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Winning the Cash Flow War: Your Ultimate Survival Guide to Making Money and Keeping It

ISBN: 978-0-471-72269-4
384 pages
January 2005
Winning the Cash Flow War: Your Ultimate Survival Guide to Making Money and Keeping It (0471722693) cover image
A proven path to success for anyone seeking financial freedom in today’s challenging world

Discussing everything from effective budgeting to breaking into the lucrative and fulfilling world of self-employment, nationally renowned cash flow expert Fred Rewey addresses the financial problems everyone faces and then offers a practical guide to turning the corner from paying everyone to getting paid instead. People can find themselves so bombarded by bills, from credit cards to mortgages to college tuitions, that they find it impossible to focus on truly solving their money woes, once and for all. Winning the Cash Flow War provides readers with tools and knowledge they need to fight back. His unique step-by-step battle plan reveals how anyone can dramatically transform their attitude about finances, and shore up their monetary well-being, by learning to see money not so much as a goal but as a tool—a tool of self-empowerment that virtually anyone can master.

Fred Rewey is one of today’s most sought-after speakers on entrepreneurism and financial success. President of the American Cash Flow Association and publisher of the American Cash Flow Journal, Rewey is seen by millions each month on television, and has helped people at all financial levels take control of their lives and turn their cash flow into a net positive.

