While we are only licensed for Life, Health, and Annuities, we are actively pursuing the other Series examinations as time allows and will be making changes to pages and content based on those results. We do have access to numerous CFP’s, CPA’s, Attorneys through our network and other experts to help you with your needs.
Simple Financial Planning techniques basically are laying out all of your assets, classifying them for risk, and planning for future events such as retirement, college funding, or even buying a home. The secret to any financial plan is to plan realistically and be disciplined with your plan.
Your plans and goals may change over time, but we feel through simple understanding of insurance products as well as other savings vehicles can get you on the right track for a successful financial future. We look forward to working with you.
Currently our Financial Planning services are free and will be very comprehensive but we will charge in the future when we achieve the Series 65, Series 6 and Series 7 licenses. We have met many clients needs over the years through our own services as well as referring business out to other experts but when you deal with one person that actually cares about your financial future, you are better suited to succeed.
When looking to the future, you have to incorporate income planning into the picture. When you finally stop working, where will your income come from? We can help answer those questions and plan for the amount of income you want and expect when you are retired. It is all about making your money work for you without the potential for loss of initial principal. The process of income planning is pretty simple. You first will determine your retirement age, then plan of a backup in case of illness or disability. If you have worked for a company for a number or years or contributed to a retirement account, we can tell you what that account can be turned into an income stream. There are ways to create taxable income when retired as well as tax free income when retired. We want you to know all of your options.
When sitting down and planning for income, you need to follow the rule of 100 when planning your asset allocation. When you are younger, it is ok to be in stocks and mutual funds because you have the time to recover from losses, or potential losses those investment vehicles tend to have from time to time. You want to diversify your investments as your age increases to plan eventually to convert that asset base into an income stream. We can help identify red money, yellow money, and green money through our intensive asset allocation review process. You need to understand that your assets now, could not be the same 5 or 6 years from now when you plan to retire. Just because you plan now, your plan can and will change so you need to be flexible to market conditions. We have all had to readjust our plans since the 2008 crisis. We can help you with making those decisions.
There are only two guaranteed things in life, yes we know that you have heard this before but they are Death and Taxes. We can help you understand your tax liability when you retire. While we are not CPA’s we can refer you to experts that can verify your strategy selections. There are ways to create tax free income for retirement as described in IRS regulations but we will not give tax advice, but explain to you the burden it could create. We favor the tax treatment of IUL’s and ROTH IRA’s for tax free retirement income but we can talk about that when we meet.
You have lived a wonderful life and you have been blessed with success. Sometimes that success to really too much to spend in one lifetime. Through proper beneficiary selection and proper estate planning, you can pass on a legacy to your loved ones. If you are an only child and have considerable assets and do not have any heirs, we can suggest several non profit foundations that would greatly benefit from your donation upon your passing. However, most people do not fall into that category so depending on where you live, there is careful consideration of what you assets will do in passing to your heirs. I for one do not want to pass on a huge tax bill to my heirs when I am gone. We can help show you strategies and methods to pass on your assets to your heirs the way you want.
Cash is King
One of the first things to consider before starting a financial plan is to create an emergency account. It can be cash under the mattress or in a sock in the freezer that is marked veal. Either way you need to have a certain amount of cash on hand in case of emergencies. Only you can determine that amount based on your monthly expenses and your income. We suggest at least six months or more for that amount. We understand that is a chuck of cash that is really not doing anything for you but when you have it, it will give you the confidence to move on to other investments where you money will be working hard for you.
Making the right choices
Even if you think your choices are the right ones, we want to tell you about other choices you might have. It never hurts to listen to a second opinion. Right now it is free until we complete the Series examinations but after that, we will have to charge. We all hope and pray that the choices we make through life are the right ones and all have been burned by the too good to be true prospectus. We only want to provide you with information and let you make an educated choice for your future. It does take time and understanding of the whole picture and sometimes we all need a wakeup call. We can wake you up and help you get on the right track. We look forward to working with you and educating you on all of your choices, not just the ones we offer.