Details

Financial Independence (Getting to Point X)


Financial Independence (Getting to Point X)

A Comprehensive Tax-Smart Wealth Management Guide
2. Aufl.

von: John J. Vento, Todd Mackay

25,99 €

Verlag: Wiley
Format: EPUB
Veröffentl.: 28.08.2018
ISBN/EAN: 9781119510352
Sprache: englisch
Anzahl Seiten: 480

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Beschreibungen

<p><b>Discover how the Tax Cuts and Jobs Act of 2017 will change your journey to financial independence and what you need to do now to take advantage of the new law</b></p> <p><i>Financial Independence (Getting to Point X)</i> offers practical, time-tested advice for reaching your financial goals—whatever they may be. Whether you’re recovering from debt, putting kids through college, planning for retirement, starting your own business, or just seeking a healthier financial outlook, this book shows you how to get it done. No platitudes or empty advice here—just a clear roadmap to your goals, based on the effective management of the 10 Key Wealth Management Issues that threaten to derail us all.</p> <p>This new second edition has been updated to reflect President Trump’s massive income tax changes. These historic changes will reduce the tax obligation of most Americans, but not all. This is the most significant tax reform in over 30 years, rendering old advice obsolete while opening new opportunities. This edition also includes a new chapter on becoming financially independent by starting your own business. Author John Vento knows exactly what these new laws entail, and this book puts his wisdom of experience to work for you to help you get on track to financial freedom.</p> <p>Saving, budgeting, managing debt, minimizing taxes, and living within your means—all classic financial advice, but easier said than done, right? In this book, you’ll find real, practical advice for actually doing it—<i>to the extent that makes sense for you</i>.</p> <ul> <li>Understand the enormous changes taking place in the federal income tax code</li> <li>Learn which financial strategies have become obsolete, and what new opportunities you should take advantage of</li> <li>Negotiate your way through the 10 Key Wealth Management Issues with expert advice</li> <li>Find out if you have what it takes to reach financial independence by starting your own business</li> <li>Follow a clear roadmap to financial independence, no matter how you define it</li> </ul> <p>The goal is not perfection on all fronts, it’s simply tailoring your journey to suit your destination. No unnecessary deprivation, no obsessive adjusting—simply paying attention to key issues may be enough, depending on your goal. Regulatory changes close some doors but open others, and opportunities still exist if you know where to look. <i>Financial Independence (Getting to Point X)</i> provides you with a roadmap to financial freedom, so that you can achieve your life goals and dreams.</p>
<p>Foreword by Todd Mackay xi</p> <p>Preface xiii</p> <p>Acknowledgments xv</p> <p><b>Introduction Getting to <i>Point X </i>1</b></p> <p>Financial Literacy and the Move Away from Capitalism 2</p> <p><i>Point X</i>: Our Fundamental Financial Goal 4</p> <p>Ten Key Issues to Comprehensive Wealth Management 5</p> <p>Our Biggest Expense 6</p> <p>Take a Financial Planning Checkup 8</p> <p>The Power of This Book 10</p> <p>What’s New in the Second Edition 11</p> <p><b>Chapter 1 Committing to Living Within Your Means 13</b></p> <p>The American Dream Becomes the American Nightmare 13</p> <p>Living Within Your Means: The Essential Step 14</p> <p>Simple Saving 18</p> <p><b>Chapter 2 Understanding Taxes 23</b></p> <p>A Brief History of the US Tax System 24</p> <p>Organizing and Retaining Your Records 27</p> <p>Tax-Preparation Services 28</p> <p>Accumulating Wealth Through Tax Planning 31</p> <p><b>Chapter 3 Determining Your Financial Position 37</b></p> <p>Figuring Your Financial Net Worth 38</p> <p>Case Study: How One Couple Learned They Were Spending More Than They Earned 38</p> <p>Making Sense of Cash Flow 49</p> <p>Establishing Your Financial Goals 71</p> <p>Finding Trusted Advisors 75</p> <p><b>Chapter 4 Managing Debt 83</b></p> <p>Case Study: How Two Doctors Went Bankrupt in Only a Few Years – What Not to Do 83</p> <p>Basic Principles for Managing Debt 87</p> <p>Good Debt Versus Bad Debt 89</p> <p>Credit Card Debt 90</p> <p>Auto Loans 96</p> <p>Student Loans 97</p> <p>Home Mortgage Loans 98</p> <p>Business and Investment Loans 103</p> <p>Understanding Credit 104</p> <p>Your Credit Report and Your Credit Score 105</p> <p>Preventing Identity Theft 110</p> <p>The Equifax Breach 111</p> <p>Analyzing Your Debt 112</p> <p><b>Chapter 5 Insuring Your Health and Life 119</b></p> <p>Choosing a Health Insurance Plan 120</p> <p>Long-Term Care Insurance 135</p> <p>Disability Insurance 142</p> <p>Life Insurance 146</p> <p>Buying Insurance Policies 152</p> <p><b>Chapter 6 Protecting Your Property with Insurance 157</b></p> <p>Case Study: How a Lack of Insurance Wiped Out One Woman’s Life Savings 158</p> <p>Homeowners Insurance 160</p> <p>Automobile Insurance 164</p> <p>Umbrella Liability Insurance 167</p> <p>Buying Insurance Policies 170</p> <p><b>Chapter 7 Paying for College 175</b></p> <p>Is College the Best Choice for You and Your Child? 