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Business Valuation Calculator

Types of Business Valuations

Method Description
Discounted Cash Flow (DCF) Future cash flows are discounted back to present value
Comparable Company Analysis Comparing valuation metrics with similar businesses
Market Capitalization Stock price multiplied by total number of shares
Book Value Net asset value from the balance sheet
Liquidation Value Value of assets if sold individually
Earnings Multiplier Earnings multiplied by an industry-specific factor
Replacement Cost Cost to replace all assets
Revenue Multiple Revenue multiplied by an industry-specific factor
Price-to-Earnings (P/E) Ratio Market value per share divided by earnings per share

Why Business Valuations Are Important

  • Investor Confidence: A solid business valuation can instill confidence among investors, potentially leading to increased investment.
  • Strategic Planning: Understanding the value of a business helps in making informed decisions for future growth and restructuring.
  • Mergers & Acquisitions: Accurate valuation is crucial for negotiating deals and understanding the fair market value of a business.
  • Succession Planning: Valuations are critical for understanding the value of the business for potential succession or sale.
  • Access to Funding: Lenders or investors often require a business valuation to assess the risk associated with the business.
  • Tax Purposes: Understanding the value of a business can be essential for various tax-related transactions and compliance.
  • Employee Stock Ownership Plans (ESOPs): Valuation helps in setting the price for stock when offering stock options to employees.
  • Litigation and Dispute Resolution: In legal cases like divorce or partnership disputes, a valuation can help in reaching a fair settlement.
  • Market Positioning: Knowing the value of the business relative to competitors provides insights into market positioning and competitive advantage.

Having an accurate business valuation is crucial for various aspects of managing, selling, or investing in a business. It provides a comprehensive view of a company’s health, growth potential, and overall viability can be as simple as a business valuation calculator in excel to as complex as a professional valuation by firm or expert!

Business valuation services near me?

If you are looking for an expert, C-Suite Network has some of the best! Visit:

https://pages.c-suitenetwork.com/valuation

 

 

Categories
Capital Personal Development

Nadine Strossen: Championing Free Speech in the Digital Age – An Exclusive Interview

Nadine Strossen is a renowned civil liberties activist and legal scholar whose tireless advocacy for freedom of speech, gender equality, and human rights has left an indelible mark on the landscape of civil liberties in the United States and beyond. As the first woman to lead the American Civil Liberties Union (ACLU) from 1991 to 2008, she championed the protection of individual liberties and civil rights, emphasizing the importance of upholding the First Amendment in an ever-changing world. Strossen’s commitment to fostering open dialogue, defending marginalized communities, and challenging discriminatory practices has made her a formidable figure in the fight for civil liberties, earning her recognition as a powerful voice for justice and equality.

 

What motivated you to write a book on the topic of free speech?

 

Countless specific situations, as well as general survey data, show that free speech has been increasingly embattled in the recent past and continuing into the present, including in institutions that traditionally have been especially committed to free speech, such as academia, journalism, publishing, cultural and entertainment institutions, and librarianship.  Public opinion surveys show that support for speech-protective legal standards is especially low among younger cohorts, which means that future challenges are likely to increase.  

Throughout my adult lifetime, I have been both an educator about free speech – in my capacity as a law professor – and an advocate for free speech – in my capacity as a civil liberties activist.  When wearing my professorial hat, I have always assiduously avoided  advocating any particular interpretation of the First Amendment, but rather I have required students to understand and articulate all plausible perspectives on all the issues.  Nonetheless, I have consistently seen that people tend to more strongly support free speech the more understanding they have about it.  When people understand the principles of free speech, they can appreciate that these principles accord with common sense.  Moreover, they come to appreciate the positive impact of free speech and the negative impact of censorship when they become familiar with the history that gave rise to these speech-protective principles, often at the behest of individuals and groups that are advocating for human rights and social change, and dissenting from government policies, who have been disproportionately targeted for censorship.  

Many people who say they oppose the First Amendment’s speech-protective standards actually oppose a distorted, caricatured version of such standards, which reflects the unfair, uninformed criticism that is too prevalent among politicians and even in the media.  For example, First Amendment critics often claim that the First Amendment permits no speech restrictions at all, and that First Amendment defenders even deny that speech can do any harm.  To the contrary, though – as people will see when they learn what free speech law actually provides – they will understand that this law sensibly allows the government to outlaw the speech that is the most dangerous while also outlawing the censorship that is the most dangerous.  

 

How would you define free speech, and why is it such a fundamental concept in democratic societies?

 

Free speech is the right of each individual to choose what to say/what not to say, through all forms of expression, and also what expression to listen to/not to listen to, subject only to limits that are necessary to prevent direct, imminent, serious harm (the so-called “emergency” principle).  Throughout history and around the world, many individuals have sought to exercise and defend free speech for many reasons, including:  to explore and express one’s own thoughts and identity; to pursue truth in science, philosophy, religion, and other matters; to communicate with other members of the community; to advocate for human rights and any other cause; and to participate in democratic self-governance.   

