ACT ON THAT!

It's Your Money Why Not Keep It?

The economic realities of the past few years have taught people some valuable lessons. One of which is: It's not what you make, it's what you keep, that counts.

If you discovered that someone was stealing from you, how quickly would you act to stop them from doing it again? Would you act today, in a week, a month, or not at all? The odds are you would act sooner rather than later.

So here's a question for you to consider. Is your current loan stealing money from you? Recent estimates in the news have indicated anywhere from 30-50% of people could benefit from refinancing and lowering their interest rate and/or monthly payments on their home loan. According to multiple sources, home loan rates dropped to their lowest levels ever reported on July 1.

This month, I turn to contributing editor and national mortgage expert, Jim Sahnger, for a different perspective on why people should think more about acting now to save money. Read on as Jim shares a personal story about this important topic.

How Much is Too Much? 
Last summer, I was reviewing one of my online bank accounts and was a little perplexed. Not only was my balance lower than I expected, but many of the charges just didn't seem to register in my mind with anything I had purchased. At first glance, I saw that a few hundred dollars had been taken from my account.

Yep, you guessed it. Someone had gained access to my debit card information and went on a little spending spree. The first thing I did was check to see if I had lost the card but I still had it. The card was right in my money clip where it always was. I'm still not sure where or how the information was swiped.

Before even totaling the amount of the theft, though, I immediately called the bank and moved to have the account closed and the card shut off to eliminate any potential further loss. To say the least, I was mad and nothing was going to stop me from putting into place an immediate plan of action to keep what was mine.

When I finally discovered that someone had been popping my account for money, the toll was north of $2,000 even though I had only immediately recognized a few hundred dollars missing. In contrast to some stories, the thief did not run out and buy large ticket items. Instead, the thief tapped the account on multiple occasions, typically in amounts smaller than $100, apparently not to set off any alarms.

The scheme worked. The hits occurred over a 7-10 day period and actually funded what appeared to be a little road trip from South Florida to Maryland, covering fuel, meals and other things.

In many ways, I suppose you could say I was lucky. First and foremost, my bank made me whole. It took over a week but I was able to recover what was stolen from my account. Don't get me wrong, I was still out nearly 15-20 hours of time, but I did not bounce any checks, face embarrassing denials at cash registers, or any other potential issues from this.

But my eyes were opened to something. When someone steals from you, self-preservation kicks in and you act quickly to stop it. Procrastination is tossed aside and unless you have something that you simply cannot miss, you will drop most anything on your schedule to deal with the issue at hand.

Save It or Lose It. It's Still Your Wallet Getting Lighter 
Whether you are overpaying several thousand dollars a year for something or someone swipes cash from your wallet, the end result is the same. You are still out of the money.

The difference is that when someone reaches into your wallet, you experience and recognize the loss right away and consequently will react to stop it. But when you are overpaying for your mortgage, you are already in the habit of signing the check each month. To save money, you have to recognize that a change will put money into your pocket.

Regardless of when you last obtained a mortgage, the odds are you could put more money in your pocket, either today or over time.

On a $300,000 mortgage, a payment savings of $224 a month returns a savings of nearly $20,000 over five years and over $42,000 at 10 years when that difference is invested back into the loan. This is a lot of money and the savings differences are for loans involving a rate of 5.875% compared to 4.75%.

Act Now. How Much Money Are You Losing? 
You never know what lies in wait until you investigate your options. It's possible you could save money in your monthly payment, pay off your loan years ahead of what's currently scheduled, or a combination of the two. You don't want to find out too late that your existing loan has been and will be robbing you of money every month.

Call me at 888-971-TEAM x 2 to see what you can do to put some money back in your pocket.

