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Navigating the Path to Sustainable Business Success

Introduction
In today’s ever-evolving business landscape, achieving sustainable success has become a top priority for companies worldwide. With growing concerns about climate change, social responsibility, and ethical practices, businesses are realizing the importance of aligning their operations with sustainable principles. However, navigating the path to sustainable success can be a daunting task, requiring strategic planning, innovative thinking, and a commitment to making a positive impact.

The Importance of Sustainable Business Practices
Sustainable business practices are more than just a trend; they are a necessity in today’s world. By embracing sustainability, businesses can contribute to the preservation of the environment, improve the well-being of communities, and drive economic growth. Sustainable practices not only benefit the planet, but they also enhance a company’s reputation, attract customers who prioritize sustainability, and create a positive work culture.

Understanding the Concept of Sustainability
Sustainability goes beyond environmental conservation. It encompasses the triple bottom line approach, which focuses on three pillars: people, planet, and profit. A sustainable business aims to meet the needs of the present without compromising the ability of future generations to meet their own needs. It involves adopting practices that are environmentally friendly, socially responsible, and economically viable.

Environmental Benefits of Sustainable Business Practices
Implementing sustainable practices can have a profound positive impact on the environment. By reducing carbon emissions, conserving resources, and adopting renewable energy sources, businesses can contribute to mitigating climate change and protecting natural habitats. Sustainable practices such as waste reduction, recycling, and responsible water management can also help preserve ecosystems and biodiversity.

Social Benefits of Sustainable Business Practices
Sustainable businesses prioritize social responsibility and strive to make a positive impact on communities. By promoting fair labor practices, supporting local suppliers, and investing in employee well-being, businesses can create a more inclusive and equitable society. They can also contribute to community development through initiatives such as education programs, healthcare services, and infrastructure improvements.

Economic Benefits of Sustainable Business Practices
Contrary to the misconception that sustainability comes at a high cost, implementing sustainable practices can actually lead to long-term economic benefits. By optimizing resource usage, reducing waste, and improving energy efficiency, businesses can lower their operating costs. Sustainable practices also foster innovation, attract investors, and open up new market opportunities. Furthermore, businesses that prioritize sustainability are more likely to build strong relationships with customers and gain a competitive edge in the market.

Steps to Implement Sustainable Practices in Your Business

  1.  Assess your current practices: Conduct a thorough assessment of your business operations to identify areas where sustainability can be integrated. This includes analyzing energy consumption, waste generation, supply chain practices, and employee engagement.
  2.  Set clear sustainability goals: Define specific, measurable, achievable, relevant, and time-bound (SMART) goals that align with your business values and objectives. These goals can range from reducing carbon emissions to increasing the use of renewable energy sources.
  3.  Create an action plan: Develop a comprehensive action plan that outlines the steps required to achieve your sustainability goals. Assign responsibilities, set timelines, and allocate resources accordingly.
  4.  Engage stakeholders: Foster a culture of sustainability by involving employees, suppliers, customers, and other stakeholders in your sustainable journey. Encourage their participation, gather feedback, and collaborate on innovative solutions.
  5.  Invest in technology and infrastructure: Embrace technological advancements and invest in sustainable infrastructure to improve energy efficiency, reduce waste, and optimize resource usage.
  6.  Monitor and measure progress: Regularly monitor and measure your progress towards sustainability goals. Use key performance indicators (KPIs) to track improvements and make necessary adjustments to your action plan.

Tools and Resources for Sustainable Business Practices
There are several tools and resources available to support businesses in their sustainability efforts:

  • Sustainability certifications: Certifications such as LEED (Leadership in Energy and Environmental Design) and B Corp provide frameworks and guidelines for businesses to measure and improve their sustainability performance.
  • Carbon footprint calculators: Online tools can help businesses calculate their carbon emissions and identify areas for reduction.
  • Supply chain transparency platforms: Platforms like EcoVadis and Sourcemap enable businesses to assess the sustainability performance of their suppliers and make informed decisions.
  • Sustainable finance: Financial institutions offer various resources and funding options to support sustainable businesses, such as green loans and impact investing.

