Category: The Potential Millionaire Blog

The Potential Millionaire Posts for the English Reader.

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The Rich Rules Over The Poor And The Borrower Is Servant To The Lender

From: The Potential Millionaire By Felix A. Montelara, Author Potencial Millonario

In episode 3 of my radio program, Potencial Millonario, I began a discussion on debt.  Debt is a very big topic, and deserves more time than just one episode.  In episode 3 I talked about how a person cannot become financially free until they get out of debt, and a person cannot get out of debt until they stop creating debt.  This means that a person must stop spending money they do not really have.  The cycle of spending and borrowing must be stopped.  I discussed credit card use with several emails from fans, and explained that I don’t like credit cards because they encourage us to spend money we don’t have.  When we continue to spend what we don’t have, we get buried in debt.  I recommend using debit cards, as they only allow us to spend what we have.  If we don’t have it, we shouldn’t spend it.

What does the Bible tell us about debt?  Proverbs 22:7 says, “The rich rule over the poor, and the borrower is servant to the lender.”  This verse very accurately describes what I discussed in episode 3.  First, let’s be clear that most true millionaires do not have personal debt.  Before a person can become rich, they have to become debt-free.  Once a person is debt-free, their savings begins to grow and they become financially free.  The poor generally carry numerous debts, and so can never gain financial freedom because they are held back by their debts.

Proverbs 22:7 states, “the borrower is servant to the lender,” and I couldn’t agree more.  Credit cards are a harsh master, and any mistake that we make, such as a late payment, results in stiff penalties like fees and interest rate hikes.  Have you read your credit card statement carefully?  By paying the minimum payment you will remain in debt for years, and this is just another form of servitude.  When the fees and interest are compounded on credit cards and other debts, the result is that the consumer pays several times what they actually borrowed.  This goes for most loans, from student loans, to mortgages, to car loans.  Therefore, debt is a way of committing yourself to years of service paying someone else.  Why not cut up those credit cards, stop spending, and start paying yourself?

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Success (Update January 2014)- PotencialMilonario.com and the Radio Program Visited In 50 Countries.

Potential Millionaire (Nick)
Potential Millionaire (Nick)

Update- January 2014

I just want to provide you with the latest news since November 2013. In just a few months the Potencial Millionaire Club grew  up to 156 members. The number of visiting countries to the blog has increased to 61.

In November 2013, we began a terrestrial radio program on 1410 AM based out of Alabama, USA. In December 2013, we began an internet feed over Podbean, which is available on Itunes. We also began a channel on Youtube and stream over livestream . 

In January we began Radio On Demand on Stitcher Radio. 

In summary, the readers of the blog have tripled and the feed is currently hit on over 5,712 times a month and the book has sold.  Yes, one book  (Potencial Millonario) started all this. Keep viewing, reading, and listening to the feed and you just might get rich.

Muchas Gracias,

Felix A.. Montelara

Did you know that Potencial Millonario is seen and the Radio program is listen to all over the world?

I just want to say thank you and ask you to follow Potencial Millonario, on Facebook, Google+, Twitter, Linkedin, and other social media like a lot of  your friends are doing.

Remember, we all have Potencial Millionario.

Thanks,

Felix A. Montelara

A guy from Jersey City, USA

Autor & Creator of: Potencial Millonario

contact me 334 357 6410

Fmontlara@potencialmillonario.com

Fmontlara@potentialmillionaire.net

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How Brazil’s Richest Man Lost $34.5 Billion

Stay tune to this story it will take some time but Eike Batista will rise again.

Felix A. Montelara

Author: Potencial Millonario

—Reuters- OGX, the Brazilian oil company controlled by former billionaire Eike Batista, sought court protection from creditors on Wednesday in Latin America’s largest-ever corporate bankruptcy filing.

The bankruptcy protection request, which was confirmed by the court in Rio de Janeiro, came after OGX failed to reach an agreement with creditors to renegotiate part of its $5.1 billion debt load.

Jonathan Alcorn | Bloomberg | Getty Images
Eike Batista, chief executive officer of EBX Group Co. Ltd.

It also is another chapter in the unraveling of Batista’s once high-flying industrial empire, which he has been dismantling in recent months after disappointing output from offshore OGX wells set off a crisis of investor confidence.

If the court approves the request, OGX will have 60 days to come up with a corporate restructuring plan. The company’s creditors, which include the California-based bond fund Pacific Investment Management Co (Pimco), and U.S.-based investment fund BlackRock, will then have 30 days to endorse or reject the plan.

Officials at OGX and EBX, Batista’s holding company, did not immediately respond to telephone calls and emails seeking comment.

An OGX bankruptcy is unlikely to have a significant effect on Brazil‘s economy. The company is barely out of its start-up phase and produces almost no crude oil, and most if its debt is held by foreign bondholders. But the fate of sister company OSX Brasil depends almost entirely on OGX, whose market value has plummeted by nearly $45 billion since its stock peaked in October 2010.

Eike Batista under investigation by Brazilian regulators
Brazilian oil tycoon Eike Batista set a record for wealth loss, reports CNBC’s Robert Frank. Between 2012 and 2013, Batista lost over $33 billion in paper wealth.

Batista created OSX, which had to scale back efforts to construct the largest shipyard in the Southern Hemisphere, to build and lease oil production and service vessels to OGX.

A renowned dealmaker who once boasted he was on track to become the world’s richest man, 56-year-old Batista has seen his personal fortune reduced by over $30 billion in the last 18 months as investors punished the share price of his listed companies.

