Entries from December 2007 ↓

Questions For Your Professionals

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11.    “I already have my team of professionals and I don’t need any help.”

Just last week I renewed a relationship with a high end financial planner with a background in M & A (merger and acquisitions) who proceeded to remind me of his powerful network throughout the US when it comes to having access to the best tax and financial strategies. I am always on the lookout for top quality strategies and professionals and my current professionals know that. No offense, I am just looking for the best people to product the best results. I do not have family or friends do my work, for that reason alone. If they are highly qualified friend or family member, that would be a different story. Usually that is not the case. Make sure you are maximizing your results. Most professionals are at some point evaluating if they want to keep you as a client, why not do the same with them. Here is the bottom line; it is your money, your assets, your future. Be aware of some of these costly belief systems so you can continue to grow AND protect your net worth! Being successful isn’t easy, if it was, everyone would be.

10.    “I do not need business credit because my business is already doing well and I am in a very good position financially.”

If that is the case, good for you!  This is the best time to establish business credit! Most people make this classic mistake. They form an entity and still use their personal credit for everything (most may not even be aware of how that happens). Most companies fail for financial reasons. If that is the result of cash flow problems, and you go under and have personally guaranteed everything, guess what, you still lose all your personal assets even with a separate legal entity.

9.    “I treat everyone well, who would sue me? “

This is not the real world. According to the FBI there are over 250,000 criminals that make their living through lawsuits! It doesn’t matter if you are the nicest person in the world. If you have money or the impression you have money, you may be a target. Protect yourself and move on.

8.    “Everyone is financially hurting so we are all in the same boat.” First that is a generalization, not everyone is in a financial stress. In my opinion, the next couple of years may be the best opportunity to accumulate wealth long term as things, especially in real estate hit bottom or close to it at some point. Time to save your cash, tighten your belt, improve your personal credit score and get yourself to take advantage of the “fire sale” that may occur in the next two years!