PPR 257: Deal of The Week - Boating Fail
Kraig Strom, The Income Engineer
I find it ironic that certain people like to brag about their investment prowess or boast about their success in business at the same time they make horrible financial decisions with how they spend their money.
info_outline
PPR 257: Quick Take - Come on MAN!
Kraig Strom, The Income Engineer
How many times do I need to say this before I stop getting the same terrible phone call? COME ON MAN!
info_outline
PPR 257: WYS - Father Admits he Was Wrong
Kraig Strom, The Income Engineer
The father of the 4% Rule emerges from his golf course retirement home to say he was wrong. For years, Wall Street has told us that the 4% rule for retirement income planning is gospel.
info_outline
PPR 258: DOW-Buying a Plane
Kraig Strom, The Income Engineer
What is the the only thing more costly then buying and maintaining a private boat?
info_outline
PPR 258 Quick Take - Wall Street Battle Royale
Kraig Strom, The Income Engineer
As a Paralegal and a Certified Financial Planner®, Kraig is uniquely able to assist clients with the careful preparation of asset protection and estate plans. Kraig's team uses a financial-planning approach to ensure that each client obtains the best possible outcomes
info_outline
PPR 258: WYS-Buying a Home at Age 25
Kraig Strom, The Income Engineer
Listener Ralph asked whether it is financially smart for him to consider buying a home at the younge age of 25. What kind of mortgage should he use and how much down payment should he plan for?
info_outline
PPR 258 Wptv False Sense Of Security
Kraig Strom, The Income Engineer
Time and time again, we see companies and their owners operating under a false sense of S-Corp or LLC security. Understanding inside AND outside liability is the key to building the right protection around the Golden Goose.
info_outline
PPR 259 DOW Wheels are Expensive!
Kraig Strom, The Income Engineer
I'm a crazy car guy so don't take this the wrong way. I love it when the wheels on a car are perfectly matched to the car; however, custom wheels on a car have got to be one of the most financially crazy things I see everywhere. There is no such thing as investing in good or great wheels for your car or truck. No matter what you pay for your fancy wheels, they will be worth less seconds after you roll them out of the show room. I personally respect people who do a little shopping for a great deal on gently used cars and car accessories. This is one of the best stories I've come across and I...
info_outline
PPR 259 DIY Fail Inherited Property Mistake
Kraig Strom, The Income Engineer
As a Paralegal and a Certified Financial Planner®, Kraig is uniquely able to assist clients with the careful preparation of asset protection and estate plans. Kraig's team uses a financial-planning approach to ensure that each client obtains the best possible outcomes. With 120 years of combined legal and financial services experience between our team members, we can help you think defensively about protecting your wealth, investments, business intellectual property, and other assets and counsel you through choices you make to prepare for the future. Thanks to the death of...
info_outline
PPR 259 Just Say No to Wall Street
Kraig Strom, The Income Engineer
AT THE END OF A RECENT CALL WITH ONE OF MY CLIENTS, I ASKED IF THERE WAS ANYTHING ON THEIR MIND. THEY SAID, "FUNNY YOU SHOULD ASK, WE WERE WONDERING IF YOU WOULD BE WILLING TO WORK WITH OUR SON" FULL DETAILS ARE IMPORTANT. THEIR SON HAD DONE A GREAT JOB AND SAVED UP OVER $250,000 BY AGE 30. HE HAS A GREAT JOB BUT HIS BIGGEST DESIRE IS TO GET INTO THE REAL ESTATE FLIPPING GAME. MY CLIENTS ARE RETIRED AND AFTER SELLING THEIR VERY SUCCESSFUL BUSINESS IN CALIFORNIA, THEY PROMPTY MOVED OUT OF CALIFORNIA TO A LOWER COST OF LIVING IN IDAHO. THEIR SON LIVES IN NEVADA AND WOUD LIKE TO START...
info_outlineAT THE END OF A RECENT CALL WITH ONE OF MY CLIENTS, I ASKED IF THERE WAS ANYTHING ON THEIR MIND. THEY SAID, "FUNNY YOU SHOULD ASK, WE WERE WONDERING IF YOU WOULD BE WILLING TO WORK WITH OUR SON"
FULL DETAILS ARE IMPORTANT.
THEIR SON HAD DONE A GREAT JOB AND SAVED UP OVER $250,000 BY AGE 30. HE HAS A GREAT JOB BUT HIS BIGGEST DESIRE IS TO GET INTO THE REAL ESTATE FLIPPING GAME.
MY CLIENTS ARE RETIRED AND AFTER SELLING THEIR VERY SUCCESSFUL BUSINESS IN CALIFORNIA, THEY PROMPTY MOVED OUT OF CALIFORNIA TO A LOWER COST OF LIVING IN IDAHO.
THEIR SON LIVES IN NEVADA AND WOUD LIKE TO START FLIPPING HOUSES BEFORE HE JUMPS OFF THE 9 TO 5 WORK SHIP.
MY SUGGESTION FOR THEIR SON WAS NOT TO WORK WITH ANY FINANCIAL ADVISOR AT THIS POINT. SOME OF THE REASONS INCLUDE:
- RELATIVE TO HIS TOTAL INVESTABLE ASSETS, INVESTEMENT FIRM MINIUMUMS WOULD REQUIRE TOO LARGE A PERCENTAGE TO MANAGE THINGS.
- 250K IS A LARGE NUMBER BUT NOT LARGE ENOUGH TO GET A MONEY MANAGER AND HIGHER LEVEL SERVICE.
- WITH 250K, HE MAY END UP HEARING ABOUT CERTAIN TYPES OF LIFE INSURANCE OR NON GUARANTEED INSURANCE COMPANY PRODUCTS THAT YEILD A HEALTH COMMISSON INSTEAD OF LONG TERM LOW COST ASSETS UNDER MANAGEMENT.
- THE BIGGEST REASON I SUGGESTED HE AVOID WORKING WITH AN INVESTMENT ADVISOR IS THE FACT THAT HE WANTS TO INVEST IN REAL ESTATE.
- IF HE WORKS WITH A MONEY MANAGER, HIS MONEY COULD BE TIED UP ON WALL STREET WHEN A REAL ESTATE DEAL ON MAIN STREET COMES UP.
- HE NEEDS TO KEEP HIS POWDER (CASH) DRY SO HE CAN BE READY FOR REAL ESTATE OPPORTUNITIES.
- I ALSO SUGGESTED THAT HE STARTS FOCUSSING HIS RESEARCH AND EDUCATION ON HIS LOCAL MARKETS SO HE CAN BE READY TO FIND THE CRAZY GOOD DEAL.
- LUCK IS WHEN PREPARATION MEETS OPPORTUNITY!