Archives For Retirement

Congratulations to Robert Kiyosaki on reaching the 20th anniversary of his revolutionary book Rich Dad Poor Dad. Certainly myself and all of our clients have benefited from the wisdom within this book!

 

Kiyosaki Congratulations Opening Image

 

If you haven’t had the chance to read the book; Clearly I would recommend this as a first step in your Financial Education. If you aren’t a reader, Robert and The Rich Dad Companies have created numerous avenues for you to learn. You may want to purchase some of the videos or even a Board Game, Cash Flow and Cash Flow for Kids as other ways to learn from his valuable insight.

You can follow this link to a Blog Series that I wrote years ago highlighting some of what I learned from the original Rich Dad Poor Dad book. Visit YouTube to watch my personal Thank You message to Robert and Kim for this book and congratulating them on their years of success.

If you are looking for someone to work directly with on coaching you through some of these concepts in Real Estate Investing and/or Personal Financial Planning feel free to reach out to me directly, connect through social media channels in the sidebar, or visit Drive Planning On-Line.

Smart Money Moves 401k

 

An iconic venue familiar to many Atlantans appears to be moving. Smiths Olde Bar, known for hosting great bands, has been ordered to vacate their premises due to the building being placed on the market to sell. This highlights a conversation that many small business owners often choose to ignore. Leasing space vs Owning their property.

Owning the property that your business utilizes can be a great win for your personal wealth building and tax management.

A familiar dilemma that faces many start up businesses is knowing where to place their business and exactly how much space they will need. I certainly recognize the challenge here. Once these items have been ironed out; I encourage a business owner to begin taking steps to own the property that they inhabit. If you have never been through this process before I would encourage you to work with a well healed business consultant/ financial professional to help guide you through the process.

Considerations:

  • How to Own the Property – Likely in a Limited Liability Corporation (LLC) for asset protection
  • Consider a Cost Segregation Study – This allows you to properly manage the depreciation on the property. Creating potentially significant tax savings.
  • Pay Yourself Rent – Another way to create tax advantages within your business.
  • Avoid Paying Someone Else Rent! – This is a big one. Most importantly you maintain control over your business. Watch The Smiths Olde Bar Story.
  • Retirement Planning – This property could become an income stream that funds your retirement, whether you own the business or not during that time of your life.
  • Estate Planning – Owning Real Estate has advantages when you consider techniques to manage and mitigate Estate Taxes.

Business Owners, I encourage you to address the issue of your business and the real estate that it inhabits. Whether you are currently in a position to own or not, begin taking the proper steps today. You will be glad that you did!

Please follow Todd Burkhalter and Drive Planning for ideas like this and many others which will enhance your personal net worth and your business’ value.

 

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