Copy of Coding Your Financial Future
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PRESENTATION OUTLINE
Trifecta's Goals = Our Goals
- Maximize Investment (In Salesforce)
- Increase agility (Business-wise)
- Unlock unique insights (In customer behavior)
Relating slide continued (telling story)
Our goals:
Maximize your wealth
Increase your flexibility but take less risk doing so
Unlock unique ways to save in taxes
Increase your retirement income flows
Our goals:
Maximize your wealth
Increase your flexibility but take less risk doing so
Unlock unique ways to save in taxes
Increase your retirement income flows
Photo by juhansonin
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compare how we macro-manage with how their company macro-manages
Give P&C example; raise Auto and Home deductible to save money on annual premiums to distribute elsewhere (umbrella policy)...25 is the magic age
Give mortgage example; keep longer maturity paying off mortgage debt to free up cash to build wealth elsewhere (next slide)
Give P&C example; raise Auto and Home deductible to save money on annual premiums to distribute elsewhere (umbrella policy)...25 is the magic age
Give mortgage example; keep longer maturity paying off mortgage debt to free up cash to build wealth elsewhere (next slide)
Why are You Saving Money?
- Car
- House
- Leisure
- Expenses
- Emergency
- Life Events
- Retirement?
Why are you giving up current enjoyment of your income today?
Wetting the bed is a lot like saving money…it feels great when it is happening but it sucks when you gotta get up and actually do something about it.
Wetting the bed is a lot like saving money…it feels great when it is happening but it sucks when you gotta get up and actually do something about it.
Photo by wbeem
Why Can't You Save Money?
- Bills
- Lifestyle
- Low Income
- Lack of knowledge
- Debt
Should be saving 15% of your annual income, and try to have 6 months of emergency savings fully liquid in case of an emergency.
How many people here have student loan debt? Did you ever think if something were to happen to you, who these loan institutions would go after for the remaining balances? Need protection for this...
How many people here have student loan debt? Did you ever think if something were to happen to you, who these loan institutions would go after for the remaining balances? Need protection for this...
Photo by kevinho86
Mortgage Example
Employer 401K Plan
- The demise of the pension plan
- "Because everyone else is doing it"
- What they're told that sounds great
- Everyone should participate, but only up to a certain point...
"best place to invest"
What they're told:
company match
tax-deferred treatment
lower tax bracket later in life=lower taxes...LIE
I get something in the mail once a month on how to contribute to my company’s 401K plan
Goal is to create a self funded pension since they are practically extinct in today’s economy
Schools and utility company pensions are still alive
Employer contribution % compared with what you contribute...if over this match, put money elsewhere
2015 Limits:
Employee
$18,000$24,000 > Age 50
Employer
$53,000$59,000 > Age 50
What they're told:
company match
tax-deferred treatment
lower tax bracket later in life=lower taxes...LIE
I get something in the mail once a month on how to contribute to my company’s 401K plan
Goal is to create a self funded pension since they are practically extinct in today’s economy
Schools and utility company pensions are still alive
Employer contribution % compared with what you contribute...if over this match, put money elsewhere
2015 Limits:
Employee
$18,000
Employer
$53,000
Photo by _e.t
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Things Change: Eroding Factors
- Planned obsolescence
- Technology
- Inflation
- Market Volatility
- Laws/Taxes
Companies plan for their products to only last so long before they have a new and improved product that will surpass it.
Higher Taxes Later:
By 2042, social security trust fund will be exhausted
Debt- increases at approx $1.6 billion per day. Every one of the 300 million Americans would have to pay $28,511.
Tax- funded health care=medicare
Baby boomers rapidly retiring
Higher Taxes Later:
By 2042, social security trust fund will be exhausted
Debt- increases at approx $1.6 billion per day. Every one of the 300 million Americans would have to pay $28,511.
Tax- funded health care=medicare
Baby boomers rapidly retiring
Photo by i k o
Tax Traps
- Access Trap
- Distribution Trap
- Death Trap
The government is out to get every single one of us. You don’t believe me, look at our Native Americans. They created the totem pole and now look where they are on that very same totem pole.
Separate your desire for retirement from the access to your money---GOAL
Not your own money until you meet Government eligibility guidelines
How much can you get in retirement income streams?
What is taxed, what isn’t taxed?
Have a plan
Bad= tax qualified money upon death
Separate your desire for retirement from the access to your money---GOAL
Not your own money until you meet Government eligibility guidelines
How much can you get in retirement income streams?
What is taxed, what isn’t taxed?
Have a plan
Bad= tax qualified money upon death
Photo by ROSS HONG KONG
Scenario: The Bash Brothers
Dean Portman = 22 yr old who begins saving
Fulton Reed= 30 yr old who begins saving
Dean stops contributions at age 30
Who has more $ at age 65?
Interest rate= 10%
$1650/yr goes into account
10% is just scenario, nothing is guaranteed 10% return.
Give handout
$1650/yr goes into account
10% is just scenario, nothing is guaranteed 10% return.
Give handout
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There's no perfect solution for saving and accumulating wealth, however, there are several different strategies we utilize to help people build stronger financial futures. Everyone is unique, therefore, everyone's strategy is completely tailored to them based off of their individual needs and desires.
Sources
- Kelly, Patrick. "Tax-Free Retirement" (2007)
- LEAP Systems, LLC
- IMDRT.Org. "New Survey Shows 84 Percent of Millennials Are Worried About Making Ends Meet"
1847Financial
Thanks
The significance: People put more time toward planning a 2 week-long vacation than they do toward planning their entire financial future and ultimately a potential 30-40 year vacation (retirement).
