Let's Start This Off Right

As we kick off the new year, my intentions on this blog remain focused on; general issues relating to the City of Austin, real estate with a connection to Austin in some way, living in this city (Austin and the 5 County area; Travis, Williamson, Hays, Bastrop, Caldwell Counties) and topics relevant to industry/ profession Realty.

To kick off the new year, I will review some lessons taught to me through a very solid business coaching membership, Buffini & Company, based in San Diego. Nothing is done for me or offered through my Real Estate Broker common in other office structures - no 401(k), no stock options, no insurance. So I will list some steps which have been taught to me. Please consult with your Accountant, Stock Broker, Financial Advisor & C.P.A. for their advice;

To ensure stability, it is important to secure the following:

1. Working budget of home expenses & business expenses
2. Signicantly sized life insurance policy
3. A Will or Trust
4. An ''auto withdraw'' into your saving accounts
5. 1 month's expenses in reserve
6. A fully funded SEP or IRA
7. Health Insurance
8. Disability Insurance (this one can be tough & costly, one can be
creative and purchase a piece of real estate and pay down
quickly just for this step alone)

To set oneself up for success, the following are needed:

1. Financial & Retirement plan
2. A living, revocable or irrevocable trust
3. Annual Assessment of your net worth
4. Real Estate and Stock invvestments
5. 3 to 6 months expenses in reserve
6. Cash reserves to hire staff as business grows
7. Tax Strategies for deferment
8. Monthly profit and loss statements
9. Drop all fixed expenses in an account with auto withdrawl for those expenses

Significance Plan

1. Passive Investments provide for your current lifestyle
2. Gifting strategies
3. A plan in place for aquisition of your business
4. Profit Share plan for staff

If you or someone you know would like to talk with the true source of this information, Buffini and Company, call me and I will connect you with the right person.
Happy New Year!