundred fifty speeches to diverse audiences throughout the west coast, with emphasis on business and personal financial management. Mr. Green is an administrator with the Internal Revenue Service's Taxpayer Assistance Program, and the State of California's Tax Preparer's Program.

      LC Green, Jr. has authored many helpful articles for various magazines, workbooks and newsletters and has published several books including:

      •  Steps to Success

      •  A Blueprint for Business Success

      •  How to Avoid / Survive an Audit

      •  How to Use Traditional Marketing Principles in an online Marketing World

      •  Principles of Business Credit

      •  Learn to do Income Taxes

      •  The Principals of Small Business Taxes

      •  The Principals of Financial Control

      In 2013 LC Green was Awarded Business of the Year by Constant Contact.

      For more information on the Author and his work, visit him at:

      www.amazon.com/author/lcgreen

      email: lcgreen@rocketmail.com

      Phone: (310) 515-7316

      Contents

      ––––––––

      FOREWORD

      ––––––––

      First Principle of Financial Control:

      EDUCATE YOURSELF

      Second Principle of Financial Control:

      KEEP GOOD RECORDS

      Third Principle of Financial Control:

      SET GOALS

      Fourth Principle of Financial Control:

      TRIM DOWN SPENDING

      Fifth Principle of Financial Control:

      ELIMINATE DEBT

      Sixth Principle of Financial Control:

      CREDIT

      Seventh Principle of Financial Control:

      SAVE MONEY

      Eighth Principle of Financial Control:

      INVEST MONEY

      Ninth Principle of Financial Control:

      PROTECT YOURSELF, LOVED

      ONES & ASSETS

      Tenth Principle of Financial Control:

      PLAN FOR RETIREMENT

      Eleventh Principle of Financial Control:

      PLAN YOUR ESTATE

      Twelfth Principle of Financial Control:

      PAY FEWER TAXES!

      AFTERWORD

      Foreword

      ––––––––

      It is the first duty of every man not to be poor.

      —George Bernard Shaw

      ––––––––

      George Bernard Shaw was right, and the good news is that no one with a steady income needs to be poor. That may sound like a strong statement to those of us who feel poor right this minute. We just need to know what to do with what we have. That is the reason for this book.

      Before we get started, let us clarify the entire subject of money, dispelling the myth that money is bad and/or unimportant. It is not bad, and it is definitely important. If individuals do bad things with money, that does not make money bad. We are constantly reminded of its importance whenever we need some. It is certain that money is just as important as the food and clothes it buys, the shelter it affords, the education it provides, the medical bills it pays, and the fun it permits.

      Not all the facts of life are about the birds and the bees. Here are a few facts that are seldom reported:

      At Age 65:

      45% of us are dependent on relatives

      30% are dependent on charity (not lucky enough to have relatives to help)

      23% are still working (because it is necessary to pay the bills)

      2% are self-sustaining 

      Source: Social Security Administration.

      ––––––––

      Even if these numbers are a little off, these are some troubling statistics, indeed.

      Result of stock trading as an individual (not mutual funds):

      97% lose money

      2% break even

      1% makes money

      Source: Harvard Business School Study.

      Fewer men are worth $100 at age 65 than at age 18:

      Assets minus liabilities add up to almost nothing after working for almost 50 years!

      85 out of 100 people reaching age 65 do not have $250.

      In the form of ready cash that is not owed to anyone.

      Source: Social Security Administration

      93% of those who have failed financially said it was due to lack of devising a plan.

      Ask anyone over age 65 that is financially insecure and see what he or she says.

      Not one person in the United States has deposited money regularly for 20 years.

      Delayed spending does not count! If you are like almost everyone, when you make deposits, you withdraw the money long before you reach a worthwhile goal (such as retirement).

      Source: American Bankers Association

      A survey of 450 pension actuaries (people who predict the future) found that no more than 50% of the so-called baby boomers that reach age 65 between 2010 and 2028 will be economically able to retire.

      Four reasons were given:

      Inadequate contributions to employer pensions.

      Inadequate personal savings.

      Too few workers to support Social Security benefits (resulting in inadequate benefits). 

      Escalating and unaffordable health care costs.

      The problems most of us have with money stems from not understanding it and how it works. The purpose of this book is to give you an understanding of how money works and how money will work for you.

      Please do not let this information discourage you before you begin reading. Keep in mind that some of the richest people in the world today were once penniless.

      First Principle of Financial Control:

      Educate yourself

      There is a void in the education received in this country. Millions of dollars are spent teaching youth and adults to earn money, but we are not taught what to do with the money once it has been earned. Therefore, we must educate ourselves on what to do with our money after earning it.

      Smart use of money starts with a plan. For the last several decades, many factors have affected the value of the American dollar. The greatest factors are inflation, interest rates, and taxes, which may fluctuate dramatically, prompting millions of Americans to plan for their future.

      Winning or Losing the Money Game

      Try to make it fast—a very slight chance of success.

      Try to make it slowly—a rather good chance of success.

      Do not try at all (no plan). This choice is the one most people have made and why many have failed in the money game.

      According to a survey of financial planners, there are six reasons why most people fail in the drive for financial independence:

      Procrastination. Time is a tremendous asset and one that is often wasted.

      Lack of self-discipline. Unable to save part of earnings.

      Failure to set a financial goal. A well-defined goal and a step-by-step plan are important.

      Ignorance of what money must do to accomplish a goal.

      Failure to understand and apply the tax laws.

      Purchasing the wrong kind of life insurance, securities, or other investments.

      Three Sources of Income

      Money earned while working.

      Money earned at work that is put to work. With proper preparation, one can turn base income into capital. There will come a time when one can change places with his money and let it do the work.

      Money received from charity, gifts, bequests, or inheritances.

      Three Things To Do With Money

      Spend. This eliminates the other two choices.

      Lend. Lend/invest in banks, S&Ls, bonds, and government securities. Spending money wisely, with a coordinated plan of the taxability of that money can make the difference between freedom and financial distress.

      Own. Purchase shares of American industry such as mutual funds, stocks, real estate, energy, commodities, precious metals, rare stamps, rare objects, antiques, and precious gems. All these items have risk associated with them. Some have very low risk, and some have very high risk. However, if you want to enjoy financial independence, we are going to have some risk. When we lend your money to the banks and S&Ls, and insurance companies for a guaranteed interest rate of 2% to 7%, it is invested in shares of the American industry at 12% to 24%. Sometimes, the return exceeds 24%. Remember, ownership carries no guarantees.

      Educate yourself on the power of compound interest. Learn investment strategies for bonds, stocks, securities, and real estate. Develop a long-term relationship with a financial advisor. Read constantly, as everything changes rapidly. Ask questions, even those considered silly. We can all benefit from being harder to embarrass. Scam artists greatest ally is our desire to act as though we already know something. That desire often prevents learning. Get the answers needed to make informed decisions. Attend classes instead of relying on experts. Become an expert on your money. Reality is that no one will ever know your situations as well as you do.

      Ask yourself if you’re serious about preserving money. If the answer is yes, financial education and training should be an ongoing part of your financial strategy.

      Second Principle of Financial Control:

      Keep Good Records

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