wearmanyhats

No matter whether you are going into business or not, there are four professionals out there that you need to find and work with to make your monetary life successful.  They are the C.P.A., the lawyer, the financial adviser, and the insurance agent.  Depending on who you get for each of these can make a difference whether you will come out ahead in life in terms of money.

Now I know you investing 202 types:  independent, sure of your own ability to manage your investments, able to leap tall buildings in a single bound.  But the truth is that picking your own stocks and managing your own budget is only half of the way to financial wealth.  You have to manage risk, your estate and your taxes, and all of those rules are played in courts that the majority of us don’t play in.

If you are a small business owner, it is crucial you get your finances together, and even if you are not a business owner, you do better if you can get your taxes done by a good C.P. A.  You might have to shop around, but hopefully talking to one you like who likes you will help you in the long run. I don’t mean an expensive one. Check out their prices before you stay with one.  Independent C.P.A.s can run the gamut in price, but some will offer to spend an hour with you each year to plan out your tax strategy for the upcoming year.  If you help them by being organized with your accounts, you cost them less in time.  I speak from experience here:  I used to spend a lot less on doing my taxes, and I paid out taxes every year. Since I’ve gotten a great C.P.A., I get money back and sometimes I think I get more than we pay in!

The insurance agent is set on doing what is right for you, and not just there to get his/her commissions.  I like the ones that are affiliated with church organizations because they have a more ethical base. Shop around for one that you feel you can trust, and let them each develop a plan for you.  Then you can compare each agent’s ideas and see which make the most sense to you.  In this article are links to help you understand the finer aspects of this topic, so feel free to jump on them and educate yourself.  Insurance is for both managing your risk, and for planning your estate.  Pass your wealth down to your children and teach them to manage it wisely.  There is a tendency for some people to think that  children can pull themselves up by their bootstraps.  Tell the Fords, Rockefellers, Bushes, and Kennedys that, and they would laugh at you.  The next generation will need to get closer to the “haves” than the “have nots” and your estate planning can make a difference with that.

The lawyer gets your estate together for you.  Shoot for a trust if s/he will let you.  And look for inexpensive ways to get that done.  I’ve heard that some indepenedent lawyers have recognized that times are tough and some have slashed their prices to do legal work by half!

Finally, the financial planner is a great person to start off with before all the others.  Often when you find one professional that you have a good rapport with, s/he knows of others that are similar in nature.  Get a team together, and build that bond to make your successful.  Whether it’s your business, or just you facing the world with your family, find that group of people who want to make you financially secure. After all, there is no sense in growing older and having nothing at all.

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