Description
Book SynopsisA deeply insightful guide to goal-based financial planning and wealth management Planning a Successful Future empowers advisors and clients to take control of their money and manage their income to achieve their financial goals.
Table of ContentsAcknowledgments ix
Preface xi
Introduction 1
Creating Your Financial Plan 2
How Does This Relate to Investing? 3
Are You Meeting Your Goals? 3
Obstacles to Reaching Financial Goals 4
Fuel Your Goals with Income 6
Developing Your Plan 7
Attaining Peace of Mind 8
Chapter #1 What Do You Want? 9
Put It in Writing 9
Six Steps to Financial Freedom 10
Start Planning 13
Other Goals 18
Review Your Plans with Your Family Members and Advisors 18
You Know What You Want 19
Chapter #2 What Do You Have Now? 21
Materials 22
Information You’ll Need 22
Filing the Information 22
Looking for Missing Financial Information 24
Understand What You Have 25
Cash Flow Planning: When, Where, and How Much? 26
Plan Your Future Cash Flow 34
Plan Your Cash Reserve 34
Balance Sheet: What Is Your Financial Worth? 43
Chapter #3 Retirement 51
Review Your Retirement Goals 52
Your Cash Flow Worksheet Is Crucial 52
Assumptions for Retirement Planning 53
But What About . . .? 62
Chapter #4 Planning to Send Your Children to College 67
How Much Will a College Degree Cost? 67
Where Will You Find the Money? 68
Review Your Goals 70
Who Controls the Money? 71
Effects of Tax Laws on Your Education Goal 72
Income Shifting to Save Taxes 75
Chapter #5 A House Is Not Always a Good Investment 81
The True Cost of Home Ownership 82
A House as an Investment 85
Shopping for a Mortgage 90
Saving Money on Your Mortgage 94
Buying and Selling 98
Chapter #6 Insurance 101
Types of Life Insurance 101
My Recommendation 105
Types of Insurance Companies 106
Tax Considerations 106
Disability Insurance 109
Chapter #7 Liabilities 115
Good Reasons to Borrow Money 115
Bad Reasons to Borrow 116
Types of Credit 117
Chapter #8 Taxes 125
Four Methods for Reducing Taxes 125
Tax Tools 131
Chapter #9 Investments 137
Financial Basics 138
How the Financial Cycle Works 141
Your Investment Goal 143
Evaluating Risk 143
Investment Triangle 146
Investment Strategy 148
Investment Choices 152
Common Investment Mistakes 160
Other Investments 165
Chapter #10 How to Find and Work with a Financial Planner 171
Tyler V. Cook
What Is a Financial Planner? 171
Exposing the Myths 174
How to Find a Financial Planner 175
Chapter #11 Financial Planning for Women 179
Kimberly E. Wirtz
Learn About Family Finances While You Can 180
Understand Your Assets, Where They Are, and Who Legally Owns Them 182
Consolidate Accounts 182Name Primary and Backup Beneficiaries 183
Understand Pension and Social Security Arrangements 184
You Need a Will, a Living Will, and Two Powers of Attorney 185
Both Spouses Need Life and Disability Insurance 186
Balancing It All 188
Chapter #12 Financial Planning for Business Owners 189
Stephen Lukan
Business Structure 190
Turning a Hobby into a Business 191
Tax and Retirement Planning 192
Building a Team 193
Business Partners 194
Succession Planning 195
Chapter #13 Financial Planning for Physicians 197
Bhagwan Satiani
Reasons for Bad Financial Decisions 198
Results of Financial Mistakes 198
Chapter #14 Learning from Professional Athletes’ Mistakes 207
Lawrence Funderburke
Holes in Their Pockets 208
Inexperience Hurts 209
Learn from Their Mistakes 209
About the Contributors 215
About the Author 217
Index 219