Free speech is an especially important concept in democratic societies, because it is an essential prerequisite for meaningful and equal participation in opportunities for influencing public policy, including through lobbying, demonstrating, involvement in civil society organizations, and voting for political candidates or running for office as a political candidate.  In the U.S., for example, “We the People” (to quote the Constitution’s opening words) cannot actually exercise our sovereign power unless we are free to engage in the most robust and vigorous debate about public policy issues and about political candidates and officials.  As the Supreme Court has said, expression about public issues concerns “more than individual liberty; it is the essence of self-government.”  

 

In your book, you mention that free speech is under threat in various forms. What are some of the most pressing challenges to free speech today?

 

Public opinion surveys and other evidence indicates that public understanding of and support for free speech is not so strong.  This is of concern because without public support for free speech, ultimately we cannot expect elected officials, or the judges they appoint, to support it.  As Judge Learned Hand famously stated in a celebrated 1944 speech, “If liberty lives in the hearts of men and women, it needs no court, no Constitution, no law to save it; if it does not live in the hearts of men and women, no court, no Constitution, no law can save it.”

Another great threat to free speech comes from powerful private sector forces, with great power over speech, which have had a strong speech-suppressive impact.  One such force consists of social media platforms, which enforce their content moderation policies to deplatform or suppress certain expressions and speakers.  The other major example of such a force consists of “Twittermobs” and other groups of community members who impose and advocate various negative actions toward unpopular expression, including shaming and shunning, firing employees,  and suspending students.  In all such cases, the result is that many speakers are silenced, thus also depriving their audience members of the right to hear their views.  Another result of these speech-suppressive practices is the “chilling effect,” which deters countless other individuals from expressing certain views, or discussing certain topics, for fear that they too will be subject to social media or cancel culture penalties.  

Public opinion polls have consistently shown that substantial majorities of the public, including all demographic groups, engage in substantial self-censorship for fear of “cancel culture” repercussions.  Therefore, they don’t express certain perspectives on sensitive, controversial issues, and they even refrain from discussing such issues at all.  Most troublingly, survey data consistently shows that this kind of self-censorship occurs on campus, where free speech should be especially vigorous.  For example, a recent extensive survey by FIRE (the Foundation for Individual Rights and Expression) and College Pulse (published in September 2023), showed that more than 25% of college/university students engaged in self-censorship “often.”  The upshot is that even though our legal free speech right is strong, we are not actually freely exercising and enjoying that legal right, due to social pressures and social media content restrictions.  As a practical matter, freedom of speech will not be strong until we supplant the prevalent cancel culture with a free speech culture, including both online and offline.

 

How do you balance the importance of free speech with concerns about hate speech, harassment, and misinformation?

 

Modern First Amendment law – which the Supreme Court has been developing and enforcing since the second half of the 20th century – has drawn the appropriate line between protected and unprotected speech, consistent with principles that are also enforced in many other legal systems, including under UN treaties.  I cite the First Amendment law not due to any kind of American chauvinism, but rather because it embodies universal, timeless principles that have been advocated throughout history and around the world, as discussed in Jacob Mchangama’s 2019 book,  Free Speech:  A Global History from Socrates to Social Media. 

The key standard is often called “the emergency test.”   It focuses on the context in which speech occurs, not only its content. Under this test, the government may restrict speech only when necessary to avert an emergency: when, in light of all the facts and circumstances, the speech directly, imminently causes certain specific harm.  The Supreme Court has defined several subcategories of speech that satisfies this general emergency standard, which would encompass much hate speech and disinformation (as well as other controversial speech).  Since these subcategories of unprotected speech are defined not solely by the speech’s content, but also its context, the inquiry is very fact-specific, turning on all the facts and circumstances in which the speech occurs.  

Examples of such contextually-defined unprotected speech categories, which apply to much hate speech, include:  intentional incitement of imminent violent or lawless conduct  that is likely to actually happen imminently; a “true threat” – when the speaker targets an individual or small group of individuals and intends to instill a reasonable (i.e., objective) fear that the targets will be subject to violence; and targeted harassment or bullying – when the speaker intends to and does objectively interfere with targeted individuals’ freedom of movement and privacy.  

Examples of such contextually-defined unprotected speech categories that apply to some false speech, include defamation, fraud, and perjury.

