By Thomas J. Anderson
A New York Times bestseller and one of many Ten most sensible enterprise Books of 2013 by way of WealthManagement.com, this ebook brings a brand new imaginative and prescient of the worth of debt within the administration of person and kinfolk wealth
In this groundbreaking booklet, writer Tom Anderson argues that, regardless of the reflex aversion most folk need to debt—an aversion that's vociferously preached through such a lot own finance authors—wealthy contributors and households, in addition to their monetary advisors, have every little thing to achieve and not anything to lose through studying to imagine holistically approximately debt.
Anderson explains why, if strategically deployed, debt may be of large long term profit within the administration of person and family members wealth. extra importantly, he colleges you in time-tested thoughts for utilizing debt to progressively construct wealth, to generate tax-efficient retirement source of revenue, to supply a competent resource of money in instances of quandary and monetary setback, and more.
• Takes a "strategic debt" method of own wealth administration, emphasizing the necessity to delight in the worth of "indebted strengths" and for buying the instruments had to reap the benefits of these strengths
• Addresses the way to make certain your optimum debt ratio, or your debt "sweet spot"
• A spouse web site incorporates a proprietary instrument for calculating your personal optimum debt ratio, which lets you improve a private wealth stability sheet
Offering a daring new imaginative and prescient of debt as a strategic asset within the administration of person and relations wealth, The worth of Debt is a crucial source for monetary advisors, prosperous households, kinfolk places of work, investors.
Read Online or Download The Value of Debt: How to Manage Both Sides of a Balance Sheet to Maximize Wealth PDF
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Extra info for The Value of Debt: How to Manage Both Sides of a Balance Sheet to Maximize Wealth
Miller, “The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review 48, no. 3 (1958): 261–297; F. Modigliani and M. Miller, “Corporate Income Taxes and the Cost of Capital: A Correction,” American Economic Review 53, no. 3 (1963): 433–443; Ross, Westerfield, and Jaffe, Corporate Finance, 494–525, addresses this subject in detail. ” Page 499: “Modigliani and Miller (MM or M&M) have a convincing argument that a firm cannot change the total value of its outstanding securities before changing the proportions of its capital structure.
Page 500: “MM Proposition 1 (no taxes): The value of the levered firm is the same as the value of the unlevered firm. This is one of the most important results in all of corporate finance. ” Page 511: “Value is maximized for the capital structure paying the least in taxes. In other words, the manager should choose the capital structure that the IRS hates the most. S. tax law, the proportions of the pie allocated to taxes is less for the levered firm than it is for the unlevered firm. ” Chapter 17, Page 526: “Capital Structure Limits to the Use of Debt”: “Should managers really set their firm’s debt to value ratios near 100 percent?
Multiple goals of a corporation clearly exist, such as survive; avoid financial distress and bankruptcy; beat the competition; maximize sales of market share; minimize costs; maximize profits; maintain steady earnings growth. The text also explains that the goals fall into two primary classes: profitability and controlling risk/avoiding bankruptcy. Even nonprofit organizations have a goal of not losing money. It is outside of the scope of this book to go into detail on nonprofit objectives and their use of debt, but we can safely say that many nonprofits have CFOs and many use debt strategies similar to the ideas expressed in this book.
The Value of Debt: How to Manage Both Sides of a Balance Sheet to Maximize Wealth by Thomas J. Anderson