Family Inc. : using business principles to maximize your family's wealth / by Douglas P. McCormick
By: McCormick, Douglas P.Publisher: Hoboken, N.J. : Wiley, 2016Description: xviii, 251 p. : ill. ; 24 cm.ISBN: 9781119219736.Subject(s): Wealth (personal) | Budgeting | InvestingOnline resources: Download as an eBook
|Item type||Home library||Call number||URL||Status||Notes||Date due||Item reserves|
|Book||Australia||290 MCC 2016 (Browse shelf)||Available|
|EBook||International||EBL Ebook (Browse shelf)||Link to resource||eBook||Available as an ebook here|
|Book||New Zealand||210.8 FAM (Browse shelf)||Available|
EVERY FAMILY NEEDS A CHIEF FINANCIAL OFFICER: Why do I need a CFO? I don't even own a business. MAXIMIZE THE VALUE OF YOUR SINGLE BIGGEST ASSET - YOUR LABOR: Double the value of your labor through education -- Make career choices that extend your possibilities -- Think like an investor when making career decisions -- Don't overlook retirement benefits just because they're not imminent -- Complement your career decisions with insurance. MANAGE YOUR ASSETS LIKE A CFO MANAGES A BUSINESS: Your financial assets serve many functions in your family business -- Diversify your family business with the right investments -- Define the right goals for your asset management business -- Use history to make reasonable investment assumptions -- Safeguard your assets from the main risks -- Not all debt is bad! Use debt to purchase assets and maximize your liquidity -- Which is better, active or passive investment management? It depends… -- Use indexing for your low-cost investment portfolio -- Understand when it makes sense to pick individual stocks and managers -- The CFO's step-by-step guide to building the family investment program -- Know yourself - understand the psychological factors that can torpedo your goals -- Don't sweat the details of your asset management business. FAMILY INC. DOES NOT MANAGE ITSELF: Create tools and a reporting dashboard for managing family Inc. MANAGE YOUR FAMILY ENDOWMENT IN RETIREMENT: Understand how your family business changes in retirement -- Sleep well - protect your retirement through insurance -- What's your number? Determine when and how much you can afford to spend in retirement. AVOID THE RAT RACE - CHANGE THE GAME BY CHANGING THE RULES: Pay yourself what you're worth through entrepreneurship -- Jump-start your heirs' financial security -- Develop a succession plan to groom your replacement(s) -- Develop and manage your estate or Uncle Sam will -- Maximize your charitable legacy. A CALL TO ACTION: "But it's different this time..." -- Put down the book - just do it!. APPENDIX: How to calculate expected lifetime labor value.
Offers a step-by-step guide to handling a family's finances as would a CFO of a business. Shows how to build a family's unique asset management programme including strategic planning, financial analysis, budgeting and capital raising.