An Original Podcast of Audio Dice Network
Escuche este nuevo programa estaremos hablando de lo que dice la Biblia sobre el manejo de dinero y el porque dios quiere que tengamos riquezas en nuestra vidas. Estas riquezas no tienen que ser materiales.
Espero que lo disfrutes y recuerde todo tenemos Potencial Millonario
Mañana, Sábado a la 8:00 am estará disponible el episodio mas reciente de Potencial Millonario. No se pierda el tema del fondo de emergencia y el segmento “Alguien a quien usted debe conocer.” Biografía de un millonario…
Y si tiene alguna sugerencia de algún millonario, empresario y persona destacada de su país déjeme su información al 334 357 6410 o envíeme un mensaje a fmontelara@potencialmillonario.com
Espero que lo disfruten.
Felix A. Montelara
Autor: Potencial Millonario (the Book)
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.
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.
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.
By Felix A. Montelara, Author: Potencial Millonario
This is a question that has come up in my email and phone conversations. If a Christian wants to be rich, is he or she serving two masters? We are all familiar with the Biblical texts (for example Luke 16:13) which council that we cannot serve two masters, and if we try we will end up taking sides: pitting one against the other in our hearts and actions. With this strict advice and warning, we must be careful to examine just what we are doing when we strive to fulfill the Potential Millionaire in all of us.
Click here or on tittle for Audio: How to become a Millionaire
By Mike Causey
The secret of success is often not in the tips themselves — buy low, sell high, dollar-cost-average, yadda yada yadda — but on publicity. Catch the eye of Oprah or Dr. Oz, or get the gang on The Talk on afternoon TV to chat it up. Bingo, you are an instant celebrity. Then possibly very rich. Or…
You can do it the old-fashioned way. If you are a federal or postal worker you can join the TSP, max your contributions, take advantage of the 5 percent government match for FERS employees and settle in for the long haul.
Wednesday’s column noted that there are currently 929 federal workers with TSP accounts worth $1 million or more. As noted, some of them were rich when they came into government. They transferred their 401(k) plan funds into the TSP.
Some of the TSP millionaires are members of Congress or lawyers-turned- federal judges. They either did well in the private sector or married well. They had the good fortune to fall in love with someone who happened to have the good fortune to have a fortune. But a few did it the hard way. Here’s one who tells how it can be done:
“…I am one of the 929 TSP millionaires mentioned in your column. Not born with a silver spoon in my mouth either, for growing up, my family never even had a car. I’m 58 years old and have over $1 million in the TSP, beginning with contributions 25 years ago. Attached is a plot showing how it happened, by putting the maximum amount available (although past 50, due to other financial obligations I did not even add the catch-up available for 50+). I did make sound investments with timing, for I made double-digit growth extraordinaire during the booms, and was fortunate to avoid the busts by moving it temporarily to the G fund. I have some advice that I think you should offer the young bloods out there joining the federal government and that they must contribute their maximum amount to the TSP. That is rule #1.”Here is rule #2: No one right now should have money in the F Fund. I am hoping that perhaps the TSP board will actually
develop separate F Funds for short/moderate term bonds (less than 5-7 years) and another separate one for long term bonds. That is because more than half of the holdings in the F fund are for more than five years’ duration. It is a mathematical fact that for every 1 percent increase in interest rates (and interest rates must go up at some point, since they are basically zero and cannot go lower), there is a 7 percent reduction in the value of the bond fund. So, Mike Causey of Federal News Radio fame, you should get on your soapbox and save all the federal employees who have money in the F fund and tell them to move it out. It is ridiculous to have a fund like the F fund, where half the money will guaranteed lose money and the other half will gain. All it takes is for the TSP board to create two separate funds and really help the federal employees. It is a shame.
“One more thing for those federal employees who had other jobs. They should undoubtedly move their other IRAs into the TSP using form TSP-30. They should do this electronically and never, ever touch the money themselves. Tax consequences would incur if for some reason they did not move the money within 60 days of taking it out of the IRA. Only do a rollover IRA from one institution to another.” — One of the 929
This is a great and inspiring story from NPR.org
Series: “Great Expectations,” we meet Ella Coney.
She went from a single parent facing jail time for welfare fraud to a real estate millionaire.
Coney tells Farai Chideya how she overcame some tremendous obstacles in her life and talks about her new memoir, When You Fall Down – Get Up!
Enjoy the Audio
Click here or on Photo for NPR Audio Podcast
By NPR News
A few weeks ago, Alberto Baco Bague arrived in New York for a roadshow of sorts. In just 48 hours, Baco, Puerto Rico’s secretary of economic development and commerce, met with more than 30 hedge fund managers, investors and others who could be classified as very well-off.
