5 Powerful Actions To Transform Your Business, Your Team, and Your Community

The best business books can vastly improve the way we run our organizations. The best books make us not just better leaders, better business owners, and better workers, but also better citizens and people. And so I gladly agreed to write a foreword to the best seller, The Serving Leader, by John Stahl-Wert and Ken Jennings. Stahl-Wert and Jennings propose that the key to business (and community) success is what they call the philosophy of the Serving Leader. Hold onto your hats. This type of leader probably breaks every leadership principle you think you know. The first of the five powerful actions the book proposes […] Read more »

Family Businesses Often Overlook Risks To Family Members

Your family business may be well protected from risks but what about your family members? Could the family business do major damage to the family? Are there risks you can remove or protect against? A new family business study indicates that most family businesses lack a regular risk management process that covers the entire enterprise including risks to the family. A report in the May/June 2015 Family Business magazine on the Crystal & Company and Family Office Metrics study said the study found only 30% of the 159 online survey participants have an enterprise-wide risk management process. This concerns me because some business owners focus […] Read more »

Money Book Gives Insights to High Net Worth Individuals

When people recommend a financial planning book I often cringe. So many financial and investment books provide poor advice. But recently a client asked me to read Tony Robbins’ Money: Master The Game – 7 Simple Steps to Financial Freedom and I’ve found many solid, practical ideas in the book. Business owners and high net worth individuals may feel the same. Yes, the book’s long. I’m only on page 340 of its 627 pages. But here are some reasons why Money: Master The Game may be worth your time. First, I believe in taking financial and investment advice from high net worth individuals who have […] Read more »

Does Your Financial “Expert” Work For You Or For His Company?

Summit Investor Coach is a Fiduciary

Many Are Not Obligated To Serve Your Best Interests Assumptions can kill your financial plans. One of the worst assumptions is thinking your investment or financial consultant is legally obligated and motivated to serve your best interests. That may not be true. Many high net worth individuals and business owners believe their professional and credentialed financial expert is legally bound to and compensated for providing financial and investment advice that’s in the client’s best interest. That describes what a fiduciary does. A fiduciary, by law, must give advice that’s in the client’s best interests. Financial advisors aren’t acting in a fiduciary capacity if they accept […] Read more »

6 Small but Impactful Financial Steps for High Net Worth Individuals and Business Owners in 2015

For a moment, put aside the country’s economic prospects. Focus on your own personal financial outlook and that of your own business. We’re already more than a month into 2015. Are you seeing financial improvements? Do you have a solid investment and financial plan for the year? Personally, I think the country’s in an improving economy right now with lots of opportunity for smart business owners and high net worth individuals (HNWI). But financial conditions can change quickly. For you to reach your 2015 business and personal financial goals you need financial insight. Here are six ideas that may give you greater opportunities to grow […] Read more »

Double Your Money Carefully With Compound Interest

Here’s what some of my clients find is a very motivating fact about saving and investing. It’s called The Rule of 72. It’s a formula for estimating how long it will take for you to double your money. The Rule of 72 demonstrates the dramatic positive effect time and compound interest can have on your savings. Here’s how you use The Rule of 72. Divide 72 by the rate of return your money will earn. The answer tells you how many years it will take to double your money at a particular rate of return. For example, if you invest at 4 percent interest your […] Read more »

Time To Make Your Money Sweat So You Don’t Have To

Money can be a bully. If we let it, money can control us. But you and I can learn to be in control of our money rather than letting it dictate to us. We all have limited time and ability. That’s one reason why it’s critical that we spend our time and effort on those things we can control. Sound obvious? It is, but think about how much energy many people spend on worrying about or trying to influence money matters they can’t change.   Take Control of Your Money For example, you can’t control time, but you can control the time you spend preparing […] Read more »

How Smart the Millennial Generation is Saving for Retirement

Does it surprise you that the Millennial Generation (1980-99 birth dates) is a bigger generation than the Baby Boomers? In the United States, we have 76 million Baby Boomers and 87 million Millennials. And here’s another amazing fact. What do you think the average age in the U.S. is? Would you believe it’s 22? These facts, a conversation with a Millennial, and two reports from Dimensional Fund Advisors led me to these conclusions: 1. Millennials, now ages 15-34 are good but not genius retirement savers 2. Planning retirement savings isn’t any more critical than planning retirement consumption 3. The smartest savers, Millennials and other generations, […] Read more »

High Net Worth Individuals: Best Practices

learn how to maintain wealth

Becoming a high net worth individual (HNWI) is one thing; maintaining that wealth can be quite another. Here are some simple but often overlooked best practices for maintaining wealth.  1. Think why before how Don’t even think about how to grow or maintain your wealth until you understand your goals, comprehend your long-term needs and put your situation in context. Think about your financial “pain points.” How important is it to ease that challenge or pain? How will making a financial move affect your family? Why will making a move make you better off than you are today? 2. Understand how all your finances fit […] Read more »

The Business Owners Financial Checklist

business owners financial checklist

You may feel like April 15, 2015 is light-years away. It’s not. Start preparing for your tax bill and take stock of your business’s financial situation now. Small actions now could prevent the need for bigger, costlier actions later. Here are 10 simple steps business owners can use to improve a business’s tax and financial readiness.   1. Re-evaluate your business entity Many small businesses start out as sole proprietorships or partnerships, but eventually transition to another entity. For example, if your business is not incorporated, you may want to consider incorporating (either as a C Corp, S Corp, or LLC) to shelter you from […] Read more »