Driven: The Never-Give-Up Roadmap to Massive Success by Manny Khoshbin

Author:Manny Khoshbin [Khoshbin, Manny]
Language: eng
Format: epub
Published: 2019-07-23T03:55:42+00:00

Create an Estate Plan and Establish a Trust

Find a reputable attorney who specializes in estate planning. There are many reasons to establish a family trust, some of which are: asset protection, a plan and guide to continue your legacy after your death, to provide for your family, tax benefits, supporting your favorite cause, avoiding probate court (which is a lengthy process for your family to go through to get your assets), and many more. I established my trust in 2002 and have amended it many times, as my life has progressed and changed over the years with kids, new properties, philanthropic causes, and my future plans. This is a must .

Set up an SPE (Single Purpose Entity) for Each Investment

Are you protected against liability? In a very litigious society, it is quite easy for somebody to maliciously file a lawsuit against you. Suppose someone takes a bad fall on your property, and they sue you for $5 million. It doesn’t even have to be something that obvious—someone can sue you because they invested with you and didn’t make money. So, what can you do? How you hold ownership in each asset is crucial; you don’t want all your assets (particularly properties) to be under your trust. I set up my businesses and properties as separate entities from my trust. I take that one step further by having all the properties and businesses I own in their own separate SPE (single purpose entity). This means that the members of that LLC are in my trust, so it gives me another layer of protection. You should work with your estate planner and CPA to determine what suits you the best. There have been business owners who were sued for the slightest nuances in a contract. Make sure your money is protected.

Consider a Good Financial Advisor

As for investing, if you seek a financial advisor, make sure to find one who takes your needs into consideration based on your financial goals and risk tolerance. You also want someone who will help diversify your investments accordingly. Many financial advisors try to sell you investment products that may not be the best ones suited for you, so do your own research before you commit. No one will care more about your money than you!

I have been investing my own money ever since I came to America. Sure, I have made bad decisions and taken some missteps, but the lessons I learned have been invaluable. I toyed with the stock market several times and still invest in the market today, but I believe that real estate is the best investment. For this reason, I do not invest a significant percent of my assets in stocks, bonds, and annuities. I do, however, recommend having some form of investments that give you liquidity and diversification. If you have the time and patience to do research on a regular basis, there are many ways to easily invest on your own. For those of you who have little time to do research and study the best options, a reputable financial advisor may be the way to go.

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