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For Baco and the Puerto Rican government, the benefits of injecting more rich people into the island are clear. “We are a poor island, and this is our way of developing [and] developing employment in Puerto Rico. We are very serious about that,” he says.s mission might seem quixotic at best: trying to convince these well-heeled New Yorkers to uproot themselves from Manhattan and relocate to Puerto Rico. But he says they are starting to come.
Baco has an enticing carrot for the investors. 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.
Occasional Visitors Need Not Apply
The catch is that you can’t just set up a post office box and call yourself a resident. You have to move for real. Like Damon Vickers has.
“I love it. I love Puerto Rico, I love the climate, I love the people, I love the energy of the place,” Vickers says, sitting by the pool at the La Concha resort in Puerto Rico’s capital, San Juan.
Vickers moved his hedge fund and his family here from Seattle earlier this year. He had been eyeing the U.S. Virgin Islands for a move, but then caught wind of Puerto Rico’s new tax benefits. For him, it’s about simple math.
“I like making money. And we want to go to a place where our money is treated the best, so we might benefit ourselves, and we might also benefit our investors,” he says.
His friends in the investing world are watching closely to see how he fares. Many are unaware the island even has a financial district, much less modern highways and shopping malls. Once they learn more, many worry about the crime, including a murder rate six times the U.S. average. And, given its gritty reputation, word hasn’t gotten out that the wealthy can live well in Puerto Rico.
Paco Diaz, with Trillion Realty Group, the local affiliate of Christie’s, is among those trying to convince them. Picking them up in his late-model BMW SUV, he takes investors around tony neighborhoods like Condado on the San Juan beachfront, pointing out homes selling for millions.
He shows off resort hotels, new condo buildings and high-end stores along a segment he says many call “the Puerto Rican version of Fifth Avenue.” New York’s storied shopping strip doesn’t have anything to worry about, but one block here does feature Louis Vuitton and Cartier.
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. Some of the best, like the private Saint John’s School, are just feet from the ocean, which Diaz uses as a selling point. He points out students attending a surfing school behind him. “They just go across the street with their surfing boards to catch some waves,” he says.
If the city life is not to the investors’ liking, Diaz takes them to the suburb of Dorado. It’s a gated community on steroids. Past its guards, you’ll find lush palm trees, golf courses, private beach clubs and a water park. A few nights at the Ritz Carlton resort here costs about what the average Puerto Rican makes in a year. Singer Ricky Martin lives around the corner.
Diaz’s colleague Coco Millares says the tax incentives are already boosting her business. “We have had, since they passed the law, much more interest in Dorado than we had before,” she says.
Hoping To Boost A Weak Economy
But back in San Juan, few residents had even heard of these tax breaks. When told the details, their reactions were mixed. One thought it could bring some much-needed money to the island. But others, like restaurant worker Estefania Colon, were resentful that locals pay taxes while the newcomers are exempt from many of them.
“They’re already rich, and they’re making more money from us?” she says.
Tax incentives are nothing new to Puerto Rico. For decades, tax breaks brought manufacturing and pharmaceutical firms to the island. But many incentives have been phased out, and some officials believe that’s one reason the island’s recession has been so deep. Unemployment is nearly 14 percent, and the average income is about half that of Mississippi.
The hope is that a few super-rich people will help turn some of that around and beef up the service and financial sectors, while also buying real estate, eating at restaurants, hiring locals and, eventually, maybe even invest their own money in big projects on the island.
The zero percent tax on investment income, and the 4 percent corporate tax, went into effect at the start of 2012. The goal is for 500 wealthy investors to come in the next four years. So far, 77 have applied.
The investment tax breaks are guaranteed until 2036. Only congressional action — or granting Puerto Rico statehood — would put a stop to them. But while some say this is just Puerto Rico becoming the latest tax haven, there has been little serious opposition.
Mauro Guillen, a professor of international management at the University of Pennsylvania’s Wharton School, says Puerto Rico officials are being a bit optimistic about the direct effects.
“It is not going to create a major migration to Puerto Rico,” Guillen says. The biggest boon could be indirect, he explains. Even if just a few people move, it could change the conversation about the island.
“Puerto Rico will be making the headlines. It will be perceived as a location where you should do business in,” Guillen says.
Lawyer Fernando Goyco, who advises many of the investors, says in his practice, it’s millionaires, not billionaires, who are showing the most interest in moving for the tax deal. That could be a good thing for Puerto Rico, he says — too many super-rich moving here to avoid taxes could draw congressional scrutiny.
And he’s not surprised big honchos aren’t flocking to his island. “Moving somebody from New York to Puerto Rico, that’s very difficult, that’s very difficult. Moving somebody from Kansas to Puerto Rico [or] from North Carolina to Puerto Rico — it’s a different story,” he says, chuckling.
But as the word spreads, he says, millionaires are calling his office
