PLAYING THE MONEY GAME
The
Six Areas of Financial Planning
Your Master Plan
Financial Independence
Goal
Setting
The Financial Pyramid
Credit Cards
the six areas of financial planning
1. Income Allocation
Where does your money come from and where does it go?
- Savings and Investments
- Fixed Expenses
- Variable Expenses
2. Risk Management
What risks are you exposed to that could sink your financial ship? Risk management
addresses insurance issues.
3. Investing for Wealth Accumulation
Save money for specific goals, on purpose and make informed decisions. These
investments tend to be known as non-qualified monies. They are usually
after tax investment dollars.
4. Tax Planning
The govenment is in partnership with you. Review and understand your 1040
return. Know that we have two tax systems: The income tax and the estate & gift
tax.
5. Retirement Planning
Build net worth through systematic savings and invest it wisely. These dollars
are referred to as qualified money since they are usually in a qualified
retirement plan.
6. Estate Planning
How your estate passes can be in your control. It is important to understand
how title affects ownership and the rights of a beneficiary designation.
Address guardianship issues for young children. Which estate planning documents
should you have? Plan for the worst case scenario and you’ll find
peace of mind.
Next Your
Master Plan
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