Leadership Series: Being a Multiplier
Leadership Series: Being a Multiplier
Have you ever met or worked with someone that made you feel smarter, better and like you could do anything? We all have. In some cases it’s a family member, a friend, a co-worker or a boss. Liz Wiseman, former executive at Oracle Corporation and talent researcher calls these people Multipliers.
Here is a great quote from her Wall Street Journal bestseller, Multipliers, defining the term and introducing its counterpart, the Diminisher:
“ We’ve all had experience with two dramatically different types of leaders. The first type drains intelligence, energy, and capability from those around them and always needs to be the smartest one in the room. These are the idea killers, the energy sappers, the diminishers of talent and commitment. On the other side of the spectrum are leaders who use their intelligence to amplify the smarts and capabilities of the people around them. When these leaders walk into a room, light bulbs go off over people’s heads, ideas flow, and problems get solved. These are the leaders who inspire employees to stretch themselves to deliver results that surpass expectations. These are the Multipliers.”
Through her research, Wiseman has found that these types of leaders can get 2X the productivity, capacity and intelligence from their employees.
So where are you as a leader?
First off, Wiseman makes clear that being a this isn’t a “binary” state of being, there’s a large spectrum between Multipliers and Diminishers. And second, the attribute of a Multiplier can be cultivated and developed. Following is a summary of the five key disciplines of a Multiplier as summarized by Toby Jenkins.
- Talent Magnet – looks for talent everywhere, finds people’s native genius, utilises people to their fullest, and removes blockers
- Liberator – creates space (to think, speak, and act), demands the best work and generates rapid learning cycles
- Challenger – seeds the opportunity, lays down the challenge, then generates belief in what is possible
- Debate Maker – frames the issue, sparks the debate and drives a sound decision
- Investor – defines ownership, invests resources and holds people accountable
In addition to working on these five disciplines, its important to check our fundamental assumptions about those we associate and work with. Wiseman shares:
“Diminishers come at a high cost because they are entrenched in two faulty assumptions: 1) they are the leaders because they are the smartest; and 2) accomplishing a bigger task requires the addition of more resources. Multipliers don’t necessarily get more with less. They get more by using more – more of people’s intelligence and capability. We call this the 2X effect. It’s the result of the deep leverage Multipliers get from their resources. When you extrapolate the 2X Multiplier effect to the organization, you begin to see the strategic relevance. Simply said, resource leverage creates competitive advantage.”
So, let’s focus on attracting talent, giving them space to think, speak and act, challenge others, create debate and invest in others. Doing so, we can create to 2X effect in those around us.
What Prince’s Death Can Teach Us About Estate Planning
What Prince’s Death Can Teach Us About Estate Planning
Well, here we are again, yet another big name, big estate celebrity has passed away without a will. You can see our previous posts about Whitney Houston‘s estate plan and Anna Nicole Smith‘s lack thereof. But, today, lets talk about Prince. What can Prince’s death teach us about estate planning?
As millions of people around the globe mourned the loss of this rock star icon, many others, his family especially, had something else to mourn- the financial battles that are sure to come. Prince was known for being very involved in his legal affairs so it surprised many that he, of all people, had no will, trust or estate plan. With his large estate in question we can only imagine what lies ahead as siblings and half-siblings all duke it out to divide up all that is Prince’s estate.
So, what can we learn from Prince’s death?
- Not having a will leaves you “intestate”
- Intestate means that a judge will appoint someone to allocate/divvy up all your assets.
- When you’re intestate, your assets are public
- Anyone and everyone can see exactly how must you are worth. A will can tell people how you want your estate distributed but usually a trust is also needed to avoid probate and govern the distribution of the estate.
- Dying intestate means your family gets less money
- The money from the estate goes first to lawyers, executors, etc. The probate process is long and complicated, especially for large estates like that of Prince. It will probably take years before anyone in his family actually sees any of his estate (assets, property, music rights, songs, etc.)
