Building Wealth: Marc Henn's New Book Asks, 'Are You Playing Small or Taking the Power Plays?'
While financial and tax advisors often provide advice focused on investments and tax filing, Marc Henn, a Certified Financial Planner (CFP®) professional, seeks to peel back the curtain to reveal how the wealthy invest across multiple asset classes and strategically layer those investments to minimize taxes, generate cash flow, and build their assets. "These strategies don't have to remain a mystery," Henn explains. "Anyone can use one or all of these strategies to grow their own wealth."
Breaking Out of the Middle Class
With 35 years of experience in finance, Marc Henn's passion has always been helping others build generational wealth. As a young man, Henn participated in the AT&T Collegiate Investment Challenge, landing among the top 50 participants in the nation. He founded Harvest Financial Advisors in 2008, headquartered in Cincinnati, OH, and for nearly 17 years has served as the firm's CEO. During those years, Henn says, 'I have recognized that the financial industry does a poor job serving clients that have between $10 million and $200 million in assets.'
Henn founded Harvest to help transition traditional wealth management clients into multi-family office clients. Many self-made entrepreneurs, small business owners, and successful executives acquire significant wealth without acquiring the investment and tax strategies that the truly wealthy use to maintain and grow their wealth across generations. That's where Henn hopes to make a difference, both with his financial planning firm and his book.
The 3 Power Plays of the Wealthy
In Power Plays of the Wealthy, Henn draws attention to three overarching strategies that the wealthy employ. The first involves recognizing the five super asset classes that wealthy investors use and the unique tax strategies that come with these. The second is to become a producer first so that you can maximize your cash flow. The third is to minimize your taxes to help you build your financial legacy.
'One strategy the wealthy use are tax incentives to provide services for people, like housing and energy,' Henn shares, '—and this in turn builds more wealth for them. You, as a citizen of this great country, are participating in this whether you choose to or not. Either you are using the financial strategies and tax incentives to build your wealth, or your taxes are used to fund this for others.'
Not Just Strategy But Mindset
Building wealth requires more than just uncovering these power plays, however. It also requires a particular mindset and a willingness to stay the course with a chosen strategy. One anecdote that Henn shares in his book illustrates how easily fear or greed can derail a great strategy. Marc shares how, when he was nine, President Jimmy Carter's brother, Billy, a man with a more 'colorful' public persona, used his presidential brother's fame to sell many cans of his company's Billy Beer.
Henn, despite his young age, was collecting beer cans, and he acquired two Billy Beer cans. When Billy Beer stopped producing in 1978, the price of the cans shot up, and he received an offer of $500 for his two cans. His father advised waiting for a higher price, believing the cans would only increase in value.
Unfortunately, Billy Beer cans were not collectibles for very long. The president of a beer can collectibles group declared that the cans were not unique. After that, the Billy Beer cans dropped in value overnight to the price of tin, a few cents per pound. Ruefully, Marc recalls, 'Greed stole $500 from a pre-teen boy in Indiana.'
Those who build wealth master a strategy and don't sacrifice it to short-term impulses of fear or avarice. Then, they master another strategy and another after that. Now, Marc Henn hopes that his book, Power Plays of the Wealthy, will provide successful executives and business owners with the tools to do the same, taking their wealth-building to a different level and changing the trajectory of their financial lives and legacies.
About Harvest Financial Advisors
Harvest Financial Advisors is a team of seasoned professionals committed to helping clients grow, protect, and enjoy their wealth. We always put our clients first and give them personal attention, custom-tailored solutions, and a remarkable range of services. For more information, visit https://harvestadvisors.com.
About Marc Henn
Marc Henn is the founder and CEO of Harvest Financial Advisors, headquartered in Cincinnati, OH. He is a Certified Financial Planner (CFP®) professional, assisting family office and wealth management clients for over thirty years.
Henn is affiliated with the College for Financial Planning and Financial Planning Association (FPA). He is also a Financial Industry Regulatory Authority Arbitrator, a member of the American Numismatic Association, and a former member of the National Association of Forensic Economics and Economics Center for Education and Research. He earned his Bachelor of Science in Economics from Purdue University in 1990.
Henn's journey into the finance world began in high school, then progressed as he participated in the AT&T Collegiate Investment Challenge and landed among the top 50 nationwide. He continued to pursue his passion, exploring many aspects of finance until he discovered fee-only financial advising and founded Harvest Financial Advisors in 2008.
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SOURCE: Harvest Financial Advisors
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