Case Studies of Successful Sustainable Businesses

  1. Patagonia: Patagonia is a leading outdoor apparel company that has made sustainability a core part of its business model. They prioritize fair labor practices, use recycled materials, and donate a portion of their profits to environmental causes.
  2. Interface: Interface, a global commercial flooring company, is committed to achieving a “Mission Zero” vision, aiming to eliminate any negative impact on the environment by 2020. They have implemented sustainable manufacturing processes, reduced emissions, and developed a closed-loop recycling system for their products.
  3. Unilever: Unilever, a multinational consumer goods company, has set ambitious sustainability goals, including reducing their environmental footprint and improving the livelihoods of millions. They have made significant progress in areas such as water conservation, waste reduction, and ethical sourcing.

Challenges and Obstacles in Achieving Sustainability
While the benefits of sustainable business practices are evident, there are challenges that organizations may face along the way:

  • Cost considerations: Implementing sustainable practices may require upfront investments, which can be a barrier for some businesses. However, the long-term cost savings and benefits often outweigh the initial expenses.
  • Resistance to change: Shifting towards sustainability may encounter resistance from employees, suppliers, or other stakeholders who are resistant to change. Effective communication, education, and engagement strategies are essential to overcome this challenge.
  • Complexity of supply chains: Ensuring sustainability throughout the entire supply chain can be complex, especially for global businesses with numerous suppliers. Collaboration, transparency, and continuous improvement are crucial to address this challenge.

Conclusion: The Future of Sustainable Business Success
As the world faces pressing environmental and social challenges, sustainable business practices have become imperative. By embracing sustainability, businesses can create a positive impact on the planet, society, and their own bottom line. Navigating the path to sustainable success requires strategic planning, innovative thinking, and a commitment to making a difference. By adopting renewable energy sources, reducing carbon emissions, implementing ethical supply chains, and fostering inclusive workplaces, businesses can pave the way for a brighter, greener, and more prosperous future. Let’s embark on this journey together and shape a sustainable world for generations to come.

This article has explored the key strategies and best practices that can help businesses navigate the path to sustainable success. From understanding the concept of sustainability and its environmental, social, and economic benefits to learning about practical steps, tools, and case studies, you now have a comprehensive understanding of how to embark on your own sustainable journey. Remember, sustainable business success is not just about doing the right thing; it is also about future-proofing your business and creating a positive impact on the world. So, let’s take action today and build a sustainable future for all.

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Accounting Economics Investing Wealth

Exploring Annuities: The Path to Attaining Financial Security

Imagine a future where you can rest assured, knowing that your financial well-being is protected and secured. As you work hard to build a nest egg for your retirement, you want to ensure that your money grows wisely and provides a stable source of income for the years ahead. 🌟💸

Amidst the myriad of investment options available, there’s one powerful solution that stands out—the “Annuity.” An annuity is not just an investment; it’s an insurance policy bundled together in a package of financial security. When you invest in an annuity, you enter into a mutual agreement with an insurance company, entrusting them with your money in exchange for a policy outlining the benefits you’ll receive.

Understanding annuities is the key to making the right decision for your future. Once you’ve invested in an annuity, you have the option to choose the terms of payment, whether for your lifetime or a joint agreement to protect your loved ones as well. The beauty lies in compounding interest, growing your contributions month by month, and providing you with peace of mind in knowing that gains and losses are tax-deferred, keeping them separate from your income tax return. 

There are two main types of annuities to consider: “Immediate Annuity” and “Deferred Annuity.” In the former, your investment guarantees a lifetime income, ensuring financial stability throughout your life. In the latter, your money grows tax-deferred until a specified time stated in the insurance policy, and you have the flexibility to choose between fixed or variable annuities. 

But what if the unexpected happens? Rest assured, annuities are designed with your loved ones in mind. In case of your passing, the person who inherits the annuity will be responsible for paying the income tax on any gains from the investment. 

Now equipped with valuable information, you can confidently chart your path towards financial security. Annuities offer a gateway to safeguarding your future and creating a legacy of stability for yourself and your loved ones. 

Explore the power of annuities and embark on a journey towards financial serenity. Explore this potent investment option and secure your financial dreams today!

Schedule a Free Financial Fitness Strategy Session with Kris Miller, LDA

Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

Use the Calendar Below to Schedule Your One-On-One Session with Kris

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30+ years of experience assisting others to grow & protect their wealth. Helped more than 6,000 families avoid financial disaster by strategically planning for their futures. Not one person has lost a single dime on her watch. Her clients learn how to change their families’ financial realities and create incomes they will never outlive

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Bootstrapping for Beginners: How to Build Your Business with Sweat Equity

 

Introduction

If you’re starting a business, chances are you’ve heard about the term bootstrapping. In simple terms, it means building a business without external funding. Instead, you rely on your own resources, hard work, and creativity. It’s a challenging but rewarding way to build a business, and in this article, we’re going to explore how you can do it too.

