Key Takeaways
- Commingling funds, inadequate reserves, and poor tax planning are the three most common structural errors.
- Separate bank accounts, 6-month reserves, and a real estate CPA address the top structural risks.
- Insurance gaps, missing entities, and no estate planning create avoidable catastrophic exposure.
- Spouse/partner alignment on finances and investments reduces both relationship and financial risk.
- Prevention is dramatically less expensive than correction for all ten mistakes.
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Test Your Knowledge
1.What is the primary risk of commingling personal and business funds?
2.What reserve levels are recommended per investment property?
3.Why is spouse/partner financial misalignment a top personal finance mistake?