To be sure, even speech that doesn’t satisfy the emergency standard can well be harmful and dangerous; it can indirectly, potentially lead to some future harm.  However, experience has shown that it’s even more harmful and dangerous to give the government the increased discretion to punish speech that lacks the tight and direct causal connection to harm that constitutes an “emergency.”  Government consistently and predictably has used such discretionary power to disproportionately punish expression that it disfavors, including speech that criticizes government policy or officials, and speech by/on behalf of members of minority groups.  For example, experience has shown that even hate speech laws that are designed to benefit traditionally marginalized minority groups have been disproportionately enforced against the speech of these very groups.  That’s why many minority group leaders and human rights activists, in the US and other countries world-wide, oppose punishing hate speech that doesn’t satisfy the emergency standard.   I quote many of these experts in my 2018 book HATE:  Why We Should Resist It with Free Speech, Not Censorship

 

What advice would you give to individuals who find themselves in the midst of controversies surrounding free speech issues?

 

First and foremost, I would advise such individuals to contact organizations that can inform them about their rights and assist them in defending such rights.  Many of these  organizations will even provide legal representation free of charge.  

One prominent example is FIRE, the Foundation for Individual Rights and Expression (of which I am a Senior Fellow).  While FIRE has for many years been focusing on the free speech rights of students, faculty members, and other members of campus communities, more recently, FIRE has expanded its work to defend free speech in society more generally.  Its website provides a treasure trove of information and resources that can aid anyone involved in a free speech controversy.  Moreover, FIRE has an expert staff of lawyers and other advocates who can assist in vindicating free speech rights through various strategies, including via media, negotiation,  legislation, and litigation.  

Other organizations that can be of assistance include the following (I’m listing them in alphabetical order):  the ACLU (and its state-based “affiliate” organizations), the Institute for Justice, the National Coalition Against Censorship, and PEN America Center.  Moreover, various professional organizations can assist with the free speech rights of members of particular professions.  For example, faculty members could be aided by the Academic Freedom Alliance, the American Association of University Professors, and Heterodox Academy; writers may be aided by PEN America Center; school students, teachers, and librarians may be aided by the National Coalition Against Censorship;  librarians may be aided by the American Library Association; and journalists may be aided by the Society of Professional Journalists and the Reporters Committee for Freedom of the Press.  

 

Download Free Speech: What Everyone Needs to Know® today!

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Capital Personal Development

Crafting Your Financial Fortress: A Blueprint for a Secure Retirement

The shifting sands of the modern economy have cast a shadow of uncertainty over retirement plans, leaving many in their golden years grasping at fading dreams. As 401Ks and IRAs sway perilously in the volatile market winds, older Americans are faced with the grim choice of postponing retirement or struggling to make ends meet when they should be relishing their hard-earned rewards.

 

But here’s the twist: if you’re in that age range of 35 to 54, there’s a thrilling twist to this tale. You can seize the reins of your financial destiny and craft a different narrative—a tale of resilience, prosperity, and unwavering security.

 

Bypass the Stock Market Gamble

 

The first rule of this exhilarating financial adventure: steer clear of the stock market’s high-stakes gamble. Take a magnifying glass to your retirement accounts. Do you find your money entangled in the treacherous realm of “at-risk” investments? If so, it’s time to take action.

 

Consider this: stocks and variable annuities, while enticing to some, come with elevated risks. The truth? Many portfolios lean heavily on them because they shower brokers with generous commissions. However, there’s a wealth of other investment avenues that promise not only safety but robust returns.

 

The Art of Saving

 

If you’re just embarking on your retirement savings journey, fear not. Even in the midst of economic turbulence, a few dollars a month can set you on the right path. Sacrifice a couple of designer coffee drinks weekly, and you’ll soon see a savings snowball forming. The beauty of this habit lies in its addictive nature—saving, even in small doses, becomes a pleasurable ritual that you’ll eagerly embrace and elevate over time.

 

Unlock the Potential of IULs

 

As you explore safer investment options, allow us to introduce you to a hidden gem: Indexed Universal Life Insurance policies (IULs). Unlike traditional life insurance, IULs merge a cash growth account with life insurance. How does this benefit you? It accumulates market-linked interest on cash values exceeding term insurance premiums. Translation: you gain access to your principal and profits during your lifetime or an income stream for retirement.

 

But there’s more to the IUL magic. Since it’s a life insurance product, you won’t pay taxes on your withdrawals. In an era where taxes are poised to rise, this tax-free avenue becomes your financial shield. Furthermore, IULs provide stability. They accrue interest based solely on the market index’s upside returns, such as the S&P 500. Market dips don’t gnaw away at your principal, making IULs a safe harbor for your hard-earned wealth.

 

Ideal for individuals aged 35 to 54, IULs offer ample time for wealth growth (typically yielding six to eight percent in interest). If you currently possess a 401K or IRA, you can roll those funds into an IUL, safeguarding your financial future.

 

Script Your Financial Future

 

Let’s make one thing clear: your future doesn’t need to mimic the struggles of previous generations. Whether you’ve begun saving or not, the time for action is now. Know where your money resides and ensure it’s nestled in a secure investment. If need be, reallocate your funds to safer harbors.