 

What is bootstrapping?

Bootstrapping means starting and growing your business with minimal external support or investment. Instead, you rely on your own resources, skills, and sweat equity. It’s a popular approach for many entrepreneurs who want to keep control of their business and avoid the constraints that come with external funding.

Bootstrapping can take many forms. You might start small and build up your business over time. You might launch a product or service and reinvest your profits to grow your business. Or you might leverage your network and community to get the resources you need. Whatever approach you choose, the key is to be resourceful, creative, and persistent.

The Benefits of Bootstrapping

There are several benefits of bootstrapping your business. First, you retain full control over your business. You don’t have to answer to investors or partners, and you can make decisions based on what’s best for your business and your customers.

Second, bootstrapping forces you to be more resourceful and creative. When you don’t have a lot of money to spend, you have to find innovative ways to get things done. This can lead to more efficient and effective business processes, as well as unique products and services.

Finally, bootstrapping can lead to a more sustainable and profitable business. When you rely on your own resources, you’re more mindful of how you spend your money and time. You’re less likely to overspend or waste resources, which can lead to a more sustainable business in the long run.

 

How to Bootstrap Your Business

Bootstrapping requires a lot of hard work, dedication, and creativity. But if you’re up for the challenge, here are some tips to help you get started:

1. Start Small

When you’re starting a business with limited resources, it’s important to start small. Don’t try to do everything at once. Instead, focus on one product or service and make it the best it can be. This will allow you to build a strong foundation for your business and generate revenue to reinvest in growth.

2. Prioritize Your Spending

When you’re bootstrapping, every dollar counts. It’s important to prioritize your spending and focus on what’s essential for your business. Invest in things that will help you generate revenue, such as marketing and product development, and cut back on non-essential expenses.

3. Leverage Your Network

Your network can be a valuable resource when you’re bootstrapping. Reach out to friends, family, and colleagues for help and support. You might be surprised at how willing people are to lend a hand or make an introduction.

4. Focus on Customer Acquisition

When you’re bootstrapping, it’s important to focus on customer acquisition. You need to generate revenue to reinvest in your business and grow. Focus on building a strong customer base and delivering a great product or service. Word of mouth can be a powerful marketing tool, so make sure you’re delivering value to your customers.

5. Embrace Sweat Equity

Bootstrapping requires a lot of hard work and dedication. You might have to work long hours, take on multiple roles, and make sacrifices. But if you’re willing to put in the effort, the rewards can be significant. Embrace sweat equity and

 

Conclusion

Bootstrapping can be an effective way for entrepreneurs to start and grow their businesses without external funding. By using personal savings, revenue generated by the business, and available credit, entrepreneurs can maintain full control over their ventures, save costs, and focus on generating revenue. Successful bootstrapping requires careful planning, hard work, and creativity. Entrepreneurs should create a detailed business plan, prioritize marketing and sales efforts, and use technology to their advantage. By following these tips, entrepreneurs can bootstrap their way to success.

For more information visit tylerhayzlett.com

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Inside the FTX Scandal: A Shocking Look at Cryptocurrency’s Dark Side

 

The FTX Scandal Unraveled: How it Impacted the Cryptocurrency World…

Cryptocurrencies have come a long way since the creation of Bitcoin in 2009. Today, there are thousands of cryptocurrencies available, with a total market capitalization of over $2 trillion. However, with the rise of cryptocurrencies, there has also been an increase in scams and scandals. One such scandal that has rocked the cryptocurrency world is the FTX scandal. In this article, we will discuss the FTX scandal, how it impacted the cryptocurrency world, and what lessons can be learned from it.

What is FTX?

FTX is a cryptocurrency exchange that was founded in 2019 by Sam Bankman-Fried and Gary Wang. The exchange quickly gained popularity due to its advanced trading features, such as leverage and futures trading. In addition, FTX was known for its strong focus on user experience and customer support. By the end of 2020, FTX had become one of the largest cryptocurrency exchanges in the world.

 

Who is Sam Bankman Fried?

