Picture every great Dream like a large mountain in front of you that you must climb. It can and will seem overwhelming at times. Which is the best route to take? What if we meet unforeseen circumstances? Now think of your Wealth Advisor as your "Sherpa" – your guide.
Well, we’ve almost made it through the first quarter of 2018. Hopefully, you have spent time developing a "decision-making process” that does not go to a default button established by someone else. Rather, you’ve designed a process that will help you make good decisions moving forward in your life. Hopefully, you have also developed a few "Dreams" that can be measured in nature and economics.
I saw some interesting data recently....
Now that you have established your OWN “default buttons,” it is time to use them to achieve your goals. Let’s start by establishing goals. Setting very specific goals is vital. They must be specific in nature and economics. When you create a specific goal, your mind will take over and provide the methodology to attain it. Adding economic goals will help bring it to reality – like when you save every month to attain it. A wise businessman told me, “if you can’t measure it, you can’t manage it. If you can’t manage it, you can’t monetize it. If you can’t monetize it, you can’t give it momentum.”
Always remember the 4 Ms...
Welcome to 2018. One of our senior clients said, “if I knew I was going to live this long, I would have taken better care of myself.” I believe he was speaking about his physical well-being, as his financial well-being is in great health. Thomas Edison said if we do everything we are capable of doing we would amaze ourselves. Another wise man said to know and not do is not knowing. If we truly can amaze ourselves, why do we regularly hit the “default button?”
Now that you have the correct "who" and the correct "what," you must make sure you can follow through on The Plan. The first issue all parties need to conclude is that "potholes and speed bumps" will occur. There will be business disruptions, only this time you are not steering the boat. But whether you like it or not, you still have an interest.
The business is still your baby and you want it to succeed.You need the payment from the buyout – to some degree. The Wealth Manager's work shows up here.
What does a Wealth Planner do?
Succession planning can be a difficult subject to broach with many business owners.
We have worked with many companies and their transition to a new "Boss.” Unfortunately, it doesn't usually have the time needed to be done correctly because the current boss does not want to talk about it. According to my wife, it is like trying to get me to go to the Emergency Room – I almost need to be seeing the white light in the tunnel. For many business owners, succession planning can feel a lot like this.
We have found there are four possible prospects for a succession plan...
Aurora Businessman Gives Back By Helping College Students Learn To Manage Finances
(Aurora, IL)—January 2017–Passionate about giving back to his community and educating people on the importance of financial planning, Jack Meyer and Craig Anderson, owners and wealth advisors of Meyer Wealth Advisors in Aurora, donated 50 Evolve Planners to a group of Aurora University students.
On the outside, this may seem like the best problem to have – you’ve inherited money or received an unexpected windfall and there is so much you don’t know what to do with it all. The reality of this situation is always a bit different than the brain can imagine. Studies have shown that most people spend all of their inheritance within five years. Here are our three top tips on keeping that money and making it work for you...