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Foreword xv
Robert G. Allen

Preface xix

How to Use This Book xxix

Part One: Evaluating Your Troops 1

Chapter 1: Welcome to the Cash Flow Academy 5

Developing Goals and Objectives: Writing Your Battle Plan 6

Five Stage Program for Setting Financial Goals 7

Staying Motivated 9

Never Forget That You’re Fighting for Financial Freedom! 11

It’s No Longer a Private Affair 12

Marching Orders for Chapter 1 12

Chapter 2: Planning Your Defense: Basic Training 13

Planning Your Defense: Basic Training 13

Record-Keeping Systems 14

Checklist for Good Records 17

What Sort of Records Can I Toss Out? 18

If You Really Want to Keep Some Detailed Records 19

What You Need in Your Home Cash Flow Command Center 20

Marching Orders for Planning Your Defense: Basic Training 21

Chapter 3: Financial Assessment Test 23

Checking Up on Your Financial Well-Being 23

Net Worth Test 24

Calculating Your Net Worth 27

Cash War Net Worth Worksheet 31

Are You “Okay” or Do You Want to Do Better? 35

Marching Orders for Financial Assessment Test 36

Chapter 4: Understanding the Importance of Budgeting 37

Budgeting Basics 39

The 10 Percent Savings Rule 48

Marching Orders for Understanding the Importance of Budgeting 51

Part Two: Understanding the Battlefield 53

Chapter 5: Understanding Credit 57

The Rules of Engagement 58

War Games: Credit Cards 63

Action Items for War Games: Credit Cards 64

The Best Way to Get Credit Card Debt Under Control: Pay Cash! 65

How to Improve Your Credit Rating 67

Credit Ratings and Scores: Then and Now 67

How Credit Scoring Works Today 68

Marching Orders for Understanding Credit 71

Chapter 6: Understanding Banking 73

How Do Banks Make Money? 74

Three of a Kind 74

What Do I Want or Need from a Bank? 76

Should I Be Doing My Banking Online? 79

Marching Orders for Understanding Banking 82

Chapter 7: Understanding Mortgages 83

Buying versus Renting a Home 84

Got Debt? 85

Lease Options 86

The Benefit of a Lease Option 87

Different Types of Mortgages 89

Which Mortgage Program Is Right for Me? 91

Marching Orders for Understanding Mortgages 92

Chapter 8: Understanding Personal Loans 93

Credit versus Loans 94

What Is a Personal Loan? 94

Why Would You Consider Applying for a Personal Loan? 95

The Difference between Lump Sums and Credit Lines 96

What to Look for in a Personal Loan 99

“Payday” and “Cash Advance” Loans Are Never a Good Option! 101

How Payday Loans Work 101

Marching Orders for Personal Loans 102

Chapter 9: Cars and Car Loans 103

Defensive Buying 103

How Much Car Do You Really Need? 104

What Type of Car Should I Be Looking At? 106

Should I Buy or Should I Lease? 109

A Few Reasons Not to Use the Car Dealer When Financing a Car Loan 109

How to Get the Best Deal on Your Car Payment 111

Marching Orders for Cars and Car Loans 114

Chapter 10: Understanding Insurance 115

Do I Really Need Life Insurance? 116

Different Kinds of Life Insurance 117

Do I Need Home Insurance? 120

Renter’s Insurance 122

How Much Car Insurance Do I Need? 123

Get All Available Discounts 124

Do I Need an Umbrella Policy? 125

How Umbrella Policies Work 125

Marching Orders for Understanding Insurance 126

Part Three: Mastering the Rules of War 127

Get Ready to Take the Next Step 130

Base Camp for Mastering the Rules of War 133

What’s This Going to Cost Me? 134

Okay, Soldiers, Mount Up! 135

Chapter 11: Accelerating Payments 137

Should You Accelerate Payments on Your Mortgage? 139

Credit Card War Games 142

Marching Orders for Accelerating Payments 145

Chapter 12: Calculator Clarity 147

Financial Calculator Boot Camp 148

Figuring the Balance on Your Mortgage 151

Credit Cards 154

Investing and Your Return 155

Marching Orders for Calculator Clarity 156

Chapter 13: Taking Control of Your Retirement Accounts 157

Retirement Accounts 159

How to Figure Out How Much Money You’ll Need for Retirement 172

Retirement Cash Flow Worksheet 174

Marching Orders for Taking Control of Your Retirement Accounts 181

Chapter 14: Preparing to Pay for College 183

Estimating College Costs 184

Different Strategies for Saving for College 186

529 Plans 187

Coverdell Education Savings Account 189

Prepaid Tuition Plans 190

Savings Plan Trusts 191

Marching Orders for Preparing to Pay for College 191

Chapter 15: Playing the Market: Stocks, Options, and Mutual Funds 193

Different Types of Investments in the Stock Market 196

Large-, Mid-, and Small-Cap Stocks 197

Options: Here’s Where It Gets Really Involved 204

How to Avoid Investment Risk 205

Marching Orders for Playing the Stock Market 207

Chapter 16: Bankruptcy and How to Avoid It 209

What Is Bankruptcy? 210

What’s the Difference between the Two Types of Bankruptcy? 210

What Normally Happens When You Go to Bankruptcy Court? 214

Some Debts are Simply Not Dischargeable 215

How to Avoid Declaring Bankruptcy 216

Marching Orders for Bankruptcy and How to Avoid It 218

Part Four: Building on Your Victory 219

Chapter 17: Exploring Self-Employment 225

Recognizing an Opportunity 227

What Sort of Business Are We Talking About? 229

The Differences Between the Sole Proprietorship and the LLC 232

Marching Orders for Exploring Self-Employment 233

Chapter 18: The Shortest Chapter in This Book 235

Chapter 19: Marketing Your Business 237

Marketing 101: The Big Three 239

Creating a Marketing Plan 239

Develop a Marketing Budget 247

Marketing on a Budget 248

Internet Marketing 249

Marching Orders for Marketing 101 250

Chapter 20: Understanding Franchises 251

Choosing the Right Franchise 254

Setting Up the Franchisor Interview 259

The Final Information-Gathering Step 263

Does It Still Seem like a Good Idea to You? 264

Marching Orders for Understanding Franchises 264

Chapter 21: Bad Business “Opportunities” to Avoid 265

How to Spot a Scam 267

You Can Call on the Feds 269

Exposing the Multilevel Marketing Myth 269

Why a Multilevel Marketing Plan Must Eventually Fail 271

They Can’t All Be Bad, Can They? 273

What Can Happen to You if You Join a Multilevel Marketing Plan? 273

One Last Line of Defense 274

Marching Orders for Bad Business “Opportunities” to Avoid 275

Chapter 22: Cashing In on Cash Flow 277

What Is the “Cash Flow Industry?” 277

Figuring Out Where You Might Fit into the Cash Flow Industry 280

Defining Your Marketing Niche 281

Narrowing Your Scope 282

Identifying Prospects 283

This Is Not for Everyone 284

Marching Orders for Cashing In on Cash Flow 284

Chapter 23: The Real Estate Industry 285

The Demand for Land 286

The Single-Family Home Is King 290

Big Apartment Buildings 293

Commercial and Industrial Properties 294

A Word about “No Money Down” Deals 295

Bottom Line 296

Marching Orders for Real Estate 297

Chapter 24: Taxes and Your Business 299

Tax Advantages of Owning a Home Business 300

Recent Legislation Changes That Can Really Help You Out 301

Putting Your Family to Work 302

Hiring a Tax Accountant 303

Marching Orders for Taxes and Your Business 306

Chapter 25: Declaring Victory in the Cash Flow War 307

The Wedding, the Ring, and Life’s Lessons 307

The Mindset for Cash Flow War Success 309

Congratulations—You’re a Medal of Honor Winner 311

Suggested Resources 313

Print 313

Online 314

Glossary 317

Calculator Worksheet 341

Index 343

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FRED REWEY is one of today's most sought-after speakers on entrepreneurism and financial success. President of the American Cash Flow Association and publisher of the American Cash Flow Journal, Rewey is seen by millions each month on television, and has helped people at all financial levels take control of their lives and turn their cash flow into a net positive. Having personally fought his way out of the trenches, Fred has often been considered by his colleagues as a "serial entrepreneur." Successfully repeating the process again and again, his insights often lead to both profitable ventures and personally rewarding experiences. Fred dedicates his time to addressing the financial problems everyone faces and then offers practical solutions to turning the corner from paying everyone to getting paid instead.
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