If you don’t know him, Sam Bankman-Fried is a computer scientist and entrepreneur. He is the founder and CEO of Alameda Research, a cryptocurrency trading firm, and FTX, a cryptocurrency derivatives exchange. He is also the founder of Alameda Charity, which provides grants to projects aimed at improving the cryptocurrency industry. Bankman-Fried is an outspoken advocate for the cryptocurrency industry and is well-known for his involvement in blockchain projects.

The FTX Scandal

In early 2021, the FTX scandal came to light. It was revealed that FTX had been engaging in wash trading, a form of market manipulation. Wash trading is the act of buying and selling the same asset simultaneously to create fake trading volume. This can deceive traders into thinking that there is more liquidity than there actually is, which can cause them to make trades that they wouldn’t have made otherwise.

The FTX scandal was particularly shocking because FTX was one of the most reputable cryptocurrency exchanges at the time. The exchange had built a strong reputation for being trustworthy and transparent, and had even received investments from prominent firms such as Binance and Coinbase.

Impact on the Cryptocurrency World

The FTX scandal had a significant impact on the cryptocurrency world. The news of the scandal caused FTX’s trading volume to plummet, and many traders withdrew their funds from the exchange. In addition, the scandal damaged the reputation of the entire cryptocurrency industry, which was already struggling with a perception problem due to its association with scams and illegal activities.

How Big Was the FTX Scandal?

As 4th largest crypto exchange, at one point FTX was values at an estimated $32B. The Wall Street Journal reports that Sam may have illegally taken about $10 billion in FTX customers’ funds for his trading firm. His company has collapsed and in additional to it’s default on $32b in debt, the FTX scandal caused $800b worth of crypto to leave the crypto market overnight.

Lessons Learned

The FTX scandal serves as a cautionary tale for cryptocurrency exchanges and traders alike. It highlights the importance of transparency and honesty in the cryptocurrency industry. Exchanges must be transparent about their trading practices, and traders must be wary of exchanges that engage in market manipulation.

In addition, the FTX scandal underscores the need for regulation in the cryptocurrency industry. While the industry has largely operated outside of traditional financial regulations, the FTX scandal shows that there is a need for greater oversight to prevent market manipulation and protect investors.

Conclusion

The FTX scandal was a significant event in the cryptocurrency world. It highlighted the importance of transparency, honesty, and regulation in the industry. While the scandal had a negative impact on FTX and the cryptocurrency industry as a whole, it also served as a wake-up call for the industry to address issues related to market manipulation and investor protection.

Here’s the bizarre story here…

WATCH:

https://www.youtube.com/watch?v=20BEJouWBgY

For more information visit tylerhayzlett.com

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Accounting Investing Wealth

Secure Your Love and Future: Why a Prenup is a Must-Have for Every Couple!

Getting married is one of the most exciting times in your life. It’s a time of love, joy, and promise. However, it’s also a time when you need to be practical and think about the future. While it’s easy to get caught up in the romance of the moment, it’s important to remember that marriage is a big decision that shouldn’t be taken lightly. With the rate of divorce on the rise, it’s crucial to take steps to protect yourself and your assets in the event that your marriage doesn’t work out. That’s where a prenuptial agreement comes in. A prenuptial agreement, or prenup, is a legal document that outlines how assets will be divided in the event of a divorce. Many people view prenups as unromantic, but they can actually be a great way to add transparency to your relationship and make sure that both partners are on the same page about finances. If you’re still on the fence about whether or not to get a prenup, here are ten reasons why you should:
  1. Adding transparency to a relationship: A prenup can help both partners be upfront and clear about their finances, which can actually bring them closer together.
  2. Protecting yourself and your assets: If you earn more than your partner or have more assets, a prenup can ensure that financial liabilities and division of assets are clear before the wedding, so you can be sure of what you’ll be paying in case of a divorce.
  3. Protecting yourself from your partner’s debt: If your partner has a lot of debt, a prenup can help protect you from incurring it in the event of a divorce.
  4. Protecting your children’s future: If you’ve already been divorced or widowed, a prenup can help make sure that your children get their fair share of your estate.
  5. Protecting your business: If you’re a business owner, a prenup can help protect your business from being divided during a divorce, which can prevent you from having to liquidate it.
  6. Ensuring fairness: If you choose to stay at home and take care of the home and children, a prenup can ensure that you are compensated appropriately in the event of a divorce.
  7. Protecting your future career: If you’re about to start a lucrative career that will help you rise up, such as in law or medicine, a prenup can take that into account and ensure that you are protected.
  8. Preparing for the unexpected: People change, and a prenup can help protect your assets in the event that your partner changes in ways that are unexpected.
  9. Saving money: Going through a divorce can be expensive, but a prenup can actually save you money in the long run by avoiding costly legal fees.
  10. A less stressful divorce: Divorce can be extremely stressful, but a prenup can help make the process a little easier by avoiding complications around finances.
  In conclusion, a prenup is not just for the wealthy or unromantic. It’s an important tool to help protect your assets and make sure that you are on the same page with your partner about finances. By planning ahead, you can ensure a more stable future for both you and your partner. So if you’re thinking about getting married, consider the benefits of a prenup and talk to your partner about it. A little bit of planning now can save you a lot of stress and heartache in the future. Remember, a successful marriage is built on love, trust, and open communication, and a prenup can help facilitate that communication For more Healthy Money Tips Listen to our PodCast  “Money 911” and Subscribe to my Youtube channel here Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions Go to my website https://healthymoneyhappylife.com Email me at Kris@HealthyMoneyHappyLIfe.com Call me at (951) 926-4158
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Accounting Advice Women In Business

