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    Stop Burning Your Money: How to Recapture the Money You're Losing and Add It to Your Family's Wealth
    Stop Burning Your Money: How to Recapture the Money You're Losing and Add It to Your Family's Wealth
    Stop Burning Your Money: How to Recapture the Money You're Losing and Add It to Your Family's Wealth
    Ebook141 pages1 hour

    Stop Burning Your Money: How to Recapture the Money You're Losing and Add It to Your Family's Wealth

    By Paul Adams

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    About this ebook

    People, as a rule, will work hard within cultural common sense and just assume that all will go well. But, "right now, 90 million Americans are faced with the most critical investment challenges of their lives." They are not prepared and are unsure how they will support themselves when they retire. That cultural common sense must not be working.

    Financial advisors are taught to advise the majority of people. The median household income in this country is $46,000 a year. Financial institutions are organized around acquiring the masses as clients. The clients of Clearline Financial Group are the top 10% households as defined by annual income and net worth. We are committed to building a firm that will help our clients in areas that matter to then most. Many of our clients have questions like:

    Am I making the best use of the dollars I am saving? Will I be able to retire and be okay given I may live 25-30 years in retirement? Am I exposed to losing a great deal of my wealth or income if I were to be sued? When I leave this earth what kind of impact will I leave behind?

    Clearline Financial Group was created as a result of its founder realizing that many people feel as though they have been taken advantage of when meeting with a traditional financial advisor. Often these people are pushed toward a set of pre-packaged investments that aren't tailored to their desires. These potential clients can feel they have lost control of their money and aren't involved in the process. We offer a process that gives our clients the tools to succeed and supplies them with guidance on how to use those tools to achieve their dreams.

    LanguageEnglish
    PublisheriUniverse
    Release dateMay 10, 2007
    ISBN9780595878437
    Stop Burning Your Money: How to Recapture the Money You're Losing and Add It to Your Family's Wealth
    Author

    Paul Adams

    Paul Adams, PhD, is a Research Officer in EPSRC’s SUPERGEN Bioenergy Hub and the Department of Mechanical Engineering at University of Bath, where he also teaches on the Energy & Environment and Integrated Environmental Management courses. He is currently working on several environmental and economic assessment and modelling research projects within the Sustainable Energy Research Team (SERT). Specifically, he is leading two work packages within the SUPERGEN Bioenergy Research hub, a research collaboration between several industrial and academic partners, assessing different bioenergy systems using life cycle assessment, and through the development of environmental/economic models.

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      Book preview

      Stop Burning Your Money - Paul Adams

      Stop Burning Your Money

      How to recapture the money you’re losing and add it to your family’s wealth

      Copyright © 2007 by John Galt Management Trust

      All rights reserved. No part of this book may be used or reproduced by any means, graphic, electronic, or mechanical, including photocopying, recording, taping or by any information storage retrieval system without the written permission of the publisher except in the case of brief quotations embodied in critical articles and reviews.

      iUniverse books may be ordered through booksellers or by contacting:

      iUniverse

      2021 Pine Lake Road, Suite 100

      Lincoln, NE 68512

      www.iuniverse.com

      1-800-Authors (1-800-288-4677)

      ISBN: 978-0-595-43517-3 (pbk)

      ISBN: 978-0-595-87843-7 (ebk)

      Disclosure for Field Reps and Registered Reps, who are also Financial

      Advisors**.

      Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS), 7 Hanover Square, New York, NY 10004.

      Securities products/services and advisory services are offered through PAS, a registered broker-dealer and investment advisor, 1-888-600-4667.

      Financial Representative, The Guardian Life Insurance Company of America (Guardian), New York, NY.

      PAS is an indirect, wholly owned subsidiary of Guardian.

      PAS is a member NASD, SIPC.

      Material discussed is meant for general illustration and/or informational purposes only and it is not to be constructed as tax, legal or investment advice. Although the information has been gathered from sources believed reliable, please note that individual situations can vary, therefore, the information should be relied upon when coordinated with individual professional advice.

      I dedicate this book to my parents.

      A special thanks to my committed team at Clearline Financial Group.

      Contents

      1 Meet the Chandlers

      2 Safety First

      3 Do You Have… Protection?

      4 Homes and Mortgages

      5 Putting the Gold Into Your Golden Years

      6 Sending Your Money to College

      7 Risky Business

      8 Retiring in a New Paradigm

      9 Estate Planning

      10 Should We Talk?

      About the Author

      1

      Meet the Chandlers¹

      The noise from the construction site was almost overwhelming as we rode the construction elevator higher and higher into the sky, until we were finally fifty stories into the air, the Las Vegas Strip glinting in the sunlight far below us on this perfect spring day. My work as a financial advisor has taken me to some pretty unusual places, but never to the top floor of a construction site of a new mega casino here in my hometown of Las Vegas. As I thumped my mandatory hard hat and scanned Red Rock Canyon in the distant horizon, I wondered why my new clients, Jim and Lisa Chandler, had chosen to conduct our first meeting high in the sky.

