Jul 27, 2018
Learn why you should be careful when comparing your portfolio to market averages. Understand the role a good financial advisor plays with legacy and estate planning. Learn the five signs of good financial health.
Main Questions Asked:
Are you taking risks that are inappropriate for your situation?
What is really going on in the markets?
Is my financial advisor acting under the fiduciary standard?
What role does my advisor play in legacy planning?
What are the five signs of good financial health?
Key Lessons Learned:
Legacy Planning
- A financial advisor plays a big role in the estate and legacy planning conversation. Guiding clients down the path of figuring out their values, in terms of what they want their money to do for their family, is a huge part of the advisor’s job.
- What desire do people have to leave a legacy? Most people want to leave something behind for their kids and grandkids. One of the biggest fears is that the grandkids won’t have the opportunities that they had.
- Joel’s legacy plan. He has been married for 31 years and has four boys. They set up trusts for each child. They can take income, but they don’t have access to the principle. The trust can be stopped if they get into trouble. They get their first distribution at 35, 40, 45, and the rest is paid out at age 50. There are also protections for divorce, death, and grandkids.
5 Signs of Good Financial Health
- You spend less than you make. Avoid wastes of money like leasing cars. Always save off the top and spend what is left. Save 15% of your income right off the top.
- You understand the future tax implications of your savings. You could be creating a tax time bomb. You could be better off by paying taxes today. Such as having a Roth or some life insurance policies.
- Can each spouse manage the finances without the other spouse? Spouses need to understand where everything is. Don’t just rely on one spouse. Have a plan in place if the other spouse isn’t around.
- Having a retirement income plan in place. Investments are tools. Have a plan to deal with inflation and market volatility to have the income you need for retirement.
- Not worrying about your financial future. If you have knowledge of finance and understand that your money will last for the rest of your life. You have a solid plan in place and you are not worried.
Links To Resources Mentioned
Money Map Retirement Review
1-800-757-0436
Thank you for listening!