{"product_id":"financial-independence-getting-to-point-x-isbn-9781119510345","title":"Financial Independence (Getting to Point X)","description":"\u003cp\u003e\u003cb\u003eDiscover how the Tax Cuts and Jobs Act of 2017 will change your journey to financial independence and what you need to do now to take advantage of the new law\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eFinancial Independence (Getting to Point X)\u003c\/i\u003e offers practical, time-tested advice for reaching your financial goals—whatever they may be. Whether you’re recovering from debt, putting kids through college, planning for retirement, starting your own business, or just seeking a healthier financial outlook, this book shows you how to get it done. No platitudes or empty advice here—just a clear roadmap to your goals, based on the effective management of the 10 Key Wealth Management Issues that threaten to derail us all.\u003c\/p\u003e \u003cp\u003eThis new second edition has been updated to reflect President Trump’s massive income tax changes. These historic changes will reduce the tax obligation of most Americans, but not all. This is the most significant tax reform in over 30 years, rendering old advice obsolete while opening new opportunities. This edition also includes a new chapter on becoming financially independent by starting your own business. Author John Vento knows exactly what these new laws entail, and this book puts his wisdom of experience to work for you to help you get on track to financial freedom.\u003c\/p\u003e \u003cp\u003eSaving, budgeting, managing debt, minimizing taxes, and living within your means—all classic financial advice, but easier said than done, right? In this book, you’ll find real, practical advice for actually doing it—\u003ci\u003eto the extent that makes sense for you\u003c\/i\u003e.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eUnderstand the enormous changes taking place in the federal income tax code\u003c\/li\u003e \u003cli\u003eLearn which financial strategies have become obsolete, and what new opportunities you should take advantage of\u003c\/li\u003e \u003cli\u003eNegotiate your way through the 10 Key Wealth Management Issues with expert advice\u003c\/li\u003e \u003cli\u003eFind out if you have what it takes to reach financial independence by starting your own business\u003c\/li\u003e \u003cli\u003eFollow a clear roadmap to financial independence, no matter how you define it\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe goal is not perfection on all fronts, it’s simply tailoring your journey to suit your destination. No unnecessary deprivation, no obsessive adjusting—simply paying attention to key issues may be enough, depending on your goal. Regulatory changes close some doors but open others, and opportunities still exist if you know where to look. \u003ci\u003eFinancial Independence (Getting to Point X)\u003c\/i\u003e provides you with a roadmap to financial freedom, so that you can achieve your life goals and dreams.\u003c\/p\u003e \u003cp\u003eForeword by Todd Mackay xi\u003c\/p\u003e \u003cp\u003ePreface xiii\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction Getting to \u003ci\u003ePoint X \u003c\/i\u003e1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinancial Literacy and the Move Away from Capitalism 2\u003c\/p\u003e \u003cp\u003e\u003ci\u003ePoint X\u003c\/i\u003e: Our Fundamental Financial Goal 4\u003c\/p\u003e \u003cp\u003eTen Key Issues to Comprehensive Wealth Management 5\u003c\/p\u003e \u003cp\u003eOur Biggest Expense 6\u003c\/p\u003e \u003cp\u003eTake a Financial Planning Checkup 8\u003c\/p\u003e \u003cp\u003eThe Power of This Book 10\u003c\/p\u003e \u003cp\u003eWhat’s New in the Second Edition 11\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Committing to Living Within Your Means 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe American Dream Becomes the American Nightmare 13\u003c\/p\u003e \u003cp\u003eLiving Within Your Means: The Essential Step 14\u003c\/p\u003e \u003cp\u003eSimple Saving 18\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Understanding Taxes 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eA Brief History of the US Tax System 24\u003c\/p\u003e \u003cp\u003eOrganizing and Retaining Your Records 