Financial independence should not be a dream, it should be a priority.
We are living in one of the wealthiest countries in the world, yet a large number of families still struggle financially.
My name is Elieth Strunk, a tax and financial services professional who is on a campaign for financial literacy. My mission is to help individuals build a strong financial foundation, and in order to achieve it, everyone should understand the fundamental concepts in building wealth.
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Path to Financial Freedom
"Don't put off until tomorrow, what can be done today" -B. Franklin
We tend to find reasons (which are really excuses) of why we are not doing a specific task right away. Even though we feel it is important to get started, procrastination overcomes us and we end up putting it aside.
Your life priorities form the key ingredient to a healthy and prosperous life, and as such, they need the attention necessary to be fulfilled.
What are your goals? Your ambitions? What would you work on today, if there were no restrains?
Below you will find a list of services I help my clients with. The list is not inclusive, and my services go beyond just a simple order taking. We work together throughout the process to find your short term to long term priorities, and formulate a strategy to get there.
You may feel you are not ready to get started, but a conversation with me, may give you an objective perspective of your situation. Schedule your complementary financial check-up, so you can see how we can truly get going with it today!
In times of crisis, you don't want to be shaking pennies out of a piggy bank. Having a financial safety net in place can ensure that you're protected when a financial emergency arises. One way to accomplish this is by setting up a cash reserve, a pool of readily available funds that can help you meet emergency or highly urgent short-term needs.
How much is enough? Most financial professionals suggest that you have three to six months' worth of living expenses in your cash reserve. The actual amount, however, should be based on your particular circumstances. Do you have a mortgage? Do you have short-term and long-term disability protection? Are you paying for your child's orthodontics? Are you making car payments? Other factors you need to consider include your job security, health, and income. The bottom line: Without an emergency fund, a period of crisis (e.g., unemployment, disability) could be financially devastating. Building your cash reserve
Why should you be concerned about training successor management?
Many business succession plans focus on the succession of ownership but neglect to address the issue of management succession. Whether you expect the management team that will follow you to the corner office to come from inside or outside the company, you should consider training one or several people to serve as interim or successor management. This can serve multiple purposes. First, having trained successor management in the business can work into your short-term contingency plan established to cover your unexpected absence from the business (due to death, for instance). Second, trained successor management can serve as interim management during the transition period during and after your withdrawal from the business at your retirement, while your interest is being transferred after your death, or when you head out for that long vacation you have been yearning for.
Ensure the smooth transition of responsibilities
As a business owner, you're going to have to decide when will be the right time to step out of the family business and how you'll do it. There are many estate planning tools you can use to transfer your business. Selecting the right one will depend on whether you plan to retire from the business or keep it until you die.
Perhaps you have children or other family members who wish to continue the business after your death. Obviously, you'll want to transfer your business to your successors at its full value. However, with income, gift, and potential estate taxes, it takes careful planning to prevent some (or all) of the business assets from being sold to pay them, perhaps leaving little for your beneficiaries. Therefore, business succession planning must include ways not only to ensure the continuity of your business, but also to do so with the smallest possible tax consequences.
Some of the more common strategies for minimizing taxes are explained briefly in the following …