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unHeritage – 11 Pitfalls to Family Legacy and How to Avoid Them

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“unHeritage is definitely the lighthouse for protecting your family and wealth for generations. This book is a must read for anyone interested in legacy planning.” Enzo Calamo

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Center for Family Conversations

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The Center for Family Conversations (CFC) is a resource center that provides the integral tools and ideas in helping families establish a 100-year-plus Family Legacy Plan.

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THE TYCOON PLAYBOOK – How Business Empires Are Built

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The Tycoon Playbook course was created for business families who are already running a successful business and wish to ramp up their growth while preserving wealth for future generations. Specifically, the Playbook teaches high performance business owners the two most highly rewarded skills in business, namely deal-making and how to acquire cash flow producing business assets.

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CNN Financial News

U.S. ends TARP with $15.3 billion profitRead full story for latest details. [...]

Unilever lays an egg: Drops Just Mayo lawsuitUnilever takes its mayonnaise very seriously. But this time, the global food giant appears to have e [...]

It's time for disruptive tech firms to grow upRead full story for latest details. [...]

How to pick the best dividend stocksInvesting in dividend stocks can be a powerful and effective strategy to obtain superior returns ove [...]

Source: Hackers send new message to SonyThe hackers behind a devastating cyberattack at Sony Pictures have sent a new message to executives [...]

Friday LinksRead full story for latest details. [...]

All I want for Christmas: BoobsOn the first day of Christmas, my true love gave to me ... two breast implants, a tummy tuck and a r [...]

 

CNN Small Business News

Unilever lays an egg: Drops Just Mayo lawsuitUnilever sued Hampton Creek over its egg-free mayonnaise spread Just Mayo. But the company behind Be [...]

Alternative lenders are hot -- especially among millennialsRead full story for latest details. [...]

Reddit cofounder: The next Google is one visa away from leaving U.S.Read full story for latest details. [...]

The heart of the Internet has been hackedICANN, the all-powerful but little-known organization that administers global website domain names, [...]

Oprah-approved startup raises $6.25 millionNews startup The Skimm announced a new round of funding, 1 million active readers, and plans to expa [...]

Cow farmers get high-tech tracking appBrazilian startup BovControl is turning cows into data with a mobile app. [...]

Google Ventures: less Ubers, more health careThe venture capital investment arm of the tech giant has quadrupled its funding of life sciences and [...]

 

CNN Money News

Payday lenders throw millions at powerful politicians to get their wayPayday lenders are spending millions of dollars in Washington in an attempt to get powerful politici [...]

Living your dream retirement? Tell us about itAre you living your dream retirement? If so, we want to hear how you were able to get there -- wheth [...]

Mortgage rates hit a new low for the yearAmid falling gas prices and investor nervousness, the average rate for a 30-year fixed-rate loan fel [...]

Alternative lenders are hot -- especially among millennialsRead full story for latest details. [...]

The 2014 tax breaks you'll be able to takeCongress waited until the last minute to decide what to do with a slew of expired tax breaks. They e [...]

Re-gifting is fine... if you follow these rulesEtiquette experts say re-gifting is generally considered acceptable, as long as you follow these rul [...]

Toyota has best value: Consumer ReportsRead full story for latest details. [...]

 

Fortune Magazine

Will Mmmhops be a hit?Hanson is attempting to chart with a new microbrew. [...]

NBA confirms L.A. Clippers sale to ex-Microsoft CEO Steve BallmerDonald Sterling sues the NBA for damages and demands to be reinstated as owner. [...]

FBI and SEC probe into Carl Icahn and golfer Phil MickelsonAuthorities are looking into the potenial insider trading. [...]

Google launches "right to be forgotten" service in EuropeNow European citizens can request to have search results removed. [...]

Zuckerberg's latest donation reawakens concerns over mixed results in NewarkFacebook founder and his wife donate $120 million to Bay Area schools, claim to have learned from pr [...]

Five crazy things Steve Ballmer has doneIn light of Ballmer placing the highest bid on an NBA team in history on Thursday, here are some of [...]