27\u003c\/p\u003e \u003cp\u003eTax-Preparation Services 28\u003c\/p\u003e \u003cp\u003eAccumulating Wealth Through Tax Planning 31\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Determining Your Financial Position 37\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFiguring Your Financial Net Worth 38\u003c\/p\u003e \u003cp\u003eCase Study: How One Couple Learned They Were Spending More Than They Earned 38\u003c\/p\u003e \u003cp\u003eMaking Sense of Cash Flow 49\u003c\/p\u003e \u003cp\u003eEstablishing Your Financial Goals 71\u003c\/p\u003e \u003cp\u003eFinding Trusted Advisors 75\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Managing Debt 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCase Study: How Two Doctors Went Bankrupt in Only a Few Years – What Not to Do 83\u003c\/p\u003e \u003cp\u003eBasic Principles for Managing Debt 87\u003c\/p\u003e \u003cp\u003eGood Debt Versus Bad Debt 89\u003c\/p\u003e \u003cp\u003eCredit Card Debt 90\u003c\/p\u003e \u003cp\u003eAuto Loans 96\u003c\/p\u003e \u003cp\u003eStudent Loans 97\u003c\/p\u003e \u003cp\u003eHome Mortgage Loans 98\u003c\/p\u003e \u003cp\u003eBusiness and Investment Loans 103\u003c\/p\u003e \u003cp\u003eUnderstanding Credit 104\u003c\/p\u003e \u003cp\u003eYour Credit Report and Your Credit Score 105\u003c\/p\u003e \u003cp\u003ePreventing Identity Theft 110\u003c\/p\u003e \u003cp\u003eThe Equifax Breach 111\u003c\/p\u003e \u003cp\u003eAnalyzing Your Debt 112\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Insuring Your Health and Life 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChoosing a Health Insurance Plan 120\u003c\/p\u003e \u003cp\u003eLong-Term Care Insurance 135\u003c\/p\u003e \u003cp\u003eDisability Insurance 142\u003c\/p\u003e \u003cp\u003eLife Insurance 146\u003c\/p\u003e \u003cp\u003eBuying Insurance Policies 152\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Protecting Your Property with Insurance 157\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCase Study: How a Lack of Insurance Wiped Out One Woman’s Life Savings 158\u003c\/p\u003e \u003cp\u003eHomeowners Insurance 160\u003c\/p\u003e \u003cp\u003eAutomobile Insurance 164\u003c\/p\u003e \u003cp\u003eUmbrella Liability Insurance 167\u003c\/p\u003e \u003cp\u003eBuying Insurance Policies 170\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Paying for College 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIs College the Best Choice for You and Your Child? 175\u003c\/p\u003e \u003cp\u003eThe Cost of College and What You Can Expect to Pay 179\u003c\/p\u003e \u003cp\u003eCase Study: How \u003ci\u003eNot \u003c\/i\u003eSaving for Your Child’s Education Can Ruin Your Finances – and Your Child’s 181\u003c\/p\u003e \u003cp\u003eConducting a “Needs Analysis” for Your Children’s College Educations 185\u003c\/p\u003e \u003cp\u003eStrategies for Saving Money for College Education 189\u003c\/p\u003e \u003cp\u003eEducation Tax Breaks and Credits 204\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Planning for Retirement 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCase Study: Saving Versus Not Saving for Retirement: The $1.7 Million Difference 213\u003c\/p\u003e \u003cp\u003eRetirement Equation: Calculating Your Personal \u003ci\u003ePoint X \u003c\/i\u003e217\u003c\/p\u003e \u003cp\u003eThe High Cost of Waiting to Save for Retirement 219\u003c\/p\u003e \u003cp\u003eWhat You Can Expect to Receive from Social Security 222\u003c\/p\u003e \u003cp\u003eQualified Retirement Plans 225\u003c\/p\u003e \u003cp\u003eThe Difference Between Traditional IRAs and Roth IRAs 229\u003c\/p\u003e \u003cp\u003eFixed and Variable Annuities 235\u003c\/p\u003e \u003cp\u003eRetirement Funding: “Needs Analysis” 239\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Managing Your Investments 249\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAnalyzing Your Ability and Willingness to Take Risk 250\u003c\/p\u003e \u003cp\u003eStocks, Bonds, Hybrid Securities, Mutual Funds, and Exchange-Traded Funds 255\u003c\/p\u003e \u003cp\u003eDiversification, Asset Allocation, and Rebalancing 264\u003c\/p\u003e \u003cp\u003eDollar-Cost Averaging 275\u003c\/p\u003e \u003cp\u003eInflation and Taxes: The Biggest Drains on Investment Return 276\u003c\/p\u003e \u003cp\u003eMedicare Surtax on