Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Mind Your Own Business: The Small Business Owner’s Relentless Pursuit of Multigenerational Wealth
    Mind Your Own Business: The Small Business Owner’s Relentless Pursuit of Multigenerational Wealth
    Mind Your Own Business: The Small Business Owner’s Relentless Pursuit of Multigenerational Wealth
    Ebook152 pages1 hour

    Mind Your Own Business: The Small Business Owner’s Relentless Pursuit of Multigenerational Wealth

    By Paul L. Marrella

    ()

    Read preview

    About this ebook

    You've poured everything into your business, struggling through good times and bad to build something you're proud of. Of course, you want your investments of time and money to benefit you and your family in the long term—which is why you need to create a strong wealth management plan.

    Paul Marrella, small business owner and wealth consultant for nearly thirty years, knows how financial decisions today can affect your multigenerational wealth. In Mind Your Own Business, Paul discusses key philosophies of wealth management, well beyond investing. You will build your own financial foundation by identifying and prioritizing your needs and goals. From understanding your unique circumstances to identifying major obstacles, you will have a unique appreciation of your hard-earned wealth. This perspective inspires the discipline necessary to manage wealth over a lifetime, not just years.

    You've established your business—now it's time to build your legacy. With Paul's wisdom, you'll create a better financial tomorrow, today.
    LanguageEnglish
    PublisherBookBaby
    Release dateJan 7, 2020
    ISBN9781544505756
    Mind Your Own Business: The Small Business Owner’s Relentless Pursuit of Multigenerational Wealth

    Related to Mind Your Own Business

    Related ebooks

    Finance & Money Management For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      5 Things Your Kids Should Know Before They Inherit Your Money

      Jan 29, 2018

      Many parents fail to get their financial affairs in order, neglecting to take care of such things as wills, living wills and powers of attorney. But even those who think they've covered all of their estate-planning bases often leave one of the most i

      4 min read

    • Article

      5 Strategies for Managing Your Changing Risk Tolerance

      Sep 9, 2019

      Saving and investing for short, medium or long-term goals involves a series of trade-offs to design an appropriate asset allocation. Important to creating that asset allocation is understanding your risk tolerance and how it can evolve over time. Ri

      5 min read

    • Article

      3 Ways Annuities Can Help Boomers Reduce Retirement Risk

      Aug 19, 2019

      As 10,000 Baby Boomers a day leave the workforce behind, only 28% believe they are doing -- or have done -- a good job preparing for retirement. What's more, only 25% believe they will have enough money to live in retirement, according to the Insured

      5 min read

    • Article

      Making An Impact

      Oct 16, 2019

      Making An Impact
      1 min read

    • Article

      4 Retirement Questions to Ask Before 'How Much Should I Save?'

      Feb 17, 2020

      One of the most common questions we get from our clients is, "How much do I need to save to retire?" To answer this question, we recommend focusing first on a few mostly non-financial questions designed to help you picture what "retirement" means to

      3 min read

    • Article

      Loan Application Basics

      Jan 11, 2022

      So, you’ve decided to take the plunge — you’re finally going to own the log or timber home you’ve been longing for. For most, this decision comes with an awareness that they’ll need financing to get the transaction underway and see it through to comp

      3 min read

    • Article

      Spend Without Worry in Retirement

      Aug 30, 2021

      The Irish poet and playwright Oscar Wilde once said that it’s better to have a permanent income than to be fascinating—a sentiment many retirees undoubtedly share. Unfortunately, the decline of traditional pensions in favor of 401(k) plans (and other

      12 min read

    • Article

      6 Apartment REITs to Buy for Steady Yields

      Jun 10, 2019

      In a world of minuscule interest rates, investors are searching far and wide for yield. But many of them don't need to look beyond the front door - if they live in an apartment. Apartment real estate investment trusts (REITs) are well-poised to deliv

      7 min read

    • Article

      To Trust Or Not To Trust

      Aug 1, 2019

      To Trust Or Not To Trust
      6 min read

    • Article

      Creating Extra Value

      Jun 4, 2020

      Creating Extra Value
      5 min read

    • Article

      ICloud Photos

      Feb 8, 2022

      ICloud Photos
      3 min read

    • Article

      Before You Invest in ‘Crowdfunded’ Real Estate, Consider the Tax Implications

      Jul 7, 2020

      The rise in online real estate investing in recent years has been remarkable. As the global consulting firm EY estimates, the online real estate investing market worldwide is expected to be $8.3 billion in 2020, with no sign of slowing. For all the

      2 min read

    • Article

      I’m Not a Millionaire, But I Just Gave $250,000 to Morehouse College: Here’s How (and Why)

      Nov 23, 2020

      If someone just told you they gifted $250,000 to their alma mater, what would you think? That they were just flexing? That they were worth millions? Or maybe even that they would be a great person to ask about making you a 100% “forgivable loan”! Whe

      6 min read

    • Article

      How Transfer-on-Death Accounts Can Fit Into Your Estate Planning

      Mar 18, 2019

      My wife and I, like most married couples, share a bank account from which either of us can write checks and add or withdraw funds without consent from the other. If my wife outlives me, the account will be hers alone, which my Last Will can't change.