- Without an Estate Plan your assets won’t go where you want them automatically
- Without an estate plan your wealth and property are allocated according to standards set by law, not by you.
- Get an Estate Plan today!
- Its never too early but in an instant it can become too late.
- Call our office today to get your Estate Plan started! 858-549-8600
Read the full article on Forbes.com
Leadership Series: Presenting
Leadership Series: Presenting
You know how it feels. You walk up to the microphone, your knees are a bit shaky, your stomach feels unsettled, and you’re having trouble catching your breath. Presenting can be stressful and intimidating but it is also a huge opportunity to move the masses and incite change.
With the help of LifeHack columnist, Scott Young, today we’ll cover nine presenting tips that will help you prepare for your presentation, reduce nerves and speak and communicate effectively.
Preparing your presentation
- Put Yourself in the Audience – When writing a speech, see it from the audiences perspective. What might they not understand? What might seem boring? Use WIIFM (What’s In It For Me) to guide you.
- 15 Word Summary – Can you summarize your idea in fifteen words? If not, rewrite it and try again. Speaking is an inefficient medium for communicating information, so know what the important fifteen words are so they can be repeated.
- Speeches are About Stories – If your presentation is going to be a longer one, explain your points through short stories, quips and anecdotes. Great speakers know how to use a story to create an emotional connection between ideas for the audience.
Before you speak
- Come Early, Really Early – Don’t fumble with PowerPoint or hooking up a projector when people are waiting for you to speak. Come early, scope out the room, run through your slideshow and make sure there won’t be any glitches. Preparation can do a lot to remove your speaking anxiety.
- Practice power poses to fight being nervous – Your body language and breathing patterns can do wonders to decrease stress and get your head on straight. Before speaking, makes sure to sit/stand in open positions, not hunched over looking at your phone or checking email. Here’s a fantastic TED Talk on the subject. This is a huge key to projecting confidence and reducing nervousness.
As you present
- Breathe In Not Out – Feeling the urge to use presentation killers like ‘um,’ ‘ah,’ or ‘you know’? Replace those with a pause taking a short breath in. The pause may seem a bit awkward, but the audience will barely notice it.
- Don’t Apologize – Apologies are only useful if you’ve done something wrong. Don’t use them to excuse incompetence or humble yourself in front of an audience. Don’t apologize for your nervousness or a lack of preparation time. Most audience members can’t detect your anxiety, so don’t draw attention to it.
- Do Apologize if You’re Wrong – One caveat to the above rule is that you should apologize if you are late or shown to be incorrect.
- Have Fun – Sounds impossible? With a little practice you can inject your passion for a subject into your presentations. Enthusiasm is contagious.
Overall, it’s important that you prepare well, consider your audience, and remember why you’re up there. We hope these nine tips will help you get ready to ace your next big presentation. Good luck!
What Is a Conservatorship?
What Is a Conservatorship?
On air discussion on 4/5/16 on www.KPRZ.com with Marty Schneider – The Retirement Professor
Q: How can my wife take care of things if I became disabled? Aren’t there some things I need to agree to or to sign no matter what?
A: Most property owned by married couples in California is in joint title. Most loans are joint loans with both husband and wife on the loan. Most property is considered community property. Joint title is great, BUT if one of you becomes disabled (legally unable to make decisions), it is almost impossible for the other to do anything legally with the property on their own. This means that if you needed money to take care of a disabled spouse, or needed to re-finance property, or to borrow money, you probably could not without your spouse signing – but if your spouse is disabled, they cannot sign. In order to do any of those things -re-finance, borrow money, etc.- you would likely have to hire an attorney to go to probate court to get a conservatorship over your spouse.
Q: What is a conservatorship?
A: A conservatorship is process in probate court to appoint an adult to care for and manage a disabled adult. Think of it as a guardianship, but for an adult.
Q: How much does it cost to get a conservatorship over a loved one?