Be Prepared: Why an Emergency Fund is Essential for Any Crisis

Are you financially prepared for an emergency situation? Can you survive without access to banks or ATMs for an extended period? Do you have enough emergency funds to cover your basic necessities during natural calamities or catastrophic events? These are the questions that you need to ask yourself to ensure that you are ready for any emergency situation that may come your way.

Having an emergency fund with you is essential to help you survive during tough times. The amount that you need to keep varies, and it depends on the situation that you are in. Some people suggest keeping at least $500, while others recommend $1,000 or more. There are even those who advise saving enough to cover your living expenses for three to eight months.

The important thing is to start saving for your emergency fund today. You can start small by setting aside a portion of your monthly income. Financial gurus suggest saving at least $250 per month, or if you cannot afford that, extend your savings period to 18 months and save at least $166 per month.

One of the common concerns about keeping an emergency fund at home is safety. It’s understandable that you may feel unsafe keeping large sums of money at home, but there are clever and safe ways to hide or keep your emergency funds. You need to find secure places where you can easily access your money when you need it.

Remember, an emergency fund is not disposable income. It should be treated differently and considered a necessity. It’s not a matter of if an emergency situation will happen, but when it will happen. So, it’s essential to be prepared at all times. Saving for an emergency fund takes the same approach as saving for a rainy day or a nest egg.

In conclusion, having an emergency fund is essential to help you survive during tough times. It’s never too late to start saving for your emergency fund today. The amount that you need to keep varies, but the important thing is to have enough cash on hand to cover your basic necessities during natural calamities or catastrophic events. So, start saving now and be prepared for any emergency situation that may come your way.

For more Healthy Money Tips Listen to our PodCast “Money 911” and Subscribe to my Youtube channel here

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.com Call me at (951) 926-4158

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Accounting Capital

Unveiling the 3 Secrets of Financial Planning: Discover What Your Broker is Keeping from You and Take Control of Your Financial Future!

Are you confident that you’re on track to retire comfortably? If you’re like most people, you probably have no idea where your retirement money is invested. This lack of knowledge could leave you financially unprepared for your Golden Years.

But fear not! You can take control of your investments today and secure your financial future. Don’t rely on a broker to do the work for you – they might not have your best interests at heart. It’s time to dispel the myths and take charge of your retirement planning.

Why are so many people unprepared for retirement? Because they believe in outdated financial planning myths that simply won’t go away. It’s time to learn the truth and avoid the struggles that so many others face. By taking the reins of your financial future, you can ensure a comfortable retirement that you deserve.

Myth #1 Investing requires taking on risk

Fixed index annuities are a safer investment option compared to the stock market for retirement planning. These annuities provide stable returns and offer safety, liquidity, and better rates than most other products. Unlike the stock market, fixed index annuities provide a fixed rate of return and protect against market fluctuations and volatility. With fixed index annuities, you can earn higher returns without taking on unnecessary risks, ensuring a comfortable and financially secure retirement.

Myth #2 Your broker’s profit is linked to your profit.

It’s important to understand how brokers make money and protect your investments. Brokers profit by managing your money, not by ensuring you make money. Consider working with a fiduciary advisor, who is legally bound to act in your best interests. Educate yourself on investment strategies and understand the risks and rewards. Take an active role in managing your finances and seek out resources to make smart investment decisions.