Net Investment Income 277\u003c\/p\u003e \u003cp\u003eCryptocurrency and Its Tax Treatment 278\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Preserving Your Estate 283\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Federal Gift and Estate Tax System 284\u003c\/p\u003e \u003cp\u003eLegal Documents to Consider for Estate Planning 284\u003c\/p\u003e \u003cp\u003eThe Probate and Administration Process and Why You May Want to Avoid It 289\u003c\/p\u003e \u003cp\u003eUsing a Planned Gifting Strategy 293\u003c\/p\u003e \u003cp\u003eOwnership of Property and How It is Transferred 294\u003c\/p\u003e \u003cp\u003eReasons for Creating a Trust 297\u003c\/p\u003e \u003cp\u003eBenefit from a Family Limited Partnership 309\u003c\/p\u003e \u003cp\u003eEstate Tax Planning and Life Insurance 310\u003c\/p\u003e \u003cp\u003eAsset Protection and Long-Term Care 313\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Starting Your Own Business 319\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Starting Your Own Business Can Lead to Financial Independence 319\u003c\/p\u003e \u003cp\u003eThe Three Pillars of Establishing a Successful Business 320\u003c\/p\u003e \u003cp\u003eSobering Statistics on Business Success Rates 321\u003c\/p\u003e \u003cp\u003eBusiness Plan 321\u003c\/p\u003e \u003cp\u003eEstablishing and Operating a Successful Business 323\u003c\/p\u003e \u003cp\u003eEntity Choices 326\u003c\/p\u003e \u003cp\u003eTax Identification Number 333\u003c\/p\u003e \u003cp\u003eAccounting Methods 333\u003c\/p\u003e \u003cp\u003eReporting Business Income and Expenses 336\u003c\/p\u003e \u003cp\u003eWhat is the Number-One Expense in Operating a Business? 338\u003c\/p\u003e \u003cp\u003eEmployee Versus Independent Contractor 338\u003c\/p\u003e \u003cp\u003eBusiness Tax Deduction Versus Business Tax Credit 340\u003c\/p\u003e \u003cp\u003e“Ordinary and Necessary” Test 341\u003c\/p\u003e \u003cp\u003eDeductible Business Expenses 342\u003c\/p\u003e \u003cp\u003eNondeductible Business Expenses 344\u003c\/p\u003e \u003cp\u003eHome Office Deduction 344\u003c\/p\u003e \u003cp\u003eTravel Expense As a Business Deduction 347\u003c\/p\u003e \u003cp\u003eDeducting Automobile Expenses 348\u003c\/p\u003e \u003cp\u003eDepreciation Deductions 350\u003c\/p\u003e \u003cp\u003eChoosing the Right Retirement Plan for Your Business 352\u003c\/p\u003e \u003cp\u003eRecordkeeping 361\u003c\/p\u003e \u003cp\u003eFinancial Statements 362\u003c\/p\u003e \u003cp\u003eFinancial Management Team 366\u003c\/p\u003e \u003cp\u003eWhat the Tax Cuts and Jobs Act of 2017 Means for Your Small Business 367\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 The Time Value of Money 379\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppendix A: Selecting a Trusted Advisor 395\u003c\/p\u003e \u003cp\u003eAppendix B: 101 Ways to Save $20 or More per Week 405\u003c\/p\u003e \u003cp\u003eAppendix C: Basic Concepts and Definitions of Various Types of Taxes 415\u003c\/p\u003e \u003cp\u003eAbout the Author 435\u003c\/p\u003e \u003cp\u003eIndex 437\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eJOHN J. VENTO\u003c\/b\u003e is the president of a New York City-based certified financial planning firm and a certified public accounting firm. John has been ranked among the most successful advisors of a nationwide investment service firm and has held that distinction for over a decade. He specializes in working with professional practices, high-net-worth individuals, and those committed to becoming financially independent.   \u003c\/p\u003e\u003cp\u003eIt's a new world on both sides of the wealth management desk since the Tax Cuts and Jobs Act of 2017 ushered in the most significant tax reform in more than thirty years. Investors and financial professionals need a clear understanding on which popular wealth management strategies are now obsolete and the new tax-saving opportunities to pursue. Industry expert and educator John Vento engineered the solution by updating and expanding his authoritative system to reaching financial goals in \u003ci\u003eFinancial Independence (Getting to Point X), Second Edition\u003c\/i\u003e. \u003c\/p\u003e\u003cp\u003eThe groundbreaking first edition introduced the Ten Key Wealth Management Issues and how to bring them together in harmony