Bob Parsons 16 Rules for Success in Business and Life in General (He's the GoDaddy.com Guy)

1.	Get and stay out of your comfort zone.
	I believe that not much happens of any significance when we're in our comfort zone.  I hear people say, "But I'm concerned about security."  My response to that is simple: "Security is for cadavers."
2.	Never give up.
	Almost nothing works the first time it's attempted.  Just because what you're doing does not seem to be working, doesn't mean it won't work.  It just means that it might not work the way you're doing it.  If it was easy, everyone would be doing it, and you wouldn't have an opportunity.
3.	When you're ready to quit, you're closer than you think.
	There's an old Chinese saying that I just love, and I believe it is so true.  It goes like this: "The temptation to quit will be greatest just before you are about to succeed."
4.	With regard to whatever worries you, not only accept the worst thing that could happen, but make it a point to quantify what the worst thing could be.
	Very seldom will the worst consequence be anywhere near as bad as a cloud of "undefined consequences."  My father would tell me early on, when I was struggling and losing my shirt trying to get Parsons Technology going, "Well, Robert, if it doesn't work, they can't eat you."
5.	Focus on what you want to have happen.
	Remember that old saying, "As you think, so shall you be."
6.	Take things a day at a time.
	No matter how difficult your situation is, you can get through it if you don't look too far into the future, and focus on the present moment.  You can get through anything one day at a time.
7.	Always be moving forward.
	Never stop investing.  Never stop improving.  Never stop doing something new.  The moment you stop improving your organization, it starts to die.  Make it your goal to be better each and every day, in some small way.  Remember the Japanese concept of Kaizen.  Small daily improvements eventually result in huge advantages.
8.	Be quick to decide.
	Remember what General George S. Patton said: "A good plan violently executed today is far and away better than a perfect plan tomorrow."
9.	Measure everything of significance.
	I swear this is true.  Anything that is measured and watched, improves.
10.	Anything that is not managed will deteriorate.
	If you want to uncover problems you don't know about, take a few moments and look closely at the areas you haven't examined for a while.  I guarantee you problems will be there.
11.	Pay attention to your competitors, but pay more attention to what you're doing.
	When you look at your competitors, remember that everything looks perfect at a distance. Even the planet Earth, if you get far enough into space, looks like a peaceful place.
12.	Never let anybody push you around.
	In our society, with our laws and even playing field, you have just as much right to what you're doing as anyone else, provided that what you're doing is legal.
13.	Never expect life to be fair.
	Life isn't fair.  You make your own breaks.  You'll be doing good if the only meaning fair has to you, is something that you pay when you get on a bus (i.e., fare).
14.	Solve your own problems.
	You'll find that by coming up with your own solutions, you'll develop a competitive edge.  Masura Ibuka, the co-founder of SONY, said it best: "You never succeed in technology, business, or anything by following the others."  There's also an old Asian saying that I remind myself of frequently.  It goes like this: "A wise man keeps his own counsel."
15.	Don't take yourself too seriously.
	Lighten up.  Often, at least half of what we accomplish is due to luck. None of us are in control as much as we like to think we are.
16.	There's always a reason to smile.
	Find it.  After all, you're really lucky just to be alive.  Life is short.  More and more, I agree with my little brother. He always reminds me: "We're not here for a long time, we're here for a good time!" Find out more about Bob Parsons at http://www.bobparsons.me and get your domains at GoDaddy.com!

Get Organized -- It's Tax Time Again

It's that time again! Whether you prepare your own tax return or employ a tax preparer, it's time to gather information about your income and deductions. Ugh! Compiling tax information is not the most fun thing in the world- but you gotta do what you gotta do, right?

First, gather all of the statements you received about your income. If you receive wages or retirement benefits, the payer should have sent you a Form W-2 or W-2P by January 31 that shows your income and withholdings. If you are paid on commission or are an independent contractor, your income will be reported to you on Form 1099. You will also receive a 1099 form for other payments, such as interest, dividends proceeds from the sale of real estate or securities, and tax refunds. 

Even if you didn't receive a notice from the payer, you still have to declare all taxable income that you have received during the year. Also, if you received a check in December but did not deposit it until after January 1, it is still taxable income to you when you received it, not the year you deposited it into your bank account.

Next, let's tackle your deductions. Go through your monthly bank statements and collect the canceled checks representing tax-deductible items. Be sure to review your January bank statement to remove checks written in the prior year that had not cleared by the beginning of the new year.

Sort the deductible checks into groups, such as donations, taxes, medical and dental, interest, and miscellaneous deductions. Locate the receipts for bills that you paid with cash, and place them together with the canceled checks. Also list amounts that you paid by credit card. Total the checks and receipts for each category, and transfer these totals to a summary of your tax-deductible items.

After summarizing your tax data, insert the checks and receipts into envelopes and file by category. Place all the envelopes in a large manila envelope labeled "20__ Tax Information" for safe-keeping.