Myth #3 Tiny Fees Have No Impact

Did you know that hidden administration fees could be slowly draining your retirement account without you even realizing it? While management fees are easy to spot, administration fees are not. According to the U.S. Department of Labor, a 1% increase in fees can reduce your retirement account balance by 28%. That’s a huge cost that could potentially cost you thousands of dollars.

To avoid these hidden fees, it’s important to educate yourself on the different fees associated with your retirement account, such as plan administration fees, investment fees, and individual service fees. Ask your broker to explain any fees that you don’t understand, and consider working with a fiduciary advisor who is legally bound to act in your best interests. By taking an active role in managing your finances and understanding different investment strategies, you can minimize the chances of losing money to hidden fees.

 

Secure Your Future Today

Retirement planning is crucial, but it doesn’t have to be overwhelming. Don’t fall for these three common myths that could derail your financial future:

    • You can wait to start planning for retirement.
    • Investing in the stock market is too risky.
    • Your retirement plan will take care of itself.

The truth is, starting early, diversifying your investments, and taking an active role in managing your retirement accounts can lead to a more prosperous retirement. By dispelling these myths and making informed decisions, you can secure your financial future and enjoy a comfortable retirement.

For more Healthy Money Tips Listen to our PodCast “Money 911” Subscribe to my Youtube channel youtube.com/@healthymoneyhappylife

Sign up for a Financial Fitness Strategy Session at Meet with Kris Miller – Financial Fitness Strategy Sessions

Go to my website https://healthymoneyhappylife.com

Email me at Kris@HealthyMoneyHappyLIfe.comCall me or text (951) 926-4158

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Accounting Advice Capital

BREAKING THE RETIREMENT PLANNING MYTH: WHY 100% OF STRATEGIES FAIL TO SECURE YOUR LIFETIME INCOME

100% of all retirement planning will fail to provide you with a guaranteed lifetime income.

Yes, 100% is correct. Regardless of how big the planning company is and how lucky or smart the advisor is, none can guarantee you an income for as long as you live.

The best they can do is guess how much or how long you could expect to get checks in retirement. Unlike Social Security and a company pension (not a 401k type plan) that can give you exact numbers, investment advisors can never give you any guarantees.

There are two separate and distinct areas of planning that confuse. Both of them start with the word Retirement. Retirement planning is what an employee gets when he starts working for a company and needs to learn about his investment options, risk tolerance, and dollar matching in the company’s 401(k) or IRA plan.

However, retirement “Income” planning is very different. Note the word income. How to get this saved money to produce a monthly paycheck as I or we are nearing Retirement? That sounds like a reasonable question to ask- how much can I take out for as long as we are both alive? In all honesty, it is the only question that matters. (I have put together critical questions you need to ask now). Income planning should be seriously looked at about ten years before you want to retire.

The retirement planning investment pros cannot give you an answer to that seemingly simple question. Why not? Social Security and company pension plans know to the penny how much you will get guaranteed for your life and a partner if you have one. How come to your retirement planner cannot do the same? Unfortunately, there is no way for them to do that. They can’t give any guaranteed amounts or length of time the money may last.

Why? You see, investment advisors are prevented by law from doing so. Because they can’t give you any guarantees, they need to craft a story that will convince people to leave their money with them: failure to provide a convincing story will result in them losing billions of dollars in commission and fees!

The first step is for you to believe they are the authority by multi-million-dollar advertising.

The second step is to do hypothetical case studies and use computerized projections to tell a story that looks so factual that you believe it. These projections appear authentic by predicting (really guessing) the chances your savings will last and not run out during retirement. To do this, they must apply guesses about what inflation will be projections for portfolio growth, (even though every investor knows “past performance does not guarantee future results, asset mix, and a sustainable

Withdrawal rate. These many assumptions lose any basis in reality. Countless economic studies have proven no one knows what percentage you can take out of your portfolio without running out of money. (No one can predict to future). Now your retirement planner puts these assumptions into a computer, presses the go button, and from these “guesses and assumptions,” impressive report prints.

The best part is that it looks official, leading many to a false sense of security (no guarantees) and the real possibility of running out of money in retirement.

It would be best to ask your advisor direct questions about how your money can produce income now. I have created a robust list of questions, including a guide highlighting each question and detailing what to look for. Please reach out, and I will send them.

