FINANCIAL PLANNING IN YOUR FUTURE
FINANCIAL PLANNING IN YOUR FUTURE
A SEMINAR PRESENTED BY
DR. AA NEIDERMEYER
SEMINAR TOPICS
• INITIATE A PFP PERSPECTIVE
• DEVELOP A PLANNING BASE
• ESTABLISH A SEQUENCE OF GOALS
• PROTECTION
• ACCUMULATION FOR ????
• TAX PLANNING• RETIREMENT
PLANNING• ESTATE
PLANNING• ACTION !!!!
INITIATION OF A PFP PERSPECTIVE
• ATTITUDE TOWARD MONEY
• WILLINGNESS TO ASSUME RISK
• AWARENESS OF YOUR PERSONAL SITUATION
• WILLINGNESS TO ACTIVELY MANAGE YOUR ALTERNATIVES
DEVELOPMENT OF A PLANNING BASE
• ESTABLISHMENT OF A PERSONAL BUDGET: ACTUAL / IMPLICIT
• DETERMINATION OF PERSONAL BALANCE SHEET
• DOCUMENTATION OF THE ABOVE IN WRITTEN FORMAT
ESTABLISH GOALS
• GOALS SHOULD BE BOTH TIME-BASED AND QUANTIFIED IN DOLLAR TERMS (IF POSSIBLE)
• GOALS SHOULD BE ACHIEVABLE
• BENCHMARKS SHOULD BE UTILIZED TO MEASURE PROGRESS
REPRESENTATIVE GOALS
• $4,000 FOR A VACATION IN SUMMER
• PAYOFF CHARGE CARD DEBT WITHIN 12 MONTHS
• ESTABLISH A 2 MONTH EMERGENCY FUND WITHIN 18 MONTHS
• RETIRE A MILLIONAIRE AT AGE 55
PROTECTION AGAINST
• PREMATURE DEATH
• DISABILITY
• MEDICAL CARE
• PROPERTY LIABILITY
• UNEMPLOYMENT
PROTECTION AGAINST PREMATURE DEATH
• PERSONAL HEALTH AWARENESS
• INSURANCE
• ENTITLEMENT PROGRAMS
• BUY-SELL AGREEMENTS
• PENSION BENEFITS
PROTECTION AGAINST DISAB ILITY
• EMPLOYER-PROVIDED POLICIES
• SELF-PROVIDED POLICIES
• POLICY CONSIDERATIONS:DEFINITION OF DISABILITY
WAITING PERIODBENEFIT PERIOD
PROTECTION AGAINST MEDICAL EXPENSES
• EMPLOYER-PROVIDED BASIC AND MAJOR MEDICAL POLICIES
• PARTICIPATION IN WELLNESS PROGRAMS
• AWARENESS OF THE STOP-LOSS PROVISION OF EXISTING POLICIES
PROTECTION AGAINST PROPERTY LOSSES /
LIABILITY• RISKS:
-OWNERSHIP-RENTALS-HIRING-CONTRACTS-VOLUNTEER ACTIVITIES
PROTECTION FROM LOSSES
• COORDINATION OF LIABILITY COVERAGE UNDER EXISTING INSURANCE POLICIES
• UMBRELLA LIABILITY POLICY
• RESTRICT INVOLVEMENT
PROTECTION AGAINST UNEMPLOYMENT
• DIVERSIFICATION OF EMPLOYMENT BACKGROUND
• CREATE / EXPLOIT A NICHE
• NETWORK
• CONTINUOUSLY ENGAGE IN SELF-IMPROVEMENT ACTIVITIES
ACCUMULATION MODES
• REGULAR BANK VEHICLES
• FIXED - DOLLAR INVESTMENTS
• VARIABLE - DOLLAR INVESTMENTS
• COMMODITIES
• COLLECTIBLES
• MATTRESS
FIXED-DOLLAR INVESTMENTS
• CERTIFICATES OF DEPOSIT
• CERTIFICATES OF DEPOSIT
• PREFERRED STOCK
• BONDS
TAX PLANNING TECHNIQUES
• CONSIDER THE TAX CONSEQUENCES OF EACH INVOLVEMENT
• TRY TO MAINTAIN OPEN - FACT TAX SITUATIONS
• LOOK FOR AVAILABLE EXCLUSIONS / DEDUCTIONS
STEPS TO AN ACTIVE RETIREMENT
• RECREATION
• HOBBIES
• TRAVEL
• RELAXING
• SOCIALIZING
• PROPER FINANCING
RETIREMENT FINANCING
• ESTABLISH YOUR NEEDS EARLY
• FUND YOUR ANTICIPATED NEEDS
• PACE YOUR ENJOYMENT OF EACH OF THE ABOVE
ESTATE PLANNING PRINCIPLES
• STIPULATE WHO WILL RECEIVE WHAT
• WORK TO REDUCE TRANSFER COSTS
• PROVIDE NECESSARY LIQUIDITY FOR THE ESTATE
• DECIDE WHO WILL ADMINISTER
KEY PLANNING VEHICLES
• DRAFT / EXECUTE A WILL
• EXECUTE A POWER OF ATTORNEY
• EXECUTE A LIVING WILL
• EXECUTE A PRE-PLANNED FUNERAL ARRANGEMENT