There are only two prerequisites to starting a plan for the future.

The first thing that needs to be in place is your “Last Will and Testament”. There is no sense in becoming wealthy, only to lose it to the government. We don’t want to end up like Elvis. Elvis Presley’s estate was reduced by 73% of its value after probate. I don’t want my family to go through that experience, do you? I hope you don’t. Otherwise, the door is that way. Take this opportunity to think about your beneficiaries. Please make sure your stuff goes somewhere. If you don’t have one, you can use a generic form now, it can be changed later.

Next, we need to establish your assets and liabilities. You must know about everything that has “your name” and a monetary value attached to it. Break it down to a monthly cycle. What matters here is that you know, not that it’s red or black. We can start anywhere.

If you would like to get a more detailed understanding of some of the principles to wealth building, I have a list.

• The Dream Giver by Bruce Wilkinson
• Rich Dad, Poor Dad by Robert Kiyosaki
• Cashflow Quadrant by Robert Kiyosaki
• Missed Fortune 101 by Douglas Andrews (chapters 1-4)
• Secrets of the Millionaire Mind by T. Harv Ecker
• The Wall Street Journal Guide to Money and Investing

[tags]finance, books, education[/tags]