Power Moves - Six Figure Savvy, Business Succession, Veteran Benefits, 3rd Nov Family Gathering-Houston.
Damon Paull, AWMA?
Financial Advisor for Business Owners & Individuals | Best-selling author with Chris Voss | 401(k), Profit-Sharing & Accounting solutions for Benefit Plans | Military, Veteran & Nonprofit Advocate
Dear subscriber friends,
We would like to extend a warm thank you for your continued support and engagement with our newsletter. As a financial advisor based in sunny Houston, Texas, we are dedicated to providing you with valuable insights and guidance to help you thrive in various aspects of your financial journey.
In this edition, we have curated three distinct sections to cater to different interests and needs. For business owners, we will explore strategies to enhance your entrepreneurial endeavors and maximize growth opportunities. In the personal investment advice section, we will delve into key principles and techniques to help you make informed decisions and achieve your financial goals. Lastly, we will shed light on essential information related to veterans' benefits, ensuring our esteemed veterans in Houston, Texas receive the support they deserve.
We hope that these sections will offer practical knowledge and inspiration to empower you on your path to financial success. Thank you once again for your readership, and we are excited to share this edition with you!
Warm regards,
Damon Paull, AWMA?
Wealth Management Advisor
Totus Wealth Management
Personal Finance Ideas - Six Figures
Financially Savvy at Six Figures
Reaching six figures is no easy feat. If you’re one of the hard-working few who have made it to this milestone, give yourself a pat on the back and celebrate. It can be tempting to feel like now that you've made it to the top of this mountain your financial worries are over. But before you go reaching for a bottle of champagne or calling a Ferrari dealer, consider this: the majority of Americans living paycheck to paycheck are from higher income households. In fact, out of 9 million Americans surveyed, 8 million of those are in higher income brackets.1
Now it's more important than ever to take an active role in managing your money. Don't equate earning six-figures with the ability to spend six-figures. Fortunately, there are several strategies that may help:
Steps to Take
There is no one-size-fits-all strategy for maximizing your new six-figure income. Every person is different, and some suggestions may mean more to you than others. But there are tried-and-true methods that can help point you in the right direction when it comes to your financial health.
Review Your Budget
Now that you are making six figures, you may be tempted to never look at your budget again. Resist this temptation and go back over your budget to make sure your spending is based on your overall approach. Feel free to adjust your line items to match any new priorities without going overboard. Careful preparation may help you know how much you can consider spending on that splurge item that you found online. Your renewed budget should be designed to follow your other new goals, knowing that your day-to-day matters are on firm footing.2
Target Unproductive Debt
Not all debt is bad, as much of it helps you both financially and in terms of your quality of life. But certain types of debt, like credit cards and personal loans, may be something you want to manage better. Set a goal for your unproductive debt, which may put you in a better overall financial position. Each penny you save can go toward other goals, such as vacations, travel or even retirement.
Build Your Emergency Fund
Life is full of the unexpected. Prepare by setting aside enough liquid money to cover three to six months of expenses. This reserve may help you manage through a job loss or an injury or illness that requires time to heal.
Don't Forget About Taxes
Now that you’ve entered a new income bracket, your tax obligations may have changed. Take time to review your tax situation in an effort to avoid year-end surprises. This article is for informational purposes only and is not a replacement for real-life advice, so be sure to consult a tax, accounting, or human resource professional before modifying your tax-withholding strategy.
Don’t Forget Your Retirement Plans
If you haven’t started planning for retirement, your new income level may allow you to start setting aside money using a company-sponsored retirement plan. Initially, a financial professional may be able to provide guidance concerning the role a retirement plan can play in your overall financial strategy.
Move Forward Confidently
Restructuring your budget, managing debt, creating an emergency fund, and beginning to consider retirement may help ensure a more comfortable financial future. Even at a six-figure income, proactive preparations can help position you such that your money will eventually work for you.
1. Pymnts.com, January 2023
2. Forbes.com, March 29, 2022
Business Owners Section - Business Succession Planning
Creating a business partnership is not exactly like getting married: ????♀?
You want an expiration date! ????
But very few business owners actually plan for this
Here are 3 steps I’ve learned from my serial entrepreneur friends and clients.
Creating a succession plan for your company is an essential process that should not be taken lightly. ??
It is an important step in ensuring the longevity of your business and the continued success of your employees.
A succession plan is a roadmap that outlines the process of transitioning leadership from one generation to the next, and can be broken down into three distinct phases:
1?? Assess
2?? Evaluate
3?? Develop
????????????: take a comprehensive look at your organization and identify any potential gaps in leadership. This is a great time to review the current and future needs of your business and determine the skills and qualities necessary for the next generation of leadership. Don’t forget to include changes in the economy or industry trends.
????????????????: involves assessing the current talent pool to identify the best fit for the new leadership role. This is the time to review resumes and interview candidates to determine their suitability for the position.
