Achieve Financial Freedom - Big Time!: Wealth-Building Secrets from Everyday Millionaires

Achieve Financial Freedom - Big Time!: Wealth-Building Secrets from Everyday Millionaires

Language: English

Pages: 320

ISBN: 0071798501

Format: PDF / Kindle (mobi) / ePub


HOW DO YOU ACHIEVE FINANCIAL FREEDOM--DO WHAT RICH PEOPLE DO!

Starting with this profoundly simple concept, bestselling author Sandy Botkin and his son, Matt Botkin, interviewed a host of millionaires to learn how they made their money, invested it, and planned for the future.

The result is Achieve Financial Freedom―Big Time!, a simple, straightforward guide to building, keeping, and growing your wealth so you never have to worry about finances again.

The authors reveal the fundamental financial decisions this elite group makes in virtually every area of financial planning--from paying for college and healthcare to investing and estate planning.

Learn how to:

  • Reduce your debt to zero--including your mortgage
  • Choose realistic retirement targets
  • Pick the right insurance and insurance options for your needs--and save money at the same time
  • Pay for your child's college and wedding without going broke
  • Lower your tax burden
  • Avoid any Madoff-style scam
  • Increase your asset protection and reduce your chances of being sued

Achieve Financial Freedom―Big Time! tells you everything CPAs don't want to. Start taking action now--so you don't have to in the future.

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of the partnership. “Well, that ends our discussion about estate planning.” Steve turned to Matt and said, “Using your notes, let’s summarize what you learned.” A Review of What You Have Learned • Everyone, even single people, needs estate planning. • When people die without a will, they are deemed to have died intestate. The problem is that if people don’t have a will, the state will draft one for them that might not meet their needs. • The following are important will provisions: º

problem with these investments is that they don’t offer much protection to investors against inflation. In fact, some of these investments are paying no more than 1 percent. All investors at any age should own some investments that go up with inflation. These can be stocks, gold mining shares, and real estate or real estate investment trusts (REITs). Generally the older you are, the fewer of these investments you should have in your portfolio, but they should always be included to some extent.

College savings) Savings account, risks of, 137–138 Savings bonds, 19, 142 Savings rates, in U.S., 34 Scams, avoiding, 81–104 advertised products and services, 94–95,102 book scams, 95–96, 102 credit card theft, 100 identity theft, 96–100, 102 inheritance scams, 93–94, 102 investment scams, 88–91, 102 pyramid scams, 94, 102 seminar schemes, 91–93, 102 tax scams, 82–88, 101 School districts, evaluating a home, 108–109 Second marriages (see Multiple families) Section 529 educational

Jeff said, “There was a study, conducted many years ago, by Wall Street firms to find out the best way to make a return on investment of a solid 20 percent or more. Here is what they found.” • Sell investments and make commissions. • Or tout stocks on TV and take a position in those stocks before recommending them on TV. “Today, they can still tout stocks and have a position in them as long as they disclose it. “The problem,” Jeff noted, “is that these stocks tend to move up for a very

retirement age is 67.”1 See Appendix D for what your normal full retirement age would be based on your date of birth. What Are the Penalties for Taking Social Security Benefits Before the Full Retirement Age? I immediately interrupted and asked, “Why shouldn’t people take the benefits early so that they can have the use of the money for several years?” Marvin gave me a thoughtful look when he said, “Yes, you are right, Sandy. Many people take earlier retirements when they are very sick or

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