 

But if you’re just starting your retirement savings journey, take the plunge today. Investigate the potential of IULs and low-risk investments. Knowledge, without action, remains inert. Take that first step.

 

No one dreams of toiling into their 90s or seeking refuge in their children’s basements post-retirement. Such scenarios stem from inadequate planning. That’s why, regardless of your age, now is the time to blueprint your golden years. Retirement may seem distant, but it’s a reality that sneaks up sooner than you expect.

 

Ready for a future bathed in financial security, adventure, and endless possibilities? The journey begins now!

 

Use the Calendar Below to Schedule Your Free Financial Fitness Strategy One-On-One Session  with Kris Miller, LDA, Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

 

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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

I’ve put together some of my work on linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Capital Personal Development

Unlocking the Secrets to a Prosperous Retirement: Your Guide to Smart Savings

Retirement, that golden chapter in the book of life, beckons us all. It’s a time when we finally get to enjoy the fruits of our labor, savoring the freedom to do as we please. Yet, to revel in these joys, one crucial element stands tall: savings. The path to a secure and fulfilling retirement begins with wise financial planning. So, let’s dive into the exhilarating world of retirement savings and discover how to make your golden years truly shine.

 

The Art of Calculation

 

The first step on this thrilling journey involves calculating your retirement needs. How much do you envision spending during those cherished retirement years? It’s a question that deserves a meticulous answer. Many people underestimate the importance of this step, opting instead to make educated guesses. Don’t fall into that trap. Take the time to calculate precisely how much you need and how often you should save to reach your goal.

 

These calculations serve as your guiding stars, revealing the magnitude of your financial mission. They awaken your sense of urgency, compelling you to think creatively and work harder to secure your retirement dreams. The numbers tell a story, and that story can empower you to develop effective strategies.

 

The Power of Contributions

 

Now, let’s talk about your retirement contributions. Review your current plan and assess whether it aligns with your aspirations. Sometimes, increasing your contributions is the key to reaching your ideal retirement nest egg. Don’t hesitate to make adjustments if necessary. 

 

Consider making substantial year-end contributions. Take advantage of the time when generosity seems to fill the air. Dive into the world of tax-advantaged accounts like 401(k)s, traditional IRAs, and Roth IRAs. These financial instruments offer tax benefits that can turbocharge your savings.

 

Beyond the Limits

 

But what if you dream even bigger? What if the standard contribution limits don’t match your ambitions? Fear not, for there are paths beyond these boundaries. For instance, if you’re eager to contribute more than your 401(k) limit allows, consider opening an after-tax savings account. This strategy lets you push your savings further and defy conventional limits.

 

Freelancers and Spouses: Your Options

 

Are you a freelancer or someone without a traditional job? Your journey to retirement security may take a unique path. Freelancers and those with sporadic incomes can explore Roth IRAs, tailor-made for individuals whose financial lives are dynamic and ever-changing. Similarly, Spousal IRAs offer an avenue for non-working spouses to build their retirement savings. With a focus on post-tax contributions, these accounts grant flexibility and control over your financial future.

 

The Tax-Game Strategy

 

In your quest for a prosperous retirement, don’t forget to factor in taxes. Understanding the tax implications of your retirement income is pivotal. It equips you to make informed decisions and optimize your finances. By keeping an eye on future tax obligations, you can make the necessary adjustments and ensure your retirement savings go the distance.

 

The Time to Begin

 

Armed with these insights, you’re now poised to embark on a thrilling journey towards a prosperous retirement. The key to success is simple: start early. The earlier you begin, the more time your savings have to flourish. Don’t delay; let the exhilaration of securing your financial future propel you into action.

 

Your retirement is not just a destination; it’s a journey filled with excitement, challenges, and triumphs. With smart savings strategies, careful planning, and the determination to forge ahead, you can transform your retirement dreams into a vibrant reality. So, take that first step today, and let the adventure begin!

Use the Calendar Below to Schedule Your Free Financial Fitness Strategy One-On-One Session  with Kris Miller, LDA, Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

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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.

 

Stay tuned and access to my content at linktr.ee/healthymoneyhappylife

 

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Branding Economics Marketing

Unlocking Potential: The Power of Business Growth Consulting

Hello Small Business Owners! Launching a start-up in today’s tricky pre-recession environment is no small feat. Economic uncertainties are intimidating, but with business growth consulting, there’s a silver lining! Let’s delve into how this secret weapon can navigate your start-up through murky waters to radiant success!

Business Growth Consulting Unveiled

In an economic climate brimming with challenges, a business growth consultant is your guiding star. This experienced mentor provides crucial insights to tackle market volatility, aiding your small business in devising strategies resilient to economic downturns while optimizing growth opportunities.

