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unHeritage – 11 Pitfalls to Family Legacy and How to Avoid Them
“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
Center for Family Conversations
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.
THE TYCOON PLAYBOOK – How Business Empires Are Built
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.
Post Tagged with: "Financial services"
Business Ideas: 3 Business Lessons From Visa Founder Dee Hock Today we’re going to look at how a former brick mason refused to settle for less than he felt he deserved and went on to build one of the most successful financial companies in the world. This is the story of VISA founder Dee Hock and the top 3 lessons that you can learn from his success. “Money motivates neither the best people, nor the best in people.” – Dee Hock Dee Hock (born 1929) is the founder and former CEO of VISA. In 1968, when credit cards were first starting to get popular, Hock convinced the Bank of America to release control over their BankAmericard credit card program. He started a new company to control the credit cards. It was called National BankAmerica and later changed to VISA. Hock came from a modest household. His father was a utility lineman and after marrying his high school sweetheart, Hock’s first jobs were working in a slaughterhouse and for a brick mason. He became interested in the banking world and walked away from three separate jobs at respected financial companies because he thought they were too hierarchical and controlling which limited his creativity. Hock went looking for an opportunity to build a different type of organization, one that valued the creativity and enthusiasm of its employees. The result of this plan was VISA. Today VISA has over $8 billion in revenues and processes over 60 billion transactions per year. Action Item #1: Hire People Different From You Action Item #2: Be A Leader Action Item #3: Empty Your Mind Quotes “Failure is not to be feared. It is from failure that most growth comes; provided that one can recognize it, admit it, learn from it, rise about it, and try again.” “If you don’t understand that you work for your mislabelled ‘subordinates,’ then you know nothing of leadership. You know only tyranny.” “Given the right circumstances, from no more than dreams, determination, and the liberty to try, quite ordinary people consistently do extraordinary things.”
Fortunately, there are a number of techniques for handling risks. The nature of a specific risk and the circumstances (extent of exposure, available resources, and so forth) often dictate which technique, or combination of techniques, is most appropriate. Basically, there are five methods for dealing with risk. It is easy to remember these by thinking of the acronym STARR. Sharing—Sometimes, when a risk cannot be avoided and retention would involve too much exposure to loss, we may choose risk sharing as a means of handling the risk. By sharing risk with someone else, an individual also shares potential losses. That is, the individual’s own loss may not be as great if it occurs, but the individual may have to pay a portion of the losses experienced by others. Transfer—Risk transfer means transferring the risk of loss to another party, usually an insurance company, that is more willing or able to bear the risk. Some non-insurance transfers of risk occur, such as when one agrees to assume the risk of another under the terms of a written contract. Avoidance—As the name implies, this technique deals with risk by avoiding the risk in the first place. This usually means not undertaking an activity that could involve the chance of loss. For example, by never flying, one could eliminate the risk of being in an airplane crash. Reduction—Sometimes, when risks cannot be avoided, they can be reduced. Risk reduction can work in one of two ways: it can reduce the chance that a particular loss will occur, or it can reduce the amount of a potential loss if it occurs. For example, installing a smoke alarm in a home would not lesson the possibility of fire, but it would reduce the risk of the loss from the fire. Retention—Retention simply means doing nothing about the risk. In other words, people assume or retain the risk and, in effect, become self-insurers. For example, the insured would pay a smaller portion of the loss than the insurer, such as paying a deductible.
Critical Illness Insurance Broker | Dr. Marius Barnard, Creator of Critical Illness Insurance A message from D. Marius Barnard, the creator of Critical Illness Insurance, speaks about why he was compelled to create a financial plan that acts as a financial doctor to assist patient in their overall recovery. If you are interested in Critical Illness Insurance in Canada, please contact us.
