Saturday, May 16, 2009
What's Your Favorite Cash Gifting Program?
I'm looking for a cash gifting program with a low entry point to begin promoting. Say $50 to $100 to start. Do you know of one? If so, post a comment, please.
Tuesday, July 29, 2008
Two More Banks Fail
Two more banks fail; FDIC sells deposits Mutual of Omaha Bank takes over accounts of California, Nevada lenders July 28, 2008 SAN FRANCISCO (MarketWatch) -- Two more banks were shut down by federal regulators late Friday, who sold the banks' deposits to Mutual of Omaha Bank.
It brings to seven the number of bank failures so far this year.
The Federal Deposit Insurance Corp. said it was appointed receiver of First National Bank of Nevada, based in Reno, Nev., and First Heritage Bank of Newport Beach, Calif. - both units of First National Bank Holding Co., of Scottsdale, Ariz. Mutual of Omaha Bank's acquisition of all deposits was the "least costly" resolution for the Deposit Insurance Fund compared to all alternatives because the expected losses to uninsured depositors were fully covered by the premium paid for the banks' franchises, the FDIC said in a statement.
All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Mutual of Omaha Bank for the full amount of their deposits, the FDIC said. Over the weekend, customers of the banks can access their money by writing checks or using ATM or debit cards. Checks drawn on the banks will be processed normally. Loan customers should continue to make loan payments as usual.
As of June 30, 2008, First National of Nevada had total assets of $3.4 billion and total deposits of $3.0 billion. First Heritage Bank had total assets of $254 million and total deposits of $233 million, the FDIC said. In addition to assuming all of the deposits of the banks, Mutual of Omaha Bank will purchase approximately $200 million of assets from the receiverships. Mutual of Omaha Bank will pay the FDIC a premium of 4.41% to assume all the deposits.
The FDIC will retain the remaining assets for later disposition, the FDIC said. FDIC will retain most of First National's loan portfolio, Mutual of Omaha Bank said in a statement on its Web site. The FDIC said the failures would likely cost the FDIC's deposit insurance fund roughly $862 million. The failed banks had combined assets of $3.6 billion, .03% of the $13.4 trillion in assets held by the 8,494 institutions insured by the FDIC.
Overwhelmed by problem loans The Office of the Comptroller of the Currency, a division of the Treasury Department, said First National Bank of Nevada "was undercapitalized and had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices," according to a report in the online edition of The Wall Street Journal. First National Bank of Nevada had 25 branches, 15 in Arizona and 10 in Nevada, some of which came from its June 30 merger with the First National Bank of Arizona.
The Journal also reported that according to regulatory filings, the Arizona-based bank that was folded into First National Bank of Nevada had a net loss of $131.3 million in the first quarter. The bank had $95.9 million in loan-loss provisions, a sign that it was being overwhelmed by problem loans, the Journal report noted. First National Bank of Nevada had a first-quarter net loss of $7.3 million, hurt by a loan-loss provision of $18 million.
First Heritage Bank, which specializes in commercial banking, operated three locations in the Los Angeles area. It had a first-quarter net loss of $1.9 million, according to a regulatory filing. Mutual of Omaha Bank has more than $750 million in assets and operates 14 retail branches in Nebraska and Colorado with commercial lending offices in Dallas and Des Moines, Iowa. It is a subsidiary of insurance and financial services company Mutual of Omaha. "We would first like to reassure all customers of First National Bank of Nevada and First Heritage Bank that all their deposits are safe and accessible," Jeffrey R. Schmid, Mutual of Omaha Bank's chairman and chief executive, said in a statement. "Their deposits will automatically transition to Mutual of Omaha Bank and we will be open for business on Monday morning."
Earlier this month, IndyMac Bancorp Inc. became the biggest casualty of the subprime mortgage crisis over the weekend, as federal regulators shut down the troubled Pasadena, Calif.-based savings bank in one of the largest U.S. bank failures ever.
It brings to seven the number of bank failures so far this year.
The Federal Deposit Insurance Corp. said it was appointed receiver of First National Bank of Nevada, based in Reno, Nev., and First Heritage Bank of Newport Beach, Calif. - both units of First National Bank Holding Co., of Scottsdale, Ariz. Mutual of Omaha Bank's acquisition of all deposits was the "least costly" resolution for the Deposit Insurance Fund compared to all alternatives because the expected losses to uninsured depositors were fully covered by the premium paid for the banks' franchises, the FDIC said in a statement.