By analyzing market data, customer behaviors, and competitor actions amidst a looming recession, consultants can craft robust, adaptable strategies to navigate your start-up through today’s uncertain business terrain, ensuring sustainable growth and success.

Growth Strategies Amid Economic Challenges

The looming recession necessitates strategic navigation through the business environment, and consultants have precise strategies tailored for these challenging times:

  • Market Penetration: Strengthen your foothold among existing customers by enhancing product value and running recession-sensitive promotions.
  • Market Development: Explore untapped markets that may emerge or become more accessible during economic downturns, with expert guidance ensuring effective entry strategies.
  • Product Development: Innovate with products or services designed to meet changing consumer demands in a pre-recession landscape.
  • Diversification: Consider spreading risks through diversification, with informed advice assisting you in cautiously venturing into new products, services, or markets.

Consultants: Your Recession-Proofing Allies!

Business growth consultants are invaluable assets in recession-proofing your small business:

  1. Strategic Planning: Crafting plans sensitive to economic uncertainties, ensuring your start-up is not just reactive but proactive in facing challenges.
  2. Market Analysis: Delving into trends and demands unique to pre-recession periods, facilitating informed, timely decision-making.
  3. Operational Improvement: Streamlining operations to be lean and efficient, crucial for surviving and thriving in an economic downturn.
  4. Innovation Management: Driving innovation that addresses current market needs, keeping your start-up relevant and competitive.
  5. Change Management: Guiding through transitions smoothly, minimizing disruption while capitalizing on new opportunities arising from economic challenges.

Embarking on Growth Consulting – Ready, Set, Go!

Embarking on business growth consulting amid a pre-recession environment begins with recognizing the need for specialized expertise. Search for consultants experienced in navigating businesses through economic challenges, with a proven track record in your industry.

Engage in discussions clarifying your organization’s objectives, expectations, and the specific challenges you anticipate facing in the current economic climate. Establishing this understanding lays the groundwork for a partnership poised to steer your start-up through the looming recession successfully.

Are you ready to take the first step in Unlocking the Growth Potential of your Small Business, MarketAtomy will be holding a 3-day Annual Strategic Planning and Mental Health Retreat November 13th-15th, 2023 in Orlando, Florida. Space is limited. Go to www.marketatomy.com/annual-strategic-planning/ for more information and to register.

Conclusion

In a world where economic uncertainties are the only certainty, business growth consulting offers a beacon of guidance for start-ups. With strategic support tailored to navigate through pre-recession challenges, your start-up is equipped not just to survive but to thrive and grow. Engage a business growth consultant today and set your enterprise on a course for success, recession or not!

_____________________________

About the Author

Danna Olivo is a seasoned business professional and entrepreneur with extensive experience in the field of market analysis and strategy. As the founder and CEO of MarketAtomy, she has established herself as a leading expert in providing insightful analysis and actionable recommendations to help businesses of all sizes grow and succeed.

She’s a top selling author on Amazon and host of the weekly podcast Charged Up Studio. Danna is committed to the growth of small business in the US and has developed an ecosystem focused on providing resources for small business leaders including education, accountability, collaboration, and resource management.

Categories
Capital Personal Development

Embrace Aging with Confidence: The Art of Crafting a Healthy Retirement Plan

Aging, that inevitable journey each of us embarks upon, is a path fraught with both trepidation and hope. In a world obsessed with eternal youth, we’ve witnessed countless attempts to defy the hands of time. From diet shakes to botox shots, the quest to retain youthfulness seems unending. But, here’s the truth: aging is an undeniable part of life, an experience we all share. It’s time to embrace it with grace, wisdom, and, most importantly, preparation.

As the years gracefully accumulate, we may find ourselves pondering retirement. Whether we yearn for the tranquil days of retirement or wish to continue our bustling lives, our bodies often lead us to this inevitable juncture. Aging is not an adversary to be fought but a companion to be embraced. How can we do this? The answer lies in crafting a robust and holistic retirement plan – a plan that champions both our physical and financial well-being.

The Foundation of a Healthy Retirement

Imagine a future where you can gracefully navigate the challenges that aging may bring. To embark on this journey, it’s crucial to establish a sturdy foundation: a healthy retirement plan. 

One of the cornerstones of this plan is long-term care insurance. While our ordinary health insurance may serve us well for short-term medical needs, it often falls short when faced with prolonged illnesses. What happens when you require months or even years of medical attention? Who bears the financial burden?

Long-term care insurance steps in as your shield, ensuring that you and your family are not weighed down by the exorbitant costs of extended medical care. It’s a powerful tool that provides peace of mind, safeguarding both your health and your financial stability. With it, you can rest assured that your family won’t suffer as they strive to meet your medical needs.

