Converting Labor Assets into Financial Assets
from Goldstein on Gelt
Your labor assets (your salary + future potential salary) might be your most important financial asset. Doug McCormick, the author of Family Inc., joins the show and explains how the CFO of your family should manage financial decisions, from labor decisions to estate planning. Are you the CFO of your family? Do you know how to take a big picture view of your family's assets? Doug McCormick takes a holistic view that includes all aspects of family finances, including your labor asset – how much you can earn. The key is to think big, identify all your assets, and make sure that they work together. Does your family need a trust? Trusts date back to medieval England and the Crusades when knights entrusted the priests of the church to take care of their property while they were gone. The idea behind the creation of a trust is to depend on someone else to look after your property with your best interest in mind. Listen to learn about the different personalities involved in setting up a trust: the settler and the trustee. Benefits of having a trust include avoiding probate. Trusts also maintain privacy and can make things easier. To learn more about Doug McCormick visit FamilyInc.com or follow him on Twitter @doug_mccormick. You can also read his book Family Inc.. If you're not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug's free ebook The Retirement Planning Book.
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