Nick Prefontaine’s Story
Posted by chrispre on July 7th, 2008
Newport's Real Estate Marketing Specialists
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OPEN HOUSE 6/29 –AMAZING HOME W/ Gorgeous Waterview of Greenwich Bay
Posted by chrispre on June 19th, 2008
Amazing home with Gorgeous Water view
45 Alger Ave
Warwick, RI 02818
Single Family Home
Beds: 3 Baths: 1.5
Land Size: 17479
Sq.Ft.: 2100
OPEN HOUSE 6/22 12-2pm!
Take a Virtual Tour: http://b.vrguild.net/c/stnd.pl?U=0805300841367866&Z=1
Property Details
Breathtaking Views of Greenwich Bay. Meticulously kept home with open floor plan and oversized kitchen. Retreat to the deck with Hot tub, and fenced back yard with ingrd pool and gazebo.
Room Features
Hardwd, Ceramic, and wall to wall carpet
Full Basement
Dining Rm
Den
Rec Rm
Laundry Rm
Living Room
Building Features
Ceiling fans
Near highway/freeway
Patio/deck
Waterfront
Swimming pool
Family room
Formal dining room
Recreation room
Finished basement
Spa
Ceramic tiles flooring
CALL NICK PREFONTAINE OF KELLER WILLIAMS AT 401 846 9800 x 2
Pareto Principle : 80 20 Rule
Posted by chrispre on May 19th, 2008
As many of you well know the Pareto Principle, or the 80-20 rule, affirms that 80% of the effects come from 20% of the causes. For example 80% of what you wear each day is, in actuality, comprised of only 20% of your entire wardrobe. Same thing with the items you may use in your office, and the groceries you eat in the course of a week, and the colleagues you email during your work day. In all cases, 80% of the items you use are only 20% of all of your options.
In business the Pareto Principle translates to 80% of your profits and income are generated by 20% of your clients. This “rule of thumb” breakthrough was discovered by 20th century Italian economist, Vilfredo Pareto. The most striking part of his discovery was that the largest amount of wealth was not necessarily distributed to the smartest individuals, but rather the most progressive people who were doing things differently.
You may be asking yourself, “How does this principle REALLY effect me?” After all, you understand the general concept of the 80-20 rule, so what else is there to get? Well, think about how you apply the 80-20 rule in your daily life, and how you allot your time to each activity you perform every day. If you begin to spend a little more time on the activities that produce the MOST income for you, and less time on the tedious, not-so-important activities, don’t you think your income would multiply several times over? The answer is YES!
What you need to do to start is to make a list of all the events and activities that you put time into each day. Then prioritize them in order of Most Income Producing activity to Least Income Producing activity. Figure out which ones MUST be done by you because they require your natural talent, creativity, or authority and which ones you can PARTNER on or OUTSOURCE. This is key.
Let me give you an example. Let’s say your business has twenty-five activities that you’re responsible for each week. We’ll put a monetary value on some activites—let’s say sales brings in $120,000 a month, marketing $120,000 a month and the others bring in $60,000 in total per month. Given the 80-20 law, don’t you think you’d want to focus on those two activities to blow revenue out of the water and outsource the others?
While you put your time and effort into the major activities, there are other assistants, family members, interns, colleagues, etc who are excellent at the smaller-end and administrative activities that need to be completed. You could also look into a virtual assistant and outsource projects online. You don’t have to feel like you carry the weight of everything on your shoulders. Just ASK for help.
The discipline for you comes in managing your time and making yourself follow the schedule you set. While focusing on the high-revenue generating activities, you cannot allow yourself to fall into the email trap, or coffee break and water cooler rest. Test yourself to see if you’re on track by asking, “Is what I’m doing right now moving me closer to my goals and generating revenue?” Sometimes it helps to have a cut out of that question posted in your office. This way it visually triggers you to stay on track.
Bottom Line: If you realign your attention and work on the most business impacting, revenue generating activities, then you should have no problem multiplying your income within the first 30 days of applying the Pareto principle.
Powerful Wealth With Your IRA
Posted by chrispre on April 14th, 2008
How to Earn and Accumulate Tax FREE Wealth In Your Self-Directed ROTH IRA
We can start by saying: I am not an IRA Expert. But I utilize a company called Equity Trust Company who employs hundreds of experts. They are the nation’s leading self-directed IRA custodians. I have my IRA’s there, my kids’ and my companies’, as well as all my private investors’ IRAs.
