moneyFYI
Financial Freedom Is Merely Organized Common Sense
Teaching Financial Literacy
If you could teach financial literacy to children, what would you teach first? The idea behind it or the techniques to implement?
Start with the ideas. Technique without a structure doesn’t solve much.
Start with the idea of money
Money is about what it means not what it is. Money was invented to allow people to make their lives easier. It’s for using. It isn’t a thing by itself.
Money has three purposes:
- A way to facilitate trading. It is hard to trade your work for something you want unless the other person wants your product. Money lets you trade your work to someone who wants it then trade the money they give you to someone who has what you want. We still live in a barter world, but money hides it.
- A unit of account. A way to keep track. If a pair of shoes costs $200 we know what that means. We could understand the meaning of an identical pair at another store for $180.
- It is a store of value. A fisherman cannot hold on to his catch for long even if he doesn’t want to trade for something else today. He trades for money and keeps the money until he wants to trade it for something.
Learn some vocabulary.
Buy – to trade money for something
Sell – To trade something for money
What is money for?
- It’s for trading. Eventually!
- It’s an abstract way to compare value.
Once you get that, you should learn how to get money.
How do you get money?
Remember money is about trading. If you want money you must trade something to get it.
You trade your resources for money.
Vocabulary
Resource – Something of value
Everyone has things they can trade to get money. In the begininng people trade their time, their skill, and their energy for money. Once they have some money they can trade the use of their money (invest) and get money for that.
Vocabulary
Invest – to trade the use of your money for an expected return of more.
How to get money in the beginning
Think through how you trade to get money. It makes sense to optimize the value of what you have to trade.
Time matters. If you work 50 hours a week, you should reasonably expect to earn more than if you work 40 hours. Working longer hours is a factor that sometime people overlook when comparing what one job pays compared to another.
Skill matters. If you bring more skill to your work, you should expect to earn more. Doctors make more per hour than welders and welders make more than common labourers.
You must consider how rare the skill is too. There is little advantage to acquiring great skill in an area where the skill is becoming common or unneeded or performed by machines. Some skills become obsolete. Some skills give personal satisfaction but not much money.
In the beginning look for things in demand and a short labour market.
If you can sell your skill to just one person at a time, you must earn less. That’s why musicians stream tracks or sell CDs or perform concerts in a stadium. One performance, many sales.
If you ever wonder why an NFL quarterback can make $25 million a year it is a combination of rare specialized skill and the ability to trade that skill to someone who can resell the one performance to many people.
Think how you could make your skill resaleable.
Energy. Think about energy. Some people get more done in an hour than others. Employers notice. If there is a business turn down and someone must leave, it will not be the high energy person. Earning money is about more than the rate per hour. Look at ways to get more hours and eventually a higher rate of pay.
Don’t forget attitude. Customers like a cheerful and helpful attitude. Employers do too. Think about what you like and want when shopping.
Learn more about how to get money before you decide what to do with it.
The big point most people miss.
One talent is not enough. People who are successful have a constellation of skills. They don’t have to be highly developed just mutually supporting. Some of them can be acquired by accident but it’s better if you know what the skill is and why it helps you. Consider the ability to communicate. In writing or by speaking. People who communicate better do better.
Listening is part of communication. Learn to hear what others are telling you. People say you have two ears and one mouth for a reason. You learn while you are listening.
Think about other skills that support your primary skill. Leadership. Persuasion. Basic finance. HR.
Every job you have, no matter how unskilled, will help you understand what works. Treat every hour of every shift as a chance to learn important and useful skills.
What’s financial planning for?
Financial planning is a way to optimize the use of the money you have and can get. It is about tools and purposes.
We’ll deal with those in more detail tomorrow
I help people understand and manage risk and other financial issues. To help them achieve and exceed their goals, I use tax efficiencies and design advantages. The result: more security, more efficient income, larger and more liquid estates.
Please be in touch if I can help you. don@moneyfyi.com 705-927-4770
Just Do It! What Comes After Strategy?
Yesterday we outlined the duties of individuals in their approach to financial planning. They own the strategic part. The question is should they own or merely control tactics and implementation.
Strategy is about the “W” questions. Tactics is about the “How” questions.
Strategy is exclusively your domain. Like the house. Your dream house is your dream. But having a clear vision of it says nothing about building it.