Guarding Your Precious Assets

But a healthy retirement plan doesn’t stop there. It extends its protective embrace to your hard-earned assets. As we age, there might come a time when medical attention becomes a long-term necessity. While your health may be safeguarded by insurance, what about your personal assets?

This is where Long Term Care Insurance truly shines. It’s your fortress, ensuring that your assets remain intact even as you grapple with extended medical care. Your life’s work, your financial legacy, is preserved, and your family remains free from the burden of depleting these resources for your healthcare needs.

Your personal assets are more than just numbers on a balance sheet; they represent your dreams, your sacrifices, and your desire to provide for your loved ones. Long-term care insurance is the guarantee that these assets continue to grow and serve as a pillar of support for your family, even during challenging times.

Embrace Aging with Confidence

Aging isn’t a foe to be vanquished; it’s a chapter in the rich tapestry of life. With a comprehensive and proactive retirement plan, you can embrace aging with confidence. Long-term care insurance stands as a guardian for both your health and your financial well-being. It ensures that the golden years of your life are spent in peace, comfort, and security.

So, don’t let the uncertainty of the future cast a shadow over your retirement. Instead, seize the opportunity to craft a healthy retirement plan that honors the journey you’ve traveled and paves the way for the adventures yet to come. With preparation as your ally, you can navigate the path of aging with grace, optimism, and an unwavering sense of assurance. Your future self and your family will thank you for it.

Use the Calendar Below to Schedule Your Free Financial Fitness Strategy One-On-One Session  with Kris Miller, LDA, Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

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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

Create Income You Will Never Outlive linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Capital Personal Development

Unlocking Your Legacy: The Power of Estate Planning

Estate planning – a term that often conjures images of vast fortunes, sprawling estates, and legal complexities. It’s a common misconception that this is the realm of the wealthy elite, a domain far removed from the lives of everyday individuals. But let’s debunk this myth right away – estate planning is for everyone, and it holds the key to securing not just your financial legacy, but your peace of mind as well.

So, what exactly is estate planning? In essence, it’s the careful and considerate arrangement for the distribution of your assets and the management of your affairs when you’re no longer able to do so yourself. But it’s not just about preparing for the end; it’s about ensuring a future that reflects your wishes and safeguards your loved ones.

The Essence of Estate Planning

Picture this: you’ve worked tirelessly, saved diligently, and built a life filled with assets, investments, and cherished possessions. Now, imagine not having a plan for these when you’re gone. Estate planning steps in to ensure that your hard-earned wealth doesn’t vanish into the abyss of legal complexities, taxes, and uncertainties.

Here’s a glimpse of what estate planning can offer:

  1. Guardianship of Your Health and Finances: Through documents like a Health Care Directive and a Long-term Power of Attorney, you can designate a trusted individual to make vital health and financial decisions if you become incapacitated. It’s your voice, guiding your care.
  2. Protection for Your Loved Ones: You’ve worked for your loved ones’ future. Estate planning ensures that your assets, money, and properties find their way to the right hands, minimizing expenses and taxes along the way.
  3. Shield Against Creditors: Estate planning acts as a fortress, protecting your assets from potential creditors, ensuring your family’s financial security.
  4. Tax Optimization: It’s no secret that taxes can eat into your legacy. Estate planning strategies can help minimize the tax burden, leaving more for your heirs.
  5. Smooth Estate Settlement: It simplifies the often complex process of estate settlement, reducing the strain on your heirs and minimizing disputes.
  6. Meeting Your Obligations: If others depend on you, estate planning ensures your obligations are met, even when you’re no longer there to provide.
  7. Freedom from Government Intervention: Don’t leave the fate of your affairs in the hands of bureaucracy. Estate planning keeps your affairs private and free from unnecessary government intervention.

 

The Journey to Financial Empowerment

The benefits of estate planning are vast, but the journey may seem daunting at first. Fear not! There are resources at your disposal to guide you on this path.

Consider diving into a book like “Smart Tips for Estate Planning” by Marvin Toy and Jim Yih. It’s a valuable resource that offers easy-to-understand instructions. In its pages, you’ll discover the importance of having a will or a living trust, especially if you have children and assets to protect. You’ll learn the art of choosing an executor, a task that requires trustworthiness beyond the grave.

Estate planning is also about making decisions concerning your investments, bank accounts, and specific assets. You’ll understand the significance of having up-to-date details and choosing beneficiaries wisely.

Moreover, the book delves into trusts, the different types available, and their relevance in various situations. You’ll also explore the role of professionals such as financial advisors, accountants, and lawyers who can be invaluable partners in your estate planning journey.

But estate planning isn’t just about finances; it extends to your values, your legacy, and even your end-of-life wishes. It covers topics from probate to funeral arrangements and even organ donation if you wish to give back in that way.

Leave a Legacy That Lasts

Your life is a story, and estate planning is your tool to craft its final chapters. Beyond the financial aspects, it’s a chance to create a lasting legacy, to ensure that your family remembers you as you wish to be remembered.

