When people think about building wealth, they usually consider the obvious tools: brokerage accounts, 401(k)s, maybe a rental property. But many forget the single biggest financial factor for wealth-building — income.
For someone in their 30s or 40s, the lifetime value of future earnings can dwarf everything else on the balance sheet. Yet the decisions that influence your earning power often get made separately from the financial plan they’re funding.
Protecting wealth requires you to look at blind spots that many people often ignore until it is too late. Perhaps your attention is focused on day-to-day financial news in the media, which can be entertaining and leave you less focused on the real, everyday risks that can affect your financial plans.
Here are four hidden liability risks to evaluate before life throws you a curveball.
When I was a young rep, a typical day involved a client visit or two, and maybe one meeting with a prospect. Over the 25+ years I’ve been in this business, my days have grown to the point where I often see 5-8 client families. What remains true is that it is very important to me to spend my time listening to people.
It’s important to have cash reserves on hand in case of an emergency, but holding on to too much of it can inhibit your long-term wealth goals. Hear from the newest FFP Wealth Advisor Scott Zavitz about the sweet spot for your cash savings.
When people think about building wealth, they usually consider the obvious tools: brokerage accounts, 401(k)s, maybe a rental property. But many forget the single biggest financial factor for wealth-building — income.
For someone in their 30s or 40s, the lifetime value of future earnings can dwarf everything else on the balance sheet. Yet the decisions that influence your earning power often get made separately from the financial plan they’re funding.
Many people think about cash flow the wrong way. They treat it as a scoreboard — money in, money out, whatever’s left is what you have to work with. But cash flow isn’t just a number. It’s architecture. And like any well-designed structure, it should be built intentionally, with your actual life at the center.
The dream of retiring early is a hot topic among millennials. There are countless podcasts, blog posts, and Reddit threads dedicated to exploring ways to achieve financial independence and gain more control over your time.
I’ve been talking to a lot of my snowbird clients who have recently returned from the great South, and I’ve enjoyed hearing the ways in which they are surviving the higher cost of Florida housing. Even for those with generational ownership of a property, they are dealing with higher taxes, HOA fees, insurance, etc., and have had to get creative with how they manage their funds.
When I first got married and was working multiple jobs, I remember thinking, that if I could just have a household income of $100,000, I’d be set for life. I’d never have to worry about money again. That guy — the one who’s doing your financial planning — didn’t understand inflation, or the price of children, or HOA fees, or anything else at the time. These are things that I had to learn, not by being told, but by experiencing it.
We discuss many finance topics around here, but they all revolve around the overarching question: How do you retire comfortably? Saving money and investing are both about retirement. Even home ownership, insurance, and legacy planning are ultimately about building and maintaining a healthy nest egg for a comfortable retirement.
*Representatives are licensed to offer insurance and annuity products in AL, FL, GA, IL, IN, KY, MA, ME, MI, MO, NH, OH, SC, and TN and are licensed to offer investment products in AK, AL, AR, AZ, CA, CO, CT, FL, GA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MO, NC, NE, NH, NM, NV, NY, OH, OR, PA, SC, TN, TX, VA, WA, Washington DC and WV. This website and its content are not intended for residents of other states. Securities offered through: The O.N. Equity Sales Company, Member FINRA/SIPC, One Financial Way, Cincinnati, OH 45242. 513.794.6794 Investment Advisory Services offered through The O.N. Investment Management Company. Estate Planning Services provided in conjunction with your licensed legal advisor.