Let s Dig Deeper Workbook. Client Name

Transcription

1 Let s Dig Deeper Workbook Client Name Date

2 Our vision is to help prepare individuals, families and businesses for life s transitions so they can continue to pursue their passions and ultimately provide a legacy that will leave a positive impact on the world. Cash Flow Having cash reserves is important to me because: My monthly fixed expenses are $ My monthly discretionary expenses are $ My monthly out-of-pocket medical expenses are $ My monthly real estate tax expenses are $ My cash reserves goal is to have months of our household fixed expenses I would feel comfortable if I could have $ in cash reserves I currently have $ in liquid assets for cash reserves Education It is important to provide for my children/grandchildren s education because: There are different ways to look at funding my children/grandchildren s education. I feel the most appropriate method for my family is: p To save a set amount for each child for college - $ by For example, I would like to make sure that I have saved $40,000 for my child by age 18. p To save enough to pay % of expenses (tuition, room, & board) to (target school) For example, I would like to pay 50% of expenses for my children to go to Rowan University. I have saved $ so far towards college expenses for I have saved $ so far towards college expenses for Right now I m saving $ per month per child into (account) To fund my children/grandchildren s college, when the time comes I am planning to: 1

3 Retirement Current annual savings is: 401(k)/IRA $ Roth $ With a company match of $ / % Each person s transition into retirement is different. Yours may include all or some of these three stages: Stage I Slow Down at Work s Slow Down Age is which is years away in the year 20 My salary will be $ annually and I will be doing My Stage I income goal is $ /per year in today s dollars Stage II Stop Work Completely s Retirement Age is which is years away in the year 20 My Stage II income goal is $ /per year in today s dollars Stage III Advanced Stage- Living expenses will decrease due to slower lifestyle s Advanced Age is which is years away in the year 20 My Stage III income goal is $ /per year in today s dollars Healthcare A large percentage of retirees require additional care at an advanced age. Which of your resources do you think you will use for additional medical expenses : p My Retirement and Investment Savings p My Long Term Care Insurance p Family p Friends p Medicaid/Medicare p Other Passions My vision of retirement includes (location, hobbies, family time, work, charity, travel): The passions I d like to pursue in the retirement phase of my life are: (and why) Legacy Do you want to leave a legacy for your children? p Yes p No Grandchildren? p Yes p No Charities? p Yes p No If so, what does a legacy mean to you: Protection It is important to protect my family should I pass away because: The financial commitments I would like to have taken care of when I pass are: p Pay Off Mortgage(s) $ p Provide Education Expenses $ p Pay off other debts $ p Maintain household income $ /year p Contribute to Charity $ p $ p $ Special notes: My most valuable asset is my income: p Yes p No, it is: The reason it is my most valuable asset is because it provides the following: 1.) 4.) 2.) 5.) 3.) 6.) The value of this asset until I retire is: Your Gross Annual Income $ X # of Yrs. to Retirement = TOTAL $ Should I become sick or disabled and my income stops I can replace it by: p My Savings Account p Employer s Disability Ins. p Family p Retirement Savings p My Individual Disability Ins. p Friends p Selling My Business p Selling Real Estate p Other Special Notes: 2 3

4 Estate Planning It is important for me to properly prepare my estate for my children/grandchildren, because: I would like to take care of my children/grandchildren because: I would like to manage my assets for my children/grandchildren because: p Yes, I have a will, power of attorney, and advanced directive: It was completed on: (Date) and by: (Attorney) Our Executors, Guardians and Trustees are: p It has been less than 3 years since I last reviewed these documents p I have protected my children s assets against creditors, taxes, divorce, law suits or bankruptcy p No, I don t have a will, but: p I would like to set up a Will, Power of Attorney, and Advanced Directive because p I don t plan on setting up a will because: Have you considered leaving a legacy for your children? p Yes p No Grandchildren? p Yes p No Charities? p Yes p No Risk Tolerance Questionnaire Please answer the following questions: Your answers will help us define the type of investor you are. This information will help us chose the correct portfolio for you. If you own a home do you have more than 30% equity? p No p Yes p I don t own a home Which of the following best describes your current employment status? p Full-time p Part-time p Retired p Unemployed From an original investment of $15,000, your portfolio now worth $25,000 suddenly declines $3,750 or 15%, which best describes your response? p I would look for a way to invest more p I would be somewhat concerned p I would take no action p I would avoid any investment that could suddenly lose 15% of its value Your portfolio, from previous question, now worth $21,250 suddenly declines another $2,125 or 10%, which best describes your response? p I would look for a way to invest more p I would be somewhat concerned p I would take no action Have you invested in Equities? p No p Yes Have you invested in Fixed Incomes? p No p Yes Have you invested in Mutual Funds? p No p Yes p I would avoid any investment that could suddenly lose 15% of its value Have you invested in Options, Futures or Derivatives? p No p Yes How would you describe your level of investment knowledge? p None p Limited p Good p Extensive How much investment experience do you have? p None p Limited (1-3 years) p Good (5-5 years) p Extensive (5 + years) Do you have current income needs from your investments? p No p Yes When will you begin to use your invested funds? p Less than 2 years p 2-5 years p 6-10 years p 10 + years Why: Client Name (Please Print) Client Signature Date 4 5

5 At HFM Tel: Fax: Fries Mill Road Turnersville, NJ Financial planning services are offered through HFM Investment Advisors, Inc., a Registered Investment Advisor. BCC2548 CRN173438