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
Main Questions Asked:
Are you taking risks that are inappropriate for your
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:
- 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
- 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
- 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
Links To Resources Mentioned
Money Map Retirement Review
Thank you for listening!