Four ways Apple could have the "best" product pipeline everFrom the obvious upgrades to the bold and daring. [...]

 

Reuters Business News

NEW YORK (Reuters) - U.S. stocks were little changed on Friday, after the Federal Reserve's mos [...]

WASHINGTON (Reuters) - U.S. authorities were expected to announce on Friday that investigators had d [...]

WASHINGTON (Reuters) - The United States closed out its last big investment taken on during a 2008 b [...]

TORONTO (Reuters) - BlackBerry Ltd on Friday reported a bigger-than-expected drop in third-quarter r [...]

(Reuters) - A U.S. judge has cleared the way for consumers to sue Target Corp over the retailer [...]

MOSCOW (Reuters) - Russia's lower house of parliament hastily approved a draft law on Friday th [...]

(Reuters) - The Federal Reserve is creating "unacceptable" downside risks to U.S. inflatio [...]

 

Reuters Economy News

NEW YORK (Reuters) - U.S. stocks were little changed on Friday, after the Federal Reserve's mos [...]

LONDON/NEW YORK (Reuters) - Equity markets worldwide extended the week's rally on Friday, and o [...]

NEW YORK (Reuters) - The U.S. dollar rose against major currencies for a third straight session on F [...]

NEW YORK (Reuters) - Bond giant Pacific Investment Management Co said on Friday that it expects the [...]

MOSCOW (Reuters) - Russia's ruble strengthened on Friday after Finance Minister Anton Siluanov [...]

 

Reuters Business Video

European stocks follow their US and Asian peers higher and higher as the traditional end-of-year [...]

All eyes may have been on the rouble this week, but Nigeria is suffering its own currency crisis. Th [...]

Ramin Nakisa, strategist-global asset allocation at UBS Investment Bank, says that global demand for [...]

Festive spirit grips EU leaders as they wrap up their summit a day early with key agreements on a ne [...]

Hackers, moviegoers react to Sony's decision to cancel the release of the movie "The Inter [...]

Japan will release several economic indicators and Bank of Japan Governor Kuroda gives a Christmas d [...]

The Bank of Japan closes 2014 with its last policy meeting without a change in policy, but pressures [...]

 
 

Financial Planning

 
  • Thomas Piketty: New thoughts on capital in the twenty-first century

    Thomas Piketty: New thoughts on capital in the twenty-first century   French economist Thomas Piketty caused a sensation in early 2014 with his book on a simple, brutal formula explaining economic inequality: r is greater than g (meaning that return on capital is generally higher than economic growth). Here, he talks through the massive data set that led him to conclude: Economic inequality is not new, but it is getting worse, with radical possible impacts.

     
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  • Dilip Ratha: The hidden force in global economics: sending money home

    Dilip Ratha: The hidden force in global economics: sending money home   In 2013, international migrants sent $413 billion home to families and friends — three times more than the total of global foreign aid (about $135 billion). This money, known as remittances, makes a significant difference in the lives of those receiving it and plays a major role in the economies of many countries. Economist Dilip Ratha describes the promise of these “dollars wrapped with love” and analyzes how they are stifled by practical and regulatory obstacles.  

     
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  • Don’t give Uncle Sam a 0% loan

    Don’t give Uncle Sam a 0% loan   The average tax refund is about $3,000. That’s $250 a month you could have used otherwise. Here’s the best way to spend your refund now and how you can keep more of it during the year. 