The downward spiral forced Batista to start breaking up his Grupo EBX conglomerate, which also included a port operator, mining and energy interests, and an entertainment company.

Batista’s rapid decline has become a symbol of Brazil’s own economic troubles. After a decade-long boom in which investors poured cash into Brazil and Batista’s enterprises, Latin America’s largest economy has been in a rut for nearly three years, frustrating predictions that the country was poised to join the ranks of developed nations.

OGX’s decision to seek protection from creditors came as no surprise. After missing a $44.5 million interest payment owed to bondholders on Oct. 1, OGX scrambled to restructure its debt before the end of a 30-day grace period or be declared in default on $3.6 billion in bonds.

The process was rocky from the outset, and OGX called off the talks with creditors on Tuesday, leaving a bankruptcy filing as the only viable option to buy more time in its quest to save the company.

 

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Financial Freedom Prayer

By Felix A. Montelara

Author: Potential Millionaire

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My Angel

Are you feeling financially broken?  Does a lack of money cause stress in your life and arguments between you and loved ones?  Do you find your mind wandering to thoughts of how you will make your utility payments, grocery bills, or other financial obligations when you should be focused on other tasks?  If you answered yes to any of these questions, it may be time to really lift these worries up to God in prayer. Prayer? You would probably tell me that you pray about this all the time. But I challenge you to be truthful with yourself right now.  What are you really asking God for?  Are you asking for more money, less bills, miracles?  Are you asking because your’re at the end of your rope, or because you’re at the beginning of your climb? You see, it makes a difference.

How are you approaching God right now, in this moment?  Is it in desperation, or in communication?  Communication, my friends, is what we need right now with God- and that involves you asking, and then listening to His answer.   Allow me to suggest a new prayer for your financial life- one that asks for instructions.  Let’s go to God in communication, asking for direction and listening for the response.  In addition, it may be time to involve the other people in your life who are affected by your money stress: your spouse, children, or other family members.  Be open with them, begin the conversation about money stress with letting them join in this prayer time.  Let the topic end there- sleep on it and listen to God’s response in your life.
Let’s begin with a quiet reflection on the Bible in Matthew 7:7, “Ask, and it will be given you; search, and you will find; knock, and the door will be opened for you.”
Leader: Holy Father, we come to you as children, as students needing guidance.  We lift up the concerns in our hearts, and ask for your divine guidance.  We pray to the Lord,
All: Lord hear our prayer.
Leader: Holy Father, give us the courage to speak openly and honestly to each other about our money issues, and help us to be calm and caring in our conversation.  We pray to the Lord,
All: Lord hear our prayer.
Leader: Holy Father, humble our hearts and remind us that your son, Jesus Christ, came from the poorest of beginnings but was still the King of Kings.  Teach us to live within our means, to budget our funds, and to spend wisely on what we truly need. We pray to the Lord,
 
All: Lord hear out prayer.
Leader:  Holy Father, forgive us for our mistakes, and help us to forgive each other.  Release us from the burden of debt we have unwisely chained to ourselves.  Release us from our anxiety about money.  Release us from the tension that strangles our relationships.  We pray to the Lord,
All: Lord hear our prayer.
Leader:  Holy Father, make our minds and hearts still so that we can listen to your instructions.  Guide us to make good decisions, be with us when we choose, let us hear your council.  We pray to the Lord,
All: Lord hear our prayer.
Leader:  Thank you, Holy Father, for this time together.  Let this moment be a new beginning.  Let this moment cleanse us and heal us.  Let us breathe in your spirit and let us pick up our cross, knowing, Father, that you help us carry it.  In Jesus’ name we pray,
Financial Freedom Prayer
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Puerto Rico Invites Millionaires to Relocate

Coat of Arms of Puertor Rico
Coat of Arms of Puertor Rico (Photo credit: Wikipedia)
By Felix A. Montelara
Author: Potential Millionaire
Once thought of as a vacation paradise, the little island of Puerto Rico is now attempting to bring the rich and wealthy to live there- permanently.  Earlier this year, the Secretary of Economic Development and Commerce, Alberto Baco Bague, travelled to New York City to explain to rich stock brokers the benefits that Puerto Rico has to offer.
An article on npr.org written by Dan Bobkoff explains the efforts of the Puerto Rican government to entice millionaires: “Under laws enacted in 2012, when someone moves to the island, all of that person’s investment income, like capital gains, dividends and the like — is completely tax-free. Plus, service income — say, a hedge fund’s management fees, is taxed at just 4 percent. And, as it is for all Puerto Rico residents, there’s no federal income tax.”  Mr. Bobkoff continues that in order “to take advantage of the tax breaks, the rules say you must live in Puerto Rico at least 183 days a year and prove that you’re really part of the community. Your spouse must live with you, and your kids must go to local schools.”
The government of Puerto Rico is launching this effort in hopes of stimulating the difficult economic situation in this U.S. territory.  According to the article, feelings about the breaks given to these new elite are mixed, ranging from ignorance of the new laws to resentment.  While bringing the rich to the island is thought to bring more industry, jobs, and opportunities to locals, there is some political danger in treating this new class differently than the local citizenry.
I would love to have your thoughts about this issue.  Do you think this type of tactic is beneficial to Puerto Rico, or any other country or city?  How would you feel if you had to pay local taxes and the newly invited rich didn’t?  Would it be worth it to economy?  Call me or email me your thoughts!
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