Financial Planning Step #3 Tactics
Tactics are methods. Often tools. Tactics are about applying the available means to execute the strategy.
Do-it-yourself is a possibility but it may not be the easiest, fastest, or least costly way to achieve the goal. Many people make the mistake of believing because they paid nothing for the task, that the outcome had no cost.
Those people don’t understand the idea of opportunity cost. Should an orthopedic surgeon book Friday morning off so he can mow his lawn, or should he do the surgeries and pay someone else to mow the lawn.
The opportunity cost in financial planning is not limited to the not so visible loss of other revenue and the clear cost to pay someone else. It also includes the fact that everyone has limited ability in some areas. The person I hire might be better at mowing the lawn. They might see problems developing long before I would. The likely have better equipment.
Professionals bring two values
- Completeness
Would you build a house without a plan prepared by a person who knows how? Here at least, you could never get a permit to do it, but that’s a different issue. Would your self-designed house be safe, strong enough, have the right heating/ventilation ability, be easy to keep clean, be built to the specifications at least cost and in the least time? Would an architect see things you could not?
I had a client who built a home on the bluffs in Scarborough. A 4,400 square foot A-Frame overlooking the lake. Spectacular! 18 months in the planning. He was in the construction business but not home building. The first question by his wife the day they moved in, “Bill, where’s the broom closet?” Oops. A broom closet is not the easiest thing to add later. In financial planning and dealing with a client who has an adequate strategy, the first things we look for are conflicts and voids. The chances are pretty good, you can’t find those yourself. - Tools and technique
The tools and materials the house building pros have available to them are not necessarily available to you or even appropriate. If nothing else, they know when a specific tool is the best fit for a particualr purpose. They know prices and they know some tools have higher prices to provide features you don’t need. Things fit together.
Dealing with professionals is usually a way to get some predictability despite their price. Think fit to the task, think durability, think opportunity cost.
Fitting tools to the task
Once the professional has understood the task and found tools that can apply to you, they will recommend solutions in context For example, “This way fits your needs now, and this one fits now and later but is more expensive today. The cost to do nothing is potentially this.”
Advisors are tactical people. You are the planner, they are the helper. Having a sound vision and strategy, you will be able to make the choice on the basis of your priorities, financial limits, and the ability to adjust one part for another.
With no clear strategic idea, that will be difficult.
For example: If at 55 you decide to buy a condo in Naples, Florida, and you know buying it will force a delay in your preferred retirement date by 18 months, you can make a sound decision. An impulse purchase might have a negative long term effect. Vision changes over time and how the tools fit then could be limited. You need to know how things fit and you must do your part ot make it happen. No planner can make an inadequately defined plan work, or last, or be adjustable.
Step # 4 Implementing
Many plans are carefully designed, complete and yet never implemented. Why? Becasue the client did not do the vision, and strategic part. They can’t understand complicated steps that are dropped on them. I suspect if I did a survey today and asked 50 people at random, probably none could explain why an estate freeze was in their best interest. Not many know that estate costs are just a symptom and finding the least costly way to deal with them can have significant beneficial effects on how big the estate ends up and/or how easy it is to administer.
If you have not done it before, implementing is mind numbing. What kind of life insurance and for what price. Portfolio design. Business shareholder agreements are non-trivial. Family trusts are commonly at least 50 pages long. Most people don’t really know if their will works.
Hire people who know how to help you implement.
Implementation adds value in the second stage.
No plan is ever finished. Think followup.
Every plan should be recorded in some detail. The results should be clearly available and reviewed regularly. As outcomes don’t match the targets, (on either side), you will want to assess why and then decide to ride it out or revise the tactics. You could do that yourself but a professional advisor can bring insights you may not be able to access. New product or new tax law for instance.
Advisors help you with controlling your emotions and with motivation. Remember the why you are doing it part. Why is the motivating part and unless people pay attention to it they can get off their path.
It is easier to let the people do these steps for you, always with the decision in your control. Henry Ford offered a thought, “Choosing who should fly the plane is easy. Someone who knows how.” While that is reasonable enough, I doubt Henry ever let the pilot decide the destination.
Summary
- Strategic design and strategic decisions are yours. The CEO’s job is to allocate resources for reasons that benefit the company. That’s you in your life. Do not expect others to get it right without guidance
- Tactics and implementation are detail oriented and subject to changes in product design, law, and government regulation. Keeping up to those as a someone busy with their own profession is error prone.
