Money Making Schemes

Nagesh answers:

It’s not fair, but it’s true.

You may be among the most qualified fitness professionals. But that doesn’t always translate to being among the best paid.

In fact, many fitness professionals and personal trainers — less educated and deserving than you — may be doing much better.

If you already know this, but thought you just were not “equipped” to make the money you deserve, then I have some very important news.

In today’s competitive fitness market, only trained, savvy fitness professionals earn the major dollars. The rest scrape by — barely.

There is an art to being a top-paid fitness professional … To programs that have high-paying clients come to you … To the systems, strategies, and “tools” that bring in new clients … And we can share the secrets of that art with you!

The Boxing Fitness Institute will now let you in on one of the hottest trends in fitness, where demand for qualified trainers is huge, and wealthy clients are willing to pay you handsomely for your time.
And now you can join in the FUN and INCOME even if:

1. Even if….You are completely new to the fitness industry, or just thinking about getting started.
2. Even if….You currently offer the same old, generic weight lifting and aerobic-style programs that everyone else offers.
3. Even if….You hate to sell and market.
4. Even if….You don’t have marquee “Hollywood-style” clients.

None of that matters.

In fact, you need NO SPECIAL BACKGROUND … Virtually no money to put at risk … Only a little bit of time … And the willingness to follow very easy-to-understand instructions.

And when we say this is THE quickest and easiest way for you to succeed as a fitness professional and attract all the clients you can handle, we’re not kidding about that either, because…

What we’ve discovered about succeeding as a fitness professional and making more money than your colleagues is that it’s all about…

A Unique In-Demand Fitness Program and a Proven Marketing System

These two keys are a miraculous money-making strategy because:

1. Clients come to you, because they want to get in shape with your specialized program.
2. You set yourself apart as the “go-to” fitness professional in your area.
3. People refer you to others even if they haven’t hired you yet, because what you do is so unique and interesting.
4. Marketing is easy, and takes little or no money.
5. There are no sales pitches to make.
6. You enjoy attracting people to your business, and work becomes more FUN and SATISFYING.

Nagesh answers:

Please please please dont get a horse for young kids under 10.
They will more than likely lose interest after a few years or after the novelty has worn off, and if they get them they have to be expected to care for them properly, and this is a serious amount of work, if you cant find anywhere to keep them and look after them you do realise you will have to be there to take care of them at around 7am every morning to clean out their stables, feed them, groom them, fresh water, let them out if necessary, take them out for exercise, check them for any medical issues everyday, this is a huge amount of work alone and a huge cost, the equipment, vets bills for horses are extremly expensive, even the basic vaccinations cost alot, upkeep, the food, new riding gear for your kids, insurance etc etc.
The cost usually varies depending on how much the person wants to charge, my family kept horses at our stables and we charged upwards of 300 a month to look after them, and this was a few years ago.
Horses are content being around other horses, however they need the attention from their owners aswell, just like dogs, they need regular exercise, something they dont get with other horses in a field, they need grooming care everyday to prevent lice, matting etc.
Horses are a tremendous amount of work and effort and cost.
You would be much better off waiting until they are older and more able to take on some of the responsibility of caring for the horse themselves, i dont know how many riding lessons they have taken but for safety reasons i would say that it is sensible for them to have alot of experience around horses before getting one, i know some places offer volunteer openings during the summer, or if u have to pay that extra more for riding lessons it would be in the long run alot more effective.

And to the girl above, horses cannot be trained to stay in any set area without a fence, or if you know a way to do that, sell it and make millions and ponies are fine but turn into big 600lbs horses real quick, the smaller horses [shetlands] would be fine until your kids start to get too big for it then.

Nagesh answers:

Sounds like a restaurant that would be perfect for a college town. The thing is, you have to keep the prices low because students are generally poor. That mean that in order to make a profit you have to keep your costs down. Keep decorations and electricity at a minimum. Hire students, who really need the money and will accept minimum wage. The location and rent of that location is extremely important. You want it to be close to campus or dorms, where students need food to be fast and affordable. Unfortunately, this is probably where the rent is going to be higher.
All in all, sounds like a good idea. Don’t know if it will make you rich, though. Just plan well before you plunge in.