All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Mutual of Omaha Bank for the full amount of their deposits, the FDIC said. Over the weekend, customers of the banks can access their money by writing checks or using ATM or debit cards. Checks drawn on the banks will be processed normally. Loan customers should continue to make loan payments as usual.
As of June 30, 2008, First National of Nevada had total assets of $3.4 billion and total deposits of $3.0 billion. First Heritage Bank had total assets of $254 million and total deposits of $233 million, the FDIC said. In addition to assuming all of the deposits of the banks, Mutual of Omaha Bank will purchase approximately $200 million of assets from the receiverships. Mutual of Omaha Bank will pay the FDIC a premium of 4.41% to assume all the deposits.
The FDIC will retain the remaining assets for later disposition, the FDIC said. FDIC will retain most of First National's loan portfolio, Mutual of Omaha Bank said in a statement on its Web site. The FDIC said the failures would likely cost the FDIC's deposit insurance fund roughly $862 million. The failed banks had combined assets of $3.6 billion, .03% of the $13.4 trillion in assets held by the 8,494 institutions insured by the FDIC.
Overwhelmed by problem loans The Office of the Comptroller of the Currency, a division of the Treasury Department, said First National Bank of Nevada "was undercapitalized and had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices," according to a report in the online edition of The Wall Street Journal. First National Bank of Nevada had 25 branches, 15 in Arizona and 10 in Nevada, some of which came from its June 30 merger with the First National Bank of Arizona.
The Journal also reported that according to regulatory filings, the Arizona-based bank that was folded into First National Bank of Nevada had a net loss of $131.3 million in the first quarter. The bank had $95.9 million in loan-loss provisions, a sign that it was being overwhelmed by problem loans, the Journal report noted. First National Bank of Nevada had a first-quarter net loss of $7.3 million, hurt by a loan-loss provision of $18 million.
First Heritage Bank, which specializes in commercial banking, operated three locations in the Los Angeles area. It had a first-quarter net loss of $1.9 million, according to a regulatory filing. Mutual of Omaha Bank has more than $750 million in assets and operates 14 retail branches in Nebraska and Colorado with commercial lending offices in Dallas and Des Moines, Iowa. It is a subsidiary of insurance and financial services company Mutual of Omaha. "We would first like to reassure all customers of First National Bank of Nevada and First Heritage Bank that all their deposits are safe and accessible," Jeffrey R. Schmid, Mutual of Omaha Bank's chairman and chief executive, said in a statement. "Their deposits will automatically transition to Mutual of Omaha Bank and we will be open for business on Monday morning."
Earlier this month, IndyMac Bancorp Inc. became the biggest casualty of the subprime mortgage crisis over the weekend, as federal regulators shut down the troubled Pasadena, Calif.-based savings bank in one of the largest U.S. bank failures ever.
Thursday, June 5, 2008
The Science of Getting Rich Free Download from the Cash Gifting Abundance Blog
Here's a quick excerpt from the Science of Getting Rich, the 1910 classic on creating wealth written by Wallace T. Wattles. The link to get your own free copy of his book in ebook format, follows. Enjoy!
From pages 18 and 19 of The Science of Getting Rich
"I have said that people get rich by doing things in a certain way, and in order to do so, people must become able to think in a certain way.
A person’s way of doing things is the direct result of the way he thinks about things.
To do things in the way you want to do them, you will have to acquire the ability to think the way you want to think. This is the first step toward getting rich.
And to think what you want to think is to think TRUTH, regardless of appearances.
Every individual has the natural and inherent power to think what he wants to think, but it requires far more effort to do so than it does to think the thoughts which are suggested by appearances. To think according to appearances is easy; to think truth regardless of appearances is laborious and requires the expenditure of more power than any other work we are called upon to perform.
There is no labor from which most people shrink as they do from that of sustained and consecutive thought. It is the hardest work in the world. This is especially true when truth is contrary to appearances.
Every appearance in the visible world tends to produce a corresponding form in the mind which observes it, and this can only be prevented by holding the thought of the TRUTH.
To look upon the appearances of poverty will produce corresponding forms in your own mind, unless you hold to the truth that there is no poverty; there is only abundance.