Also review the deductions you claimed on last year's tax return, to be sure you aren't missing anything that might be deductible. A tax guide such as the Ernst & Young Tax Guide can help jog your memory.

Most tax preparers base their fees on the amount of time that is required to prepare your tax return. By summarizing your tax information, you will greatly reduce the time required to prepare your tax return, and the savings in preparation fees will be well worth the additional time that it took to prepare your tax summary. 

Now, that the hard part's done, you can go out to enjoy the spring weather!

To Roth Or Not To Roth

To Roth or not to Roth, that is the question. At least, that is the question on many people's minds this year. Beginning in 2010, Uncle Sam lifted the income limits on Roth IRA conversions. Here are the answers to some of the questions you've been asking about the Roth IRAs.

Why are Roth IRAs a good deal, if they aren't tax deductible?

The only things better than tax-deductible contributions are tax-free withdrawals, and that is the whole point of the Roth. The tax-free amounts you eventually draw out will far exceed your non-deductible contributions, so the Roth will save income taxes for almost everyone who is fifteen years or more from needing their retirement savings.

When is the best time to convert a regular IRA to a Roth IRA?

If you have several years until retirement, and you have the money outside your retirement accounts to pay the tax, this is a great opportunity to pay taxes on a lower amount now and reap tax-free benefits later. Because of a special rule, those who convert accounts in 2010 can spread the taxes over 2011 and 2012 instead of paying it all at once.

Remember that dip in the stock market in 2008? Well, now it can work to your benefit, because a depressed IRA means paying less in income taxes when you convert to a Roth. If divorce dealt you a double-whammy, with your IRAs having been cut in half in divorce and reduced even further by stock market losses, this is good news,

If I don’t convert to a Roth IRA, should I still consider making annual contributions to a Roth IRA?

If your money has years to grow before you’ll need it in retirement, contributing to a Roth IRA is a golden opportunity. Even though you won’t get the tax deduction now, the prospect of tax-free income in retirement should make up for it in spades over the years. But be sure that your income is not too high to qualify To make a full contribution in 2010, your income must be less than $105,000 if you’re single, or less than $166,000 if you’re married and filing a joint return.

By Candace Bahr, CEA, CDFA and Ginita Wall, CPA®, CFP

25 Ways to Save Taxes Through Life's Transitions

Taxes are, unfortunately, a part of every financial decision. Like it or not, Uncle Sam’s greedy fingers reach into your pocket with every paycheck and each dollar of investment earnings.

These tax tips are excerpted from Ginita Wall’s booklet "150 Ways to Save Taxes Through Life’s Transitions." 

The booklet includes tax tips for eight major life events, including going to school, beginning a job, becoming a family, business ownership, divorce, and retirement, plus bonus sections on tax troubles and year-end planning.

Education

1. Withdraw penalty-free from your traditional IRA to pay higher education expenses for yourself, your children, or grandchildren. You’ll have to pay tax on the withdrawals at your regular income tax rate, but no early withdrawal penalty will apply.
2. File a tax return every year you are due a refund. If your earnings are so low that you are not required to file, you’ll need to file a return in order to claim a refund of withheld income taxes. If you wait more than two years to file, the IRS is not required to issue you a check.
3. Keep track of the cost of books and equipment you purchased while in school. When you begin working, you may be able to depreciate those items that you use for your career.

The Working World

4. Start investing in 401(k)s, stock purchase plans, employee stock options, and other tax-advantaged accounts as soon as possible. Small contributions made at an early age are much more valuable than large contributions made a few years before retirement.
5. Learn about your company’s fringe benefits. Large employers often have tuition assistance plans, free employee counseling, mass transit commuting assistance, and other tax-free perks that might not be common knowledge around the water cooler. Visit human resources for a chat about what your company offers, or check out your company’s website.
6. Consider paying your own disability premiums. If you become disabled, your disability benefits will be tax-free. If your employer pays your premiums as a tax-free perk, disability benefits will be taxable when received.
7. Only borrow from your 401(k) in an emergency. You have the option, if you really need the money, to borrow these funds without taxes or penalties. However, the interest you pay on the loan won’t be tax deductible, and you will miss out on the capital appreciation of the money if you’d left it invested it for growth in the plan.

