It’s April 15th as a write this. The Federal debt is around $28,100,000,000,000 and our 2020 deficit was around $3,000,000,000,000. What the heck!!!???
Have you ever been distracted, and the consequence was that something bad happened?
I’m not talking about crashing a car bad (but that qualifies). Maybe you were painting the bedroom wall, the dog distracted you, and you ended up painting the trim. Or you were on the phone with a friend and forgot the cake in the oven. Lots of things get damaged or ruined when we allow ourselves to get distracted and lose focus on what we’re really trying to accomplish.
The same is true of investing and planning.
For those who are Christians (and many who aren’t), we just finished celebrating God taking on flesh in the birth of Jesus of Nazareth some 2,000 years ago. By the time you read this, January 6th will have come and gone but the date holds deep meaning for me (not because of the joint session of Congress, mind you).
January 6th is A Lot of Things
It’s my wedding anniversary…
…the Twelfth Day of Christmas & the day we celebrate the three kings coming to worship the Christ (called Epiphany)…
…and the beginning of the Mardi Gras season. That means I have a reason to make another King Cake!
I’ve spent years perfecting my recipe – find it here.
The Sky is Falling; Let’s Buy Gold!
A few years ago, we had a client with a sizable amount of gold coins stashed in a safe deposit bank. Now with gold hitting all-time highs this year, clients and acquaintances are asking if we think gold should be a part of their portfolios. I’ll be blunt: if you think the world is going to hell in a handbasket, spend your money “prepping” rather than buying gold. If you’re right about the end of civilization, you’ll be glad you took my advice. If you’re wrong, you can probably still sell your guns and ammo for more than you paid for them. (So it’s sort of like buying gold but with more usefulness.)
As a business owner, ask yourself:
- Will there be a market for your business after your death?
- Will there be adequate cash in the business to purchase your share of ownership?
- Will partners be able to pay your family for your interest, or will years of hard work and sacrifice end with little security for those you love the most?
Whether you’re a sole proprietor, partnership, S-Corp, C-Corp or LLC, the assumed value of your business interest can be uncertain without specific plans to guarantee the outcome.