To think health when surrounded by the appearances of disease or to think riches when in the midst of the appearances of poverty requires power, but whoever acquires this power becomes a master mind. That person can conquer fate and can have what he wants.
This power can only be acquired by getting hold of the basic fact which is behind all appearances, and that fact is that there is one thinking substance from which and by which all things are made.
Then we must grasp the truth that every thought held in this substance becomes a form, and that man can so impress his thoughts upon it as to cause them to take form and become visible things.
When we realize this we lose all doubt and fear, for we know that we can create what we want to create, we can get what we want to have, and can become what we want to be. As a first step toward getting rich, you must believe the three fundamental statements given previously in this chapter, and in order to emphasize them, I repeat them here:
There is a thinking stuff from which all things are made, and which, in its original state, permeates, penetrates, and fills the interspaces of the universe.
A thought in this substance produces the thing that is imaged by the thought.
A person can form things in his thought, and, by impressing his thought upon formless substance, can cause the thing he thinks about to be created.
You must lay aside all other concepts of the universe, and you must dwell upon this until it is fixed in your mind and has become your habitual thought. Read these statements over and over again. Fix every word upon your memory and meditate upon them until you firmly believe what they say.
If a doubt comes to you, cast it aside. Do not listen to arguments against this idea. Do not go to churches or lectures where a contrary concept of things is taught or preached. Do not read magazines or books which teach a different idea. If you get mixed up in your understanding, belief, and faith, all your efforts will be in vain.
Do not ask why these things are true nor speculate as to how they can be true. Simply take them on trust. The science of getting rich begins with the absolute acceptance of this."
Go here to save a copy of the free eBook The Science of Getting Rich
Science of Getting Rich website
Tuesday, June 3, 2008
My Cash Gifting Quest for Answers - Illegal, or Not?
So cash gifting is being deemed legal because the IRS law states the money is not taxable. This is what you find as the main justification of it being legal. But the IRS doesn't care much about how you are earning your money, just that they get their cut if you indeed owe.
So cash gifting legality across the board really can't be determined on this alone.
I did my homework before getting involved, but recently I was contacted by a woman who insisted cash gifting was illegal and that I was a scammer. First she insisted that it is a pyramid scheme, which everyone knows are illegal, and which I knew I was not involved in, because as I said, I did my homework before getting involved.
After I explained the structure of the cash gifting program to her, she then said it's not the structure that makes it illegal, it's the activity. And she challenged me to call the District Attorney in my state and the FTC, and ask them.
So I did. And I was ready to take down my website and call it a day if I was told what I was doing was illegal.
First I called my state's attorney general's office to ask about cash gifting. They told me that they have to receive a "trend of complaints" on a specific company/person/activity to trigger an investigation (I asked how many and they said "many" but didn't give me a specific number). They said they can't tell me if the specific activity of cash gifting is or is not legal, just whether complaints have been logged.
Then I called the FTC. I was told that the examples they have on their website of illegal cash gifting are there for consumers to identify what they (the FTC) have found "may be illegal pyramids." And to give consumers a criteria to use to make a decision to get involved in anything. Obviously those who were prosecuted were involved in illegal pyramids. See the links in this post for more.
They too (FTC) have to receive a "trend of complaints" about a specific company/person/website. If so, they will then investigate and if fraud is determined, they will then file a class action suit on behalf of the consumers.
Basically they told me that if someone is out there defrauding people, they will eventually get busted based on complaints from those who were defrauded. No surprise there.
The authorities I spoke to described the "pyramid structure" as being illegal, that when "income promises" are made, when you are told that you are making an "investment" (this is considered securities fraud) that will provide a "return" that is given back from the person you "gifted" once you are "qualified" by reaching a certain "level."
When I asked each office this question: "Is the specific activity of cash gifting illegal?" neither of the authorities that I spoke to would/could say "yes it's illegal" to that direct question.
They said they can't tell me if the specific activity is or is not legal, just whether complaints have been logged, which if they were, would eventually lead to an investigation and possible prosecution. And that the pyramids they described on their website are illegal and to avoid them.
They said they can't tell me if the specific activity is or is not legal, just whether complaints have been logged, which if they were, would eventually lead to an investigation and possible prosecution. And that the pyramids they described on their website are illegal and to avoid them.
That's worth repeating: Neither office could say, when I specifically asked, that the activity of cash gifting was illegal.