      That’s going to be the newest casino on the Strip, Jim was saying. One good thing about being up so high was that you could hear each other talk without shouting, unlike the frenetic work situation unfolding beneath us. Now all the workers looked like ants, busy ants, building a new multi-billion-dollar anthill.

      And this is where the hotel is going to be, Lisa added, pointing to the elevator we had just ridden to the top. And down there—and she pointed to an area between the hotel and casino—that’s going to be the most luxurious spot this city’s ever seen. I’ve designed every element of it myself.

      Jim and Lisa Chandler are something of a legendary force in hotel and casino design. Their CPA had referred them to me a few weeks earlier. If you live in Las Vegas, you know them, or more likely, you just know about them. They’re a young power couple—he’s thirty-six and she’s thirty-three—and whenever a new major casino project is announced, you can be sure that the investors are trying to line up Jim and Lisa to do the designing. They met at the Yale School of Architecture, opened their firm, Chandler & Chandler, announced a specialty in casino design, and got a couple of big deals right off the bat. In the last decade, they have designed half a dozen huge projects here in Las Vegas as well as casino hotels in Macao, Singapore, London, Monte Carlo, and in eight states here at home. Their privately held firm, is said to gross millions of dollars a year, and they have a beautiful home in the best part of Las Vegas, where they live with their two small children, Kira, five, and Jim Jr., two. I knew all this simply because the Chandlers are the kind of people you see at charity events and pretty much any gathering of important people here in town.

      The only thing I couldn’t figure out was why they wanted me at the top of their new project.

      That hole in the ground, Jim was saying, is one of two Olympic size pools. It’s going to have a retractable sunroof, for winter, so people can hang out pool side even in January and February, even if it’s raining. It’s something new in a town that has pretty much seen it all.

      Jim turned toward me. We met with a few financial advisors a couple of years ago, Jim said, abruptly turning his focus from the sprawling casino project to the reason for our visit. But it just seemed like they all wanted to sell us something.

      Most people don’t know this, Lisa said, but we’ve gotten involved with some pretty bad investments, and we got seriously burned. We lost a lot of our net worth simply because we were taking on too much risk.

      Jim reddened. Maybe it’s because we spend all this time around casinos, he said, with a small chuckle. But seriously, we want to do things the right way. We heard some really good things about you. We hear that you really take time to get to know people, instead of just plugging them into a computer program that spits out some numbers and gives them financial products to buy. We’ve been through all that. We’re looking for something very different.

      The Chandlers getting burned on bad investments? This was news to me. Everybody in Vegas assumed they had a Midas touch with money. Maybe they really did need some guidance after all. After all, many people who are fantastic at maximizing wealth often do not have the time or experience to manage, invest, conserve, and grow their finances at the same high level. They’re using all of their resources to work inside of their soul’s purpose—and money management sometimes takes a back seat.

      It’s a long way down to the foundation of that casino you’re building, I said. That’s why we’ve got these hard hats, and that’s why this elevator is a reinforced steel cage. At least I hope it is.

      They both smiled. It’s safe, Lisa assured me, with the smile I recognized from half a dozen magazine covers. If anything had anything to do with the gaming industry, the Chandlers were always front and center. It wasn’t because they necessarily sought publicity. It was simply because they were the best at what they did.

      If your financial advisors in the past, I began, put you into risky investments, they weren’t doing you much of a service. Did any of them ever ask you about how much car insurance you had? Or disability insurance? Or even life insurance?

      Lisa rolled her eyes. They all wanted to sell us life insurance, she said, looking moderately annoyed at the memory. Once they saw our net worth, it was like they had dollar signs in their eyes. Jim and I kept thinking all they wanted to do was figure out how they could turn our wealth into their fees. But to answer your question, nobody ever asked us about car insurance. Or disability insurance. I don’t think we’ve raised our deductibles on our car insurance since college. What does that have to do with financial planning?

      It doesn’t have anything to do with traditional financial planning, I said. "But it has a lot to do with the most important starting point for a solid wealth creation and conservation program. The starting point is protecting the assets you already have, even before we start building for the future. Look at the size of the foundation they’ve created for the casino. Do you remember how much concrete it took to build that foundation?"

      Oh, my gosh! Jim exclaimed. Don’t remind me! They had concrete trucks lined up around the block! The line stretched for over a mile!

      And who gets to see the concrete in the foundation? I asked.

      No one, Jim replied.

      So why’d you spend millions of dollars on concrete that no one will ever see? I asked.

      Because otherwise the building wouldn’t be stable… I see your point, Lisa said.

      That’s why the foundation of wealth building is protecting what you already have, I explained. It’s not something your neighbors will ooh and aah over. But without protection, the edifice you’re creating can’t stand.

      Jim shook his head. Nobody ever talked to us about protection, he said. They just wanted to get us into this annuity or that hot stock.

      So nobody talked to you about protection, I said, shaking my head, although I wasn’t really all that surprised. "What did they talk to you about?"

      "Whether we were maximizing

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