This last quarter gets super busy and we often forget what we need to be doing to wrap up the year. We are going to use this show to talk about financial infrastructure. Today I am going to present a lesson on the basics that have to be done during the last quarter and mostly by mid-November. We are going to make a checklist to walk you through the steps. Most of these end of the year tasks are nonnegotiable including tax preparations.
Your financial infrastructure is based on your entire life. In this episode, Loral breaks down the steps you need to start taking now. She also talks about the highest financial priorities and changes you need to make that will have a huge impact on your financial infrastructure in the short and long term.“Your financial infrastructure is where you are banking and the flow of that money. How are you making it, spending it, and investing it?” -Loral Langemeier Click To Tweet
- [01:21] There are a lot of exciting things coming up in the next month.
- [02:58] You always need to be open and in a marketplace.
- [05:35] Loral is going to present a lesson on what you need to get done this last quarter.
- [08:12] When the holidays land does affect your financial planning.
- [08:45] Your financial infrastructure is based on your entire life.
- [09:48] Right now you really have a chance to add extra revenue. What is your income today and what do you want it to be in 2021?
- [10:21] You need a business on the side to make extra revenue and take deductions.
- [11:12] Everyone should have their first entity by the end of the year. In most states that is an LLC.
- [11:51] Many of us pay out of our personal account because our business isn’t making any money. So you need to fund it and pay from your business account.
- [12:34] Right now is the time to do a big check-up. Where are your income and expenses?
- [14:39] Building assets is the highest priority. You make it and invest it and then you make and spend to pay down debt.
- [16:22] Debt is critical. You can’t be out here making new money and paying off debt. You have to make it and invest it and start that pattern with your kids.
- [18:02] Making money is your real answer.
- [19:01] You need to have two banks that you are banking with, if not three. She recommends a local small bank for fast cash.
- [20:37] You should be meeting once or twice a year with a tax strategist.
- [23:24] Look at your entity as a vehicle for moving income and expenses out of it. Don’t close entities that are not in use. Save them for another time.
- [25:44] Flip is a place for a bank, but it is one of your easy first investments.
- [28:53] Start setting some financial goals now.
- [30:06] Use our team for your infrastructure.
- [32:44] Spend the time and money to do the credit repair if you need it.
- [33:28] Your job is to focus on making money, investing the money, and leading your team.
- [35:56] Use this episode as a resource and listen to it over and over again. The checklist will help you get organized and started.
- [38:09] We are going to see more volatility this fall. It will be a confusing time, but the market is going to move.
- [39:29] Now is a good time to dump all the coins because the banks are taking them. It is a great option to use the coins to start an account for your children.
- [42:31] Next week we are really diving into entities including the details and the sequence.