Understanding Your Life Plan (Personal Finances) Bhru Patel CFP.

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Presentation transcript:

Understanding Your Life Plan (Personal Finances) Bhru Patel CFP

Objectives Setting and Achieving Goals (life longevity) Identity / Fraud / Cyber Protection Creating Your Own “Big Picture” Bonus:Secret to Getting Rich

Life Stages Phase 1:Learning (birth to ~30 years old) Phase 2:Accumulation (~30 to 60 years) Phase 3:Disbursement (~60 to 90+ age)

Plan to Fail Fail to Plan Set and Achieve Goals Path to Success

Basic Terms Stocks – ownership of a company Bonds – debt investment / loan to a company Retirement Accounts (IRA, 401Ks, Annuity, Pension, etc) College Savings (MESP, MET) Trusts / Wills (Prince) “Credit Karma”

You are NEVER too old to set a goal of any type 1.Set a Positive Goal: (buy a house, lose weight, start exercising, quit smoking, stop day trading, invest in index funds, don’t buy individual stocks, spend more time with family members, payoff mortgage) 2.Set a date for achieving your goal 3.Write down your goal (surround yourself with notes) 4.Stay Focused (get people around you to keep you on track)

Identity Protection / Cyber Thievery Fraud / Scam Events Free Credit Reports at annualcreditreport.com Free Credit Scores from Credit Cards (Discover, Capital One, etc.) Credit Freeze at Experian, Equifax and Transunion Dedicated inexpensive laptop for accessing financial accounts & TurboTax only (no s, web surfing, or any other internet activity) “Digital Estate Planning”

Personal Direction Letter (PDL) & Master Directory Letter listing complete details of all assets, liabilities, professional contacts (estate attorney, agents for insurance, location of passwords, life insurance, trust/will location) ID/Password Directory

MY BIG PICTURE No Mortgage in Retirement Car Loan Estate Plan Leasing Vehicles Long Term Care Reverse Mortgage Annuities Life Insurance Expose Yourself Bucket Strategy Cash Stocks Bonds Credit Freeze Identity Theft Buy Low – Sell High No Day Trading Credit Cards Personal Direction Letter Constant Monitoring of Investments College Savings Beneficiaries Goals Health Social Security Free Credit Report/Score Credit Card Debt ID/Password Directory Fireproof Safe $$$$$$$$

Boring Secret to Getting Rich