A Covid-19 workshop in personal growth and professional development starting with budgeting and an introduction to building a financial legacy. This is an introductory course in financial literacy. It briefly covers the 12 areas of financial management which are broken down into three (3) sections with 4 chapters in each section. It covers the creation, accumulation, and preservation of wealth.
The calendar workbook 2020-2021 covers a different financial concept for each month of the year. It is designed for families to train their children while they are young and for the family to work together weekly/monthly in order to organize themselves and structure their lives. It is designed to not only prepare individuals in their financial acuity but train the family in the importance of succession planning.
What will you learn in this course?
There is also a calendar workbook that is included with this material that you can download to be used in conjunction with the legacy calendar during your weekly Family Meetings in order to help you to stay focused and able to reinforce the material in each chapter. Each chapter has an associated quiz located in the workbook as well as an index of forms to help you to become better organized in your journey.
There is also a downloadable copy of a shortened version of Roberts Rule of Order which can be used to instruct you and your family in running an efficient meeting.
Chapter 1: After reading chapter one of “The Money Game”, you already understand how important it is to be able to produce enough income, not only to support yourself and your family but enough income to begin the creation, accumulation, and preservation of wealth process. This is enough income to meet your basic consumer needs for food, clothing, shelter, health care, and transportation. Financial security is achieved by not only being able to earn money but understanding what money is and how to use the money to achieve your long-term goals. Your long-term objective is to change places with your money.
Chapter 2: Focuses on getting out of debt. What is a budget? A budget is a tool you can use to control and monitor your spending habits. Don’t put your head in the sand thinking all your problems will disappear. Be aggressive with your debt in order to begin to create wealth. Make one copy of the enclosed personal budget for each month and utilize it to get control of your finances. Any income you have is a sufficient starting place. The budget allows you to monitor your progress or lack thereof. So, make it your friend! Debt is any money you owe, Period. If your debt currently exceeds your ability to pay, don’t panic. Most people in this situation will say, “I need more money,” not that “I need to first get a handle on my spending and reduce expenses”
Chapter 3: Developing a wealth-building strategy what is an asset? It is an investment vehicle, which requires an initial payment or series of payments (purchase). It will eventually appreciate in value and/or produce an income stream and provide tax benefits. Assets put money into your pocket. What is a liability? This is when income leaves your pocket to cover expenses. These expenses may accumulate to the point where your debt (liability) exceeds the value of all you own. This is called being insolvent or bankrupt. Throughout the text, you will discover valuable techniques to reverse this trend.
Chapter 4: Skill development and time management first, you must be willing to think differently maybe for the first time to make the change. Turn your fear of success into developing a good strategy for success. The goal is to make yourself successful by looking at the big picture which this calendar outline will help you to see. The Journey of a dollar.
Chapter 5: Create wealth while employed your “Plan A” and start a family business your “Plan B” and develop a portfolio, which is diversified enough to produce income, which eventually exceeds your monthly expenses. Your money at work. “Plan C”
Chapter 6: Building generational wealth through family businesses In this chapter we will take a look at the various business entities and how to choose the best structure for your business. Okay, I mentioned that a job is not inheritable by your children because it does not belong to you. You could be fired or laid off at any moment and this is beyond your control in most cases. However, having your own business is different. It is not only your own but can be used as a vehicle to build generational wealth, depending on the structure you choose. Corporations and trusts can be used for such a purchase and will be discussed in later chapters. These instruments are designed to outlive their creators. The process of building a legacy through succession planning.
Chapter 7: The relationship between the home and business budget with every type of business venture you start, good record-keeping is essential to your success income statement. It is good advice to create a business entity, whether for-profit or non-profit to capture and disseminate wealth. As discussed a job cannot be passed on to your children or their children; only a business can do this. Job dependence leaves you and your family vulnerable to pending financial disasters at one time or another in life.
Chapter 8: Understanding bankruptcy, is there another way? Filing for bankruptcy should not be taken lightly. It is however a way to have excessive debt, which would take a lifetime to pay off, discharged allowing you to have a fresh start. Certain debts however are not dischargeable in bankruptcy. So being informed and good decision making is a must when starting out in life and before making important financial decisions. Certain decisions take a lifetime to overcome, if ever.
Chapter 9: Understanding estate planning the importance of wills and living trusts in preserving family wealth the estate planning process gives you an opportunity to state your wishes for the disposal of your possessions, in order to stay out of the grasp of the government in the form of the probate court and unnecessary litigation from greedy and misinformed beneficiaries who have not contributed a dime to the building of your estate. This craziness must come to an end.
Chapter 10: Creating wealth under the tax laws throughout our discussion we have discovered numerous strategies used to create and preserve wealth. However, paying taxes is foremost in our minds when it comes to making more money. In this chapter, I will share with you ways that the tax code can be used to actually incentivize wealth creation while reducing your tax liability. Taxes are designed to promote economic growth in the economy and those who do not engage in the process of building wealth and only have a job will end up paying the most in taxes, while business owners pay much less.
Chapter 11: Preparing for your retirement needs the government must not be counted on to take care of your retirement needs. Retirement preparation and education are essential. Project: Decide what you want your retirement goals to be? Determine what you are doing to attain these goals?
Chapter 12: The final objective is to protect your assets from lawsuits and taxation. I will discuss in this chapter how trusts and business structures can be used to add layers of creditor protection between your business interests and your personal wealth. This is why it is important not to commingle assets in order to protect your personal wealth from the reach of business creditors and frivolous lawsuits. The family partnership appears to be a great way to protect assets and pass wealth on to the next generation with substantial tax benefits. The type of business entity will also depend on the type of business you plan to operate and whether you plan to sell shares to the public.
This is an introductory course and is associated with a more thorough 18-month curriculum in the creation, accumulation, and preservation of wealth series. The beginning and ending journey will be more fruitful if you form small groups and study together. Pick those individuals with whom you wish to grow and build wealth together, most importantly train your children when they are young and become the parent they deserve. They might struggle against you in the beginning, but believe me when I tell you that they will be prepared to live fulfilled lives.
Check out my website at https://powerthroughunity.org to get more information. This is personal growth and professional development curriculum so your commitment will matter. Most of us in our early years spend an extraordinary amount of time making others wealthy. I recommend spending at least 10% of that time growing yourself because the J.O.B. is not forever. I hope you are as excited about this as I am.