at Point X to discover financial independence. Now, this completely revised \u003ci\u003eSecond Edition\u003c\/i\u003e reveals the new treasure map to Point X, including the latest thinking, best practices, and loopholes. \u003c\/p\u003e\u003cp\u003eNo matter where you are in your life—starting your first job, having a child, building your dream business, or entering retirement—you need realistic ways to save, budget, manage debt, minimize taxes, and live within your means. This brilliantly simple approach generates powerful returns by providing an easy-to-follow strategy of tangible actions you can take to achieve your personal goals in the new realities of the federal income tax code. \u003c\/p\u003e\u003cp\u003eThe American Dream is not dead—the old ways of achieving it are—and this hands-on guide shows you how to realize your own aspirations by enabling you to: \u003c\/p\u003e\u003cul\u003e \u003cli\u003eGain valuable insight through up-to-date case studies clarifying how the new tax reform functions in the real world\u003c\/li\u003e \u003cli\u003eBroaden your perspective by hearing from a diverse selection of experts sharing their first-hand advice for navigating the new regulations\u003c\/li\u003e \u003cli\u003eTurn to a dependable resource for answers every step of the way to financial independence, including how to maximize the time value of money, choose the best advisor, save $20 or more a week, and many more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eThe rules have changed, but your goals haven't, so use \u003ci\u003eFinancial Independence (Getting to Point X), Second Edition\u003c\/i\u003e to discover the best ways to finance your dreams.  \u003c\/p\u003e\u003cp\u003e\u003cb\u003eA FIELD GUIDE TO FINANCIAL FREEDOM\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDiscover how the 2017 tax reform may impact your journey to financial independence through useful discussions on the practical realities of the new laws. Keep this resource at your fingertips to:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eUnderstand the sweeping changes to the federal income tax code:\u003c\/li\u003e \u003cli\u003eMake informed financial planning decisions based on the latest \u003cb\u003e\u003ci\u003eTax Alpha to the 2nd\u003csup\u003e Power\u003csup\u003e®\u003c\/sup\u003e\u003c\/sup\u003e\u003c\/i\u003e\u003c\/b\u003e Facts and Strategies\u003c\/li\u003e \u003cli\u003eAchieve financial independence by starting your own business\u003c\/li\u003e \u003cli\u003eAnd much more\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003e\"You'll never reach your financial goals without a plan. This book provides a roadmap to financial independence with tax-smart strategies under the new tax laws. It is the only guide you need to help identify ways to successfully grow the wealth required to achieve your dreams.\"\u003cbr\u003e—\u003cb\u003eGuy Adami,\u003c\/b\u003e Professional Investor and TV Personality on CNBC's \"\u003ci\u003eFast Money\u003c\/i\u003e\"\u003c\/p\u003e \u003cp\u003e\"John does a fantastic job of explaining the importance of saving with practical advice that is easy to understand and implement. It should be required reading for all Americans, especially now with his insights into the recent tax changes and how that may or may not affect each person's wealth.\"\u003cbr\u003e—\u003cb\u003eSuzanne Siracuse,\u003c\/b\u003e VP\/Publisher, Investmentnews\u003c\/p\u003e \u003cp\u003e\"For anyone starting a business, the addition of Chapter 11 (as well as the entire book) is a must-read, as it interprets the financial language to a level that is understandable and user friendly. I wish I had this roadmap to help me navigate through my dental practice before I started.\"\u003cbr\u003e—\u003cb\u003eDr. Eric S. Studley\u003c\/b\u003e, CEO, Eric S. Studley \u0026amp; Associates, Inc., and Former General Practice Director and Associate Professor, NYU College of Dentistry\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989209956581,"sku":"NP9781119510345","price":40.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781119510345.jpg?v=1761783220","url":"https:\/\/k12savings.com\/es\/products\/financial-independence-getting-to-point-x-isbn-9781119510345","provider":"K12savings","version":"1.0","type":"link"}