     
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  • Tycoon Playbook Review

    Tycoon Playbook Review

    Tycoon Playbook Review   As a recent IRS report on America’s wealthiest proves, the surest way to becoming rich has always been and still is by building your own business. There are two basic approaches to building a business. One way is to focus on finding the home run product or service to build a single company around. The other way is to focus on accumulating many businesses over time. The first variation requires far more luck considering just how many failures there are relative to successes. The second variation is a simple numbers game based on the reality that once you have a system and team in place for acquisitions, you will have far more winners than losers over the long run.   This second path is often referred to as the PacMan strategy because you use your company to gobble up other companies. It’s the most proven path to billionaire status.   As with most things in life, the basic concept is simple while the devil is in the details. This is where the Playbook truly shines. The three month course reverse engineers the acquisitions strategy employed by tycoons and billionaires who made their fortunes through wheeling and dealing in businesses. Then it breaks down this complex topic into easy to understand and follow action steps. Equally importantly, it also shows you how to avoid the minefields. This is not a course built on dry academic theory.   The creator of the course worked for many years helping entrepreneurs and mini-tycoons to buy and sell businesses. In addition, he has also spent decades studying how they got started in the game and built their empires. As a result, the Playbook is rich in examples of actionable steps taken by tycoons to not only get going but to get it right.   What are the key rewards of the course in my opinion?   First, if you’re thinking that becoming wealthy requires an element of good luck in addition to work and perseverance, you are absolutely correct. The course reveals how you can maximize your luck if we agree that luck is a matter of being in the right place at the right time. It does so by having the second learning module reveal how insiders spot emerging opportunities well before the masses do. The eighth module teaches you how to take a calculated risk by revealing the do-able deal test for acquisition opportunities. Once you have digested these two lessons your ability to do successful acquisitions increases dramatically.   A second reward of the Playbook is in how it takes a complex subject such as acquisition finance, which intimidates most people, breaks it down into its constituent parts, and lists the many options you have available for buying a business. You need not be a mathematical genius to understand how tycoons acquire control of businesses. By the end of the financing section you will feel like an up and coming Kirk Kerkorian.   A third reward in taking […]

     
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  • A Family Wired For Perpetual Dependence by Tom Deans

    A Family Wired For Perpetual Dependence by Tom Deans

    A Family Wired For Perpetual Dependence by Tom Deans, Ph.D.     When the sale of a family business is all about a founder becoming wealthy and their children losing their jobs, you can see why so few ever put themselves in play and sell.   The CEO – the Chief Emotional Officer (Mom, and increasingly Dad) – just can’t stand to see the family pull itself apart. Killing the business with love has always felt like a better plan.   With a wave of aging business owners trying to figure out how they’ll fund their retirement, you can understand the temptation to simply throttle back on their day-to-day involvement and draw a salary while Junior runs the business until the final curtain falls.   Of course, as I’ve discussed in previous articles, with owners living longer, it’s improbable that Junior is going to hang around the business into his or her 70s, when Mom and Dad finally reach their 90s and hand over the reins of control – not operating control, I mean real control, control of the voting stock transferred when the last parent dies.   How About an Exit Where Everyone Makes Money?   But what if an advisor could frame the exit of the controlling shareholder as the day when all family members become wealthy? Far too often, death is the triggering event for the transfer of stock. Few children are offered an opportunity to risk their capital to buy the stock of their parents’ business at an early age. I recommend that when a child is 14, the parents and advisors begin the process of implanting the idea that the family business will be bought, not gifted, and that employment is different from ownership.   For a variety of reasons, the majority of parents signal that there’s no real or pressing need to recycle dollars in the family: “Hang around long enough, Junior, and all this will be yours – for free.”   Of course we know that nothing is ever really free and that while the ownership question is left hanging, there are as many underpaid children working in family businesses, as there are overpaid children. My experience on the speaking circuit is that few overpaid children ever risk their capital to buy out their parents. Why derail the gravy train? Parents who use their business to purchase and control family harmony do more harm than good and always pay the greatest price of all – a family wired for perpetual dependence.   Family Business Math   The dysfunction around the issue of compensation percolates and festers because the stakes have always been high. When Junior complains about low wages, some parents simply say, “If you don’t like what you’re paid, leave.” Emotionally and financially, it’s never been easy for a child to quit a parent’s business.   Child Quitting Over Compensation + Aging Business Owner = Less Inheritance For Junior.  You can see how family business math becomes really interesting when only one child working in […]

     
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  • Meshulam Riklis’s Growth Strategy by Peter Ireland

