Close Your Wealth Gap

Simple and accessible strategies to build personal wealth and improve your life

In Close Your Wealth Gap: Financial Lessons to Upgrade Your Life, veteran wealth manager Rob Luna delivers a collection of actionable lessons you can implement immediately to ensure you make the most of the money you make and retire comfortably. You’ll learn everything you need to know about generating personal wealth, from how to understand balance sheets and cash flow statements to constructing a personal portfolio that effectively balances risk and potential reward.

The author explains the basics of maximizing your income with side hustles and passive income while, at the same time, increasing the impact of every dollar you earn. You’ll also find:

• Action plans for every stage of your life, including ways to prepare your children for a lifetime of financial independence and security
• Explanations of the difference between qualified and non-qualified accounts
• Strategies for avoiding “bad debt” while intelligently incurring—when necessary—good debt

Perfect for young professionals, people with new families, and anyone else with a desire to live well and retire rich, Close Your Wealth Gap is an indispensable recipe for financial security that belongs on the bookshelves of people everywhere.

Acknowledgments ix

Introduction xi

Part I: All About the Wealth Gap and Your Relationship to Money 1

Chapter 1: The Wealth Gap 3

Chapter 2: What Is Your Relationship with Money? 13

Part II: Financial Boot Camp 19

Chapter 3: Starting Today 21

Chapter 4: Managing Your Financial Life in a Dashboard 29

Chapter 5: Improving Your Financial Dashboard 41

Chapter 6: Building Your Financial Roadmap 63

Part III: How to Match Your Investments To Your Needs 73

Chapter 7: Managing Your Financial Buckets 75

Chapter 8: Minimizing Taxes 105

Chapter 9: Buying or Avoiding Life Insurance and Annuities 121

Chapter 10: Developing a Wealth- Maximizing Mindset 133

Part IV: a Financial Case Study 149

Chapter 11: Building Your Own Action Plan 151

Chapter 12: Start Young: What to Do Ages 0–18 159

Chapter 13: Welcome to Adulthood: What to Do Ages 18–24 163

Chapter 14: The Ramp- Up Years: What to Do Ages 24–30 169

Chapter 15: Learn and Earn: What to Do Ages 30–40 177

Chapter 16: Full Speed Ahead: What to Do Ages 40–50 189

Chapter 17: Catch Up and Assess: What to Do Ages 50–60 203

Chapter 18: The Work- Optional Years: What to Do Ages 60+ 217

Chapter 19: Case Study Executive Summary 227

Epilogue 235

Appendix A: Resources 239

Appendix B: Glossary of Financial Terms 245

About the Author 251

Index 253

ROB LUNA, MBA, has 25 years’ experience as a wealth manager for ultra-high-net-worth people. He is the founder of the Rob Luna Wealth Academy and Real Talk Capital, both of which offer cheap and accessible financial education and guidance. He served as a Fellow at Wharton for three years.

Despite the widespread availability of a host of financial resources for everyday people, the gap between the amount of money the average person wants to have in retirement and the amount they actually have seems to widen every year. Closing this gap—using responsible and simple financial steps average people can take today—is an urgent necessity.

In Close Your Wealth Gap: Financial Lessons to Upgrade Your Life, veteran wealth manager Rob Luna delivers an insightful collection of lessons you can implement immediately to make the most of the money you make and retire comfortably and safely. You’ll learn everything you need to know about creating personal wealth, from reading a balance sheet or a cash flow statement to constructing a portfolio that efficiently balances risk and reward. You’ll also discover why the info you’ve been getting from Wall Street and academia is conflicting and outdated, why old “rules of thumb” can be bad advice, and why it’s time to update your money understanding.

The author demonstrates the basics of maximizing your income with side hustles and passive income while increasing the impact of every dollar you earn. He also shows you action plans for every stage of life, including strategies for preparing your children for a lifetime of financial independence and security. You’ll get explanations of the differences between “qualified” and “non-qualified” accounts and find methods for avoiding “bad debt” while intelligently incurring—when necessary—“good debt.”

A must-read resource for young professionals, people with new families, and anyone else who wants to retire rich without sacrificing the quality of their current life, Close Your Wealth Gap is a practical and hands-on tool for financial security that belongs on the bookshelves of ambitious and hardworking people everywhere.

Praise for CLOSE YOUR WEALTH GAP

“There are few people out there that have put in as much time as my friend Rob understanding the financial literacy crisis in our country. While 99% of books on the topic speak to the reader in ways that ignore real life challenges. In addition to his own tough background, I have seen Rob go into communities and spend time with a variety of regular everyday folks. That is just one of the reasons this book is a masterpiece. Close Your Wealth Gap is a smart and practical guide that you will want to immediately plug into your daily life.”
—CHARLES PAYNE, Fox Business Host of Making Money

“You need to realize when there is an opportunity in front of you and capitalize on that opportunity. Rob’s 25 years of experience working with some of the world’s wealthiest investors is a huge opportunity to Close Your Wealth Gap. I highly recommend capitalizing on the lessons in this book to unlock your wealth potential.”
— JOSH ALTMAN, Luxury Realtor, TV Personality, Million Dollar Listing Los Angeles

“Rob Luna shows you how to go from where you are, to where you want to be. This book is the answer to planning your wealth, your goals, and your family’s future.”
—TIM GROVER, Performance Coach to champions, #1 New York Times Bestselling Author

“A lot of folks capitalize and profit by creating fear from people’s lack of education in finance. Rob has never been one of them. He is one of the most authentic humans I have ever met, and I have a tremendous amount of trust and respect in him. I highly recommend Close Your Wealth Gap for entrepreneurs and investors looking to achieve the highest levels of success.”
—SHAWN RYAN, Host of The Shawn Ryan Show

“Close Your Wealth Gap is a ‘must-have’ book in your library—it is just one of those core investments (like Apple) that everyone should own. I only wish I had a resource like this when I was a much younger man.”
—KENNY POLCARI, Former NYSE Floor Trader and TV Personality