- Regular review and update is necessary. The world changes around you even if you remain set in your ways.
- All four parts of the planning exercise are necessary for success.
I help people understand and manage risk and other financial issues. To help them achieve and exceed their goals, I use tax efficiencies and design advantages. The result: more security, more efficient income, larger and more liquid estates.
Please be in touch if I can help you. don@moneyfyi.com 705-927-4770
Learn How To Avoid Functional Financial Illiteracy
What if I wanted to build a house. Build it, not just contract the work to others. How many tools would I need?
Answer: Dumb question!
All the tools in the world would not help me build a house. I don’t know how to do it. I am building illiterate.
I can know all about tools and materials and still be lost. It is like Richard Feynman has explained, knowing the name of something is not the same as knowing something.
To know is to be able to use.
Functional financial illiteracy
If your financial literacy is limited to knowing about the tools, you will be lost. Knowing how to apply the tools is where their value lives.
Money tools can be best seen in the context of financial planning. Being highly skilled or knowing everything about power tools is good, but it gets me no closer to being able to build a house.
It’s the same with life insurance investment plans, disability insurance, mortgages, credit cards, car lease, student loans, and employer group insurance or pension plans.
Once you know how to use the tools you can do a better job of selecting them, knowing when they matter, understand the difference between value and price, and knowing when not to use them.
In an ideal state, you could explain them to someone else. A spouse, a child even,
Building a financial plan.
Like building, financial planning involves four parts.
Step #1 – Vision
What do you want the house to be? A small bungalow on a small lot or a vast country home on 50 acres. Knowing what you are trying build will develop information about possibilities and limits. The terrain and geology of the site, the floor plan, the exterior elevations, the time to construct, the services required like hydro, water, and sewage treatment, permits required, the price, resolving conflicting ideas with others who will live there, the decorating and landscaping. Starting with no vision will involve looping back to fix obvious but overlooked things. That adds to cost and the time to complete
Vision is the first step in financial planning. What are you trying to accomplish in your life? When do you need it? What is the price? Who else is involved? What career paths are available to you? What do you value most? What aspects are open to tradeoff and negotiation?
Step #2 – Define strategy
There are many questions you can ask yourself that will make the plan specific.
All of them start with “W”
- What do I want? There could be several of those.
- Why do I want that particular set of things. Ties to who you are and your vision for your life.
- What do I have to get it with? Mostly your career value. The ability to work and the skill to work at things that pay well, or better. What would I defer or give up for more money?
- Who is involved? How do they support my goals and how do I support theirs? Could be spouse, children family, parents. Maybe business partners.
- When do I need what I want? Some things are fairly near. Maybe paying off personal debt or buying a car. Others are farther. Children’s education, retirement, security.
- Where will we be? Is geography a crucial limit. Some people will move for tax advantages. Others must be near children or grandchildren. Some people don’t like cold weather.
- What if? How will I handle some of life’s serious problems. Death, disability, divorce, child rearing, unexpected financial success? (Lottery winners have uneven life success after winning.)
- Why not? There are more thing in life possible than we can ever partake of. You tend to make better decisions if you don’t waste time and other resources trying things that you could exclude beforehand.
Vision and the “W” questions are strategic
By the time you think about the vision and the strategic questions, you will find four things:
- The most important is, it’s your strategy, your plan. Only yours. You are the planner. Everyone else is a helper .
- You will have an idea about risk. It is not so much the condition but what it means to you. What will you do if things don’t work out? Some people are good at risk others not. Understand your tolerance for risk. Understand your exposure to it. Understand your capacity to overcome an adverse event or to manage the likelihood of occurence.
- You will have an awareness of what parts are fuzzy. There will always be some fuzzy ideas. Retire at 55 or 60 or never? Have two children or four? Live where you grew up or a different place? Many of the fuzzy things can only be clarified by trying them. Some are non-reversible, so risky. Like having children.
- You will realize none of what you want or even need will ever happen unless you do something about it. Doing something is not a given. Many people have ideas and dreams, but don’t implement them. Implementing is an entirely different function. It is like the tab on my monitor that says, “Writing and editing are different tasks.” You cannot do both at once.
Tomorrow we will talk about iimplementing and the last two steps
I don’t know how so my best choice is know who.