    Meshulam Riklis’s Growth Strategy by Peter Ireland

    How Did Tycoon Meshulam Riklis Make His Fortune?   Money is to look at, not to use. – Meshulam Riklis   One of the questions that I get asked on a regular basis is about the possibility of following the tycoon growth strategy without employing debt. The answer is that it is possible to do so. Over the years I have participated on the buy-side in a number of deals with debt averse buyers. One Russian transportation company comes to mind. The management team had basically been given the company for free by the Russian government shortly after the collapse of the USSR in 1991. The managers then threw themselves fully into growing the company internationally, including in the USA. However, their steadfast rule remained “no debt.” Every acquisition had to be financed with internally generated cash.   The downside to avoiding debt is that it will take longer to get started and, thereafter, growth will be slower. However, some people just prefer to avoid the use of debt. In thePlaybook we focus on those who utilize well-managed debt to grow because it’s easier to start that way and the growth rate is far higher. If you are starting out without a large war chest, it’s imperative to be creative about financing. If you wait for the heavens to drop your grubstake into your lap, you will be waiting forever. The lesson is start small and fast, then build momentum.     Tycoons are masters at the creative financing needed to get rolling. Once you learn the basics of deal-making from them and have achieved a critical mass almost any deal becomes do-able. The challenge is to get started today with what you have. Tycoons have a great deal to teach us about getting off our duffs and starting one step at a time. Let’s take a look at what I mean by this.   One of the financial tools used by tycoons is leverage. This simply means that they will use as much debt as possible to put the financing together for a deal. In many cases, for every dollar of equity they invest there are four to nine times as many dollars of debt. We could spend a great deal of time going over how this is done but today I want to leap-frog the topic to someone who took leverage to an extreme.   I refer to Meshulam Riklis who described his financing strategy as “the effective nonuse of cash.” He summed up his financing philosophy as “Money is to look at, not to use.” Recall the old joke about bankers: they will only lend you money when you can show that you don’t need it and slam the door in your face when you do need it. The joke captures the catch-22 faced by borrowers. Riklis came up with a beautiful solution to the problem which he described in the following words:   Mergers may serve several purposes, but they usually have one single aim at the start. That aim […]

     
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  • Paul Piff: Does money make you mean? – Lugen Family Office

    Paul Piff: Does money make you mean? – Lugen Family Office

    Paul Piff: Does money make you mean? – Lugen Family Office   It’s amazing what a rigged game of Monopoly can reveal. In this entertaining but sobering talk, social psychologist Paul Piff shares his research into how people behave when they feel wealthy. (Hint: badly.) But while the problem of inequality is a complex and daunting challenge, there’s good news too. (Filmed at TEDxMarin.) Paul Piff studies how social hierarchy, inequality and emotion shape relations between individuals and groups.   Why You Should Listen To Him?   Paul Piff is a post-doctoral researcher in the psychology department at the University of California, Berkeley.​ In particular, he studies how wealth (having it or not having it) can affect interpersonal relationships.   His surprising studies include running rigged games of Monopoly, tracking how those who drive expensive cars behave versus those driving less expensive vehicles and even determining that rich people are literally more likely to take candy from children than the less well-off. The results often don’t paint a pretty picture about the motivating forces of wealth. He writes, “specifically, I have been finding that increased wealth and status in society lead to increased self-focus and, in turn, decreased compassion, altruism, and ethical behavior.”   “When was the last time, as Piff puts it, that you prioritized your own interests above the interests of other people? Was it yesterday, when you barked at the waitress for not delivering your cappuccino with sufficient promptness? Perhaps it was last week, when, late to work, you zoomed past a mom struggling with a stroller on the subway stairs and justified your heedlessness with a ruthless but inarguable arithmetic: Today, the 9 a.m. meeting has got to come first; that lady’s stroller can’t be my problem. Piff is one of a new generation of scientists—psychologists, economists, marketing professors, and neurobiologists—who are exploiting this moment of unprecedented income inequality to explore behaviors like those. “ Lisa Miller, New York Magazine  

     
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  • There’s someone you should have a chat with… by Family Wealth Coach