So, what are you waiting for? The time to start your estate planning journey is now. Don’t be daunted by the complexities; embrace the opportunities it brings. Secure your future, protect your loved ones, and unlock the power of your legacy through estate planning. Your peace of mind and your family’s future are worth every thoughtful step of the way.

Use the Calendar Below to Schedule Your Free Financial Fitness Strategy One-On-One Session  with Kris Miller, LDA, Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

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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

Create Income You Will never Outlive linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Capital Personal Development

Guardians of Love: Ensuring Your Beloved Pets’ Bright Futures

Pets, our loyal companions, may not possess the rights we humans do, but they undeniably have the right to be cared for and loved. It’s a bond that transcends words, a silent understanding of trust and affection. While they may not have a voice in our legal systems, we have the power to ensure their well-being even after we’re no longer around. 

Imagine a world where your furry friends are left without a guardian, without the love and care they’ve always known. It’s a heartbreaking scenario that happens far too often when the future of our beloved pets isn’t carefully planned. But here’s the inspiring truth: you can secure your pets’ futures through estate planning.

Estate Planning: Where Love Meets Legacy

For most of us, our pets are cherished family members, and it’s only natural to want the best for them, even when we’re no longer there to provide it. This is where estate planning for pets comes into play, a practice embraced by responsible pet owners, including some well-known celebrities like Betty White and Oprah Winfrey.

  1. Crafting a Pet Will: A pet will is a legal document that ensures your pets will be in caring hands when you’re no longer around. It goes beyond a simple provision; it allocates a portion of your assets to guarantee your pet’s future comfort, covering essentials like food, veterinary care, and day-to-day maintenance.

    – Advantage: It provides financial support for your pet’s well-being, and you can specify how you want your pet to be cared for.

    – Disadvantage: While it conveys your wishes, a will lacks the legal authority to enforce them rigorously. Guardians may not abide by your wishes, potentially leaving your pets in precarious situations.

  1. Establishing a Pet Trust: For those seeking a more robust and legally binding solution, a pet trust is a powerful tool in estate planning. Unlike a will, a trust offers detailed instructions to a trustee, ensuring your pet’s care aligns precisely with your desires. You can allocate assets to the trust, and a designated trustee will manage them for your pet’s benefit.

    – Advantage: Your pet’s well-being is secured precisely as you envisioned it.

    – Disadvantage: Setting up a pet trust can be a more complex and time-consuming process, involving legal considerations.

  1. Reliable Friends and Family: Sometimes, the simplest solutions are the most effective. You can entrust your pets to a family member or a close friend. This informal arrangement can work well, particularly when there’s a strong bond between your pets and the chosen guardian.

    – Advantage: It doesn’t involve financial complexities, and it’s easy to set up.

    – Disadvantage: Without a written agreement, there’s no legal obligation, and the designated caregiver may not take the responsibility seriously.

Choosing the Path of Love and Security

The path to securing your pets’ future is a personal one. Each option has its merits and considerations. While a will provides financial support, a trust offers legal guarantees. Entrusting a friend or family member is simple, yet informal.

As a responsible pet owner, the choices you make today will echo through your pets’ lives, ensuring their continued happiness and well-being. Estate planning for your pets isn’t just a legal matter; it’s a testament to the love and care you hold for your furry family members.

So, ask yourself this: how do you want to be remembered in the eyes of your pets? As their guardian, their protector, their source of love and security. With the right estate planning, you can leave a legacy of love that ensures your beloved companions will always have a home filled with care and affection, even when you rest in peace.

Use the Calendar Below to Schedule Your Free Financial Fitness Strategy One-On-One Session  with Kris Miller, LDA, Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

Calendar

 

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

Create Income You Will Never Outlive linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Capital Personal Development

Unlocking the Door to Retirement Security: A Journey Worth Pursuing

Retirement – a word that holds different meanings for each of us. It’s that ultimate phase of life we all aspire to, a time when we bid farewell to the daily grind and embrace a life free from the clutches of work. But have you truly pondered the essence of retirement? It’s not just about ceasing work; it’s about stepping into a world of possibilities, a realm where security and tranquility reign supreme.

In a world where the pressures of work often push us forward, there’s a yearning for the day when we can finally spread our wings and savor life’s finest moments. It’s a longing to escape the humdrum routines, to break free from the chains of financial obligations, and to welcome a period of ease and enjoyment.

Picture this: a life where money worries fade into oblivion, and you’re the captain of your destiny. Retirement signifies that very dream. You work diligently, save relentlessly, all for that golden moment when you can finally retire. But is it enough? Are you prepared to embrace this chapter of your life with open arms?

