Making your Money Work for You
Now and into retirement.
How Do We Fix It?
- KNOWN Tax
- UNKNOWN Tax
- NO Tax
We Create Balance in All Three!
STEP 1: TAKE INVENTORY
ORGANIZE YOUR FINANCIAL LIFE
STEP 2: MAXIMUM PROTECTION: LIFE INSURANCE
LIFE INSURANCE: BUY TERM & INVEST VS. WALI
HOW DOES COVERTING YOUR HUMAN LIFE VALUE INCREASE YOUR WEALTH TODAY AND TOMORROW
STEP 3: START SAVING
SAVE 15-20% OF GROSS INCOME
STEP 4: HAVE ONE YEAR IN RESERVE
THE CONSTANT IN LIFE… “THE UNEXPECTED”
Wealth Inception (Age 22 - 30)
Your first job, credit card, apartment, car, etc. No one really knows what they're doing at this point except to enjoy life and the fact that they're earning an income.
Wealth Creation and Accumulation (Age 30-70)
This is the only stage that serves a dual purpose. It is also the most critical stage because stages 3 and 4 rely so heavily upon it.
- Creation- you must earn enough income to satisfy your debts, save money and enjoy your lifestyle.
- Accumulation- you must build up enough wealth to last the rest of your lifetime.
Wealth Distribution (Age 70 until death)
We don't know how long this stage will last but what we've learned is that absent a pension, people are simply not saving enough money to last as long as they last most often; certainly not enough to live the lifestyle to which they have become accustomed.
Wealth Legacy (Generational Wealth)
Because we've typically done a poor job in stage 2, stage 3 is questionable and during stage 4, the Legacy number is quite often, Zero.
Making your money work for you, Now and into retirement
Clay Goldsborough
Partner
Phone: 301-907-9030 x1358
clarence.goldsborough@ffgadvisors.com