    There’s someone you should have a chat with… by Family Wealth Coach

      As we approach the end of the calendar year, there is someone we recommend you have a friendly conversation with: your accountant.   The end of the calendar year carries its own due dates that create boundaries and opportunities for you. A coffee with your accountant would be a smart move. Here are a couple of things you might want to say [choose your own words, of course] to spark some useful and potentially profitable conversation:   1.    There’s a rumour out there that non-eligible dividend tax rates are rising in 2014. Should I pay out a larger dividend in 2013? 2.    I heard that there are changes in how we have to report my foreign assets – is there anything new I need to put together to help you prepare for tax season? 3.    I have a feeling that interest rates are going up – should I top up my loan to my spouse? 4.    I sold my business in 2013 and have been thinking about giving back a bit, or getting more serious about philanthropy. Do I need to make a donation before year-end to offset this one-time tax hit? Is there anything I can do to still give me some time to strategize, or do my gifts need to be finalized by the 31st?   Also, there are less urgent, but not necessarily less important, tasks like: •    Review the beneficiary elections on your insurance contracts •    Any contributions you might want to make to TFSA, RRSP or RESP accounts •    Update wills and shareholders agreements   Finally, to take this up to our more customary big picture, before you make decisions on financial issues, it’s an excellent moment to think about four things: your values, the vision for your family and wealth, the mission you’re working to accomplish, and the specific goals you are working to achieve.   This is a good time of year for you to have a conversation with your key advisors, and especially your accountant. Your decisions are worth the extra few minutes.

     
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Family Office Newswire

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The #1 Family Office Newswire That Empowers Family Dynasties. Over 6,500 Posts and growing rapidly with relevant topics!

Learn from Billionaires How To Handle Your Family Wealth.

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UHNW Wealth Newswire

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The #1 UHNW Wealth Newswire For Living Your Dreams. Over 3,500 Posts on important topics that show you the Secrets of Accumulating and Preserving Wealth!

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Family Business Newswire

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The #1 Family Business Newswire That Helps You Move From Success to Significance. Over 3,300 Posts On Key Factors To Build A Profitable and Sustainable Business!

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Philanthropy Newswire

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The #1 Philanthropist Newswire For Leaving A Legacy From The Heart. Check out the latest trends in philanthropy today with over 1,100 posts. Also. learn why some of the greatest philanthropists in history believe in gratitude and giving!

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Lugen Family Office Proudly Supports AIP

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The International Association of Advisors in Philanthropy is the leading charitable giving organization in the world for inspiring collaboration among professionals.

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AIP Ambassador, Past President

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Reuters Wealth News

NEW YORK (Reuters) - It sounds like the usual setup for a knock-knock joke: Who is the best-selling [...]

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LOUISVILLE, Ky (Reuters) - Louisville, Kentucky officials on Thursday approved an increase to the ci [...]

SEATTLE (Reuters) - Washington state Governor Jay Inslee on Thursday proposed a new tax on capital g [...]

NEW YORK (Reuters) - Investors in U.S.-based funds pulled $831 million out of emerging market stock [...]

NEW YORK (Reuters) - Investors in U.S.-based funds pulled $831 million out of emerging market stock [...]

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MarketWatch Personal Finance

The oil market, a sliding ruble and Sony Pictures led the news, writes Phil van Doorn. [...]

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Saving $500 a year isn’t a concern for a wealthy owner of a $100,000 car, writes Tim Mullaney. [...]

Your home and auto insurance rates can be subject to events you may never have known occurred. [...]

The selloff in oil prices is causing sharp losses among Wall Street’s biggest names, like billionair [...]

Connoisseurs of brown spirits are paying heed to Japan. [...]

 

MarketWatch Top Stories

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MarketWatch Pulse

SAN FRANCISCO (MarketWatch) -- News Corp said Friday it had acquired BigDecisions.com in India for u [...]

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WASHINGTON (MarketWatch) -- In a statement, Philadelphia Fed President Charles Plosser explained why [...]

NEW YORK (MarketWatch) -- ImmunoGen's stock plunged to a more than four-year low in very-active [...]

 
 
 
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