Tom's Blog

Thanks to all who are participating in our teleseminar. Once you have completed the work books, you will have a great start to building your own personal wealth strategy. Congratulations!!!

Here are a couple of additional questions I have received from teleseminar participants:

From Louise:

Q: Also where do I find information on your wealth coaching? I am just coming out of a 20 year marriage and being a single mom, I feel like I am starting from scratch. I never learned about wealth stratigies and the whole financial picture blows me away!! Thus, taking Harv's courses and gaining knowledge to be the best that I can possibly be!!! Signing up for this teleseminar with you is priceless...thank you so much for sharing your knowledge and wisdom!

A: Good news, Louise! We discuss how to find, interview and select a wealth coach in our 4th teleseminar. Feel free to call our office at 866.467.5809 and ask for a client service representative to find out more about ProVision's Strategic Wealth Coaching. Or visit our website at www.ProVisionWealth.com and click on the Wealth tab.

From Tim:

Q: I am getting started in options trading and am planning to use it as my primary income source (I have a reasonable net worth, mostly in my IRA, but have not had employment for a few years).

Is it reasonable to remove my money from an IRA (and pay the penalty and taxes) to invest it?

A: It depends. You can do option trading within your IRA. So there is no real reason in your case to take the money out of your IRA unless you need it to live on. If you were investing in real estate, the answer may be significantly different, as there are tax advantages and leverage advantages to real estate that are considerably better outside of an IRA.

From Jeta:

Q: I currently have mutual funds & would like to know at least where I might be able to do some research for what's best or what to look for (any book or article recommendations) for at least the time I am going to be invested in them.

A: There are a number of places to do research on mutual funds and other paper assets. I am going to put this question to the group to find out if any of our readers have favorite places to research mutual funds. Group? What do you think?

From Sinden:

Q: Based on my preferences, Paper Assets seems to be the
best fit. Even with your descriptions, I still don't
understand the definitions, or especially the
implications for criteria in investing (risk, strategy
etc.) Say, the difference between an option or REITS.
I have looked for books in the library, asked my $
planners, successful acquaintances and relatives and
have not really gotten an answer except that "you pick
it up over time". Not if I don't know how to ask an
intelligent question of things I have never heard of.

A: This is where a wealth coach would be particularly helpful. In one-on-one wealth coaching, you can ask your coach questions and your coach will help clarify it. It's difficult to get everything from a book or a seminar, because you can't really ask clarifying questions. I find one-on-one training the best for this.

Q: Our last question today comes from Reuben:

How do you suggest we utilize our wealth coach for the questions in the workbook thus far?

A: Great question, Reuben. I suggest you walk through each work book with your wealth coach. He/she should be asking you questions and focusing you to the best answers and strategy for you. You may find that you are doing much of the talking. That's good, because in reality, you have the answers. You just need to be asked the right questions. And that is what a coach is for - to ask the questions that will result in you coming up with the best strategy.

That's all the time we have to answer questions for today. I can sense that you are feeling just how beneficial a personal wealth coach might be. In two weeks, we will discuss your team and especially how to choose your wealth coach. In the meantime, keep working on your work books and remember that "Financial Freedom is Closer than You Think."

Warmest regards,

Tom