A: Normally a conservatorship would cost between $2,000 and $3,000.
Q: How long does it take to set up a conservatorship?
A: The conservatorship process takes several months. The person seeking to get authority to help the other adult is the Conservator, the one needing the conservatorship is called the Conservatee.
Q: Can a conservatorship be avoided?
A: Yes, by using a Living Trust and proper Power of attorney forms.
Q: Is a Power Of Attorney the best way to give my husband power to handle things if I become disabled?
A: No. Though a limited Power of Attorney is a good idea, a Living Trust is probably a better choice.
3 problems with giving someone a general Power of Attorney:
1 – A general power of attorney is a nuclear bomb of authority which could cause loss and abuse of the estate if the designated Power of Attorney decided to do their own thing.
2 – It is very difficult to revoke a Power of Attorney because a copy is typically as good as the original. In order to revoke it, you’d need to find and destroy all copies.
3 – They have no force or effect after death.
Probably the best way to avoid the conservatorship problem is to have a Living Trust set up for you.
Leadership Series: Vision
Leadership Series: Vision
Just a few weeks after birth, a newborn baby can only see between 8 and 15 inches from his/her face; and, not until about 8 months can he/she recognize a person across the room.
Would you let someone with that type of vision drive a car? — No way. Reaction time is limited to almost nothing and it would be completely dangerous.
Likewise, visionary leadership is essential for the success–and safety–of any company. Business Dictionary defines vision well:
“An aspirational description of what an organization would like to achieve or accomplish in the mid-term or long-term future. It is intended to serves as a clear guide for choosing current and future courses of action.” In many cases a company’s vision is summarized in a mission statement. Here are a few examples of some well-known companies’ mission statements:
- Special Olympics: To transform communities by inspiring
people throughout the world to open their minds, accept and
include people with intellectual disabilities and thereby anyone who
is perceived as different. - Google: To organize the world’s information and make it
universally accessible and useful. - Walt Disney Co.: We create happiness by providing the finest in
entertainment for people of all ages, everywhere. - Boy Scouts of America: To prepare every eligible youth in
America to become a responsible, participating citizen and leader
who is guided by the Scout Oath and Law. - Hilton Worldwide: To fill the earth with the light and warmth
of hospitality. - Ikea: Affordable solutions for better living.
So, what’s your vision for your organization?
Take some time to either create, organize, refine or resurrect your company’s vision, in order to provide a clear sense of direction for you and your employees. This will help to root everyone in a common cause, and enable leadership to perceive twists, turns and obstacles in the road. And yes, see further ahead than 8 to 15 inches.
Finally, some parting wisdom from John Maxwell:
“Good leaders must communicate vision clearly, creatively, and continually. However, the vision doesn’t come alive until the leader models it.”
Leadership Series: What is Leadership?
Leadership Series: What is Leadership?
So, what is leadership?
Well, that seems like an easy question but in truth, it’s hard to come to a clear cut answer. Some might say it means taking charge, others might say its organizing groups and still others might say it has nothing to do with authority at all.
So let’s start with what some “well-knowns” consider to be leadership:
“Leadership is the ability to get extraordinary achievement from ordinary people.” – Brian Tracy
“If your actions inspire others to dream more, learn more, do more and become more, then you’re a leader.” – John Quincy Adams
“A leader is a dealer of hope.” – Napoleon Bonaparte
It seems as though this subject is less focused on status and authority than it is on influence and impact. Consider what Darren Hardy, former publisher of SUCCESS Magazine has to say about 20th vs 21st century leadership.
21st century leadership is…
no longer… economic competence, rather… emotional intelligence
no longer… control, rather… collaborate
no longer… financial capital, rather… human capital
no longer… hierarchies, rather… lead through networks
no longer… structures and spreadsheets, rather… meaning and purpose
no longer… techincal or financial expertise, rather… emotional and relational aptitude
no longer… developing followers, rather… developing leaders
As displayed in the image above, true leaders aren’t behind the group telling them where to go, but out in front, in the action, with them, showing them.
