By John J. Vento
Discover the 10 key concerns to reaching your monetary targets and the way to exploit them to achieve your dream of monetary independence
From saving to buy a primary automobile, to placing young children via collage to making plans for retirement, to holding your property to your family, our monetary objectives swap from one level of existence to the subsequent. whereas these objectives and the demanding situations we are facing achieve them may well fluctuate, them all have yes issues in universal. Saving, budgeting, coping with debt, minimizing taxes and residing low-budget. those are many of the 10 Key Wealth administration concerns which come into play (to various levels) whilst operating towards particular monetary pursuits. yet there is one aim for which good fortune will depend on all ten keys coming jointly in ideal concord: monetary independence, sometimes called "Point X." regardless of the way you outline it—whether it is a retirement source of revenue of $25,000 a yr, or an property worthy $250 million—your destiny monetary independence calls for that you simply deal successfully with all ten key concerns. And now this booklet exhibits you ways to get it performed, besides the assistance of a relied on consultant.
- Supplies you with a whole roadmap for arriving at "Point X," monetary independence with key milestones and demanding twists and turns essentially defined
- Identifies the ten key wealth administration concerns and provides helpful recommendation and tips on negotiating each one in your street to monetary independence
- Provides you with either luck and failure tales so that you can research from others' genuine existence experiences
- Provides you with tax making plans evidence and techniques in the wealth administration matters that would assist you reduce your most vital cost and whilst maximize your reductions at the highway for your "Point X"
Chapter 1 Committing to dwelling budget friendly (pages 1–9):
Chapter 2 realizing Taxes (pages 11–22):
Chapter three making a choice on Your monetary place (pages 23–65):
Chapter four dealing with Debt (pages 67–98):
Chapter five Insuring Your future health and lifestyles (pages 99–132):
Chapter 6 conserving your own home with assurance (pages 133–151):
Chapter 7 purchasing university (pages 153–186):
Chapter eight making plans for Retirement (pages 187–220):
Chapter nine coping with Your Investments (pages 221–249):
Chapter 10 retaining Your property (pages 251–284):
Chapter eleven The Time price of cash (pages 285–300):
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Extra info for Financial Independence (Getting to Point X): An Advisor's Guide to Comprehensive Wealth Management
5 percent interest, even with the additional $100,000, will cost them approximately $34,049 per year, compared to the $37,920 they are currently paying on their old home mortgage. This reduction ($3,871), together with reduction of the payments on their credit-card debt ($5,712) and James’ auto loan ($7,656), improves their current cash flow by a total of $17,239 per year. Moreover, because the money they used to pay off their debts is now part of their refinanced mortgage, all of the interest payments may be tax deductible.
Patricia’s parents have both already died and James’ parents are financially comfortable and have adequate long-term care insurance. At this moment in their lives, James and Patricia are feeling financially sound. But is this accurate? A Statement of Financial Position will provide a clear picture of their true financial net worth and will begin to point out areas that may not feel problematic now but should be addressed before they become overwhelming in the future. Measuring Net Worth A personal Statement of Financial Position measures your financial net worth by assigning values to all of your financial assets and liabilities.
CPAs are required to meet minimum continuing education requirements on an annual basis and are authorized to represent you before the IRS, should the need arise. They also must adhere to a fiduciary standard to their clients. Certiﬁed Public Accountants These are lawyers who specialize in tax planning, and are most appropriate for those who have a complex tax situation that could result in legal problems, such as the sale of a business or a messy divorce. Frankly, if you are committed to reaching point X, I strongly recommend that you secure the services of a professional tax advisor— one who is appropriate for your income and tax needs.
Financial Independence (Getting to Point X): An Advisor's Guide to Comprehensive Wealth Management by John J. Vento