Creating Balance Within Your Financial Life

Transcription

1 Creating Balance Within Your Financial Life Westshore Financial Group is an Agency of The Guardian Life Insurance Company of America (Guardian), New York, NY. Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 4200 West Cypress Street #700, Tampa, FL 33607, ph# PAS is an indirect, wholly-owned subsidiary of Guardian. This firm is not an affiliate or subsidiary of PAS. The Living Balance Sheet (LBS) and the LBS logo are service marks of The Guardian Life Insurance Company of America (Guardian), New York, NY. Copyright Guardian Exp 6/20

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3 WARNING THERE IS HIGH LIKELIHOOD THAT THE TOPICS DISCUSSED TODAY WILL GO AGAINST YOUR BELIEFS ABOUT MONEY AND WHAT YOU VE BEEN TOLD IS TRUE.

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5 CJ Burnett Born and raised in Odessa, FL Finance Degree, University of South Florida Focus on Investment Valuation Licenses Series 7 and 66 Licensed Fiduciary & Investment Advisor

6 Tom Seeko Born in New Jersey and grew up in Florida. Specialize working with associate veterinarians and practice owners. Florida Approved Provider #PVD206 RACE Approved Provider #1282 Classes Approved: Creating Balance Within Your Financial Life Maximizing the Value of Your Veterinary Practice Started in the Financial Industry in 2011 Series 7 and 66 licensed Fiduciary & Investment Advisor

7 Agenda 1. Rules & Guidelines 2. Track Your Spending 3. Systematize Savings 4. Repeat Have the Choice Not to Work

8 1. Rules & Guidelines

9 Decision Making React Follow Math = Financial Uncertainty More Risk

10 Street Signs

11 Define Your Priorities What do you WANT? Why are your financial decisions important? Have the Choice Not to Work

12 5 Foundational Steps 1. Get Organized 2. Maximal Protected 3. Become a World Class Saver 4. Build Liquidity 5. Pay Off All Short Term Debt Have the Choice Not to Work

13 Save 4% Live 30% Have the Choice Not to Work

14 The Living Balance Sheet and The Living Balance Sheet Logo are registered service marks of The Guardian Life Insurance Company of America (Guardian), New York, NY. Copyright Guardian

15 2. Track Your Spending

16 Gain opportunity on what s important Allows for more satisfying purchasing decisions Track Your Spending Gives you control Gives awareness Shows what level of SAVINGS is POSSIBLE

17 Online Tracking Systems (MINT.com) Mental Tracking Unsure where to start Common Pitfalls Unsure how to do effectively Too Busy, Too Exhausted Unsure of the benefit/purpose Fear of what they ll find - Ostridge Syndrome

18 Most Successful Tracking: Is MANUAL Done EVERY DAY or EVERY OTHER DAY Use of RECEIPTS Doesn t HAVE TO BE FOREVER Should at least do for 90 days

19 3. Systematize Your Savings

20 Automate what you re too busy to do Systematically Save 20% of Gross Income Directing dollars Giving purpose to your money Optimize saving opportunity

21 Debt Savings

22 Debt Savings

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24 FENCE Add Parameters & Intentionality Your Lifestyle Your Plan Income Checking Wealth Coordination Account Aggressive Moderate Conservative Expenses Designated to Produce Income in the Future. Building MULTIPLE buckets. Cash flow is DIRECTED to BUILD NET WORTH.

25 FENCE Add Parameters & Intentionality Your Lifestyle Your Net Worth Aggressive Checking Income Wealth Coordination Account Moderate Conservative Expenses Have the Choice Not to Work

26 Build Liquid Savings & Liquid Investments Out save debt Building a barrier from short term debt Provides flexibility and control Emergencies Big Purchases Having the Choice Not to Work (temporarily) Used to reproduce income that s not earned

27 What s NOT Liquid Real Estate Privatized REITs 401(k) 403(b) 401(a) 457 SEP IRA SIMPLE IRA IRA Any gains in a Roth IRA after 5 years Annuities (under age 59 ½) Business Ownership Anything else that s not liquid!

28 4. Repeat

29 Success Create the right habits Maintain proper behavior consistently over time Take actionable steps toward the right education Hire someone to keep you accountable Have the Choice Not to Work

30 Hiring a Financial Advisor What experience is required? What Licensing is there? What is a fiduciary? How do they get compensated? Product Driven vs. Process Focus? Individualized vs Team?

31 Why do you need to create balance in your financial life? Have the Choice Not to Work

32 What You Can Do NOW FLVeterinaryAdvisors.com Special access to an online tool and resource Plug in your own numbers and see how you measure up against the Five Foundational Steps to Decision Making Anonymous Access to Us

33 WE NEED YOUR FEEDBACK! Please complete the survey inside your folder and leave on end table at exit. Thank you!