I help people understand and manage risk and other financial issues. To help them achieve and exceed their goals, I use tax efficiencies and design advantages. The result: more security, more efficient income, larger and more liquid estates.
Please be in touch if I can help you. don@moneyfyi.com 705-927-4770
Making Money Is Not The Same Thing As Making A Profit
A business is worth what it can earn. The what in this case is cash.
The financial press is carelessly preaching about value using different ideas about making money. For people who do not have any kind of deeper understanding, it quickly becomes confusing. Confusion is a destroyer of rational thought.
Understand cash and cash flow.
I suppose we all know what cash is. Currency, bank account balances, callable deposits, and maybe marketable securities. On a balance sheeet cash is real. People tend not to tamper with the number because it is easy to verify and the auditors would catch it every time. Then you go to jail.
Every other number on the asset side of a balance sheet is opinion.
Most assets in a financial statement are opinion
Assets
- Accounts receivable – how much will be uncollectable?
- Inventory – How much will be lost, damaged, or become obsolete before sale.
- Work in progress. – A guess based on what is spent so far. Worth is unknowable.
- Fixed assets – historic cost less some made up depreciation number.
- Goodwill, deferred R&D, patents, trademarks, and copyrights. – Just waiting to be allocated to earnings.
Most liabilities are real, but some liabilities are guesses too.
- Pending lawsuits – no one knows what will happen in court and legal fees are onerous
- Pension obligations. An actuarial assessment of future required payouts based on employees’ age now, estimated duration of life after retirement, the salary now, maybe some inflation or promotions, maybe some turnover in the work force, all discounted by a made up interest rate. From that number deduct what assets are already in place. Usually market securities with no certain predictable value. A multivariable guess.
- Unearned revenue. A formula guess.
Cash flow is real too
Cash flow is harder because there are several factors. For a business we can assume is a going concern and likely to remain so, cash flow might be how much the bank accounts go up this year. I have known farmers who keep track of profit that way.
Speaking of profit, the earnings number you see, earnings per share, is all opinion. I know a person who was a senior executive for a major league baseball team. I asked him once how a team that loses $5,000,000 per year could have such a huge value. His reply, “You know if you can’t turn a five million dollar profit into a five million dollar loss with one one well-reasoned journal entry, they will come and take your accounting diploma away.”
Pay little or no attention to earnings. Noone can pay dividends with journal entries.
The common idea for cash from operations is EBITDA. Earnings Before Income Tax, Depreciation and Amortization. Much more useful, but still not enough for rational decisions. Does depreciation make sense. Someday the assets must be replaced. Machinery, trucks, and even buildings wear out or become obsolete. Amortization of goodwill assets is just an allocation. Did you know that in the 90s banks in Japan could write of bad loans at the rate of 2.5% per year for 40 years? Amortization is often, maybe usually, more useless than depreciation. Income taxes in an operating statement might be due now or maybe not. Maybe zero, maybe double or more. Deferred taxes store the illusion.
The only word in EBITDA that is not a guess is “Before”
Free cash flow is something you want to know about. Free cash flow is what cash remains after you pay all the bills, pay dividends, replace assets you use, pay down long term debt, finance working capital, and build for the future. It might be similar to earnings and/or EBITDA but usually not. Free cash flow is what you the shareholder might get someday.
Understanding free cash flow versus earnings and EBITDA is a useful exercise. Suppose you “earn” $1,000,000 this year. Suppose EBITDA is $1,400,000. Not bad. A million is good, $1.4 million is nice. BUT, what if new equipment to stay competitive was $800,000. Suppose you paid $200,000 in principal on bonds or loans. Suppose taxes were $300,000, Suppose inventory and receivables went up 200,000. Suppose you spent but treated as deferred $200,000 in R&D also to stay competitive in your industry. Net free cash flow = negative $300,000.
Essentially you stayed in your place in your industry and did not lose much money in the process. You had earnings, but you did not make any money. Now what? If you are the industry leader or maybe #2, your investments should create more cash flow in future, but if every year looks like this one, you will go away. Even while profitable.
Because the business must take on new debt to continue to pay their bills as they come due. Sort of like the government.
Amazon has only recently begun to have net earnings, but they have a lot of free cash flow. You might wonder why. Hint: they don’t pay their venders very quickly. Retail does not make a lot of earnings but it spins off a lot of cash. Amazon Web Services makes most of the earnings and likely makes little “money.”
