TV Interview on Business Credit
Being interviewed on the “Millionaire Mindset” TV Show about the power of Business Credit and the first steps a person should take! Check it out…
http://www.millionairemindset.tv/
URGENT VIDEO: Dangerous Lesson Learned!
I’ve been told that I do put myself out there. Maybe a little too FAR out there for most.
For me, I feel like I’ve got a lot to give to the world so I don’t mind being an open book.
Well, I’ll about had a heart attack when I found out what I did recently. I got an email from Millie saying…
Dustin, I realize this is an autoresponder. I hope you monitor it. You have some private information displayed on your video that should be removed immediately for your own safety!!
So I scrambled to get to the video on the front page. And there it was, one of my business credit card numbers. I was so focused on creating that video that I didn’t notice that one of my approval letters had my credit card number on it!
It’s hard to see in this picture but if you zoom in…you can see the whole number!
At first I felt the anxiety take over (12,541+ have viewed this video) but then I quickly realized that I needed to do one thing. Call the credit card company and tell them what happened.
It was as simple as that. They simply issued me a new credit card…and I was absolved from any future charges on that card.
This could have been bad! Credit card and identity theft are the fastest growing crimes in America.
According to USPS..
Last year alone, more than 9.9 million Americans were victims of identity theft, a crime that cost them roughly $5 billion!
And the 2003 survey from the Identity Theft Resource Center found that :
- The average time spent by victims resolving the problem is about 40 hours
- The emotional impact is similar to that of victims of violent crimes
I wasn’t worried all that much because I had joined LifeLock earlier this year after being freaked out. Watch the video for my story…
Identity Theft Protection Link –> Life Lock
This isn’t a sales pitch to go sign up for their program I thought I’d share this with you since it’s a tool I use and so that you don’t have to go through your own nightmare.
P.S. Thanks to Millie for bringing this to my attention. You are a life saver!
Thanks…And A Gift For You
As our way of saying “Thanks” for all the feedback we’ve received over the last few weeks, Mark & I thought we’d give you one of our favorite books.
It’s a book by T. Harv Eker called SpeedWealth: How To Make A Million In Your Own Business In 3 Years Or Less. An amazing book that you should move to the top of your list.
Thanks again!
Enjoy 
Click Here To Download T. Harv Eker’s SpeedWealth
New Credit Secrets Bible
I came across this great resource for cleaning, fixing or repairing your credit called the New Credit Secrets Bible. Click the play button to watch the video for my thoughts on this incredible resource!
Check it out here:
http://www.NewCreditSecretsBible.com
What The Banks Don’t Want You To Know…
My good friend Chris Wise sent me over this video about “How Money (especially CREDIT) Is Made.”
It’s 47 minutes, but it’s the BEST explanation I’ve seen about this. The is one you’ll definitely want to watch when you get home, maybe kick back, click on the full screen button and have at it.
Enjoy
(Give it about 15 seconds to load)
Fair Credit Reporting Act
We had a question come in about the Fair Credit Reporting Act. So I thought I’d make it available here on the blog. (It was just updated recently: Jun 2008)
http://www.businesscreditinfusion.com/pdfs/FairCreditReportingAct.pdf
WARNING: This is a very long Act and filled with a lot of legal mumbo jumbo. It is however a wealth of information.
I also found a layman’s explanation of the FCRA at Wikipedia…
http://en.wikipedia.org/wiki/Fair_Credit_Reporting_Act
Personal Credit Resource
Well from the looks of it, everyone wants to know how their personal credit is going to affect how much business credit they get…and how to get around it
I understand.
Let me tell you having good personal credit will help you get a lot of business credit faster. Do you have to have it to get business credit?
No. But it will get you to where you want to be a lot quicker!
Well, I found a great resource for talking about credit and what you can do to boost your score. I’m sure you already know, but having good personal credit helps you in a lot of different ways.
You can get “Building A Better Credit Report” right here:
http://ftc.gov/bcp/edu/pubs/consumer/credit/cre03.pdf
2 things you must know about this eBook.
1) I didn’t write I myself and 2) It is great start for those of you that don’t have a clue about credit. It even includes a sample letter that you can use to dispute items on your credit report.
But I know some of you…
You’d rather just get around the whole credit issue.
Tomorrow night.
That’s right. Mark and I we’ll be talking about how to get credit for your business even if you have bad personal credit.
Until then!
Is Bankruptcy A Deal Killer?
Is Bankruptcy A Deal Killer?
