Image by rkrichardson via Flickr
An economic dream team is the antithesis of a solo decision maker (a.k.a. Nightmare).
Who should form your dream team of advisers?
An accountant, a lawyer and an insurance agent.
This powerful team will save you litigation costs and help keep money in your hands because they have seen your situation hundreds of times and they can logically walk you through multiple options.
Remember they consult you, but ultimately you decide.
An excellent accountant must be honest and current on tax law and deductions. He will be a liaison between you and the IRS saving you from inadvertent penalties. He will offer principled ideas to save money. When starting a small business he offers some very effective ideas on business set-up and payroll structure. He helps save many hours of paperwork and verifies your numbers.
One of the most often mocked but vital team members is a lawyer who can help advise when to fight or what exposure to avoid. Occasionally a letter from a lawyer can help settle an issue by letting the other party know you have done your homework and you have a reputable team on your side. A few years ago an insurance company questioned my integrity by mocking my choice of a chiropractor. I consulted with my lawyer who vouched for my chiropractor and then communicated this to the insurance company. They promptly dropped their accusation and settled the claim.
An insurance agent represents you and the company she works for ethically. Make sure your agent is not a telemarketer and that she represent a very stable company. A good insurance agent will help protect your assets against personal injury attorneys as well as advocate for you during the claims process.
Your dream team can prevent and solve many financial challenges with their cool-headed ideas. Just remember to meet with them at least annually, ask them questions and treat them very well.