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FINANCIAL PLANNING IN YOUR FUTURE. A SEMINAR PRESENTED BY DR. AA NEIDERMEYER. INITIATE A PFP PERSPECTIVE DEVELOP A PLANNING BASE ESTABLISH A SEQUENCE OF GOALS PROTECTION. ACCUMULATION FOR ???? TAX PLANNING RETIREMENT PLANNING ESTATE PLANNING ACTION !!!!.

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FINANCIAL PLANNING IN YOUR FUTURE

A SEMINAR PRESENTED BY

DR. AA NEIDERMEYER


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INITIATE A PFP PERSPECTIVE

DEVELOP A PLANNING BASE

ESTABLISH A SEQUENCE OF GOALS

PROTECTION

ACCUMULATION FOR ????

TAX PLANNING

RETIREMENT PLANNING

ESTATE PLANNING

ACTION !!!!

SEMINAR TOPICS


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INITIATION OF A PFP PERSPECTIVE

  • ATTITUDE TOWARD MONEY

  • WILLINGNESS TO ASSUME RISK

  • AWARENESS OF YOUR PERSONAL SITUATION

  • WILLINGNESS TO ACTIVELY MANAGE YOUR ALTERNATIVES


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DEVELOPMENT OF A PLANNING BASE

  • ESTABLISHMENT OF A PERSONAL BUDGET: ACTUAL / IMPLICIT

  • DETERMINATION OF PERSONAL BALANCE SHEET

  • DOCUMENTATION OF THE ABOVE IN WRITTEN FORMAT


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ESTABLISH GOALS

  • GOALS SHOULD BE BOTH TIME-BASED AND QUANTIFIED IN DOLLAR TERMS (IF POSSIBLE)

  • GOALS SHOULD BE ACHIEVABLE

  • BENCHMARKS SHOULD BE UTILIZED TO MEASURE PROGRESS


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REPRESENTATIVE GOALS

  • $4,000 FOR A VACATION NEXT SUMMER

  • PAYOFF CHARGE CARD DEBT WITHIN 12 MONTHS

  • ESTABLISH A 2 MONTH EMERGENCY FUND WITHIN 18 MONTHS

  • RETIRE A MILLIONAIRE AT AGE 55


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PROTECTION AGAINST

  • PREMATURE DEATH

  • DISABILITY

  • MEDICAL CARE

  • PROPERTY LIABILITY

  • UNEMPLOYMENT


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PROTECTION AGAINST PREMATURE DEATH

  • PERSONAL HEALTH AWARENESS

  • INSURANCE

  • ENTITLEMENT PROGRAMS

  • BUY-SELL AGREEMENTS

  • PENSION BENEFITS


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PROTECTION AGAINST DISAB ILITY

  • EMPLOYER-PROVIDED POLICIES

  • SELF-PROVIDED POLICIES

  • POLICY CONSIDERATIONS: DEFINITION OF DISABILITY WAITING PERIOD BENEFIT PERIOD


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PROTECTION AGAINST MEDICAL EXPENSES

  • EMPLOYER-PROVIDED BASIC AND MAJOR MEDICAL POLICIES

  • PARTICIPATION IN WELLNESS PROGRAMS

  • AWARENESS OF THE STOP-LOSS PROVISION OF EXISTING POLICIES


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PROTECTION AGAINST PROPERTY LOSSES / LIABILITY

  • RISKS: -OWNERSHIP -RENTALS -HIRING -CONTRACTS -VOLUNTEER ACTIVITIES


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PROTECTION FROM LOSSES

  • COORDINATION OF LIABILITY COVERAGE UNDER EXISTING INSURANCE POLICIES

  • UMBRELLA LIABILITY POLICY

  • RESTRICT INVOLVEMENT


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PROTECTION AGAINST UNEMPLOYMENT

  • DIVERSIFICATION OF EMPLOYMENT BACKGROUND

  • CREATE / EXPLOIT A NICHE

  • NETWORK

  • CONTINUOUSLY ENGAGE IN SELF-IMPROVEMENT ACTIVITIES



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ACCUMULATION FOR

  • AN EMERGENCY FUND

  • FAMILY PURPOSES

  • RETIREMENT

  • ????


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ACCUMULATION MODES

  • REGULAR BANK VEHICLES

  • FIXED - DOLLAR INVESTMENTS

  • VARIABLE - DOLLAR INVESTMENTS

  • COMMODITIES

  • COLLECTIBLES

  • MATTRESS


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FIXED-DOLLAR INVESTMENTS

  • CERTIFICATES OF DEPOSIT

  • CERTIFICATES OF DEPOSIT

  • PREFERRED STOCK

  • BONDS


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VARIABLE - DOLLAR INVESTMENTS

  • MUTUAL FUNDS

  • COMMON STOCK

  • REAL ESTATE

  • ANNUITIES

  • COMMODITIES



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TAX PLANNING TECHNIQUES

  • CONSIDER THE TAX CONSEQUENCES OF EACH INVOLVEMENT

  • TRY TO MAINTAIN OPEN - FACT TAX SITUATIONS

  • LOOK FOR AVAILABLE EXCLUSIONS / DEDUCTIONS



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THE THREE Y’S

  • YOUR OUTLOOK

  • YOU LOOK AT OTHERS

  • YOU LOOK AT YOURSELF


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RETIREMENT PRESSURES

  • FINANCIAL

  • BOREDOM

  • LACK OF COMMUNICATION

  • HEALTH

  • THREAT OF THE UNKNOWN


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RETIREMENT TIMING

  • EARLY

  • MANDATORY

  • VOLUNTARY

  • FLEXIBLE


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STEPS TO AN ACTIVE RETIREMENT

  • RECREATION

  • HOBBIES

  • TRAVEL

  • RELAXING

  • SOCIALIZING

  • PROPER FINANCING


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RETIREMENT FINANCING

  • ESTABLISH YOUR NEEDS EARLY

  • FUND YOUR ANTICIPATED NEEDS

  • PACE YOUR ENJOYMENT OF EACH OF THE ABOVE



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ESTATE PLANNING PRINCIPLES

  • STIPULATE WHO WILL RECEIVE WHAT

  • WORK TO REDUCE TRANSFER COSTS

  • PROVIDE NECESSARY LIQUIDITY FOR THE ESTATE

  • DECIDE WHO WILL ADMINISTER


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KEY PLANNING VEHICLES

  • DRAFT / EXECUTE A WILL

  • EXECUTE A POWER OF ATTORNEY

  • EXECUTE A LIVING WILL

  • EXECUTE A PRE-PLANNED FUNERAL ARRANGEMENT



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REQUIRED FOLLOW-UP

  • IMPLEMENT YOUR CHOSEN PLANNING TECHNIQUES

  • MONITOR PERIODICALLY TO ASSURE MOVEMENT TOWARD CHOSEN ENDS


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