Be sure to compare any activity you are considering to links in this post before getting involved.
Have a great day,
Have a great day,
Tracy
PS check my sidebar for some free eBooks I'll be adding soon. The first is already available for download from this post, The Science of Getting Rich
Thursday, May 29, 2008
Cash Gifting PYRAMIDS are Illegal - How is True Cash Gifting Different?
I received some more links from divamentors that I want to pass along here. She is a very nice person who thinks I am involved in an illegal cash gifting pyramid scheme similar to those that are described on these pages she sent me:
and here:
here:
I went over each of the links above very carefully because if I have made a mistake about the cash gifting activity, I will be the first to admit it.
The first (on page 4 - read The Pitch) describes an illegal cash gifting pyramid scheme. I do not involve myself in pyramid schemes. The structure of the program is important. There is no pyramid structure to this activity it is linear. The gifts are really gifts not "investments" paid to someone at the top who doles a bit back out to participants depending on their level, and there is no "fast, big payout" (link 2) promised.
I read a "scam experts" opinion who wrote about any gifting structure being illegal, but could not find anyone doing what I am doing who was stopped/fined in any way. So apparently there is a difference, since there has been ample time for FTC or whomever to step in (at least a decade).
I read a "scam experts" opinion who wrote about any gifting structure being illegal, but could not find anyone doing what I am doing who was stopped/fined in any way. So apparently there is a difference, since there has been ample time for FTC or whomever to step in (at least a decade).
What these people in links 2, 3 and 4 were doing was promoting an illegal investment pyramid scam and calling it cash gifting, and enticing people to join them with promises of large returns on a "gift" that went to the top and was paid out to members based on their level. I do none of that, because it is illegal as all of these links prove. These are shut down quickly as they should be.
Here is another way to look at this. There are unscrupulous people who start pyramid scams and call them MLM every day. Even so, that does not make true MLM an illegal activity.
I would like to think that someone who is involved in MLM would be open to the possibility that true cash gifting is legal until proven otherwise, and would do sufficient research before reacting. (like exploring the specific activity before saying it is a scam, simply after having heard about scams calling themselves cash gifting)
I would like to think that someone who is involved in MLM would be open to the possibility that true cash gifting is legal until proven otherwise, and would do sufficient research before reacting. (like exploring the specific activity before saying it is a scam, simply after having heard about scams calling themselves cash gifting)
There is nothing on the websites linked above that show that the activity that I am doing is illegal, because I am not doing what these other people did. But the only way to know that is to go over what I am doing. www.CashGiftingAbundance.com
Divamentors, if you have had a chance to go over the information at my website, please send me any links you can find that involve people in the activity I am doing (not just groups who claim they are cash gifting to get away with something illegal, like the mlm pyramid scammers do). I looked before beginning and could not find any.
Divamentors, if you have had a chance to go over the information at my website, please send me any links you can find that involve people in the activity I am doing (not just groups who claim they are cash gifting to get away with something illegal, like the mlm pyramid scammers do). I looked before beginning and could not find any.
Be well,
Tracy
Wednesday, May 28, 2008
Jailed for Cash Gifting? Read This and You Won't Get Scammed!
An person (divamentors - no Blogger profile available) posted a comment here on my Cash Gifting Abundance blog today and led me to investigate cash gifting even further. S/he included this link: http://www.mlmwatchdog.com/RC_5StarGifting.html
I've been in MLM off and on for many years, and so am very familiar with MLMWatchdog.com, which is known for fear-mongering and calling all mlm companies scams which is ridiculous (because some people get involved in legitimate mlm's, do nothing, make no money for doing nothing, and call it a scam). But even so, I investigated what they have to say on cash gifting.
There is a lot of personal opinion on the above page, (most comments are in red) but nothing of substance to show any illegality in true cash gifting.
There is a lot of personal opinion on the above page, (most comments are in red) but nothing of substance to show any illegality in true cash gifting.
Here's what the commenter must be saying is illegal and why there is no comparison between true cash gifting and what these people are doing - linked to from mlmwatchdog.com page above.
The "Women Helping Women Gifting Club." http://www.da.saccounty.net/pr/040312_ney.htm
The women who started and perpetrated this scam were not involved in cash gifting. Their scam held meetings and promised returns to the participants. True cash gifting activities do neither. This was a classic example of an illegal pyramid scheme. And if you read it, the public record states that is exactly what these women were convicted for, operating an illegal pyramid scheme.
