Hello, I’m Don Blanton, owner and president of MoneyTrax, Inc. a company dedicated to the development of innovative communication tools for professionals in the financial services industry. MoneyTrax, Inc. and the Circle of Wealth system were founded in 1994 to help financial services professionals significantly improve the level and quality of communication with clients. In this book we use a character called “The Old Sage”. He will be your guide as you understand the powerful underlying point made in this book: That you can make use of your wealth directly or transfer it to others, who will utilize its leverage for their own profit.
As a leading agent with Gilsbar Financial Services, Inc. from 1986 through 1996, I came to understand the problems that my clients were having with taxes, inflation and changing financial regulations.
I soon identified the common denominator of these financial ills - wealth transfers. People were transferring their wealth unknowingly and unnecessarily in many different areas. I noticed that there were a great deal of tools written for the financial services professional but little for the client. With that knowledge I set out to build tools written for the client so that they could better understand the often-difficult conversations relating to their money and their ability to keep it.
The true emphasis of the MoneyTrax system is on effectively identifying and exploring the negative impact of wealth transfers in the building of wealth and identifying strategies to reduce or avoid them.
If you lose a dollar that you did not have to give away, you not only lose that dollar but what the dollar could have earned for you had you been able to keep it. There are many ways where we can end up transferring wealth unknowingly and unnecessarily. Taxes, non-deductible debt payments, credit cards, car payments, mortgages, how you fund your pension plan just to name a few.
In this book, you will learn all about this wealth-transfer phenomenon.
- CONTENTS
- INTRODUCTION
- YOUR CIRCLE OF WEALTH
- SAVINGS
- THE INSURANCE ADVANTAGE
- MORE ON QUALITY LIFE INSURANCE
- KEEPING WHAT YOU'VE GOT
- USE HOME EQUITY TO ELIMINATE DEBT
- A NEW PERSPECTIVE
- EXPANDING, YOUR CIRCLE OF WEALTH
- HOW YOU CAN BENEFIT FROM MASTERING YOUR MONEY
- CAPITALIZING YOUR FINANCIAL INSTITUTION
- MANAGE AND PROTECT YOUR WEALTH EFFECTIVELY DURING RETIREMENT
- WHERE WILL YOUR RETIREMENT FUNDS COME FROM
- WHAT SHOULD YOU SPEND, AND WHAT SHOULD YOU TRANSFER TO THE NEXT GENERATION
- CONCLUSION: SUMMARY OF POPULAR BUT COSTLY WEALTH TRANSFERS IDENTIFY YOUR WEALTH TRANSFERS
You have to be just as savvy in the spending of your assets as you were in the accumulation to avoid unnecessary wealth transfers. As you do your planning you will want to liquidate your least valuable assets first. The number one concern of seniors is - running out of money. It is imperative that you understand just how each asset you own performs and which asset is your most valuable and which is your least. This understanding will give you the insight to spend your least valuable assets first maintaining those which give you the greatest protection and potential for maximizing your Circle of Wealth.
Below are certain wealth transfers that pop up regularly.
- Compound interest in taxable investments
- Term Insurance
- Non deductible debt Payments
- Prepaying Mortgage Principle
- Large Down Payment on the purchase of a home
- Paying Cash for a home
- Qualified Plan contributions above the company match
