In my opinion you should have them on speed dial if you desire to build wealth and leave a lasting legacy.  Your aim should be to develop a team that understands your financial goals and advise with a human touch.  Today, I’d like you to consider adding a seventh and final financial friend:

An Estate Planning Attorney

I Don’t Have Enough Money…

Wrong!  People often think of estate planning, wills, and trusts as tools and services for the wealthy.  Not so!  Why?  The laws governing wills and trusts affect the wealthy, middle-class, and the working class.  Additionally, there’s a lot of confusion surrounding wills and trusts.  People, they are not synonymous.  ”A will controls your assets in your individual name when you die, but a trust is used to hold your assets during your lifetime,” according to Vicki Lee Parker, writer for Black Enterprise Magazine.

As a pastor of a thriving church, I can’t tell you how many family fights I had to mediate because no one took the time to consult an estate planning attorney.  Today, many siblings and relatives do not speak because no one took time to plan accordingly.  Since each state has different laws regarding inheritance, your estate shouldn’t be left to the state or do-it-yourself wills.  ”An estate planning attorney can help you set up a trust that offers more flexibility and control over how your assets are managed after you die,” says Steve Hartnett, an estate planning attorney in San Diego and associate director of education at the American Academy of Estate Planing.

I Confess…

As I conclude this series, I want inform you that I practice what I preach.  I have six of the seven financial friends on speed dial and I’m currently interviewing estate planning attorneys.  I plan to make my decison by the end of September and will keep you posted.  Thanks for reading and reflecting on my blog posts and my prayers are with you as you assemble your team!

Did I miss anyone?  Who do you have on your team that I missed?

A “Proven” Real Estate Agent

The recent economic downturn forced many agents out of business looking to make a quick buck.  If you intend to build wealth and leave a legacy, gone are the days when you can call your novice cousin, uncle, or high school friend to help your purchase or sale property.  Times have changed and with so much uncertainty in the real estate market, it’s important to have a proven agent in your network who has the expertise to help you achieve your property ownership goals.

Who Should I Call?

“Take some time to find an agent who knows the market you are interested in and has experience in the specific type of deals you want to make,” says Vicki Lee Parker, writer for Black Enterprise Magazine.  Before deciding which agents to interview, do your homework!  The top agent in your city may not be the best choice for marketing your particular home.  Your choice should depend on which agent is most successful in attracting buyers to homes similar to yours in price and amenities.  Some agents specialize in luxury homes, some in downtown condos, and some in a particular subdivision or price point.  To optimize your selling success, choose an agent who is successful in selling homes similar to yours.  Check out these questions before you list your home.

Do you have a “proven” real estate agent on speed dial?

A Certified Public Accountant (CPA)

“What’s a CPA”

It has been said that “the only thing certain in life are death and taxes.”  As your wealth increases, you will require the services of CPA.  There are many rules and regulations regarding individual taxes and if you don’t have a skilled CPA, you will find yourself in a lot of trouble.  A good CPA will inform you of the best tax position and legal protection you’ll need to protect you from potential liabilities.  The tax codes are complex and change yearly.  Therefore, it’s practically impossible for the average person to keep pace with the most recent updates.

“I Do My Own Taxes”

While preparing your own tax returns my save you money, but, is it wise?  While most computer tax software programs ask questions in order to identify your best tax strategy, they are not helpful when you’re presented questions you don’t understand.  A CPA who knows your income history can help you understand what taxes you’re paying and why.

How are you doing assembling your team?

AN INSURANCE AGENT

We All Must Leave Here

Insurance is a touchy subject that requires a soothing presence to ease the tension.  After all, insurance is all about planning for the unforeseeable.  There’s no getting around the fact, for instance, that your family needs to be provided for in case of your death. Finding an insurance agent with whom you can talk candidly is vital.

Who should I call?

According to Black Enterprise Magazine, “any agent can generalize what the average person should do, but you need an agent who understands your family history, someone you know will understand how your situation changes if you get a new job or face a sudden illness in your family.”  According to most industry experts, “at least once a year you should meet with your agent and review all your basic insurance policies such as car, home, and life insurance.  You should also ask about coverage for disability, retirement, and long-term care options that can be tailored to your needs.”  Having an agent who knows you by name is especially helpful when you have to file a claim after a car accident or major disaster such as a house fire.

Get References

In general, there are two types of insurance agents – independent agents who write for more than one company and contract agents who represent a single company.  I asked my financial planner “what type of insurance should people consider?”  His reply: Life Insurance, Auto Insurance, Health Insurance, Disability Insurance, Home Owners Insurance, Renter’s Insurance, and Flood Insurance (if you live in a flood zone).  If you’re the type of person who prefers sequential steps to get started, you can begin your search by reading this article.

Remember, YOU ARE THE CEO OF YOU, INC.