Retirement isn’t just a date; it’s a state of mind. It’s about basking in the glory of financial security, where your hard-earned savings serve as a fortress against uncertainties. Are you ready to seize that sense of security and embark on your retirement adventure?

Here’s the thrilling truth: retirement isn’t the end; it’s a new beginning. Whether you’re an ardent career enthusiast or someone who yearns for a break, retirement brings the promise of freedom without the weight of deadlines. But within this promise lies a vital facet – security.

The Path to Retirement Security

How do you know if you’re truly ready to embrace retirement’s embrace? Here’s a roadmap of signs to look for, guiding you towards the realm of security:

  1. Financial Fortitude: True retirement readiness isn’t just about counting years; it’s about counting your savings. It’s ensuring that your golden years are paved with financial stability. Start saving for retirement today, so you can relish tomorrow without fear.
  1. Health Safety Net: While retirement beckons, health concerns may linger. That’s where long-term care insurance steps in, shielding your health and ensuring that medical expenses are never a burden.
  1. Legacy of Love: Retirement isn’t just about you; it’s about your legacy. Secure your family’s future with a living trust, ensuring your assets find their rightful heirs.
  1. Shielding from Shadows: In the grand tapestry of life, your family forms a crucial thread. By protecting your assets from creditors, you safeguard not just your interests, but those of your loved ones too.
  1. Signature of Assurance: Your assets deserve guardianship even beyond your years. By ensuring powers of attorney, you write a signature of security that resonates through generations.
  1. Living the Dream: Retirement isn’t just about covering basics; it’s about embracing your dream lifestyle. A secure retirement ensures your desires are met, letting you savor life’s joys without compromise.

So, pause for a moment and reflect: do you possess the key to retirement security? It’s not just about financial preparation; it’s about embarking on this journey with peace, confidence, and the promise of a life well-lived.

Embrace the Challenge, Embrace the Future

As you stand at the crossroads of your life’s journey, ask yourself: are you ready to unlock the door to retirement’s security? The path might seem daunting, but it’s a journey worth pursuing. It’s about embracing your financial freedom, securing your legacy, and empowering your family’s future.

The realm of retirement security awaits – a realm where financial worries melt away, and you can bask in the glory of a life well-planned. So, take that step forward, embrace the challenge, and forge a future that resonates with the promise of security and fulfillment.

Use the Calendar Below to Schedule Your Free Financial Fitness Strategy One-On-One Session  with Kris Miller, LDA, Legacy Wealth Strategist #1 Bestselling Author, Speaker & Educator

Calendar

 

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

Create Income You Will Never Outlive linktr.ee/healthymoneyhappylife

Kris@HealthyMoneyHappyLIfe.com

Phone (951) 926-4158

Categories
Best Practices Economics Negotiating

How much should I pay myself?

How much should I pay myself?

When people go into business for themselves as a Sole Proprietor, they usually comingle the business’ funds. Meaning they are using Business funds for personal items and personal funds for business items. Sole Prop is the easiest way to start doing business, however, if you choose to setup a Corporation or an LLC, these habits need to change. You and the company are no longer the same. The two of you become 2 separate individuals. The company’s money is not your money, and your money is not the company’s money.
So, the question usually after setting up the Corporation or LLC is: How do I get the money out of the company? How much should I be paying myself? What can the company cover?
The Answer is: You take only what you need, to cover Food, Clothing, Shelter, Personal Entertainment, and Insurance. Let the company pick up the rest. The company should be covering things like, Business Trips, Cell Phones, Internet, Home office expenses, etc. You will never take vacations again. Vacations are not tax deductible, however, business trips are. You will need to make sure that everything is documented. I will discuss what your company should be covering in another article.
Now, usually in the 1st or 2nd years of operation, a business owner has no idea what the company is going to make, so they might take money out as an owner draw rather than a salary. However, around the 3-year mark, the IRS will figure that you have some idea as to how much the company will be making and require you to start taking some sort of salary out of the company.
In addition, if you want your company to cover health insurance, contribute to a qualified retirement plan such as an IRA or SoloK, you will need to be drawing a salary from the company. The contributions will be withdrawn by the payroll company out of each paycheck.
Now you might be thinking, if I need additional money from the company, how do I take it out. Well, if you have an “S” elected Corporation or LLC, you will receive distributions on a monthly, quarterly or annual basis. This will add to your income but won’t be subject to withholdings or self-employment taxes. If your Corporation or LLC is taxed as a “C” elected company, you can either take a dividend which the Corporation has already paid the taxes and now you the individual will also pay taxes. This is commonly referred to as double taxation.
However, your company could loan the money to you personally, which is not considered taxable income. You would then pay the company back out of the wages you take. This can be used as an Asset Protection mechanism. The company, just like any other lender could place a lien against whatever asset you may be purchasing. This will protect the asset from any liability that might affect you personally. This does require a formal written promissory note between you and the company to perfect the process.