Financial Jiu-Jitsu: A Fighter's Guide to Conquering Your Finances

Financial Jiu-Jitsu: A Fighter's Guide to Conquering Your Finances

by Scott Ford

Hardcover

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Overview

A unique approach to personal finance that tackles money like a jiu-jitsu fighter would tackle an opponent

In martial arts and personal finance, fundamentals are important. But while failing in Brazilian Jiu-Jitsu may be disappointing, it's nothing compared to failing to build wealth and creating a better future for your family.

Nobody understands this better than Scott Ford, a top-ranked financial advisor and Jiu-Jitsu enthusiast. Now, in Financial Jiu-Jitsu, he shows you how to overcome your emotions and state of mind to excel at your investing endeavors. Along the way, Ford teaches you fundamental skills such as automating your savings and investments, the importance of paying yourself first, and managing credit wisely.

  • Compares the patience and practice of the martial arts, specifically Jiu-Jitsu, to investing
  • Offers an approach to adapting to financial change as you move through life, while maintaining the same guiding principles
  • Author Scott Ford is ranked in the top one percent of all financial advisors

The guiding principles in this book are the foundation of your financial fight plan and the keys to reaching your financial dreams. No matter what punches the market or the economy throws at you, if you follow these principles you'll always react well in the face of adversity.

Product Details

ISBN-13: 9780470648308
Publisher: Wiley
Publication date: 10/26/2010
Pages: 208
Product dimensions: 6.20(w) x 9.10(h) x 0.80(d)

About the Author

SCOTT FORD is President and founder of Cornerstone Wealth Management Group. Named one of 2008's "20 Rising Stars of Wealth Management" by Private Asset Management magazine, he provides proactive investment and wealth management advice based upon his trademarked system Way2Wealth to a limited number of business owners, entrepreneurs, and affluent families. Ford has been a guest on NBC and Fox affiliates and has contributed to the Today show. Additionally, he has been featured in the New York Times, Christian Science Monitor, Wall Street Journal and, InvestmentNews. Ford studies Brazilian Jiu-Jitsu at Clinch Academy in Maryland.

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Table of Contents

Foreword ix

Acknowledgments xiii

Introduction 1

Chapter 1 Prepare to Win-Now and Forever 5

Give Back 8

Pay Yourself First 9

Automate! 10

Maintain a Cash Safety Net 11

Manage Credit Wisely 12

Get Time on Your Side 13

Never Procrastinate 15

Make Reality Your Perception 16

Follow a Simple and Comprehensive Strategy 17

Chapter 2 Balance and Base: What Is True Wealth to You? 21

Step 1 Forget Financial Goals (At Least for Now) 22

Step 2 Develop Your Vision for Your Life 24

Step 3 Determine Your Specific Goals 29

Chapter 3 Closing the Gap: Analyze your Current Situation 33

Before You Close the Gap: Overcome Your Fear of the Unknown 34

Step 1 Forget about Budgets 36

Step 2 Make Sure You Have Positive Cash Flow 36

Step 3 Create a Personal Balance Sheet 38

Step 4 Keep in Mind the Total Financial Picture 42

Chapter 4 Family: Your Family Benchmark 45

Your Family Benchmark: An Introduction 46

The Family Benchmark in Action 49

Time and the Power of Compounding 51

Tie the Steps Together 53

Starting Point 54

Chapter 5 Your Team of Advisors: Two Is Better Than One: The Power of Respect 61

Types of Advisors 63

All Those Initials: Professional Designations 66

How Financial Professionals Earn Their Keep 68

Choosing an Advisor 70

Interview! 74

Trust-But Verify 77

Chapter 6 Timing: What Is Your Investment Strategy? 79

Stage 1 Build an Emergency Fund 80

Stage 2 Own Your Home 84

Stage 3 Take Advantage of Tax-Deferred Investments 86

Stage 4 Max Out 401(k) Match Contributions 90

Stage 5 Contribute to Traditional and Roth IRAs 92

Stage 6 Determine How to Invest Your Funds 96

Stage 7 Diversify into Other Investments 103

Chapter 7 Gain Control: Your Estate Plan 107

Estate Plans: The Basics 108

Revocable Living Trust 109

Pourover Will 111

Health-Care Power of Attorney 112

HIPAA Power of Attorney 113

Property Power of Attorney 113

Family Retirement Preservation Trust 114

Estate Planning Letter 115

But Don't Simply File Your Plan Away! 115

Pay Attention to Beneficiaries 118

Chapter 8 Position Before Submission: Analyze Insurance Needs 121

Protect Yourself-But Not to the Extreme 122

Life Insurance 124

Auto Insurance 131

Property Insurance 133

Health Insurance 135

Disability Insurance 135

Chapter 9 Attitude: Life in Retirement 139

How Much Money Will You Need? 141

Current Spending Estimate 141

10-10-4 Rule 144

Chapter 10 Leverage: Establish Your Tax Plan 147

Tax Savings: Homeowners 149

Tax Savings: Students and Their Parents 150

Tax Savings: Retirement 154

Chapter 11 Love, Discipline, and Dedication: Have Your Plan Updated 157

Conclusion 161

Afterword 163

Appendix 169

About the Author 183

Index 185

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