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The Missing Piece in Financial Planning

What do you need to have in order to put advisor, I was asking clients about their
together a financial plan? Money, of source of income. We would discuss how
course, or access to it. And money, it they could allocate that income to save
seems, never stays still. It either grows more money, and to minimize taxes, pay
over time, or shrinks away, but like down debt, and accumulate an amount of
water, it has to flow to stay healthy. So money so that 'one day' they could
why doesn't your financial advisor 'retire' and live off this accumulated
discuss the income and cash flow side of savings.
planning with you? Might it be that they The problem is, this model means that you
haven't been trained to? are looking primarily at allocating the
This might be one of the biggest AHAs existing resources. You focus on reducing
I've ever had (at least as far as expenses, such as spending, taxes, and
personal finance goes). I can hardly interest rates on debt, while trying at
believe it even after having a couple the same time to put as much as possible
weeks to let it sink in. Here are some aside and get a high return on that money
questions to ask yourself and your so it can grow to large amount.
advisor: This conventional teaching is actually
- What does it take to create personal contributing to the number-one stress
savings? people have: running out of money.
- What does it take to have money to Why? Because for our whole lives we've
spend? have been looking forward to financial
- What does it take to qualify for and success by accumulating a nest egg of
pay for credit? money, rather than looking at the real
- When you are not working because you need which is to create income to live
have retired, or are unable or don't want the way we want.
to anymore, what do you need to live? The missing component in financial
The answer to all of these, of course is planning is the creation of income, or
INCOME. You need income to live today and cash flow, both today and in the future.
throughout your life. When you're not How will you create the income you need
working you still need a source of income now to live the way you want to, and how
to pay your living expenses. will you sustain an income when you are
Now let's look at the components of not 'working' at your job?
personal financial planning: The answer is to consider a wide variety
- Cash Management of cash-flow generating ideas. Consider
- Tax Planning it a brainstorming session, where the sky
- Risk Management and Insurance is the limit. It can be a business
- Credit Management vehicle, an investment vehicle, or even a
- Investment Planning personal passion that can make money at
- Estate Planning Christmas craft fairs. The goal can be
- Retirement Planning small or large - just get the juices
For most of my career as a financial flowing!




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