Let’s all make the commitment to be true leaders, with a focus on being “the initiative in an action; an example for others to follow (source).” If we do this, then we can become agents of change, action and making a real difference in our families, companies and communities.
Next post: VISION!
Death Tax: Is it fair to tax people at death?
Death Tax: Is it fair to tax people at death?
On Tuesday’s Word On Wealth radio show, www.KPRZ.com, I answered the following questions:
Why do I need a Will or a Trust?
A man ready to retire owns a modest home but has no estate plan – no trust – no Will – nothing. He figures it is not a big deal because he will just let his children have the house. Assuming he dies first, his children would most likely end up with the house as joint owners. They would be partners in owning the house whether or not the chose to be.
The children would take title to the house after it passes through the California probate process which could take one to two years. Yes, even in a situation as simple as this, probate could take one to two years. In the meantime, if money was needed to maintain the property, to pay the taxes, or to get it ready for sale, the beneficiaries would have to come up with the money from outside sources because until the Probate processes, there is no money available from the estate.
In California, real property (house, land, etc.) needs to go through probate if it is worth over $50,000. If there is no real property in the estate but the estate exceeds $150,000 in total gross value, it must pass through probate.
Can a living trust avoid probate? Yes if it is prepared properly.
Is it fair to tax people at death? About the death tax.
What do you think about the death tax? Is it fair to tax people at death based on the fact that their property is valuable? Not really. Statistics show that most people with large estates are “first-generation rich” – meaning they earned every penny- and I believe it is unfair to tax them upon death just because they died. The money or property has probably been taxed at least once with income tax or capital gains tax. But, as Marty said on today’s show, there is not much sympathy for people who die with a lot of money. I look at it from the perspective that most people work for a “rich” person. Not many work for another employee or someone who is essentially on their same level financially. Most work, directly or indirectly, for the person who is more “rich” but is also the one taking all the risk and making the sacrifice to fund and run the company. I think we should let them pass the estate on to their heirs without the government “helping themselves” to it and hopefully the heirs will know how to run the company so the workers can keep their jobs. If the government levies a death tax, where does it come from? If there is not cash available, the business would need to borrow or be sold. What happens then? The jobs are gone or the margins are too thin to stay in operation and the workers lose out.
How to avoid the terrible “death tax”- an idea to consider.
How do we avoid the terrible “death tax”? One way to avoid the death tax is to set up an Irrevocable Life Insurance Trust (“ILIT”) to cover the anticipated tax. Marty Schneider has a great explanation of how they work on his website – www.TheRetirementProfessor.com – It is sometimes surprising how much money can be saved in taxes with life insurance planning.
Another use for life insurance
For many families, life insurance can instantly create an estate. Think about it. Have life insurance pay directly to the Family Trust and the trust can distribute the funds as needed to care for children and family.
Keep listening to the show!
KPRZ 1210AM Tuesdays @ 5:00pm
Remember, none of this is legal advice. If you want that, we’ll have to talk.
GQ
Leadership Series: Introduction
Leadership Series: Introduction
Darren Hardy, former publisher of SUCCESS Magazine, entrepreneur and motivational speaker once posed a powerful question that goes something like this, “What is the one skill that would dramatically change the quality of your life?” It might be communication, empathy, diligence, financial acumen, or perhaps a technical skill like programming or product engineering.
But what if we told you that there is one skill that is the sum of all other skills–the culmination of them all? Well, there is. And it’s LEADERSHIP.
Leadership entails being a great communicator, being empathetic, motivational, determined, values based, visionary, and all. But what about the financial acumen or tech skills? Where is that in all this? Well, this is the key and perhaps one of the most important parts about this subject. If you are a great leader, you will be able to attract great talent and build great teams. You can find someone that is an amazing coder, or someone that knows how to develop your dream widget, and they will be willing to work with you because they know you will not lead them astray. And leadership goes beyond just the workplace, its essential in marriage, family, friendships, volunteerism and every day life.