Nagesh answers:

I’m going to assume the house is worth a lot more than 50k .. If so, various ‘equity release’ schemes exist … I would NOT suggest this to anyone who wants to leave any sort of inheritance to their kids, however it may be suitable for you …

It generarally involves selling your house to an Insurance Company (for less than half of what it’s worth) in exchange for the right to stay in the house untill you die … (at which point the Insurance Co. Gets the house) ..

Various ‘varations ‘ exist – in some schemes (I would call them scams) you take out a (high interest) lifetime mortgage which gives you some extra Pension .. Interest on the Mortgage is ‘rolled up’ and the house is sold when you die to repay the mortgage .. Of couse you have been paying Interest on top of the Interest, so typically there is nothing left …

NB> be carefull of the types that give you money and then charge you Rent .. Not only is the rent ‘upwards only’ (i.e. Increased every year) but when the money runs out you could end up homeless ..

Nagesh answers:

First some facts. I have a child who just graduated from high school and who will be attending a private research university this coming Fall. Tuition, room, board, miscellaneous fees, health insurance, etc. Will total over $52,000 for this first freshman year…and I haven’t included in books, Starbucks coffees, etc. Using crude estimating, that means 4 years of college starting in 2008 will cost between $225,000 and $245,000.

Since your kids thankfully won’t be starting college for a few years–it’ll come up on you a lot quicker than you realize! … 🙁 –you need to inflate these expenses year by year. Of course, your kids may choose to go to state universities in a state in which they are residents. That will lower the amount significantly. But, I figured I’d give you a high end estimate. You live in Washington. You can price out the University of Washington for this coming year. The amount I provided you above is close to the amount you would pay if they attended an Ivy institution starting this year.

OK, once you have your Excel spreadsheet with the years they will be attending college and the estimated/projected all-in college costs for those years, then you know what your “worst-case cash needs are”. Now, you have to figure out how much money you have to set aside every month or year to fund those future cash outflows. I will let you do that. Obviously, if your cash outflow were $100 nine years from now, you don’t have to set aside $100. You can set aside less and with the compounded rates of return of your investments, you will have $100 in the nine years.

Today, I think the best vehicles to use for college savings are the 529 plans. If you set up investment accounts in your children’s names with you or your husband as the custodian, the money will be considered your children’s from a financial aid standpoint. That is what I did by mistake. That is bad. You can do that for a while; but, when you are 3 to 5 years away from the first child’s freshman year, convert the money into a 529. The 529 plans were not attractive investment vehicles when they first came out. But, now, I believe they are very interesting. If I were you, I would do the research now and create 529s which you/your husband need to fund on a monthly basis. Keep the annual contributions within the regular gifting maximums. If there are grandparents who want to help, this/these account(s) can be useful for them to funnel their annual gifts into.

At a high level, 529s are attractive for 2 big reasons:
The money is considered the custodian’s/parent’s, not the child’s from a financial aid standpoint. Financial aid computations assume virtually all of your child’s savings should go to college expenses. They do not make that assumption with respect to the parents’ savings. UGMA/UTMA accounts are considered the child’s money. The parent has control over how 529 money is spent. If the eldest child doesn’t want to go to college, the money can be switched over to the younger child. If you saved too much for the eldest child’s education, the balance can go to the younger child’s education, instead of the eldest child’s entertainment… UGMA/UTMA money is treated as the child’s money–subject to different state laws on the age of maturity, 18 or 21. That means if I saved $225,000 for my child’s education in an account in his/her name and s/he says the heck with college, I’m buying a Lambo and heading for Europe, technically the money could be used any way the child chooses. There are ways around this with UTMA/UGMA by not transferring the account authority from custodian to child. The custodian retains access to the account until these papers are filed, meaning that the parent can use the money to pay college bills. But, if the child demands access to these accounts, they are fully able to do so. Go to the College Board website and understand the EFC, or expected family contribution. You obviously don’t have to worry about applying for a long time (whew!), but, sometimes working backwards from the answer is a good way to plan. I gave you links below in the Source section.

Good luck with this. Definitely start NOW. I am not a family law attorney, so I don’t know the implications of a divorce on this other than that if I were divorced, I would want to control the funds. I think a 529 in your children’s names with you as the custodian would be the most desirable. The parents cannot use the money for anything other than well defined education expenses. Your spouse can either contribute to this account, or contribute to an equivalent 529 account in your kids’ names with him as the custodian.