The Answer To All Of These, Of Course Is INCOME

Category: Finance.

What do you need to have in order to put together a financial plan? And money, never stays still, it seems.

Money, or access to, of course it. It either grows over time, but like water, or shrinks away, it has to flow to stay healthy. Might it be that they haven t been trained to? So why doesn t your financial advisor discuss the income and cash flow side of planning with you? This might be one of the biggest AHAs I ve ever had( at least as far as personal finance goes) . Here are some questions to ask yourself and your advisor: What does it take to create personal savings?

I can hardly believe it even after having a couple weeks to let it sink in. What does it take to have money to spend? When you are not working because you have retired, or are unable or don t want to anymore, what do you need to live? What does it take to qualify for and pay for credit? The answer to all of these, of course is INCOME. When you re not working you still need a source of income to pay your living expenses. You need income to live today and throughout your life.

Now let s look at the components of personal financial planning: Cash Management. Risk Management and Insurance. Tax Planning. Credit Management. Estate Planning. Investment Planning.

Retirement Planning. We would discuss how they could allocate that income to save more money, and to minimize taxes, and accumulate an, pay down debt amount of money so that one day they could retire and live off this accumulated savings. For most of my career as a financial advisor, I was asking clients about their source of income. The problem is, this model means that you are looking primarily at allocating the existing resources. This conventional teaching is actually contributing to the number- one stress people have: running out of money. You focus on reducing expenses, taxes, such as spending, and interest rates on debt, while trying at the same time to put as much as possible aside and get a high return on that money so it can grow to large amount.

Why? The missing component in financial planning is the creation of income, both today and, or cash flow in the future. Because for our whole lives we ve have been looking forward to financial success by accumulating a nest egg of money, rather than looking at the real need which is to create income to live the way we want. How will you create the income you need now to live the way you want to, and how will you sustain an income when you are not working at your job? Consider it a brainstorming session, where the sky is the limit. The answer is to consider a wide variety of cash- flow generating ideas. It can be a business vehicle, or even a, an investment vehicle personal passion that can make money at Christmas craft fairs.

The goal can be small or large- just get the juices flowing!

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