Cash gives you choices.
In life and in business if you have options, you are likely okay. Cash lets you build choices. Choices give you some control.
Try to avoid investments that must work a certain way or fail. Eventually they will fail. No business is immune to outside factors.
I help people understand and manage risk and other financial issues. To help them achieve and exceed their goals, I use tax efficiencies and design advantages. The result: more security, more efficient income, larger and more liquid estates.
Please be in touch if I can help you. don@moneyfyi.com 705-927-4770
No One Stays On Top For Long. Aim For Personal Growth
It’s harder to stay on top than it is to get on top. On top is a comparison thing. Comparison is not always helpful
The Toronto Maple Leafs
The Toronto Maple Leafs as we know them now, came to be in 1927. Their predecessor the St. Pats won the championship in 1922, and by 1931 they were a serious contender for the championship every year. Winning the first in 1932, they went on for 20 years winning seven Stanley Cups and being runner-up five more years. The fifteen years following were not so bad either. Four cups and runner up twice. Since then. Not so good. No wins and no appearance in the finals since 1967.
You must change or else
When you are on top, people try harder against you. People observe what you do and copy the good parts. They look for weaknesses and try to take advantage of them. In short you cannot stay as you are and stay on top. As the dinosaurs discovered, you have to change or die.
Reasons
To stay on top you must do things better than everyone else and they are using your best material against you. Players can be good but hockey is a team game and a few good players can’t win by themselves. The Leafs have had some Hall of Fame players recently but not enough and not at the right times. Borje Salming, Lanny MacDonald, Doug Gilmour and Darryl Sittler were dominant in their day. There were other well respected players too. Wendel Clark is one from the late 80s and early 90s.
Management was erratic for many of the years. Harold Ballard was eccentric to say the least. Now there is corporate ownership and it is difficult to create team-lead passion from there.
A team is more than a collection of players.
In your own life
You cannot be on top in every metric, so don’t waste your time. Bill Gates is not the richest person in his own zip code. Strength and beauty are not durable. Smart comes and goes. Health is random.
The key is to notice you will not lead the pack and if you do happen to get there, it won’t last long. You will do better if you establish reasonable goals and work at achieving them.
You will grow as a person and you will not be burdened by envy or unreasonable outcomes. Knowing who and what you are is a great advantage
As for the Leafs, there are always the jokes.
I help people understand and manage risk and other financial issues. To help them achieve and exceed their goals, I use tax efficiencies and design advantages. The result: more security, more efficient income, larger and more liquid estates.
Please be in touch if I can help you. don@moneyfyi.com 705-927-4770
If You Think You Are Helping, You Probably Aren’t
In the words of my late friend and client, Jim Knight. “I have never learned a thing being right.” Pretty much true for each of us.
Is helping helpful?
Why do we try to make things easy for children and employees? Maybe for all others? Are we impatient for the answer? Are we robbing them of opportunity in the guise of helping? I doubt I am alone in thinking helpers are a bigger nuisance than a value.
Helpers are the source of the rise of socialism. They know better, or think they do, and they will help you. People doing things for you is debilitating. Are they doing it to help or for the power that accrues to themselves?
Struggle matters
I came on an article recently and it summarized some of my thoughts.
- Mistakes are your friend
- Hard is good for you.
- Anybody can do easy
You can see the whole thing here. Why Struggle Is Essential For The Brain – And Our Lives.
The summary,
Life is not supposed to be easy. Recall Albert Ellis’s Three musts that harm us. “There are three musts that hold us back: 1) I must do well. 2) You must treat me well. And 3) The world must be easy.”
The military has a maxim you can take to your life.
“Train Hard, Fight Easy”
From the article, “We cannot achieve anything creative without being comfortable with mistakes and struggle”
The journey, not the answer is the benefit. This is a great video on the point. From Dennis Mosley-Williams. The Guru On The Mountain
Dennis makes a good point. Would you be harmed if you spent the time and trouble to climb the mountain, all the while thinking about your question and its meaning, and when you found the Guru he said, “Google it”
It’s the journey not the destination that makes you what you are.
I help people understand and manage risk and other financial issues. To help them achieve and exceed their goals, I use tax efficiencies and design advantages. The result: more security, more efficient income, larger and more liquid estates.