      4 min read

    • Article

      A Bridge Over The Lending Gap

      Dec 25, 2018

      A Bridge Over The Lending Gap
      3 min read

    • Article

      6 SPACs to Buy for 'Smart Money' Returns

      Aug 3, 2020

      The special purpose acquisition company (SPAC) might be the hot new trend, but it has been around since the 1980s. SPACs are often referred to as "blank check" companies because investors get nothing but a best-efforts agreement from the sponsors' ma

      2 min read

    • Article

      Build a Retirement Plan That Provides Paychecks AND Playchecks

      Apr 22, 2019

      If you're worried about not having enough money saved to retire, you certainly aren't alone. Time and again, polls find it's a top concern for pre-retirees. In one telling survey conducted for Allianz Life in 2017, 63% of respondents said they feare

      3 min read

    • Article

      Solid Gold Strategies

      Jun 4, 2020

      Solid Gold Strategies
      5 min read

    • Article

      Pay Now or Pay Later: Reducing Taxes Should Be a Retirement Priority

      Oct 1, 2019

      Do you have a plan to help reduce income taxes in retirement? That's become one of my top questions for the pre-retirees who attend my financial planning classes or come to my office for help. If they have to think about it, it means they likely do

      3 min read

    • Article

      Time To Question That Blind Faith

      Mar 31, 2022

      As far as investments go Kiwis have worshipped at the altar of the property gods for a while now. And for the bulk of us, who have started our investment journey in the last 30 years, it’s no wonder. But with all the headwinds facing the market at th

      2 min read

    • Article

      How to Hire a Financial Planner You Trust

      Aug 10, 2020

      Ryan Ermey: Amid current economic chaos you may be considering financial advice, but who should you hire? How much should you pay them? And how do you know they're on the up and up? I sit down with CFP Board CEO Kevin Keller to get answers to these q

      18 min read

    • Article

      Do You Need Life Insurance in Retirement?

      Dec 21, 2018

      Many people I meet with ask me if they'll still need life insurance after they retire. Their children are grown and have good jobs. They have put together a reasonably solid income plan with Social Security, pensions and annuities supplemented by in

      3 min read

    • Article

      Great Expectations

      Nov 17, 2019

      Planning ahead always pays off, especially when it comes to your finances. Securing your financial future will help you achieve long-term goals and can play a role in reducing overall financial stress, says Laura Baker, senior financial planner for C

      2 min read

    • Article

      Investing In Uncertain Times

      Sep 30, 2021

      People often refer to this as “What is your why?” In other words, what is the reason you are wanting to invest? Is it to help fund your retirement? Is it to get out of your day job before the age of 65? Is it to help your children financially? Or som

      3 min read

    • Article

      Kickstart Your Wealth

      Apr 1, 2020

      Kickstart Your Wealth
      12 min read

    • Article

      Build-to-rent Will Cost

      Jun 27, 2019

      Build-to-rent Will Cost
      2 min read

    • Article

      What’s a DST? The Lowdown for Real Estate Investors

      May 22, 2022

      DSTs are unique real estate investment vehicles that allow a group of individual investors to purchase fractional interests in large commercial real estate assets that typically would be well beyond their financial reach as solo investors. DST invest

      3 min read

    Related categories

    Reviews for Mind Your Own Business

    0 ratings

    0 ratings0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Mind Your Own Business - Paul L. Marrella

      ]>

      ]>

      Copyright © 2019 Paul L. Marrella

      All rights reserved.

      ISBN: 978-1-5445-0575-6

      ]>

      To Dad:

      Growing up, you demanded a lot of us kids. Good enough never really was. You had a unique ability to teach us life’s lessons verbally, by example, and through sports, all so that we could be the best we could be. The value of hard work, discipline, and resilience became part of who we are. These life lessons allowed all of us to succeed in our own individual way. You were relentless in making sure we had the grit to succeed. We probably don’t say thank you often enough…every time you see this book on your shelf, consider it a tacit thank you from not only me, but all four of us kids.

      ]>

      Contents

      Introduction

      Part One: Only You Can Plan Your Playbook

      1. Seeing Your Obstacles

      2. Confident Decisions

      Part Two: The Game Plan: Fundamentals of Multigenerational Wealth

      3. Making It and Keeping It

      4. Enhancing It

      5. Protecting It

      6. Transferring It

      Part Three: Finding Financial Caddies Who Fit the Bill

      7. A Specialized and Holistic Approach

      8. Keep It Simple but Focused

      Conclusion

      Acknowledgments

      About the Author

      Disclaimer

      ]>

      Introduction

      A hard thing about business is minding your own.

      —Unknown

      I come from a family of competitors. Whether it’s a game of Monopoly on Thanksgiving or early mornings on the basketball court, we’re bonded not just by blood, but by the drive to win.

