The GOP Senate Tax Bill (Full Text)

Here’s the full text of the GOP Senate Tax bill.

GOP Substitute Tax Bill 

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An Excerpt from Bank Magic: Financial Literacy for Young People

Here is an excerpt from Bank Magic: Financial Literacy for Young People written by TaxAssurances’ owner, Kolonji Murray. The full book can be purchased on Amazon for Kindle and in paperback.


QUESTION: How can I ask the adult in my life for more allowance money for my chores?

ANSWER: Not all adults will give you an allowance. But, for those who do, create a list of all the things that you already do around the house. Next, think about the rewards that you would like to receive for getting good grades or doing a special task. Talk with your parents, guardians, or a trusted adult about what you would like to earn by keeping a regular schedule of your chores and maintaining good grades in school for each marking period. When they see that you are serious and have a commitment to keeping your word, they will be more than willing to give you the extra money you want. Adults love to see that you are serious and taking responsibility. You may also want to tell them that you promise you won’t argue with your siblings as an extra bonus!

QUESTION: I’m interested in taking on my first job in the neighborhood. How do I know what to charge?

ANSWER: If you want to take on your first job as a babysitter, dog walker, or lawn mower in your neighborhood, talk with an adult in your life about what you should charge. If there are older kids in your neighborhood who are already doing what you want to do, ask them how much they are charging and you can create your prices based on what they say. More formal jobs will tell you what they are willing to pay.

Bank Magic
QUESTION: Why is it so important to save my money? Why can’t I just spend it now?

ANSWER: While you may be eager to spend your money on clothes, snacks, toys, or other things, you also have to think about your life choices as you continue to grow and decide what to do next. Maybe you want to attend a special afterschool program, take up a new sport, or attend college. All of those things require money. Adults can certainly help, but it will be far more rewarding when you can save up your money now for that goal in the future. You’ll need to have that kind of discipline throughout your life.

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America’s Expenses, Income & Debt for 2016 – 2017

For fiscal years 2016 and 2017 (October 2016 – September 2017), the U.S. federal government spent $3.98 Trillion to pay its bills (I.e. Military, Social Security, Medicare/Medicaid, Education etc.). Here’s how much of it was spent:

Medicare/Medicaid (Dept. of Health & Human Services)  – $1.1 Trillion

Social Security  – $1 Trillion

Dept. of Defense  – $568 Billion

Dept. of Treasury INTEREST ONLY on our Debt – $457 Billion

Those four “items” alone account for roughly $.79 for every $1 spent by the federal government.

The other roughly $.21 combined spending goes for everything else including Education, Veterans, Homeland Security, Housing & Urban Development, Transportation, Energy, Agriculture, Environmental Protection.


The federal government also collected roughly $3.31 Trillion from taxpayers (I.e. Your paycheck).

Here’s the full Department of Treasury report for both expenses and income.


Finally, over the years, the federal government has borrowed money to take care of its needs. Currently, it owes over $20.4 Trillion on its “credit cards” and “loans” combined (national debt).

Here is a real time total of what the federal government owes and who it owes it to.

As stated earlier, in the 2016 – 2017 fiscal year, the federal government used the taxes we paid to pay $457 Billion in INTEREST ONLY on the total amount it owes.

Here’s how much the national debt has grown since 2000:

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Uber’s Original Pitch Deck

For many business owners, putting together a presentation for investors can be challenging. What do investors want to know? How long or how short should the presentation be? These are just some of the questions they may have.

Well some helpful guidance has come along. Recently, Uber co-founder Garrett Camp released a copy of the first presentation pitch deck that was used to seek investors for the business. Here it is:

Uber’s Original Pitch Deck

It provides a helpful road map in terms of information and length that would be business investment seekers need in order to secure financing.

With this pitch deck Uber has been able to raise roughly $15 billion from investors to date. So it must be good.

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Bank Magic PowerPoint Presentation

Here are the PowerPoint presentation slides for Bank Magic.

Bank Magic is a financial literacy learning program designed to teach young people and adults how to handle many of the financial challenges they’ll be faced with in their life.



Kolonji S. Murray

Bank Magic Club

8 Sickles Avenue

New Rochelle, NY 10801

( W ) 914-278-9241

(C) 917-916-2534



Email: BankMagicClub at gmail dot com

Washington Post REPOST: African Americans are the only racial group in U.S. still making less than they did in 2000

African Americans were worse off financially in 2016 than they were in 2000.

The median income for an African American household was $39,490 last year, according to U.S. Census Bureau data released this week. It was $41,363 in 2000. (Both figures are in 2016 dollars, so they have been adjusted for inflation).

African Americans are the only racial group the Census Bureau identifies that has been left behind. White, Asian and Hispanic households have all seen at least modest income gains since 2000.