Financing your Family Business without Going Broke Financing is indispensable for the success and growth of your family business. But after you’ve already tapped out your personal funds, and perhaps those of friends or other family members to get your business up and going, you’re going to have to find a way to keep the lights on without going broke. That means you’re going to have to borrow money or obtain credit from a variety of institutional lenders. Business loans and lines of credit will allow you to cover expenses, buy new equipment, manage cash flow, purchase inventory, create new products or services, or expand your business when the circumstances are right. If your business is new and doesn’t have an established credit history, you may need to provide collateral to secure a loan or credit line. This could be any personal assets that you cannot otherwise monetize or afford to spend on the business, but can be utilized as security. Your best bet would be to approach a local bank or credit union where you have a personal relationship and a history of sound money management. If your business does have a positive credit history for at least a year or two, the commercial bank that issued your business credit card is a good place to go to apply for a line of credit. Make sure that you’ve paid the balance on that card promptly each month, and if necessary, let the bank know that you’ve been shopping around and intend to move any accounts to the lender that can provide credit with the best terms. Most banks will want to keep you as a customer. Regardless of the age or reputation of your family business, or where you go for financing, you’re going to have to prove to every lender that it is a financially solid concern, with the capability of long-term survival. So make sure you have all your paperwork in order, including all financial and tax statements, all profit and loss history, as well as a list of contacts for credit references. You’ll also need to provide a pro forma to each potential lender. This will be a description of how you intend to utilize your loan or line of credit, how it will affect your cash flow, and how you anticipate paying back the money you’re going to borrow. Once you’ve secured funding, make sure you stick religiously to a repayment schedule. As you continue to display credit worthiness, you will be able to increase your credit limit, borrow at more favorable rates, and most important, keep the business going without going broke. Al Krulick is an award-winning journalist with dozens of years of writing experience. He writes and blogs for Debt.org.
Are we smarter than credit rating agencies? Dorian Crede Dorian Credé is founder and chairman of Wikirating, the first non-profit community platform for credit ratings. He studied physics and mathematics and has a Master of Science from the Swiss Federal Institute of Technology ETH Zurich, Switzerland. Since more than 12 years he is working in the IT and financial services industry.
“Succession Planning for a Family Business” Part 1 of 3 Michael Gray interviews attorney John Hopkins for Financial Insider Weekly about how to determine which child gets what proportion of your family business and some unique issues that come up when planning for the future of your family business. Part 1 of 3. Part 2 of 3 Part 3 of 3
Make Your Money Last: Shattering the Top Five Retirement Planning Myths Worried about having enough money in retirement? Thinking of working a few more years just to be sure? Financial planning for retirement is more complex than ever. It’s no longer just about saving enough to get to retirement; it’s also about making sure your money lasts through your retirement years. Don’t risk outliving your money by adhering to the old ideas of retirement planning. Learn why many of the traditional approaches to retirement planning no longer apply, how to avoid the risk of outliving your money, and key steps you can take to ensure your money lasts as long as you do.
Prospecting and Philanthropic Planning Author Margaret May Damen, CLU®, ChFC®, CFP®, Founder and President of the Institute for Women and Wealth and two faculty members from The American College discuss who the most likely prospects for philanthropic planning services are and how to find them.
Enzo Calamo Is A Best Selling Author
Enzo Calamo is the Best Selling co-author of "How To Create Infinite Returns In Real Estate Using The Secret Asset: How To Recover All Business and Personal Expenses Using The Secret Asset" This is a must read for every affluent investor.
Enzo Calamo Is A Gold Award Curator
Scoop.it describes Enzo Calamo "as a rock star of content curation."
Lugen Family Office is the Most Trusted Online Curator on Legacy Planning, Wealth Management, Financial Literacy, Family Business, Philanthropy, Technology Trends, Healthy Living, and the UHNW.
ALL POSTS ARE CURATED BY ACTUAL EXPERTS!
Check out our 11 Gold Award UHNW Newswires.
