Wealth Traps to Avoid
Why does thinking about money seem to cause so much stress? Financial discussions seem to bring up feelings of anxiety for many people as well. Imagine a life where money doesn’t cause you any worry, confusion or anxiety. Imagine a world where we all understand the science of money. A life where there is no fear surrounding money and personal finance. Imagine a life where you are in control of your money…and your money is not in control of you!
The rich do get richer, and you can too. The reason that the rich get richer is often over looked. Most people would simply like to argue that they aren’t rich because they weren’t born with a silver spoon in their mouth. While that is a convenient excuse for not reaching your full financial potential, many others were born in worse straits than you and managed to climb their way to the pinnacle of financial success. The rich get richer because they have something saved. Once you can develop the discipline and habits to save something, a new world of opportunities may open up to you. You would be surprised at how the world takes on a new life and a new view with a few dollars in your pocket. New opportunities begin to present themselves to you.
Not everyone attends business school. This book is designed to give everyone a glimpse of practical, real world business school training. Quite a bit of our training at Wharton was devoted to analyzing case studies, which helped up gain insight and knowledge into how countless successful entrepreneurs built their companies and amassed their fortunes.
Wealth Traps: Do you and your current advisor have a strategy to help you avoid these common wealth traps? Hint: There are few products that can solve these issues. Only coordinated planning and strategy will do the trick.
Common Wealth Traps Include:
- Market Corrections
- Saving Enough to Educate your Family
- Fees, Expenses & Costs
- Lawsuit Risks
- Taxes and Tax Law Changes
- Loss of Employment (Emergency Fund)
- Interruption in Income Due to becoming Sick or Hurt
- Loss of Income due to a Premature Death
- Protection from Creditors and Bankruptcy
- Overpaying for Insurance
- Consumer Debt and Interest Rate Risks
- Transferring Too Much Wealth while Paying for your Home
- Estate and Legacy Planning Issues
- Business Succession and Transfers
While attending the Wharton school at the University of Pennsylvania I was lucky enough to have access to some of the greatest financial minds in our nation. I was taught the secret science of money and wealth building. I now want to share it with you. Once you understand the formula, and the key players, it is easy to accumulate wealth for yourself.
Most of us are taught, at a young age, by our parents, to work hard and to study hard. The educational system assures that we are taught the basics of reading, writing, arithmetic, history, and science. Many of us get great educations and refine these skill sets to very high specialties. Unfortunately, along the way, very few of us are ever given any basic consumer financial education. I have worked with thousands of clients and very few, if any, have ever had a course that taught them the basics of consumer finance.
Few people have ever been properly trained on how to select the right mortgage program for themselves, or how to compare and contrast automotive financing options (is it more advantageous to lease, purchase or pay cash for a vehicle?) They don’t know how to structure their consumer debts or school loans, how to select the appropriate limits and levels of insurance, how to utilize their 401(k) plans and retirement programs, or how to maximize tax deductions that are legally allowable to them.
Unfortunately, most of us learn the rules of finance by playing the game…a basic trial and error approach. As we learn, we can end up transferring tens of thousands, if not hundreds of thousands of dollars away unnecessarily. It is one thing not to know that this is happening, but it is quite another to ignore these facts once they are pointed out to you.
Our goal is to facilitate some basic discussions about fiscal literacy and consumer awareness, to show you how to highlight areas where you may be transferring away missed opportunities and by re-capturing the wealth that others are taking from you. This occurs at many different levels and many different times throughout your life, and it is critical for you to identify and eliminate these unnecessary transfers of your finances. This book is designed as a forum for us to do just that. Read Ivy League Wealth Secrets Today!