5 Key Money Issues

Key Takeaways

  • There are five issues that successful investors have when it comes to their wealth.
  • The five issues are wealth preservation, tax mitigation, wealth transfer, wealth protection, and charitable giving.
  • Once you’re in the stay-rich game, you don’t want to go back to the get-rich game.

Vision-Based Goals

Key Takeaways

  • SMART goals are Specific, Measurable, Achievable, Realistic and Timely.
  • Both push goals and pull goals are SMART, but pull goals are more likely to be achieved since they tap into your emotions and motivations.
  • Pull goals literally pull you into the future.

Reinvent, Re-inspire, Don’t Retire

Key Takeaways

  • The word retirement came about as a political move in 1889 by then German Chancellor, Otto von Bismarck.
  • The definition of retirement is the opposite of what retirement is actually all about, which is reinvention or re-inspiration, and it’s a transition in to a new phase of life, not the end of life.
  • Writing down a vision for your future and what motivates you can help you prepare to be that 90-year-old that lives life to the fullest.

To Buy or Lease a New Car

Key Takeaways

  • Leasing limits your mileage, but it doesn’t tie up cash and it lets you drive a late-model car, repairs are limited, and you don’t have to deal with selling.
  • Buy if you’re looking at used vehicles or if you plan to drive the car for three or more years.
  • If you expect any major lifestyle changes that would require you to own a different car or to drive a lot more than usual, stay away from a lease..