Family Inc. : using business principles to maximize your family's wealth / Douglas P. McCormick.
Family Inc. is intended for intelligent people who have the potential to become high income earners and want to develop a comprehensive, actionable, customized plan--a plan that acknowledges the relationships between job, net worth, age, consumption pattern and long-term financial objectives. While it cannot guarantee financial security, Family Inc. will give you the tools to develop a comprehensive financial plan and fully appreciate the implications of your decisions.
Record details
- ISBN: 1119219736
- ISBN: 9781119219736
- Physical Description: xviii, 251 pages : color illustrations ; 24 cm
- Publisher: Hoboken, New Jersey : Wiley, [2016]
- Copyright: ©2016
Content descriptions
- Bibliography, etc. Note:
- Includes bibliographical references and index.
- Formatted Contents Note:
- EVERY FAMILY NEEDS A CHIEF FINANCIAL OFFICER: Why do I need a CFO? I don't even own a business. MAXIMIZE THE VALUE OF YOUR SINGLE BIGGEST ASSET -- YOUR LABOR: Double the value of your labor through education -- Make career choices that extend your possibilities -- Think like an investor when making career decisions -- Don't overlook retirement benefits just because they're not imminent -- Complement your career decisions with insurance. MANAGE YOUR ASSETS LIKE A CFO MANAGES A BUSINESS: Your financial assets serve many functions in your family business -- Diversify your family business with the right investments -- Define the right goals for your asset management business -- Use history to make reasonable investment assumptions -- Safeguard your assets from the main risks -- Not all debt is bad! Use debt to purchase assets and maximize your liquidity -- Which is better, active or passive investment management? It depends ... -- Use indexing for your low-cost investment portfolio -- Understand when it makes sense to pick individual stocks and managers -- The CFO's step-by-step guide to building the family investment program -- Know yourself -- understand the psychological factors that can torpedo your goals -- Don't sweat the details of your asset management business. FAMILY INC. DOES NOT MANAGE ITSELF: Create tools and a reporting dashboard for managing family Inc. MANAGE YOUR FAMILY ENDOWMENT IN RETIREMENT: Understand how your family business changes in retirement -- Sleep well -- protect your retirement through insurance -- What's your number? Determine when and how much you can afford to spend in retirement. AVOID THE RAT RACE -- CHANGE THE GAME BY CHANGING THE RULES: Pay yourself what you're worth through entrepreneurship -- Jump-start your heirs' financial security -- Develop a succession plan to groom your replacement(s) -- Develop and manage your estate or Uncle Sam will -- Maximize your charitable legacy. A CALL TO ACTION: "But it's different this time ..." -- Put down the book -- just do it!. APPENDIX: How to calculate expected lifetime labor value.