For this reason, we’re bringing you the LEADERSHIP SERIES. Over the next nine-months, our small business and entrepreneurship articles are going to be based directly on subjects pertaining to leadership. Topics such as: Vision, communication, relationship building, emotional intelligence, teamwork, strategy, innovation, values and more.
John Quincy Adams once said:
“If your actions inspire others to dream more, learn more, do more, and become more, you are a leader.”
We hope you’ll look forward to our Leadership Series and that through these next nine-months, you’ll be able to ponder and apply the principles and strategies that will be discussed to greatly improve the quality of your life.
Tax Scams Continue, Beware
Tax Scams Continue, Beware
Last week the IRS issued yet another warning that tax scams continue as this tax season draws to a close. In the March 14 IRS Newswire report, the IRS warned about a new scam tactic used by criminals to get sensitive, financial and personal information from unsuspecting victims.
Earlier this year we posted about tax scams involving fake charities and identity theft. We posted in 2015 about phishing scams, where con artists use fake emails or set up fake websites in an attempt to get your information. Similar scams continue and now may involve criminals pretending to be the IRS calling to verify details of your tax return. They pose as IRS workers and say they need to verify a few things before processing your return. Most unsuspecting taxpayers gladly “verify” whatever information is asked in order to speed up the process and make sure their return, and hopefully their refund, are processed without realizing they’re being scammed.
The scammers may ask you to “verify” things like your social security number, bank numbers or credit card information.
The IRS warns:
“These schemes continue to adapt and evolve in an attempt to catch people off guard just as they are preparing their tax returns,” said IRS Commissioner John Koskinen. “Don’t be fooled. The IRS won’t be calling you out of the blue asking you to verify your personal tax information or aggressively threatening you to make an immediate payment.”
The IRS report also says that scams continue leaving “urgent” call back messages. They also have caller ID set up to look like they are calling from the Internal Revenue Service or other, official, government agencies.
Remember! The IRS will never:
- Call to demand immediate payment over the phone, or call about taxes owed without first having mailed you several bills.
- Call or email you to verify your identity by asking for personal and financial information.
- Demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe.
- Require you to use a specific payment method for your taxes, such as a prepaid debit card.
- Ask for credit or debit card numbers over the phone or email.
- Threaten to immediately bring in local police or other law-enforcement groups to have you arrested for not paying.
What is a Complete Estate Plan?
What Is a Complete Estate Plan?
Questions from Tuesday’s Word On Wealth radio show, www.KPRZ.com
Q: What is a “complete estate plan”?
By referring to a “complete estate plan” I mean the documents used to create a complete estate plan are as follows:
1 – Revocable Living Trust
2 – Will
3 – Guardian Designation
4- Financial power of attorney
5 – Healthcare power of attorney
6 – Assignment of personal property
7 – Comprehensive transfer of property
8 – Deeds to transfer real property
9 – Certification of Trust
Q: How often should I get my estate plan reviewed?
GQ: Your Estate Plan documents should typically be reviewed every 3 to 5 years. I mostly look for changes and life events. A few of the things you want to look for to consider reviewing your trust are: whether you bought or refinanced your home or modified the home loan; Whether any of the people acting as representatives in the estate plan (Will, Trust, Power of Attorney, etc.) such as the successor trustee and executor, have either become in eligible or have died.
Q: How fast can an edit of my complete estate plan be prepared?
At my office we typically allow two weeks to have your estate planning documents prepared. It is possible to do it in a much shorter time. I had a friend ask me if we could do an estate plan the next day to allow her to leave on a international trip following day. We did it. No problem! I recently had a client that needed to create an estate plan within three days. We accommodated him as well.
Hey – please remember that I am not giving legal advice here, just learning materials.
GQ