Your chances are 60 percent that you can get it removed before 10 years–the same statistic as with foreclosures. It once took me eight frustrating years.
You can’t remove foreclosures, bankruptcies and tax liens yourself. Please get an attorney. One client who had claimed bankruptcy thought all her loans were in there as well. I had to tell here the three things that aren’t included: Student Loans, Child Support and IRS tax liens. Her attorney never told this to the woman.
Don’t rely on others to take care of your past mistakes–be proactive. Find a good attorney right away.
Lates are pretty easy to remove. When you apply for personal credit always read the agreement’s fine print. You’ll find that you have signed your rights away. Banks have the right, if you are one or two days late that you were late 30, 60, or 90 days. If possible, go to your creditors and tell them you want a copy of the original application. See if you did in fact sign your rights way.
One way to use the copy of your agreement against the credit companies is to remove lates. People can leverage their knowledge to clear up credit.
Can you ever get credit without a personal guarantee? No, because with The Patriot Act you must now sign your personal signature regardless because of this law.
In addition, if you talk to any banker they will want to know what they can hold as collateral to limit the risk of you defaulting on the loan. You will either have to have personal credit, assets or something that will guarantee the credit.
I’ve never seen a lending corporation that did not ask for a guarantee. Even Enron, when they were going down, were still using their pension plan as a guarantee to continue to get money. You have to have something; obviously, if you don’t have property, then you will rely on your personal credit until you do.
This alone can get you several thousand dollars if you work a system correctly.
Benefits Of A C-Corporation Versus LLC
Many people feel overwhelmed by the C-Corp, but it can be one of the more powerful entities, especially for building business credit. You might be thinking that a corporation must be more tedious to maintain than an LLC. In the end a C Corporation will outlast the LLC. Some business owners don’t want to file a “resolution” for the corporation, to say nothing of the minutes of meetings.
The truth is, even if you have an LLC you should be doing this.
I have found a program called www.managemyminutes.com, which is really easy and allows you to fill in information required for documentation. It even has prompts, and walks you through the process so you can keep your records. Then as soon as you enter the required information it can print out minutes and resolutions. You print them and add them to your corporate file, and you’re done.
For a mere $199.00, having this company do it for you is a no brainer. People who do this through an attorney usually pay them from $500 to $3,000 dollars. It even provides standard contract templates that you can use. And you can set it up so it emails you reminders – at the end of the year, for example, saying you need to do your statement. It will notify you when it is due.
It seems that many people are also afraid of C-corps because they think they need to be a big company to call their business a corporation. In reality, in most states you only need one person to have a C-corporation; while some others do require at least two.
The other benefit to an Entrepreneur is how it enhances your benefits. A C-corporation can cover up to 100% of certain expenses, and give you a tax write off.
For example, God forbid, if you get cancer; because your business is set up as an LLC, you are going to be responsible for 20% of the bill.
There are a number of things that the C Corporation can do that the LLC cannot.
Questions to Ask Before Incorporating
Questions to Ask Before Incorporating
Q. Which entity should I set up?
A. You should consult with your own team members about the best asset protection, based on the nature of your business.
I’ve found the C-corporation the easiest and most useful entity for building your credit file.
You should educate yourself about the pros and cons of the different entities by reading the book Incorporate and Grow Rich.
Q. What state is the best one to incorporate in?
A. Many people receive conflicting information about which state to incorporate in.
First learn about each state’s individual laws, and the time necessary to set it up. Most state paperwork can be completed online; or try the Socrates Incorporation software available at Office Depot.
To build credit, you should set up the entity in your home state. There are some benefits to setting up in Nevada, for example, but getting more credit for your corporation is not one of them.
It’s true that Nevada has no income tax, but in your home state you can build credit. You can probably build some credit with your LLC, but not cash credit.
You may be able to get some supply lines, and maybe a little cash credit; but you’ll only get credit in your home state. This is a key consideration; open it in your own home state for credit purposes.
Q. What should I name my business?
A. The next critical step in setting up your corporation is choosing its name. I don’t recommend using your personal name or initials for several reasons. For one thing, it can increase your chances of getting sued.
We recommend a neutral name.
For example, many companies call themselves “So and So Investments” using their initials or KLC Real Estate Properties, Inc. Use a name instead like Allied Management, LLC or Allied Management Inc.
Save yourself some time by seeing if the name is available on the Secretary Of State website, so you don’t fill out all the paperwork and try to file it, only to find that a name is unavailable.