Family Life

8. Set aside money in your employer’s dependent care plan. Although tax-free reimbursements by your employer reduce the child and dependent care credit you are allowed to take, they are still a good deal for taxpayers in the 20 percent tax bracket and above.
9. Claim the child tax credit. If your income is under $75,000 ($110,000 for joint filers) you are eligible to receive up to $1,000 for any child, stepchild, grandchild, adopted child, or foster child in your care.
10. Claim the adoption tax credit when you adopt a child, if your income is under $210,810. You can claim a tax credit of up to $11,390 for adoption fees, attorney services, court costs, and other expenses in the year the adoption is final.
11. If necessary, withdraw from your traditional IRA to meet medical emergencies, for education, or to buy a home. You can withdraw money from your IRA penalty-free (but not tax-free) before age 59-1/2 to pay for medical expenses that exceed 7-1/2 percent of your income, to pay for health insurance premiums if you are unemployed, to pay for higher education expenses, or to pay up to $10,000 of first-time home-buying expenses. If you desperately need money for one of these qualified expenses, your IRA is a place to start.

Divorce

12. Before your divorce, find and copy all business tax returns for your spouse’s corporation or partnership. The IRS will not give you copies of your spouse’s business returns if you did not sign them.
13. When in doubt about how to file, consider a separate return. This ensures that you will not be held liable for the actions of your spouse, if she omits income or overstates expenses. But even if you file a joint return, the innocent spouse provisions of the tax law will protect you if you weren’t aware of the misstatements on the joint return.
14. Consider the tax implications of support. Child support is not deductible, but alimony is. Calling child support "family support" makes it fully taxable to the recipient and deductible to the payer, just like alimony. Do not characterize the payments as "family support" unless you will end up with more money after taxes are paid.
15. Follow the 5Ds for alimony deductibility. If you want a deduction for the alimony you pay (it will be taxed to your ex), it must be paid in dollars, under a decree or written agreement, and cease on your ex’s death. After the divorce, you must maintain your distance (you can’t live with your ex), and the payments can’t be designated as non-taxable or child support.
16. Keep a calendar of the days (and nights) your child spends at your house and at your ex-spouse’s. This will provide documentation for the courts and for the IRS (for dependency exemptions and head of household filing status), and also help you avoid disagreements with your ex-spouse about what really happened on a particular day.

Business Ownership

17. Deduct 100 percent of the health insurance premiums for your entire family. If you employ your spouse in your business, you may cover him and deduct the entire premium as an employee benefit.
18. Deduct an office in your home. If you regularly and exclusively use part of your home to perform administrative or managerial activities for your business, you can claim a home office deduction for utilities, rent or mortgage interest, depreciation, phone use, cleaning, and the like. You can still take this deduction even if you provide products or services at other locations.
19. Read more. Subscriptions, books, and other materials related to your field are tax-deductible items. Ditto conferences, seminars, and courses related to your work.
20. Use consulting agreements when you buy or sell a business. For example, if the buyer hires the seller on an exclusive contract, the seller will be able to set up a Keogh plan, as well as deduct ordinary and necessary business expenses. The buyer will get a current tax deduction for salary paid to the seller.

Home Ownership and Investing

21. Deduct personal bad debts. If your best friend borrows $10,000 and then skips town, you can deduct this non-business bad debt as a short-term capital loss on your tax return.
22. Don’t fall for tax evasion schemes such as revocable foreign trusts or secret offshore bank accounts. There are plenty of legitimate ways to reduce your income taxes, so don’t fall for shady deals sold in the backs of magazines or over the Internet.
23. Own your own home. Home ownership is one of the last tax shelters available to the middle class. Mortgage interest and property tax deductions will save you taxes, and saving to own a home is a wonderful use for your money after you have contributed the maximum to tax-advantaged retirement plans.
24. Deduct points paid on your home loan. Points paid when you acquire your home are deductible in that year. Points paid to refinance a loan must be written off over the length of the loan (1/30 each year on a 30 year loan). If you refinance again, don’t forget to write off the remaining unamortized points in the year you refinance.
25. Contribute to your IRA early in the year. Although you have until April 15 of the following year to contribute, your money will have 15-1/2 more months to grow if you contribute on January 1 of the previous year. Over a lifetime, this additional compounding will greatly increase your retirement nest egg.

