Overview of Lever 2: Strategically Engineer Wealth
Financial Snapshot: It is important to know where you are financially to understand the resources and requirements needed to get where you want to go.
- Take a look at your expenses over the next thirty days and classify them as one of the following: destructive, lifestyle, protective or productive.
- Look at your income over the past year and see if there are any fluctuations from month-to-month.
Economic Independence: when you have enough recurring revenue (also known as cash flow) to cover your basic expenses.
Strengths Based Investing: Understanding your Investor DNA is the key to growth. Only invest in what you know and work to increase your knowledge in your areas of expertise.
Investor DNA = Values + Drivers + Competencies
Advanced Financial Strategies: If you are not ready to implement these strategies, tuck them in your back pocket so you know what is possible for the time when you are ready to take action.
- Premium Financing
- Private Placement Life Insurance
- Captive Insurance Agency/831b
- Historic Easement/Conservation Easement
- Business Acquisition and Exit (1202, CRT, Donor Advised Funds, Warrants)
Wealth Architecture: Having a Family Office of professionals to support implementation. Here is a list of professionals to consider:
- Bookkeeper/ CFO/ Controller
- Tax Strategist
- Tax Attorney
- Cost Segregation Engineer
- Estate Planning/Asset Protection Attorney
- Registered Investment Advisor
- Insurance Professionals (Property & Causality, Disability, Health, Life, BOP/Business Liability)
- Banker
Visit the Materials tab toward the top of this page to access and download a two page document that will give you a snapshot of your finances.