175</p> <p>The Cost of College and What You Can Expect to Pay 179</p> <p>Case Study: How <i>Not </i>Saving for Your Child’s Education Can Ruin Your Finances – and Your Child’s 181</p> <p>Conducting a “Needs Analysis” for Your Children’s College Educations 185</p> <p>Strategies for Saving Money for College Education 189</p> <p>Education Tax Breaks and Credits 204</p> <p><b>Chapter 8 Planning for Retirement 213</b></p> <p>Case Study: Saving Versus Not Saving for Retirement: The $1.7 Million Difference 213</p> <p>Retirement Equation: Calculating Your Personal <i>Point X </i>217</p> <p>The High Cost of Waiting to Save for Retirement 219</p> <p>What You Can Expect to Receive from Social Security 222</p> <p>Qualified Retirement Plans 225</p> <p>The Difference Between Traditional IRAs and Roth IRAs 229</p> <p>Fixed and Variable Annuities 235</p> <p>Retirement Funding: “Needs Analysis” 239</p> <p><b>Chapter 9 Managing Your Investments 249</b></p> <p>Analyzing Your Ability and Willingness to Take Risk 250</p> <p>Stocks, Bonds, Hybrid Securities, Mutual Funds, and Exchange-Traded Funds 255</p> <p>Diversification, Asset Allocation, and Rebalancing 264</p> <p>Dollar-Cost Averaging 275</p> <p>Inflation and Taxes: The Biggest Drains on Investment Return 276</p> <p>Medicare Surtax on Net Investment Income 277</p> <p>Cryptocurrency and Its Tax Treatment 278</p> <p><b>Chapter 10 Preserving Your Estate 283</b></p> <p>The Federal Gift and Estate Tax System 284</p> <p>Legal Documents to Consider for Estate Planning 284</p> <p>The Probate and Administration Process and Why You May Want to Avoid It 289</p> <p>Using a Planned Gifting Strategy 293</p> <p>Ownership of Property and How It is Transferred 294</p> <p>Reasons for Creating a Trust 297</p> <p>Benefit from a Family Limited Partnership 309</p> <p>Estate Tax Planning and Life Insurance 310</p> <p>Asset Protection and Long-Term Care 313</p> <p><b>Chapter 11 Starting Your Own Business 319</b></p> <p>How Starting Your Own Business Can Lead to Financial Independence 319</p> <p>The Three Pillars of Establishing a Successful Business 320</p> <p>Sobering Statistics on Business Success Rates 321</p> <p>Business Plan 321</p> <p>Establishing and Operating a Successful Business 323</p> <p>Entity Choices 326</p> <p>Tax Identification Number 333</p> <p>Accounting Methods 333</p> <p>Reporting Business Income and Expenses 336</p> <p>What is the Number-One Expense in Operating a Business? 338</p> <p>Employee Versus Independent Contractor 338</p> <p>Business Tax Deduction Versus Business Tax Credit 340</p> <p>“Ordinary and Necessary” Test 341</p> <p>Deductible Business Expenses 342</p> <p>Nondeductible Business Expenses 344</p> <p>Home Office Deduction 344</p> <p>Travel Expense As a Business Deduction 347</p> <p>Deducting Automobile Expenses 348</p> <p>Depreciation Deductions 350</p> <p>Choosing the Right Retirement Plan for Your Business 352</p> <p>Recordkeeping 361</p> <p>Financial Statements 362</p> <p>Financial Management Team 366</p> <p>What the Tax Cuts and Jobs Act of 2017 Means for Your Small Business 367</p> <p><b>Chapter 12 The Time Value of Money 379</b></p> <p>Appendix A: Selecting a Trusted Advisor 395</p> <p>Appendix B: 101 Ways to Save $20 or More per Week 405</p> <p>Appendix C: Basic Concepts and Definitions of Various Types of Taxes 415</p> <p>About the Author 435</p> <p>Index 437</p>
<p><b>JOHN J. VENTO</b> is the president of a New York City-based certified financial planning firm and a certified public accounting firm. John has been ranked among the most successful advisors of a nationwide investment service firm and has held that distinction for over a decade. He specializes in working with professional practices, high-net-worth individuals, and those committed to becoming financially independent.
<p><b>A FIELD GUIDE TO FINANCIAL FREEDOM</b></p> <p>Discover how the 2017 tax reform may impact your journey to financial independence through useful discussions on the practical realities of the new laws. Keep this resource at your fingertips to:</p> <ul> <li>Understand the sweeping changes to the federal income tax code:</li> <li>Make informed financial planning decisions based on the latest <b><i>Tax Alpha to the 2nd<sup> Power<sup>®</sup></sup></i></b> Facts and Strategies</li> <li>Achieve financial independence by starting your own business</li> <li>And much more</li> </ul> <p>"You'll never reach your financial goals without a plan. This book provides a roadmap to financial independence with tax-smart strategies under the new tax laws. It is the only guide you need to help identify ways to successfully grow the wealth required to achieve your dreams."<br />—<b>Guy Adami,</b> Professional Investor and TV Personality on CNBC's "<i>Fast Money</i>"</p> <p>"John does a fantastic job of explaining the importance of saving with practical advice that is easy to understand and implement. It should be required reading for all Americans, especially now with his insights into the recent tax changes and how that may or may not affect each person's wealth."<br />—<b>Suzanne Siracuse,</b> VP/Publisher, Investmentnews</p> <p>"For anyone starting a business, the addition of Chapter 11 (as well as the entire book) is a must-read, as it interprets the financial language to a level that is understandable and user friendly. I wish I had this roadmap to help me navigate through my dental practice before I started."<br />—<b>Dr. Eric S. Studley</b>, CEO, Eric S. Studley & Associates, Inc., and Former General Practice Director and Associate Professor, NYU College of Dentistry</p>

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