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
Financial Independence (Getting to Point X) 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.
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.
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--to the extent that makes sense for you.
* Understand the enormous changes taking place in the federal income tax code
* Learn which financial strategies have become obsolete, and what new opportunities you should take advantage of
* Negotiate your way through the 10 Key Wealth Management Issues with expert advice
* Find out if you have what it takes to reach financial independence by starting your own business
* Follow a clear roadmap to financial independence, no matter how you define it
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. Financial Independence (Getting to Point X) provides you with a roadmap to financial freedom, so that you can achieve your life goals and dreams.
Autorentext
JOHN J. VENTO 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.
Klappentext
A FIELD GUIDE TO FINANCIAL FREEDOM
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:
- Understand the sweeping changes to the federal income tax code:
- Make informed financial planning decisions based on the latest Tax Alpha to the 2nd Power® Facts and Strategies
- Achieve financial independence by starting your own business
- And much more
"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."
Guy Adami, Professional Investor and TV Personality on CNBC's "Fast Money"
"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."
Suzanne Siracuse, VP/Publisher, Investmentnews
"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."
Dr. Eric S. Studley, CEO, Eric S. Studley & Associates, Inc., and Former General Practice Director and Associate Professor, NYU College of Dentistry
Inhalt
Foreword by Todd Mackay xi
Preface xiii
Acknowledgments xv
Introduction Getting to Point X 1
Financial Literacy and the Move Away from Capitalism 2
Point X: Our Fundamental Financial Goal 4
Ten Key Issues to Comprehensive Wealth Management 5
Our Biggest Expense 6
Take a Financial Planning Checkup 8
The Power of This Book 10
What's New in the Second Edition 11
Chapter 1 Committing to Living Within Your Means 13
The American Dream Becomes the American Nightmare 13
Living Within Your Means: The Essential Step 14
Simple Saving 18
Chapter 2 Understanding Taxes 23
A Brief History of the US Tax System 24
Organizing and Retaining Your Records 27
Tax-Preparation Services 28
Accumulating Wealth Through Tax Planning 31
Chapter 3 Determining Your Financial Position 37
Figuring Your Financial Net Worth 38
Case Study: How One Couple Learned They Were Spending More Than They Earned 38
Making Sense of Cash Flow 49
Establishing Your Financial Goals 71
Finding Trusted Advisors 75
Chapter 4 Managing Debt 83
Case Study: How Two Doctors Went Bankrupt in Only a Few Years What Not to Do 83
Basic Principles for Managing Debt 87
Good Debt Versus Bad Debt 89
Credit Card Debt 90
Auto Loans 96
Student Loans 97
Home Mortgage Loans 98
Business and Investment Loans 103
Understanding Credit 104
Your Credit Report and Your Credit Score 105
Preventing Identity Theft 110
The Equifax Breach 111
Analyzing Your Debt 112
Chapter 5 Insuring Your Health and Life 119
Choosing a Health Insurance Plan 120
Long-Term Care Insurance 135
Disability Insurance 142
Life Insurance 146
Buying Insurance Policies 152
Chapter 6 Protecting Your Property with Insurance 157
Case Study: How a Lack of Insurance Wiped Out One Woman's Life Savings 158
Homeowners Insurance 160
Automobile Insurance 164
Umbrella Liability Insurance 167
Buying Insurance Policies 170
Chapter 7 Paying for College 175
Is College the Best Choice for You and Your Child? 175
The Cost of College and What You Can Expect to Pay 179
Case Study: How Not Saving for Your Child's Education Can Ruin Your Finances and Your Child's 181
Conducting a Needs Analysis for Your Children's College Educations 185
Strategies for Saving Money for College Education 189
Education Tax Breaks and Credits 204
Chapter 8 Planning for Retirement 213
Case Study: Saving Versus Not Saving for Retirement: The $1.7 Million Difference 213
Retirement Equation: Calculating Your Personal Point X 217
The High Cost of Waiting to Save for Retirement 219
What You Can Expect to Receive from Social Security 222
Qualified Retirement Plans 225
The Difference Between Traditional IRAs and Roth IRAs 229<…