      From the time we could walk, my brother and I were out on the field or the court playing whatever sport we could: basketball, football, baseball, or even games that we invented ourselves; you name it. We’d stay out sunup to sundown, playing until our mother rang the bell for us to come home. We didn’t know theater and we weren’t big readers, but boy, did we love playing any kind of ball.

      Over the years, the more I’ve thought about it, the more I’ve realized that everything I know about life, I learned from sports.

      Growing up, our coaches instilled in us the pursuit of excellence. Their methods were simple—they made sure we worked harder than everyone else, and they drilled into us the importance of not only mastering the fundamentals, but building an athlete’s mindset. We learned to develop a quiet confidence, a belief that we could compete against anyone and persevere through anything. Most importantly, my coaches believed in teaching us not only how to win—but how to lose.

      When you understand losing, the sensation of pain and disappointment never leaves you. To be a competitor, and to play to win, you must commit yourself wholeheartedly to avoiding a loss at all costs. You have to live with tough emotions. You have to be able to rebound from a setback and better yourself for the next battle. More than anything, you have to keep going. You can’t quit. You can’t abandon your purpose.

      I believe that the strength to recover from loss requires, above all else, personal fortitude: the resolve to stay true to your fundamental beliefs, no matter what life throws at you.

      As an adult, I looked back on my childhood of sports with incredible gratitude. I wasn’t facing a countdown clock or an opposing defense anymore, but my problems as a professional seemed just as high-stakes as a shot to beat the buzzer. Thanks to the years I’d spent honing my fortitude as an athlete, I was always able to tackle big problems with determination and see them through to the end.

      When I became a financial planner, I was suddenly on the other side of the desk watching clients face the biggest problem of their lives: how to plan their retirement. I was now the coach, trying to instill the same principles I’d learned playing sports.

      Make no mistake—planning a retirement is a mountainous task. Add on the ambition many of my clients have to pass down wealth through multiple generations, and they find themselves staring down a goal they have no idea how to accomplish. They don’t even know where to start.

      If you’ve faced the same problems and uncertainties, or if you’re facing them right now, then you are the person for whom I wrote this book.

      Success Begins with Fundamentals

      As a budding athlete, I sweated through early morning practices nearly every single day. We always started with the same thing: drills. Our coaches would run us through the fundamentals of the movements we needed to master over and over. We practiced these drills so consistently that they took root in our instincts. We didn’t know it at the time, but we were building life skills that meant more than almost anything we learned in school: that success is even more difficult without unwavering fundamentals and discipline.

      As a wealth manager, this is where I start. If my clients don’t understand and practice the fundamentals, then no amount of advice and planning will bring them satisfaction and security.

      Please understand that finding success and financial independence is a marathon, not a sprint. You must wake up every single day and know inside and out the goals you want to achieve. You need to design a clear playbook with your endgame in your mind, with full color and intricate detail. No matter what that goal looks like, making it a reality takes the personal conviction to stay the course.

      Put more simply, you must first determine where you are today. Then determine where you want to go. Finally, you need someone to help you fill in the gaps and guide you along the way.

      Like any sport, you can’t win with a team of one; and when it comes to planning multigenerational wealth, you’re playing a long game. People are living longer lives these days, and the ten- or twenty-year retirement of your parents’ generation has become a thirty- or even forty-year stretch. That’s a long playing field, and you’ll need enough money to get you all the way to the end. Additionally, you’ll face considerable obstacles—like inflation, for instance, which is no friend to a four-decade retirement. Planning your retirement is possibly the biggest problem you’ll face at this point in your life. There is no boilerplate template to solve it.

      That’s my aim with this book. You will see what a vivid picture of multigenerational wealth looks like and how you build the mindset necessary to achieve it.

      By the time you’re done reading this playbook, you’ll know the drills you need to practice to master the fundamentals. You will know the enemies you face and how you should approach them. You will also know how to assemble your team of coaches, who will help you get all the way down the field with the ball.

      You’ll gain a stronger grasp of the questions you need to ask yourself and your professional advisors in order to reach your goals, and you’ll finish with a better understanding of how to approach your planning and the various facets of multigenerational wealth that need to be addressed.

      Even more importantly, you will feel more confident that you can make smart decisions for yourself and your family and that there are solutions within your grasp. Confidence typically translates into better decisions, and better decisions result in better outcomes.

      The Goose, the Gold, and You

      A friend of mine who’s been very successful in business once admitted to me, Every day, I wake up and go to work out of nothing more than fear. His fear was not being able to take care of his family or not being able to maintain his family’s lifestyle.

      At first, his comment seemed unusual. Why would he be scared? I wondered.

      Then, I quickly realized that I felt the same way. I, too, felt the fear of failure. The same feeling is true for most people, and especially so for entrepreneurs. When you own a business, it’s all on you—the successes, the disappointments, the possibility of multigenerational wealth, and the potential for crushing loss. On a fundamental level, your goals for your business are simple. You want to provide for your family. You want to have the money to feed, clothe, and shelter them. You want to pay for their education and spend quality time with them on a vacation every once in a while. The possibility that your business might

      Enjoying the preview?
      Page 1 of 1