- Margin debt is sending a worrisome signal about where stocks are heading nextJanuary 23, 2017
- Silicon Valley billionaires are preparing for the apocalypse with motorcycles, guns, and private hideawaysJanuary 23, 2017
- Here are the 2 reasons Sprint could think Jay Z’s Tidal is worth $600 millionJanuary 23, 2017
- Animated map reveals the most dangerous countries in the world for touristsJanuary 23, 2017
- America’s millennials stuck in their parents’ basement may finally be able to move outJanuary 23, 2017
- TRUMP: We’re going to ‘cut regulations by 75%’ and impose a ‘very major border tax’January 23, 2017
- Forget 4% growth: 3% would be a major feat for Trump after record droughtJanuary 22, 2017
- At a private lunch in Davos, Jamie Dimon was asked about the elephant in the roomJanuary 22, 2017
- MORGAN STANLEY: A ‘correlation crash’ is happening in the marketsJanuary 22, 2017
- Billionaire Richard Branson thinks everyone should watch these 20 documentariesJanuary 22, 2017
- China dumping U.S. Treasury debt in record volume… is this a prelude to the globalist assault on Trump’s economy?January 22, 2017
- How Shark Tank investor Daymond John became filthy richJanuary 21, 2017
- Warren Buffett says he supports Donald Trump’s cabinet ‘overwhelmingly’January 21, 2017
- US oil rig count spikes by the most in nearly 4 yearsJanuary 20, 2017
- Here’s how much debt the US government added under President ObamaJanuary 20, 2017
- There’s one business on Wall Street that has suddenly ‘become a lot more interesting’January 20, 2017
- President Obama made one of history’s greatest stock market calls in March 2009January 20, 2017
- A personal finance columnist with 15 years of experience shares her 3 biggest money regretsJanuary 20, 2017
- ‘From this moment on, it’s going to be America First’: Here’s President Donald Trump’s full inauguration speechJanuary 20, 2017
- THE TRUMP 5: Meet the offspring of President Donald TrumpJanuary 20, 2017
- Trump is creating a huge problem for the future of the auto industryJanuary 20, 2017
- ‘Thank you’: Obama offers final words for the American people after leaving a note for Trump in the Oval OfficeJanuary 20, 2017
- Trump inaugurated as 45th presidentJanuary 20, 2017
- How to Find and Start Your Next Entrepreneurial EffortJanuary 20, 2017
- The 4 Essentials of a Customer Service PlanJanuary 20, 2017
- Sheryl Sandberg: We Can Change the Face of Leadership Through AdvertisingJanuary 20, 2017
- What Franchisees Need to Know About Vendor ContractsJanuary 20, 2017
- Pessimists Aren’t All That BadJanuary 20, 2017
- 10 Entrepreneurs Share Fail-Safe Strategies For More Effective MeetingsJanuary 20, 2017
- 4 Lessons Every Entrepreneur Can Learn From Donald TrumpJanuary 20, 2017
- Insight Vacations launches 2017 luxury gold portfolio – The Economic TimesJanuary 20, 2017
- Introducing: The Jaeger-LeCoultre Rendez-Vous Night & Day In New 38.5mm ‘Large’ SizeJanuary 20, 2017
- Luxury Watches Online: 4 Digital TrendsJanuary 20, 2017
- 2017 Predictions for the Luxury Industry: Adapt to SucceedJanuary 20, 2017
- Health is the New Wealth for the Affluent Asian ConsumerJanuary 20, 2017
- Assets of High Net Worth investors growingJanuary 20, 2017
- European Union Still Lags Behind Where Bitcoin is ConcernedJanuary 19, 2017
- Why Millennials Are Poorer Than Their Baby-Boomer ParentsJanuary 19, 2017
- Glamorous party girl conned pensioners out of £2m to fund her luxury lifestyle of the best restaurants and trips to the racesJanuary 19, 2017
- 17 Luxury Watches With Marvellous MechanismsJanuary 19, 2017
Lugen Family Office Proudly Supports AIP
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