If you’re not familiar with the ROTH IRA, it’s a new kind of IRA created by the tax payer Relief Act of 1997. Traditional IRA’s are “tax-deferred” accounts that are funded with pre-tax dollars and in most cases you get a deduction for your contributions. When distributions are taken from the account, those funds are taxed. Traditional, SEP, SIMPLE and Individual (k) Plans are referred to as “tax-deferred” accounts.
By contrast, a ROTH IRA is a “tax-free” account which is funded with after tax dollars, meaning you do not receive a deduction for contributions. When distributions are taken, there are no taxes incurred in a tax-free account. You obviously have to conform to the plan provisions to get this tax-free advantage.
Let’s look at some examples using a $100,000.00 investment so you can start to see how powerful your ROTH can be:
After one year, your investment (assuming a 15% gain) is worth normally only $109,750.00 if taxed at a 35% tax rate ($100K x 15% = $115K -$5250 in taxes).
In your ROTH IRA, after one year, you have $115,000.00, Now if you do absolutely nothing for 5 years, look at what happens at that 15% rate.
1 Year $115,000
2 Years $133,332
3 Years $154,812
4 Years $179,312
5 Years $207,983
If you already have a traditional IRA, you can still start a ROTH IRA. The thing to remember is that you can only contribute up to the individual limit (see chart below) per year to any combination of traditional and ROTH. In other words, you can’t do $5,000.00 to EACH IRA account. Instead of making this a text book read, please consult the www.trustETC.com site and your accountant regarding converting traditional to ROTH and respective contribution limits.
IRA Contribution Limits Year Age 49 and below Age 50 and above 2002-2004 $3,000 $3,500 2005 $4,000 $4,500 2006-2007 $4,000 $5,000 2008 $5,000 $6,000
After 2008 the contribution limit will increase in increments of $500 depending on the rates of inflation.
Please also note that you DON’T HAVE TO CONTRIBUTE yearly. You can open an account with $500.00 and let it sit in there. You can then use that money to option a property and have tens of thousands on profit go to your ROTH upon sale of that property. An important note here is that you don’t have to use your ROTH for real estate only. You can make loans, investments, and control other assets in your self-directed ROTH.
Here’s the trick: With your ROTH IRA, when doing real estate, it does not count as a contribution-it counts as an investment just as if you owned a stock. Here are some ways to feed your IRA using little of it’s money:
1) Wholesale properties
2) Buy property and resell it
3) Leas option and cash out of a property
4) Option a property and sell it
5) Operate a start up business and transfer after tax profits to your IRA
You can even partner with your own IRA. You just have to make sure the profit distribution and initial investment matches the ownership interest.
i.e.) 50% capital invested = 50% profit split = 50% ownership
So here are 6 Steps For Using Your IRA to Buy And Sell Property Or Property Related Assets
1 - Open A ROTH IRA with $500.00 or more of a transfer of your existing IRA
2 - Contract to buy or option a property (or debt instrument) secured or unsecured by property. Your IRA custodian must be the buyer or optionee for your benefit. It would read something like “ETC, For Benefit Of ‘Your Name’ IRA”
3 - Send the custodian of choice a copy of the completed agreement used to buy or control the asset you’re putting in your IRA
4 - Complete a ‘Direction of Investment” form and order whatever the applicable money to seller will be. ETC requires at least $100. This provides evidence that the transaction is real and you’re not receiving a gift.
***To take this partnering idea a little further, you can actually have your IRA and your spouse’s IRA partner a deal. You can also put your kids through college using a Coverdell ESA account. You’ll need to set that up before they turn 18 however. ***
Things you cannot buy in an IRA:
1 - Artwork
2 - Rugs
3 - Your own home or a home of your linear family
4 - A property or entity you currently already control
5 - Alcohol
6 - Stamps
7 - Gems
8 - Metals (exception: some U.S. coins)
9 - Antiques
Hopefully this idea gets you thinking outside the box of how you can build wealth for now and for the future. There are powerful tools right at your fingertips.
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Posted by achap on June 4th, 2007
Check out http://blog.chapmanenstone.com for local and regional information about the real estate market!
City Lifestyles
Posted by CityBlogRI on May 28th, 2007
What are the lifestyle opportunities in and around Newport, Rhode Island. Are there hiking clubs, biking trails, civic clubs, golf clubs, local arts and theater, lakes, streams, fishing, boating, camping or other types of lifestyle opportunities?
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