Subscribe to LFO' s Blog
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.
Access The #1 UHNW Newsletter!
Lugen Family Office is the Most Trusted Online Curator on Legacy Planning, Wealth Management, Financial Literacy, Family Business, Philanthropy, and the UHNW.
ALL POSTS ARE CURATED BY ACTUAL EXPERTS!
Scoop.it describes Enzo Calamo "as a rock star of content curation."
Family Office Newswire
The #1 Family Office Newswire That Empowers Family Dynasties. Over 13,100 Complimentary Posts and growing rapidly with relevant topics!
Learn from Billionaires How To Handle Your Family Wealth.
ENZO CALAMO IS A GOLD AWARD NEWS CURATOR ON BUSINESS
UHNW Wealth Management Newswire
The #1 UHNW Wealth Management Newswire For Living Your Dreams. Over 10,900 Complimentary Posts on important topics that show you the Secrets of Accumulating and Preserving Wealth!
ENZO CALAMO IS A GOLD AWARD NEWS CURATOR ON FINANCE AND WEALTH MANAGEMENT
Family Business Newswire
The #1 Family Business Newswire That Helps You Move From Success to Significance. Over 5,400 Complimentary Posts On Key Factors To Build A Profitable and Sustainable Business!
UHNW Real Estate Newswire
The #1 UHNW Real Estate Newswire for Luxury Homes and Commercial Real Estate. Check out the latest trends in real estate today with over 4,600 Complimentary posts.
ENZO CALAMO IS A GOLD AWARD NEWS CURATOR ON LUXURY AND COMMERCIAL REAL ESTATE
The #1 Philanthropist Newswire For Leaving A Legacy From The Heart. Check out the latest trends in philanthropy today with over 1,600 Complimentary posts. Learn what some of the greatest philanthropists in history believe about gratitude and giving!
ENZO CALAMO IS A GOLD AWARD NEWS CURATOR ON PHILANTHROPY
Lugen Family Office Proudly Supports AIP
The International Association of Advisors in Philanthropy is the leading charitable giving organization in the world for inspiring collaboration among professionals.
AIP Ambassador, Past President
Recent Blog Posts
- The Extreme Future of Medicine: From Prevention to LongevityApril 28, 2016
- Golden ticket: Flash Saudi billionaire’s gilded £370k motor slapped with parking fine in LondonApril 28, 2016
- Rethinking Estate Planning as Building Beneficiary RelationshipsApril 28, 2016
- Where high-net-worth investors are putting their moneyApril 28, 2016
- What Neuroscience Says about Free WillApril 28, 2016
- When Should You Make Your Spouse Get Life Insurance? Patch AdvisorApril 28, 2016
- The meeting of financial planning and philanthropyApril 28, 2016
- Does It Matter Where the Money Came From? Philanthropy and the Sources of Wealth – Inside Philanthropy – Inside PhilanthropyApril 28, 2016
- Buffett’s Children Say Both Parents Set Example for PhilanthropyApril 28, 2016
- We need more female billionaires. Who’s up for the challenge?April 28, 2016
- Report: Ryan Fitzpatrick finds the Jets’ $8-million-per-year contract offer so insulting that he would rather sit out than take itApril 28, 2016
- ‘Force of nature:’ K-Tel’s Winnipeg-based founder diesApril 28, 2016
- Why So Many Doctors Are Advising StartupsApril 28, 2016
- How Facebook’s Stock Split Lets Mark Zuckerberg Keep ControlApril 28, 2016
- Are there health benefits to being overweight?April 28, 2016
- A catastrophe looms over high-fee mutual funds and investment advisersApril 28, 2016
- The typical American couple has only $5,000 saved for retirementApril 28, 2016
- Why Facebook could one day be worth $1 trillionApril 28, 2016
- Too poor to pay for college, too rich for financial aidApril 28, 2016
- U.S. economic confidence plunges to 2016 lowApril 28, 2016
- Multi-family offices facing cost challenges – News – AsianInvestor Mobile EditionApril 28, 2016
- Billionaire’s son whose steel firm collapsed threw himself to his death after telling wife he could not afford to buy pizzaApril 28, 2016
- Wealthy millennials still lean on their parents for financial supportApril 28, 2016
- This controversial former CEO is $58 million richer thanks to OracleApril 28, 2016
- A Harvard negotiation expert says too many people skip a crucial step when preparing to ask for a raiseApril 28, 2016
- RUBENSTEIN: Rich people don’t want to be President anymore, they just want to manage moneyApril 28, 2016
- The financial editor of NBC’s Today Show shares her best advice to start learning about moneyApril 28, 2016
- Google CEO’s vision for the future sounds a lot like Microsoft’sApril 28, 2016
- Smart, successful people are unhappy because they have the wrong mindsetApril 28, 2016
- Great leaders know how to be ‘genuine fakers’April 28, 2016
- CARL ICAHN IS DONE WITH APPLEApril 28, 2016
- The advantages of taking on more risk as you age | ReutersApril 28, 2016
- Tapping retirement accounts early: the ins and outs | ReutersApril 28, 2016
- Obama Says ‘The Big Short’ Was Wrong: Wall Street Has ChangedApril 28, 2016
- Investment legend Jack Bogle predicts market conditions over the next decadeApril 28, 2016
- Bill Gross: We’re close to the economic flatlineApril 28, 2016
- Zuckerberg: I want to cure all diseases this centuryApril 28, 2016
- Purpose over profits for Gen Y entrepreneursApril 28, 2016
- The surprising way one mogul found out he was a billionaireApril 28, 2016
- Chazz Palminteri: Turning down $1 million was the best career move of my lifeApril 28, 2016
LFO Website Statistics
- Today Visit: 11,004
- Yesterday Visit: 11,290
- Week Visit: 95,881
- Month Visit: 374,914
- Years Visit: 7,453,574
- Total Posts: 9,628