Discover the ten key issues to achieving your financial goals and how to use them to realize your dream of financial independence From saving to purchase a first car, to putting kids through college to planning for retirement, to preserving your estate for your loved ones, our financial goals change from one stage of life to the next. While those goals and the challenges we face in achieving them may differ, all of them have certain things in common. Saving, budgeting, managing debt, minimizing taxes and living within your means. These are a few of the 10 Key Wealth Management Issues which come into play (to varying degrees) when working toward specific financial goals. But there's one goal for which success relies on all ten keys coming together in perfect harmony: financial independence, also known as "e;Point X."e; No matter how you define it whether it's a retirement income of $25,000 a year, or an estate worth $250 million your future financial independence requires that you deal effectively with all ten key issues. And now this book shows you how to get it done, along with the guidance of a trusted advisor. Supplies you with a complete roadmap for arriving at "e;Point X,"e; financial independence with key milestones and important twists and turns clearly defined Identifies the 10 key wealth management issues and offers priceless advice and guidance on negotiating each on your road to financial independence Provides you with both success and failure stories so you can learn from others' real life experiences Provides you with tax planning facts and strategies within the wealth management issues that will show you how to minimize your most significant expense and at the same time maximize your savings on the road to your "e;Point X"e;
Autorentext
JOHN J. VENTO is the President and CEO of the certified public accounting firm, John J. Vento CPA, P.C., and the certified financial planning firm of Comprehensive Wealth Management, Ltd. Mr. Vento is a New York State Certified Public Accountant (CPA), holds a Master of Business Administration (MBA) in Taxation, and is a Certified Financial Planner (CFP). Today, after nearly three decades, Vento's practice concentrates on servicing more than 200 small-to-midsize businesses, and more than 1,000 individuals. His organization is focused on professional practices, high net-worth individuals, and those committed to becoming financially independent.
John has been ranked among the most successful advisors of a nationwide investment service firm and has held this distinction since 2008. He has been an adjunct professor at St. Francis College as well as Wagner College. He has been the keynote speaker at various seminars and conferences throughout the United States that focus on tax and financial strategies that create wealth. He also lectures on investing and financial planning throughout New York City as part of the New York Public Library's initiative on financial literacy.
Klappentext
Praise for Financial Independence
"A clear, concise, step-by-step approach to developing a financial life plan, Financial Independence: Getting to Point X provides readers with practical action steps to make progress in addressing their goals. The book not only provides a road map, but also includes real examples of how to implement the strategies based upon your situation. A must-read for everyone who wants to educate themselves with a practical approach to identifying and pursuing their goals."
Roger Ochs, President and CEO, H.D. Vest Financial Services
"A critical read dealing with one of the most dangerous threats to our nation and its citizensfinancial literacy. No matter where you are in your financial life, you will find this book contains advice and wisdom that is timeless."
Sarano Kelley, founder, The Kelley Group
"The book is an excellent resource for anybody, whether just entering the business world or you need an explanation that is understandable. The case studies are informative and really summarize the chapters. I know that I will recommend it to my students in my practice management program."
Dr. Eric S. Studley, Associate Clinical Professor, G.P. Director, Director of Practice Management, Director of Ergonomics, New York University College of Dentistry
"Financial Independence is simply a must-read! John Vento has done a marvelous job in providing the necessary up-to-date tools needed by all Americans of all ages in fulfilling their dreams. This book is written in simple language and offers definitions, anecdotes, tips, guidance, and solutions to life-cycle's financial issues and concerns. Bravo John!"
Mary L. Lo Re, PhD, Chairperson, Department of Business Administration, Professor of Finance, and Periclean Leader, Wagner College
"John Vento has done a terrific job in providing practical insights and sound advice about the pathways to achieve financial independence. This book should be on the 'must-read' list for anyone seeking insight into comprehensive wealth management in these difficult economic times. I applaud him for his thoughtful approach to the subject."
Dean L. Balsamini Sr., Director, Small Business Development Center, College of Staten Island
Inhalt
Preface: Living the American Dream xiii
Acknowledgments xvii
Introduction Getting to Point X xix
Financial Literacy and the New Norm xx
Point X: Our Fundamental Financial Goal xxi
Ten Key Issues to Comprehensive Wealth Management xxii
Our Biggest Expense xxiii
Take a Financial Planning Checkup xxiv
The Power of This Book xxvii
Chapter 1 Committing to Living within Your Means 1
The American Dream Becomes the American Nightmare 1
Living within Your Means: The Essential Step 2
Simple Saving 6
Chapter 2 Understanding Taxes 11
A Brief History of the U.S. Tax System 12
Organizing and Retaining Your Records 15
Tax-Preparation Services 16
Accumulating Wealth through Tax Planning 18
Chapter 3 Determining Your Financial Position 23
Figuring Your Financial Net Worth 24
Case Study: How One Couple Learned They Were Spending More Than They Earned 24
Making Sense of Cash Flow 35
Establishing Your Financial Goals 57
Finding Trusted Advisors 61
Chapter 4 Managing Debt 67
Case Study: How Two Doctors Went Bankrupt in Only a Few YearsWhat Not to Do 67
Basic Principles for Managing Debt 71
Good Debt versus Bad Debt 73
Credit-Card Debt 74
Auto Loans 80
Student Loans 81
Home Mortgage Loans 82
Business and Investment Loans 86
Understanding Credit 87
Your Credit Report and Your Credit Score 89
Preventing Identity Theft 93
Analyzing Your Debt 94
Chapter 5 Insuring Your Health and Life 99
Choosing a Health Insurance Plan 100
Long-Term Care Insurance 111
Disability Insurance 118
Life Insurance 122
Buying Insurance Policies 128
Chapter 6 Protecting Your Property with Insurance 133
Case Study: How a Lack of Insurance Wiped Out One Woman's Life Savings 134
Homeowner's Insurance 136
Automobile Insurance 140
Umbrella Liability Insurance 144
Buying Insurance Policies 147
Chapter 7 Paying for College 153
Case Study: How Not Saving for Your Child's Education Can Ruin Your Financesand Your Child's 156
Conducting a Needs Analysis for Your Children's College Educations 160
Strategies for Saving Money for College Education 162
Education Tax Deductions and Credits 179
Chapter 8 Planning for Retirement 187
Case Stud…