Over the past two days we have explored a few essential financial friends we all will need at some point in our lives.  If you desire to build wealth, today I’m encouraging you to consider adding a third financial friend:

A FEE BASED FINANCIAL PLANNER

Making financial decisions is difficult.  Make the wrong decision could prove disastrous and may set you back a few years.  There’s a lot you can figure out on your own, but all of us can use help when it comes to something as important as how to save, invest, and plan for the future.

Get References

A reference from a friend or family member is a great way to search for a financial planner. But make sure you’ve got similar needs as the person who’s giving the referral. Go to groups like the Certified Financial Planner Board of Standards and the Financial Planning Association for additional references.

Understand how your planner is getting paid

The three most common set-ups are: Fee-only, fee-based, and commission-based. Fee-only planners don’t get commissions for the products they sell – fees are for the advice they give (my personal preference).  Fee-based planners may receive commission on some products they sell, but most of their money comes from a fee you pay them.  Commission-based planners are paid by the companies whose products they sell.

Remember, you are the CEO of YOU!

This fall, I plan to redesign my blog and came to the realization that I get more traffic (and feedback) via facebook than my current blog.  People have limited time and are mobile.  Also, many carry smart phones and constantly interact with others via facebook, Twitter, and Foursquare.  Therefore, I’m thinking that a custom facebook page could potentially replace my current blog.

Good move/Bad move?  What are your thoughts?

A leader must develop a disciplined and prudent character so that they will do what’s right, just, & fair.  The rub comes when the leader doesn’t know what is just right, and fair.  That’s why Solomon cautioned that ‘inexperienced’ leaders need wisdom.  Proverbs isn’t a decision-making textbook, but this wisdom-packed book is God’s gift to help us make the best decisions possible.

Proverbs 1:1-6 informs us that the proverbs to follow will help the reader develop the mental sharpness needed to process complex information.  Even though technology helps us gather and manipulate information, a sharp mind must still apply solid logic to that information in order to make good decisions.

The proverbs help us to accomplish this goal in a godly manner.  They sharpen the mind and reveal God’s insight to ensure that our decisions may be in sync with his eternal perspective.  Therefore, I encourage to read these verses again, this time including verse 7.  Then study the Book of Proverbs as a foundation for exceptional decisions making.

Question: Have you ever made decisions without consulting God?  If so, what was the outcome?

In carpentry, measure twice cut once means you’ve only got one shot at cutting a sheet of drywall.  Therefore, be positive you have the right measurement or you could end up with too short of a piece.  When a sheet of drywall is cut to the wrong length, it’s hard to find another use for it.  Additionally, it’s impossible to regain the lost time.  Consequently, the more valuable the materials and time-consuming the process, the more important it is to get it right the first time!  As a young man, my father pounded this into my head – “always double check all of your measurements just to be safe.”

You measure and “cut” into your resources every day – your time, your team, your money, or your church.  So getting it right the first time is critical.  Before committing yourself to a course of action, take time and analyze the costs and benefits (measure twice, cut once).  If you’re recommending something new, research the impact it will have on other people, your church, your company, department, or group.  In each case, “measuring twice”  (by making sure you’ve gotten all the information you need before you spend resources) you’ll actually save time, energy, and money.

Have you ever had to do something over because you didn’t measure twice?  If so, what did you learn?

Today, I challenged our congregation to tell the 2nd greatest story ever – THEIR STORY!  Additionally, I challenged them to write it & share with others how God transformed their lives.  You don’t have to attend Mars Hill to write your story.  In fact, I challenge you to join us and tell the world about Christ’s transforming power!

Here’s how you do it:

Writing Your Story

Will you accept the challenge?

The author describes the main subject of his book as “thin-slicing:” our ability to gauge what is really important from a very narrow period of experience.  In other words, spontaneous decisions are often as good as—or even better than—carefully planned and considered ones.   Gladwell explains how an expert’s ability to “thin slice” can be corrupted by their likes and dislikes, prejudices and stereotypes.

Whew, that was pretty heavy.
Take a deep breath…relax…are you still with me?

Here’s what Gladwell is saying:  People rarely make decisions as a product of long deliberation.  They make take weeks to announce a decision but often make the decision in minutes, perhaps seconds.

People do not gather data to make a decision;
they often gather it to JUSTIFY their decision!

They are not accumulating understanding; they are seeking comfort and support.  Most decisions are made, and then justified, rather than the other way around.

Therefore, that leads me to one obvious implication: “First impressions are really lasting impressions.”  The first impression, with startling frequency, is also the FINAL DECISION.

HERE’S THE POINT:
The first thing to plan for is your first impression.
Why, once a mind is made up, seldom does it change.

Has anyone judged you based on their first impression?

Have you ever judged someone based on your first impression?