October 3, 2019
Common Types of Trusts for Business Owners

Types of Trusts for Business Owners: The Comprehensive List

In my last article, we delved into basic trusts. We defined what they are, and how each type is used. Well, in this follow up article we dive into the weeds, so to speak. This article is an exhaustive list of the most common types of trusts, and will take you from A-Z, as we discuss the thirty-nine — yes, you read that correctly — types. So strap in as I make all these trust types that can be used in your financial planning, financially simple.
July 18, 2019
Auto Insurance 101 for the business owner

Auto Insurance 101 – What You Need to Know

If you drive a car, you must have auto insurance. In fact, it’s illegal not to have car insurance and if you happen to be in an accident, not only will you be fined, but you could be sued. If you’re a business owner, you’re trying to increase your net worth, not decrease it. Thus, you need to have adequate car insurance to protect yourself and your finances. So let’s talk Auto Insurance 101 – what you need to know about insurance for your car, truck, and other vehicles.
July 16, 2019
Captive vs Independent Insurance Agent Save You Money

Captive vs Independent Insurance Agent – Who Saves You More Money?

Insurance is a necessity of life, but it can feel burdensome to business owners. Not only do they have to pay high premiums for good coverage, they have to carry multiple personal and business policies. If you’re like most business owners I know, you feel “insurance poor.” However, if you understand the distinction between a captive vs independent insurance agent, you can actually reduce the cost of your insurance.
July 11, 2019
What Type of Mortgage Should a Business Owner Have

What Type of Mortgage Should a Business Owner Have on a House?

Since becoming a CERTIFIED FINANCIAL PLANNER™ in 2006, I’ve worked with hundreds, possibly thousands, of business owners. Eventually, their questions start to sound familiar, especially when they start asking me about their home mortgages. I’ve heard, “Justin, how much should I put down on my house?”. Others ask, “Hey Justin, should I finance 100% of my mortgage or not?”. Similarly, other clients ask, “Justin, should I move the equity from my current house to my next house?”, or “Is it better for me to take out a 15-year mortgage or a 30-year mortgage?”. Whether my clients are asking me about ARM loans, balloon notes, down payments, mortgage terms or the like, they’re all asking me the same basic question. What type of mortgage should a business owner have on a house?
July 9, 2019
How Much Should a Business Owner Pay for a House

How Much Should a Business Owner Pay for a House?

Whenever I work with business owners, they often ask me, “Justin, how big of a house should I buy?” In other words, they’re asking me how much money they should pay for a house. To answer their question, I quote famed American author and business theorist, Dr. Thomas Stanley. In his book Stop Acting Rich, Stanley says, “Nothing has a greater impact on your wealth and your consumption than your choice of house and neighborhood.” He goes on to say, “If you live in a high-priced home in an exclusive community, you will spend more than you should, and your ability to save and build wealth will be compromised…” Ultimately, the answer to “How much should a business owner pay for a house?” boils down to the question, “What do you want to accomplish in life?”
July 2, 2019
What's the Cheapest Way to Buy a New Car

What’s the Cheapest Way to Buy a New Car?

As a financial planner, I don’t believe in going into debt so I always buy used cars. In fact, I’ve never had a car payment. Last year I needed to purchase a “new-to-me” vehicle. When I started doing my research, though, I found that I would pay (at this time in the economic cycle) essentially the same price (over the life of the vehicle) for a used car as I would a new car. Ultimately, I decided to buy a NEW truck and I am sharing with you the math from my research in my quest to find the cheapest way to buy a new car.