 

For more Healthy Money Tips Listen to our PodCast “Money 911”

Meet with Kris Miller – Financial Fitness Strategy Sessions

https://healthymoneyhappylife.com/

Kris@HealthyMoneyHappyLIfe.com

(951) 926-4158

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Accounting Capital Women In Business

DOES RETIREMENT PLANNING NEED MORE THAN A CHRONOLOGICAL AGE?

The answer is Yes! Other crucial factors need to be reviewed.

First, understand the difference between life span and health span. Life span is how long you live. Healthspan is how long you live in good health. 

Often, the life span is always longer than the health span. Somewhere in those years is a gap. The gap consists of the span of years when we need help with the activities of daily living. The span can range from several months to maybe up to 10 years.

We all know that retirement has three stages; the Go-Go years, then as we age, we experience the slow-go years, and finally, the no go years. Many may spend a few in exiting the slow-go years and entering no-go years

When we think about retirement, we should also think about what support system will be available and have in place. Who will care for your financial affairs when you can’t count anymore?

Second, we need to look at biological age vs. chronological age to help complete the picture for proper planning.

Biological versus chronological age.

The problem is that chronological age only tells us a little about what we want to know, which is how long we will live. The reason chronological age is important is we need to get a sense of how long you have left to go. This helps with the decision if you only have ten years left? You shouldn’t be investing so much in stocks. Do you have 40 years left? You can invest in stocks.

Chronological age isn’t the best metric for your future. For a better sense, we need to use both and allow for flexibility.

 Future, we need to know your biological age. Some people are 55 years old chronologically, but their biological age is 75, and they’re not in good health. 

There are other people whose biological ages are 10 to 15 years less than their chronological age. They’re in great shape. You look at them and say, “She does not look 65.” It’s not just that she doesn’t look 65, and her biological age is 45.

We need financial plans that are geared toward the number that really matters — biological age. That’s where I think things such as long-term care insurance are essential. Even though traditional long-term care insurance wastes money, planning around it is crucial.

     Should a retirement plan be based solely on chronological age?

We need financial plans that are geared toward the number that really matters — biological age. When we look at all four issues, we can now plan better:

A low biological aged person will need two different income sources, one starting at retirement and the other some years down the long retirement road.

A person with a high biological age may need a shorter version of an income source and skip the second one.

Also, the use of recent development is an asset-based benefit that provides long-term care benefits without the need to buy expensive long-term care insurance. 

With asset-based care, you put your assets to work using IRS-approved strategies. If you don’t use the benefits, you won’t lose any of your money and can still leave the entire balance to your family upon death.

More facts make designing a better plan to withstand life’s uncertainties. Regardless of biological age, health span life span, even though they are good places to start, that is not the only criteria. Everyone knows their DOB, and almost no one knows their DOD, so targeted flexibility is the only answer to planning.

For more Healthy Money Tips Listen to our PodCast “Money 911”

Meet with Kris Miller – Financial Fitness Strategy Sessions

https://healthymoneyhappylife.com/

Kris@HealthyMoneyHappyLIfe.com

(951) 926-4158

 

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WATCH: Inside the Ever Unfolding TOSHIBA Scandal

Toshiba is a brand that’s been drowning in scandals for years. Including a recent one that involved overstating it’s profits to shareholders by $1.2 billion which resulted in the resignation of their CEO.

The company was once one of the most innovative businesses on the planet, they produced one of the first laptops. They were credited as being the first company to mass produce one. Chances are you owned one…

They were sued and settled to pay $1billion in a class action lawsuit for faulty equipment.

Despite being such an innovative company, Toshiba has experienced some massive setbacks over the years that have resulted from a combination of both poor business decisions and public scandals.

This video y Company Man highlights the most notable ones. Here’s a video that highlights the history of Toshiba’s insane series of scandals.

 

WATCH:

 

The Surprising History of Toshiba

Toshiba traces its history in Japan to 1875. The company rode the post-war Japanese manufacturing boom in the late 1950s to high growth portfolio of unique and innovative products. Toshiba began selling products in foreign markets during this period and continued to expand its businesses across the globe during the following decades.

Today, the conglomerate operates business units on a worldwide scale in a variety of diverse industries, including semiconductors, personal electronics, infrastructure, home appliances, and medical equipment.

Toshiba reported net worldwide sales of more than 3.38 trillion Japanese yen or $31 billion for the 2020 fiscal year. The company employs more than 125,648 people worldwide.

 

 

 

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