Excerpted from: 
150 Ways to Save Taxes Through Life’s Transitions

By Ginita Wall, CPA, CFP

Tip of the Iceberg Event by Bruce Norris - Feb 27th, 2010

Tip of the Iceberg by Bruce Norris (use Discount Code "freedom" for $50 off early bird price before Feb 21!) Last year it was SOLD OUT before the early bird deadline came!  Reserve Your Spot TODAY!

Table of Contents  •  Register Now  •  Free Live Pre-Event Webinar  •  Download Flyer

USE DISCOUNT CODE "freedom"                                                                          

California Comeback?

What we see on the surface of the real estate market looks benign. Below the surface, however, looms trillions of dollars of problems we are attempting to ignore. Conducting business in the most unnaturally manipulated market ever seen has been challenging to say the least. And that’s exactly why you must attend our upcoming event, The Tip of the Iceberg, on February 27th in Costa Mesa. 

Over the last three years, California real estate has been decimated with several California markets seeing price declines in excess of 50%. Many are now pointing to a “Comeback” and the numbers provide support for their conclusions: inventories are down and median prices are escalating, sales have increased, and there’s been a decline in bank-owned properties.  

Beyond these indicators, state and national policies toward borrowers who stopped making their payments have become increasingly lenient. But how long will this continue? When will we reach the ultimate point of foreclosing, absorbing our losses and moving forward?  

Some say the worst is over. We’re not convinced!  

The Tip of the Iceberg will most likely be the last report I write for a few years. As I finish the research, it’s clear the next few years will greatly depend on how the new restrictions, changes, and guidelines are implemented. 

In my opinion, none of the events required for a comeback to begin have taken place. The current state of the market is merely a mirage, created by unnatural intervention. We have entered a new era. Welcome to: government intervention! 

Our past reports have concentrated on the real estate market from a macro perspective—the roots of major trends in the market. However, the reality of the current situation is, what may be happening in Riverside, isn’t happening in other California markets. 

The Tip of the Iceberg presents the micro perspective in markets where our clients buy wholesale, to resell at a profit or hold properties and rent. For the first time, I have access to the data that makes the view from the micro perspective possible. On the back of this page is just a taste of the valuable information included in our latest report:

A Case Study: Hemet

What’s the likelihood that Hemet is ready for price increases in the near future? Property is very affordable, inventory is low, forecloses have decreased and prices have stopped declining. Everything sounds great, however, looking beneath the surface and asking a few pertinent questions yields a more complete picture of the situation. If the stats you are looking at arrived at these levels by artificial means, you’d better figure out what’s real and what isn’t. 

First, and most importantly, what percentage of homeowners holds equity in their property? Now we uncover the reality of the situation: approximately 60% of homeowners with a property valued under $300,000 owe more than the property is worth. Nearly a third of the homeowners owe double what their house is worth! Is it realistic to think home prices in Hemet will rise?

Secondly, where are the wholesale deals in Hemet and what are the trends?

Also, we’ll be looking at the price per square foot of home sales. Is there a difference in price between a home that sells for $500,000 and a home that sells for $300,000? We’ll get to the bottom of it.

These are the insights awaiting you at The Tip of the Iceberg. 

Perhaps you feel you’ve “heard it all before.” However, by missing this event you’ll be deprived of current information with direct insight into the current real estate investment market. You may save a few on the attendance fee, but the cost of making poor investment decisions due to being uniformed on the current state of the market is far greater. 

The Tip of The Iceberg promises to deliver a startling and informative portrait of California’s current Real Estate investment market, while casting a very discerning eye toward its highly uncertain future preparing your business and your family for the coming years.

I’m throwing in some additional bonuses. Register before February 21st and you’ll receive one free year of our California Economic Update Newsletter ($129 value). You’ll also be given unlimited access to much of the data and reports we used in preparing this report via our web  portal. We sold out before the early-bird pricing ended last year so please do not wait to register.

Content by Bruce Norris

Table of Contents • Order Now • Free Live Pre-Event Webinar • Download Flyer

When	Where	Included
Saturday, February 27th 7:30 – Registration 8am-5pm – Event	Westin South Coast Plaza 686 Anton Boulevard Costa Mesa, CA 92626 Orange, CA	Lunch, full color manual, CDs after live event & web portal access

Price: $697.00

$597 until February 21st (GET AN ADDITIONAL $50 OFF with my SPECIAL DISCOUNT CODE "freedom"  ONLY $547 with Code!!!