Please be in touch if I can help you. don@moneyfyi.com 705-927-4770
Principles Matter But Rules And Regulations Are Useless
I reread an article on banking last weekend. Paul Volcker on Conflicts, Ethics, and the US Banking Industry. It takes some thinking to discover its place in our world.
That place is much wider than the banking industry in the US.
Why do we need laws and regulations?
For one simple reason. We don’t trust each other. We certainly don’t trust our institutions any more. Banks being just one of many. It has been true for at least 50 years.
A comment from HR Haldeman regarding the “Pentagon Papers.” From the Nixon tapes, 14 June 1971:
“But out of the gobbledygook, comes a very clear thing: .. you can’t trust the government; you can’t believe what they say; and you can’t rely on their judgment; and the – the implicit infallibility of presidents, which has been an accepted thing in America, is badly hurt by this, because it shows that people do things the President wants to do even though it’s wrong, and the President can be wrong.”
Because we no longer trust, we must accept a less valuable substitute – rules and regulation.
It has always been so
Plato pointed out the obvious. An apparent condition we choose to overlook.
“Good people do not need laws to tell them how to act responsibly, while bad people will find a way around the laws.”
The apparent question is, what is the point of the law or regulation in the first place? To make politicians look like they are doing something?
Principle based societies
I dealt with the question of why have rules and regulations, five years ago. You can see it here. Rule Based Societies
I think nothing has changed for the better. There are now rules to govern almost every aspect of life. From building codes, to banks, to truth in advertising, to how dark a restaurant can toast bread. If I thought this lead somewhere good, I would support it but the current wisdom seems to be if 1,000 rules are good 10,000 must be better and 10,000,000 best of all.
Where it leads
Margaret Thatcher once made a point that is even more true today; “Politics used to be about trying to do something. Now it’s about trying to be someone.”
Governments to day are made up of politicians who have gone into the profession for the wrong reasons. Doing something to benefit everyone is now secondary to appearing to be a person who is caring. “Woke” The idea of woke presupposes the resources to make the vision work will be available and that fact is not in evidence. Society has a huge superstructure but the foundation of it is the ability to be self-supporting. An item lost in translation to the new way.
Trying to be someone leads to compromise where none is appropriate. Thatcher again, “To me, consensus seems to be the process of abandoning all beliefs, principles, values, and policies. So it is something in which no one believes and to which no one objects.”
On the need for consensus
As Margaret Thatcher pointed out consensus is a problem. Reasoned positions supported by experiment and evidence lead to better solutions. What do we know about agreement and disagreement? My first boss said it best I think. “If two people always agree, one of them is useless. If two people always disagree, both of them are useless”
Consensus continues to be a problem.
How do we fit the pieces of society together?
Maybe we just let people find their own way to fit. Bending society to fit everyone is an impossible task. There are too many factors to make it easy.
People do not understand “probabilistic combinatorics.” If we have factors we view as describing us personally and expect to intersect with society, we must realize there are too many. Consider a few factors. Race (5), sex (2), gender expression (many), religion (many), economic level, (5 quintiles), place of origin or ethnic background (many), age, (call it 5), ability/disability (many). Ten categories and if we make “many” worth 10, a low choice, there we are with 57 factors and 2,500,000 different people possible
You see the problem of having each person fit into a given society defined by rules. The working idea is simpler. Respect each other for their similarities to you and for their differences. No rules required for that so long as everyone agrees to play by the rule.
But recall Plato’s point above. Not everyone will participate that way. Maybe you have to ignore them and trust the people to defend themselves or ostracize the wrongdoer. Relying on the government to fix the problem is shortsighted. They already have many rules, regulations, and ideals they cannot, or don’t want to, enforce. Think bullying in schools.
In your family or business
Mistrust the power of rules.
“More than ambition, more than ability, it is rules that limit contribution; rules are the lowest common denominator of human behavior. They are a substitute for rational thought.”
Admiral Hyman G. Rickover
Rules get in the way. If the rule limits more than the behaviour you want to limit, or if you don’t know how to enforce it, don’t have the rule. It makes all rules suspect.
Teach everyone you can to behave based on well-founded principles.
I help people understand and manage risk and other financial issues. To help them achieve and exceed their goals, I use tax efficiencies and design advantages. The result: more security, more efficient income, larger and more liquid estates.
Please be in touch if I can help you. don@moneyfyi.com 705-927-4770
