Copy of Winning Your Game: Wealth by nickweidman6

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Slide Notes

Your financial strategy is a lot like the strategy of a professional sports franchise. There are numerous goals each team wants to accomplish throughout the season, including the biggest and final goal of winning the championship trophy. Your financial life is no different. There are many goals each individual wants to accomplish throughout this thing we call life, with the biggest and final goal being retirement (our very own championship trophy). BUT, is the actual ultimate goal of a sports team to really just win that championship in that one, single season? Absolutely not! A professional sports franchise has a goal to win multiple trophies, year-in and year-out. The best sports teams, the ones that are greatly remembered, did just that. And so, too, are the really good personal financial strategies out there.

Copy of Winning Your Game: Wealth

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PRESENTATION OUTLINE

Winning Your Game: Wealth

And How Retirement Income Streams Work

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Your Goals = Our Goals

Maximize Your Wealth
Increase your flexibility but take less risk
Unlock unique ways to save on taxes
Increase your retirement income flows

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Everyone in here has their own unique goals. These are just general goals that I feel as though anyone should want to accomplish.

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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)

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.

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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...

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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

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10.

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.

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

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11.

Tax Traps

Access Trap
Distribution Trap
Death Trap

If someone put in front of you 3 piles of money; a tax-deductible pile, a tax-deferred pile, or a tax-free pile, which pile would you select?

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

Do you want forever taxes or NEVER taxes?

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

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12.

Start Saving Early. . .

To accomplish all your goals

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13.

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?

14.

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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.

16.

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"

17.

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).

Slide Notes