Some Helpful How-To-Do-It Tips

I have long been someone who has struggled with a full plate of things to get done.  Occasionally I come across something that reinvigorates me to be timely, organized and effective (not that I'm not usually..but we could all use a little encouragement now and again, right?)

So, here is a list of things that can help ensure you get it done before you even start...

• Don't commit to doing something that you don't believe you can honor.
• Before you commit to somthing, think of the long-term implications in terms of time, effort and inconvenience that may be required.
• Don't commit to doing something simply for the sake of expediency.
• record your commitment somewhere in writing so it doesn't slip your mind.
• Don't change your mind because of circumstances that occur after you make your initial commitment.
• If you have a superior, be sure to discuss the commitment you plan to make before you make it.
• If there is a "hiccup" in your schedule or if anything comes up that causes any delay in your delivery schedule, be sure to let the person you've promised something to know about it.

Are you ready to BLAST OFF?!!!

The Blastoff Network is made up of over 400 of the biggest stores and retailers in existence. You can save up to 15% at over 400 of the largest retailers including stores like Best Buy, Verizon, Walmart, iTunes and many more. You can also save money on cell phones, cable, telephone and internet services as well as travel sites like Expedia, Travelocity and we just added Southwest Airlines ! Get cash back on purchases you are already making with your very own Blastoff site.

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You can pass the savings on to your friends by inviting them to get their very own Blastoff site. It is completely free for them to join. Imagine getting paid every time your friends shop at iTunes, Barnes and Noble, Old Navy and every other store in the Blastoff mall. When the see the significant savings at stores where they are already shopping they will order through their very own sites. You will get paid a percentage of all the purchases they make through their Blastoff site. You friends can pass the savings on to their friends too and you will get paid on all the online shopping for the people they invite and so on up to 10 degrees of separation from you. The savings are huge so share the word and cash in!

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.Your Blastoff homepage is like a dashboard for you to cruise the information superhighway. All of your favorite internet sites are all organized in one easy to navigate web portal. Play video games, listen to music, shop, watch TV and videos all from the same webpage! Check out this short video!

Click here to see a fully functioning Blastoff website.

The Free Blastoff launch starts on October 22, 2009 at 12 a.m. CST. All you have to do is click here and register for a free site – you can even invite your friends. However, if you live in the U.S. or Canada, there is a way to join the party earlier than that!

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Blastoff Communications has been in development for the last four years.  On October 26, 2009 Blastoff Communications goes public and launches its own viral marketing campaign including internet sites, TV commercials, radio ads, and billboards.  They also have an agreement with Pizza Hut and every pizza delivered from October 26 through December will have a Blastoff flyer on it informing people of the website and the savings by shopping online through their portal.  All of their marketing will direct them to Blastoff Communication’s corporate site where they will be able to sign up for free.  If Blastoff corporate or someone else invites your friends and family to sign up for Blastoff, they will be locked into the network of whoever’s site they sign up on.  You will miss out on the commissions for their purchases as well as the purchases of all the people they invite.

How long do you think it will take for something that is fun, free, saves you money and makes you money to spread?  How quickly do you think this will spread through Facebook, MySpace and Twitter?  A majority of internet users will hear about Blastoff in a few weeks and will sign up for their own personal site.  The question is, will they be invited by you and in your network so you can earn commissions on their online shopping or will someone else invite them first?  Can see how valuable the next few days are?

Things That Won't Survive the Recession

Economic downturns have a way of accelerating the demise of the obsolete and inefficient

The government says we've been in a recession for at least the past year. Experts say it'll be at least another year (or more) before it's over. And everybody says it's the worst economic downturn since the Great Depression.

Nice sound bite. What does that mean?

Who knows? We can be sure that this downturn will be totally differerent from the Depression, and that it will be different from the many recessions we've suffered every decade or every other decade since the '30s. I'm not an economist or a historian, but it seems to me that this recession will be something unprecedented.

One reason is that that there was no Internet or mobile technology in the 1930s. That means individual people and companies today have very-low-cost, high-efficiency alternatives for doing a wide range of activities. That will accelerate the demise of those things fated to be replaced anyway.