If you go to the above site and read through all of the links carefully, you will see that all of the people who have been prosecuted were operating illegal pyramid schemes. The giveaways are that they held meetings and promised certain dollar amounts would be obtained.
Because true cash gifting is legal, what these groups were doing was either willfully misleading people into a pyramid scheme out of greed and calling it cash gifting (likely), or they misunderstood what cash gifting is and thought they were acting within the law (doubt it).
Red flags to look for when researching cash gifting:
- A promise of a certain dollar amount by a certain time, or after a certain number of people join.
- You are invited to meeting to exchange "cash gifts" or individually invited to bring cash to someone's home
A true cash gifting activity holds no meetings, and never makes income claims or promises. I thank the commenter who thought that cash gifting was illegal and wanted to let me know. Because I now have an even clearer and deeper understanding of this activity and that what I am doing is not illegal.
Not so startling conclusion: Cash Gifting not illegal. Starting a pyramid scheme and calling it cash gifting is illegal.
Note added later: I just found a website with a great explanation of the IRS cash gifting tax laws. The author of this page is not affiliated with me or involved in cash gifting in any way that I know of. I'm just linking to the article because it is an easy to understand explanation of the law.
Note added later: I just found a website with a great explanation of the IRS cash gifting tax laws. The author of this page is not affiliated with me or involved in cash gifting in any way that I know of. I'm just linking to the article because it is an easy to understand explanation of the law.
Tracy
Tracy Austin
1-413-773-0779
Cash Gifting Abundance
Cash Gifting Abundance
Sunday, May 25, 2008
The Heart of Cash Gifting
When I first started looking into cash gifting, I was listening to Dr.Robert Anthony's Secrets of Deliberate Creation CD set. Here's an excerpt from that program:
"One very powerful way of getting what you want in life, is to help others get what they want. Giving promotes energy flow, placing you in harmony with what you want to receive.
A simple rule to remember is that, whatever you wish to have, if you cause another human being to have it first, you will have it in abundance.
So if you want to have wealth, show others how to have wealth and soon you will find yourself wealthy in amazing ways.
Giving is energy in motion and here's how it works. When you give, or help someone to have something, the universe finds a way to give it back to you, multiplied. At a time that's most appropriate and in a form that's best suited, for you.
It's alright to think and to know that when you give, you'll get something back. To expect a reward is empowering. Confident expectation triggers the universe to give you what you expect and focus on. So you don't have to pretend that you're not interested in receiving a reward.
However, there is something important to understand. A problem arises when you start expecting to receive something back from the same person you gave it to, with the attitude, "I did this for you, so you should do that for me." Never ask for or expect a return from those you give to.
More than likely, what you give to one person will come back to you from a different source. In a time and in a form that's best suited for you. You cannot name or second-guess the source. It could come from anyone but it will come back to you because that is the law of circulation, or the law of cause and effect, in action."
Peace & Prosperity,
Tracy
Tracy Austin
1-413-773-0779
My Cash Gifting Abundance Squidoo Lens
"One very powerful way of getting what you want in life, is to help others get what they want. Giving promotes energy flow, placing you in harmony with what you want to receive.
A simple rule to remember is that, whatever you wish to have, if you cause another human being to have it first, you will have it in abundance.
So if you want to have wealth, show others how to have wealth and soon you will find yourself wealthy in amazing ways.
Giving is energy in motion and here's how it works. When you give, or help someone to have something, the universe finds a way to give it back to you, multiplied. At a time that's most appropriate and in a form that's best suited, for you.
It's alright to think and to know that when you give, you'll get something back. To expect a reward is empowering. Confident expectation triggers the universe to give you what you expect and focus on. So you don't have to pretend that you're not interested in receiving a reward.
However, there is something important to understand. A problem arises when you start expecting to receive something back from the same person you gave it to, with the attitude, "I did this for you, so you should do that for me." Never ask for or expect a return from those you give to.
More than likely, what you give to one person will come back to you from a different source. In a time and in a form that's best suited for you. You cannot name or second-guess the source. It could come from anyone but it will come back to you because that is the law of circulation, or the law of cause and effect, in action."
Peace & Prosperity,
Tracy
Tracy Austin
1-413-773-0779
My Cash Gifting Abundance Squidoo Lens
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