??????????????: focus on creating a comprehensive plan to ensure the successful transition of leadership. Key word here is “transitionâ€, not “corporate divorceâ€. Include developing a timeline, setting goals, and providing the necessary resources for the new leader. Create a communication plan to ensure all stakeholders are informed of the changes and that the transition is smooth; it’s your legacy as a leader...
??????????? ??????: consider the cultural fit of the individual verses the mission of the organization. If this person is not as hard-working and innovative as you, then why leave your legacy to that person?
???????????? ?????? ?????????? ???????????? ???? ????????????, ????????????????, ?????? ??????????????; ?????? ?????? ?????????? ?????????????????? ?????????????? and ensure that your awesome company is prepared and the next generation of leadership is well-suited to lead your organization.
Unveiling the Hidden Opportunities: Veterans Benefits
November is focused on military and veteran's benefits. Here's a list of ideas that I hope you find helpful!
Veterans Day?is Saturday, Nov. 11, 2023. This Veterans Day discounts list will continue to be updated as we learn of more nationally available Veterans Day discounts, meals or other ways businesses and organizations want to give back to Veterans. These Veterans Day and year-round discounts, free meals and other programs are being shared so that Veterans, their families, caregivers and survivors are aware of all resources available to them. Offers are subject to change and may not be available in all locations. Verify with the organization offering.
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Here's the link for the discounts from the VA website:
*The sharing of any non-VA information does not constitute an endorsement of products and services on the part of VA.
Events in Texas
Nov. 4, 2023, 10:00 a.m. to 2 p.m. CT: Sisters in Service women Veterans wellness event – Weslaco, TX (VA Event) VA Texas Valley Coastal Bend Health Care System
Nov. 5, 2023, 10:00 a.m. to 1:00 p.m. CT: Fun with Phone Photography and Cyanotypes – Georgetown, TX
Nov. 9 2023, 11:00 am to 1:00 p.m. CT: Veterans Day celebration – Laredo, TX (VA Event) VA Texas Valley Coastal Bend Health Care System
Nov. 9, 2023, 10:00 a.m. to 1:00 p.m. CT: Hiring Red, White & You! Austin’s Largest Veterans Hiring Event
Nov. 9, 2023, 11:00 a.m. CT: Veterans Day Parade – Dallas, TX
Nov. 11, 2023, 10:00 a.m. CT: Veterans Day Celebration – Houston, TX
Nov. 11, 2023, 11:00 a.m. CT: Veterans Day Parade – San Antonio, TX
Nov. 11, 2023, 10:00 a.m. to 2:00 p.m. CT: Veterans Parade, Car Show and Cook Off – Roanoke, TX
Nov. 11, 2023, 12:00 p.m. CT: “Battle on the Bayou†Veteran’s Day Gumbo Cook Off – La Marque, TX
Nov. 11, 2023, 11:00 a.m.to 1:00 p.m. CT: Welcome Home: 16th Annual Veterans Day Event – Amarillo, TX (VA Event) The Amarillo VA Health Care System
Live outside of Texas? Here's a link to your events:
Are you leaving the military soon?
Check out this group:
VA contact information.
1-800-MyVA411?(1-800-698-2411)?is always the right number
Veterans Crisis Line:?988?and press 1,?Chat, or Text 838255
Vet Centers:?1-877-927-8387
Homeless Veteran Resources:?1-877-424-3838
Houston area event spotlight:
Family Gathering
7PM, Friday, 3rd Nov. 2023
Holman Draft Hall
Holman St.
Houston, TX 77002
Totus Wealth Management and our Cetera partners:
Cetera Financial Group has just been awarded the prestigious 2023 Money Management Institute (MMI)/Barron's Wealth Manager Platform of the Year Award for their groundbreaking My Advice Architect? (MAA) Manager Program. ????
This well-deserved recognition highlights Cetera's commitment to innovation and delivering better outcomes for both investors and financial advisors. Among the esteemed finalists, including industry giants like J.P. Morgan Wealth Management, Merrill Lynch Wealth Management, and Morgan Stanley, Cetera's MAA Manager Program stood out as a true game-changer.
Proud to work for Totus Wealth Management and Cetera Financial Group
Thank you for being a valued reader and subscriber of our newsletter!
We hope you found our sections on business owners, personal investment advice, and veterans information useful. As we strive to provide information that is most relevant to your needs, we would love to hear from you. Please feel free to contact us and let us know which topics you would like us to cover in our upcoming newsletters. Whether it's tips for small business growth, strategies for wealth accumulation, or further information on veterans' benefits, we are here to address your financial concerns. Your feedback is incredibly valuable, and we look forward to tailoring our content to meet your interests.
Stay tuned for more valuable insights and advice in our next edition!
About the author:
Damon Paull is a Marine Corps veteran who has traveled to over 20 countries. As a financial advisor in Houston, Texas, he is passionate about helping business owners and individuals pursue their financial goals. You can connect with Damon and his team at:
703.362.5747
This newsletter is for educational purposes only. Please consult your financial advisor, tax professional, and legal services for specific financial advice.