Here are 10 things that I believe won't survive the recession:

1. Free tech support

The practice still employed by some companies of paying humans to answer phones and solve consumers' problems with hardware or software will become a thing of the past. PCs, laptops and hardware peripherals, as well as application software will be purchased like airline tickets, with price becoming the sole criteria for many buyers. In order to compete on price, companies that now offer real tech support will replace it with message boards (users helping users), wikis, wizards, software-based troubleshooting tools and other unsatisfying alternatives.

2. Wi-Fi you have to pay for

Everyone is going to share the cost of public Wi-Fi because the penny-pinching public will gravitate to places that offer "free" Wi-Fi. Companies that charge extra for Wi-Fi will see their iPhone, Blackberry and netbook-toting customers -- i.e., everybody -- taking their business elsewhere. The only place you'll pay for Wi-Fi will be on an airplane.

3. Landline phones

Digital phone bundles for homes (where TV service, Internet connections and landline phone service are offered in a total package) will keep the landline idea alive for a while, but as millions of households drop their cable TV service and as consumers look to cut all needless costs, the trend toward dropping landline service in favor of cell phone service only will accelerate until it's totally mainstream, and only grandma still has a landline phone.

4. Movie rental stores

The idea of retail operations where you drive to a store, pick a movie, stand in line and then drive home with the movie will become a quaint relic of the new fin de siècle (look it up!). The new old way to get movies will be discs by mail, and the new, new way will be downloading.

5. Web 2.0 companies without a business plan

The era when Web-based companies could emerge and grow on venture capital, collecting eyeballs and members at a rapid clip and deferring the business plan until later are dead and gone. Yeah, I'm talking to you, Twitter. Sand Hill Road-style venture capital is shrinking toward nothing, and investors in general will be hard to come by. Those few remaining investors will want to see real, solid business plans before the first dollar is wired to any start-up's bank.

6. Most companies in Silicon Valley

Tech company failures and mergers will leave the industry with a low two-digit percentage (maybe 25%) of the total number of companies now in existence. Like the automobile industry, which had more than 200 car makers in the 1920s and emerged from the Depression with just a few, Silicon Valley is in for some serious contraction. The difference is that the auto industry ended up with the Big Three, whereas the number of tech companies will grow dramatically again during the next boom.

7. Palm Inc.

Elevation Partners, which has among its principals U2's Bono, pumped a whopping $100 million into the failing Palm Inc. recently.

The idea is to give the company time to release its forthcoming Nova operating system, which will take the cell-phone world by storm and give Apple a run for its money. It would have been far more efficient, however, to just flush that money down the toilet. With the iPhone setting the handset interface agenda, BlackBerry-maker RIM kicking butt in the businesses market, and Google stirring up trouble with its Android platform, this is no time for a clueless company like Palm to be introducing a new operating system. By this time next year, Palm will be gone. And so might Elevation Partners.

8. Yahoo

Yahoo Inc. is another company that can't seem to do anything right. Or, at least, can't compete with Google. Yahoo will be acquired by someone, and its brand will become an empty shell -- used for some inane set of services but appreciated only by armchair historians (joining the ranks of Netscape, Napster and Commodore).

9. Half of all retail stores

Many retail stores are obsolete and will be replaced by online competitors. Entire malls will become ghost towns. By this time next year, most video game stores, book stores and toy stores -- as well as brick-and-mortar shops in many other categories -- will simply vanish. Amazon.com will grow and grow.

10. Satellite Radio

I'm sorry, Howard Stern. It's over. The newly merged Sirius XM Radio simply cannot sustain its losses. The company is already deeply in debt and would need to dramatically increase subscribers over the next six months in order to meet its debt obligations. Unfortunately, new car sales, which account for a huge percentage of satellite radio sales, are in the gutter and stand-alone subscriptions are way down.

Change is hard. But efficiency is good. While boom years gives us radical innovation and improve consumer choice, recessions help us focus on what's really important and accelerate the demise of technologies and companies that are already obsolete.

So say good-bye to these 10 things, and say hello (eventually) to a new economy, a new boom and a new way of doing things.

Where we land nobody knows...but there will be changes...and change is good.

(from the Mike Elgan article (with some edits) who writes about technology and global tech culture.)

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