The uptick in incomes for so many Americans helped lift the overall median U.S. household income to $59,039 last year, the highest level ever recorded by the Census Bureau. That figure surpassed the previous record set in 1999, during the last period of strong economic growth. Median household income means half of U.S. households earn more and half earn less. It’s an important indicator of the health of the middle class.

But the overall trend masks the fact that African Americans, as a group, have not recovered.

Black Americans have struggled for years to move up the economic ladder. They have a harder time finding jobs. Merely having an “African American sounding name” makes an employer less likely to hire someone, a National Bureau of Economic Research study found.

The black unemployment rate is nearly double the white unemployment rate. It’s been that way since the Labor Department began keeping track of unemployment by race in the early 1970s. Black Americans also receive substantially lower wages than whites and Asians.

“Character, talent and insight are evident in individuals from all income classes. But not all individuals get an equal chance to prove their mettle,” said Mary Coleman, senior vice president of Economic Mobility Pathways, a Boston-based nonprofit group.

The Census data also showed that almost 1 in 4 black households lives in poverty. The poverty rate among African Americans (22 percent) is more than double the poverty rate among whites (9 percent).

African Americans have the lowest earnings of any racial group by far. While median household income for African Americans was just over $39,000 last year, it was over $47,000 for Hispanics, over $65,000 for whites and over $81,000 for Asian American households.

Lower incomes make it harder to get by, let alone get ahead. African Americans are much less likely than whites to own homes or invest in the stock market, in part because low wages leave them with limited extra income to save up for a down payment.

African Americans also are more likely to lack health insurance. The Census released data this week showing that the uninsured rate for the nation overall was 8.8 percent, an all-time low. But it was 10.5 percent for African Americans.

Many books and research papers have delved into why African Americans continue to struggle financially. Williams Rodgers, chief economist at the Heldrich Center for Workforce Development at Rutgers University, is one of the scholars who has studied the issue extensively. He co-authored a report last year for the left-leaning Economic Policy Institute that found that black-white wage gaps are larger today than they were in 1979.

The study noted that even when African Americans attend college and actively work to expand their skills and networks, they still earn far less than whites with similar educational background. In fact, the wage gap has expanded the most between college educated blacks and whites.

His conclusion after years of looking at the data and trends? “Wage gaps are growing primarily because of discrimination,” said Rodgers.

The small silver lining in the latest census data is that African American incomes grew nearly 6 percent last year, the most of any racial group, but it’s not moving quickly enough to do much to close the vast income gap between African Americans and other groups.

Here is the original posting of the article in the Washington Post:

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CNBC Repost: 10 Sacrifices Successful People Make for their Dreams

Starting a new business is a challenge that presents many hurdles. No matter the industry, no matter the gender, no matter the age. It’s just inherently challenging. This CNBC repost profiles 10 different entrepreneurs recalling the sacrifices they made in order to succeed with their business.

Here is the original link to the article

10 sacrifices successful people make for their dreams

5 things to give up if you want be a millionaire

Things to give up if you want be a millionaire

These entrepreneurs have achieved incredible success today. But real success is never without sacrifice, and in this article, they share some of what is required to make dreams a reality.

1. I quit my hobby

Photo courtesy of The Oracles


Before 2008, I was playing golf three times a week. I got distracted and entitled, started to rest on my laurels and put my family at risk. I decided to master my work and money; if my golf game or social status suffered, so be it. It’s OK to sacrifice fun today for freedom tomorrow. I sacrifice every day, doing the things I might not want to do, but doing them anyway for a better future.

— Grant Cardone, top sales expert who has built a $500-million real estate empire, and New York Times best-selling author of Be Obsessed or Be Average

2. I got a day job

Photo courtesy of The Oracles


One year, when interest rates were 18 percent, I had huge overhead and was in debt for $400,000. I was sweating big time; no one was buying real estate and I had 400 agents to support. I swallowed my pride and got a day job running the sales office of a new condominium complex. My bosses loved me, but I despised not being the boss. I left The Corcoran Group in the trusted hands of my business partner, Esther Kaplan, who continued to run it daily. Six months later, I’d earned $100,000 in salary to pay down the debt and cover a chunk of overhead. I quickly forgot about my embarrassment; that fast move actually saved my business.

— Barbara Corcoran, founder of The Corcoran Group and Shark on Shark Tank

3. I delayed instant gratification

Photo courtesy of The Oracles


I’ve learned the importance of sacrificing short-term pleasures for long-term happiness. Life is a long game, and when you start a business, you’ve made a decision that doesn’t allow any time in year one to focus on anything but building it. I’m talking code red, 18-hours-a-day dedicated  —  even at the mercy of your family time. But in two or three years, when I’m taking my kids on business trips and showing them the world, we’re reaping the benefits.

