(Sweetbabydinar post at PTR Forum)
I put together a post here of my outline about the cash in side of things I have worked on over the last year. I started on DV & have followed this crew the whole way, so as most of you know there are some great people with great ideas. This is a compilation of that & my own research & business experience. I hope this is helpful to some of you, especially the newer people who haven’t had the time to read the 1000’s of posts yet & to the people with little to no experience. This is essentially my post RV binder, equipped with tabs to keep me organized. In the event of an RV I feel as I am ready as I need to be until I hear a rate. The rate will decide how & if I cash in a little or a lot, or any at all & when, I did not list that here, that’s personal to everyone. This binder has grown & changed over the year as I have learned so much & changed my mind many times.
First tab: Initial Plan
First things first, this to help me focus on what’s most important & urgent.
2. Days to cash in:
3. Denomination Issues:
4. San Francisco event:
Date, book flight & car (steer husband clear of renting the Ferrari-joke...maybe ), arrangements for pets/kids etc. I have my receipts from the deposit for the event here.
5. Wealth management team (as in what did I decide after event):
6. Cash in location(s), date, time: Here I have written all the info I need regarding banks, dealers, & services needed before the cash in like notaries, along with paperwork. Notes on what I need if it’s a location out of my area, secure hotel, rental vehicle, possible security (such things depend on the rate). If I have to fly to cash in I plan on renting a private plane along with my fellow crew of investors. I also have my IQD purchase receipts & wire transfer paperwork here.
7. Tax rate:
8. Other rules &/or considerations:
Make a time budget plan. How will I spend my time? What will I do with my days? What does an ideal work week/month look like? Make a bucket list. Establish goals.
Read More Link on Right
_Real Estate Tab: For me this is my career choice so this section is very detailed for me but it contains notes of places to look for deals, suggestions of the people to talk to (like private bankers), a list of who I will need to be building on my “team” (real estate agent, attorney, assistant, etc.)
I also have the drawing from the call that Checkmate referred to from a few months back (excellent call) that has the 5 circles representing 5 companies. Then I made my own based on my current businesses & what I hopefully will get to add. Each detailed with what their “jobs” will be & what purpose they will serve, along with the kinds of assets they will protect/hold.
Paper Investments tab:
Not my strong place so I listed all the different investment vehicles types, their basic definition & if they have capital constraints. I need to learn the terminology so that when I am meeting with pros I will have a basic understanding what they are talking about. I also need to learn how different entities (trusts, LLC, etc.) can invest. I was told Morningstar.com is an independent fund rating system. I have no experience with that website.
Types of “paper” investments: Stocks, Bonds, cash equivalent (money market, CD’s) mutual funds, ETF’s, Commodities, forex, CEF’s, penny stocks, annuities.
Then I have some percentage charts of how the rich spend their money. This is ongoing research & learning for me, I have bought books & gone to seminars to learn about investments.
Off the grid living tab:
This does not necessarily mean a disaster preparedness plan but it does include that kind of thing.
Self-sufficient planning, like solar, food & water, making my home “green”. Depending on where you live this could be preparing for a natural disaster or just preference. I have not added anything yet regarding taking your identity off the grid.
Things we want to buy for ourselves so we could really get a clear picture of what is important to us & what is just dreaming. Individual lists for my immediate family & then the list of friends & family we want to give to. This can include anything from possessions & vacations, to hobbies you may be able to afford post RV. Do you need someone to negotiate on large purchases? Again personal preference, some may love the bargaining & some may get ripped off because they don’t want to deal with the confrontation. Charity work or donations.
Vehicle/Equipment Purchases: Depending on the path you choose this may be a biggie. Starting a business? Growing your current business? Budget for purchase/lease & maintenance.
Insurance: Health, dental, vision, auto, home, casualty, life, property, etc. etc…
Taxes: List of my personal concerns & questions.
Health: Any health concerns you have been putting off or things you can now afford to take care of? How do you want to take care of yourself? Will you want to go to a chiropractor regularly? Get a gym membership? Naturopath? Any destructive vises or weight issues? Whatever you think is important here. Last but not least, mental health, we don’t want to become victims of sudden wealth syndrome.
Safety & Security: Who will know of your plans? How secret or open will you be? How will you transition from work if you plan to quit & what will you tell people? Will you be the person writing all the checks? Internet security. Security of the workers or employees you hire, such as back ground checks. Safes, alarms, security cameras/systems, metal wallets.
Asset Protection Planning: With entities? Insurance? Both? Will you be doing trusts, LLC’s, charity? Knowing these things will help you decide what you will need. Like attorneys or CPA’s, etc.
Associations: Will you change associations with anyone? Do you need to grow a spine, learn to say no? How will you handle on line social sites? Will you delete anyone? Block anything? Change your name on sites like Facebook? Who do you want to be more involved with?
Activities/Interests/Hobbies: Do you want to learn anything new, like a language, sport, or skill? Wine making to traveling to starting a charity, this will help you focus yourself.
Wealth Management: I have some charts I printed from on line about the way wealth management works & how your team “surrounds” you. I have an “interview” printed out that I got from Patriot a while ago & I can’t remember what site that was. But it’s meant to help you pick the professionals you will need like attorneys, CPA’s, & investment bankers.
I tried to keep this less personal & more generic but I truly hope this helps anyone feeling lost or disorganized.
Have a great Saturday night everyone, I’m off to a BBQ soon.