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Personal Finance Information |
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Succession Planning
Have you ever thought about what you are going to leave your children when you pass from this earth? Wouldn't it be a great feeling to be able to give them a really good head start in life - without actually spoiling them? It really doesn't matter how old you are, it's something that you need to be thinking about and planning for now. In the process of planning your inheritance and blessing your children, you are really making YOUR life better and more financially secure because you'll enjoy these benefits before you pass them on. You could really enjoy your retirement instead of having to scrimp and save every dollar. This planning is even more important if you happen to be a farming family - especially if you have sons or daughters that want to take over the farm when you retire. What are you going to do for income when you hand over all the assets and farm to your children? You'd be in a unique position if you had enough money in the bank to take out enough to live comfortably for the rest of your life. Another consideration is how are you going to make it fair for your other children if 1 gets the farm and all the assets etc? One possible solution is to make the farming child pay out the other children so all amounts are equal. This, however, could result in undue financial pressure on the farmer. So what is another possible solution? I strongly believe that a great solution to creating financial security in both retirement, with the added bonus of providing a fantastic inheritance for your children, is to invest in positive cash flow real estate. Some of the main benefits include: 1. Purchasing real estate with a positive cash flow, resulting in more income to live off NOW 2. There is an excellent prospect of capital growth in real estate (so your assets increase in value, approximately double every 7-10 years) 3. Your repayments to the financial institution will stay the same, but your income goes up with the CPI or whatever rate you decide in the lease. Hence, your income will increase over time without you doing anything, as well as having someone else paying off your loan! 4. If you use a systematic formula to create your wealth, resulting in passive income, then you'll have a comfortable amount to retire on (assuming you continue to invest and reinvest) 5. If you use a systematic formula, you could end up with multiple properties, all returning a positive cash flow. These can be used to fund your retirement as well as give you something of REAL VALUE to pass on to your children. It really is a win / win situation. Many people are sceptical about investing in real estate because they have heard so many failure stories. It's not that hard to get it right. You just need to be shown HOW to find those cash flow positive properties and have the courage and determination to go for it! After all, you could be creating a better lifestyle for yourself now as well as for your children. What a great gift to give them - a second stream of income, that they don't have to work for. They'll certainly remember you fondly! In conclusion, I hope I have been able to plant the seed of enquiry so that you at least go and learn more about investing in real estate. It might be the most profitable homework you've ever done. A final comment: many think that investing in real estate is for the rich, well that is NOT the case. Anyone can invest in property, high and low income earners. Do yourself a favour and check it out today. Mandy Nield is a recognised authority on the subject of investing. Whether you are a fully experienced master craftsman or a raw apprentice, you will learn exciting and achievable ways to improve your saving and invest profitably in real estate, to secure a financial future. http://www.anyonecaninvest.com
MORE RESOURCES:
Money File-John Simons, Senior Personal Finance Editor at Black Enterprise - Nightly Business Report
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