In this financial planning episode, John exposes the three main areas directing pressure on your wealth, and sketches out some strategies for pushing back.
John is the author of 5 Ways Your Wealth is Under Attack. He has lectured extensively on financial planning. He has received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.
John’s strength lies in his ability and commitment to continually improve the level and quality of the financial planning process. His dedication to his clients’ growth involves an evolving strategy that strives to meet the demands, desires, and needs of his clients in a continually changing economic environment.
Don’t miss John’s key points:
- The three biggest culprits applying pressure to your wealth are the government, financial institutions, and corporations
- The government exerts pressure in the form of layer upon layer of taxes: federal income, state income, local sales taxes, capital gains taxes, social security taxes, real estate tax, excise taxes, Medicare tax, and estate inheritance taxes, to name a few.
- Financial institutions such as banks, mortgage companies, and insurance companies sell products with fees, charges, commissions, and penalties built-in. Some of these fees are hidden. All fees are not inherently bad, but they deserve your attention.
- Corporations squeeze you with strategies designed to keep you buying their products:
- Planned obsolescence guarantees that products require frequent replacing because of the use of flimsy materials, termination of the spare parts supply, or changes in design.
- Some companies offer multiple pricing choices. You choose one not knowing whether it actually saves you the most money.
These are just a few of the many examples John walks through to illustrate each of the three pressure sources. Listen to podcast above for more.
Ultimately, John advises adopting a mindset of constantly scrutinizing what you purchase and how you are taxed in order to get the most benefit for yourself and your family.
It helps to have an experienced wealth manager sit down with you and take you in detail through these areas of pressure. That’s what we do at Smallwood Wealth. Make an appointment here or by calling 732-542-1565.
Are you ready to increase your profit growth by 25%? John will show you how in the 2018 Business Owner’s Guide To Maximizing Your Benefits From The 2018 Tax Cuts.
Click here to get your complimentary copy.
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