— Gary Vaynerchuk, founder and CEO of VaynerMedia (700+ employees with over $100-million annual revenue) and the New York Times best-selling author of #AskGaryVee

4. I spent my last pennies

Photo courtesy of The Oracles


It took me almost two years to turn the idea for Style Coalition into a business. I had to decide whether I was returning to the job market or giving my business one last chance. I cashed out the 401(k) from my last job  —  my only asset  —  to survive a few more months. Putting my last penny into the company was terrifying, but quitting on my dream seemed worse. During those months, I signed a revenue-generating partnership with Elle magazine and sold a major campaign to a national retailer. This sacrifice motivated me to trust my own skills to generate prosperity.

— Yuli Ziv, founder and CEO of Style Coalition, author of Amazon best-seller Blogging Your Way to the Front Row; influencer marketing pioneer, and immigrant founder who bootstrapped her business from zero to millions

5. I lived away from my family

Photo courtesy of The Oracles


My wife and I couldn’t afford to pay rent, so we decided that she would stay at her sister’s while I stayed at my mother’s. We didn’t leave each other; we just lived apart until I got back on my feet. Recently, my son (now 25) confronted me about leaving them for a year. I explained that it was necessary to build the business and give him the life he deserved. My son works with me today and is reaping the rewards. It wasn’t an easy pill to swallow at the time, but I knew the sacrifice would eventually be worth it. Today, money isn’t a problem. And it’s because I did what had to be done in order to keep building my dream.

— John Hanna, author of Way of the Wealthy and CEO of Fairchild Group

6. I had to stretch to make ends meet

Photo courtesy of The Oracles


When I founded my first startup, Snoobi, I had to make some tough sacrifices. I’d just graduated from university and didn’t have any money. I got a job as a university researcher and used the money to pay half of the salary of my first employee. I sold the other half of his time to another company, which eventually gave my startup enough budget to pay his full salary and run some ad campaigns. For one year, I worked double hours and managed to make ends meet until I accumulated the necessary seed financing to quit my day job and concentrate fully on growing the business.

— Pekka Koskinen, serial entrepreneur, investor, founder and CEO of Leadfeeder

7. I gave up (negative) relationships

Photo courtesy of The Oracles


I’ve walked away from relationships, friends and family members a few times in my life. It was painful because I lost a piece of my heart and identity  —  but it was ultimately worth it. An unsupportive spouse can be the death of your business, especially if you’re just starting out, yet a supportive significant other can help spawn incredible success in all areas of your life and business.

— Nafisé Nina Hodjat, founder and managing attorney of The SLS Firm

8. I survived bankruptcy

Photo courtesy of The Oracles


I filed for bankruptcy on my first business. I made the mistake of trying to buy an existing business, and it ended up failing miserably in the first year. Having destroyed my credit, I had to bootstrap my current business and learn how to manage profits. I also sacrificed sleep, because I was working a full-time, high-level sales job while building my business at night. The first year was exhausting and challenging, but it got me to where I am today.

— Gary Nealon, president of Nealon Solutions and The Rox Group; five consecutive years on the Inc. 5000

9. I simplified my lifestyle

Photo courtesy of The Oracles


During my earlier years of building a financial foundation, my wife and I moved out of our home and rented it out. We moved into the basement of my in-laws’ home. We lived off of approximately 10 percent of our income and piled the rest into growing the business. In the initial stages of an entrepreneur’s journey, you can have lifestyle or wealth, but not both. We chose to live simply while building assets and wealth. We allowed time to compound our efforts. Imagine where you’d be in five years from putting aside 25, 50 or 90 percent of your income to invest in yourself and your business. That’s what we did and it paid off huge.

— Tom Shieh, CVO of Crimcheck

10. I sacrificed my time

Photo courtesy of The Oracles


My job as the co-founder and president of my company takes up all of my available time, but the Leukemia & Lymphoma Society asked me to raise funds for blood cancer research over 10 weeks  —  a huge commitment and sacrifice of time, resources and energy. But cancer is everywhere and affects everyone, and my grandfather, a Syrian immigrant, always said, “Family comes first.” So we took on this philanthropic challenge as a family unit, and I made time, taking some away from my business in order to pursue my charitable dreams. Many people say, “Someday I’ll help, someday I’ll do more.” As a family, we realized that our “someday is today”; our kids’ rock band wrote and produced an original song called, “Someday Is Today!” and in two weeks, the music video reached over 500,000 YouTube views and over 150,000 Facebook views. This sacrifice of time might not have helped my business financially, but it contributed to my personal success.

— Joe Kakaty, co-founder and president of Poker Central

Originally published on ©2017 by Success. All rights reserved.

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