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(cid:2) (cid:2) (cid:2) (cid:2) (cid:2) A PLANNING SUCCESSFUL FUTURE (cid:2) (cid:2) Managing to Be Wealthy for Individuals and Their Advisors JOHN E. SESTINA (cid:2) (cid:2) Copyright©2016byJohnSestina.Allrightsreserved. PublishedbyJohnWiley&Sons,Inc.,Hoboken,NewJersey. PublishedsimultaneouslyinCanada. Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmitted inanyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning, orotherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStates CopyrightAct,withouteitherthepriorwrittenpermissionofthePublisher,or authorizationthroughpaymentoftheappropriateper-copyfeetotheCopyright ClearanceCenter,Inc.,222RosewoodDrive,Danvers,MA01923,(978)750-8400,fax (978)646-8600,orontheWebatwww.copyright.com.RequeststothePublisherfor permissionshouldbeaddressedtothePermissionsDepartment,JohnWiley&Sons,Inc., 111RiverStreet,Hoboken,NJ07030,(201)748-6011,fax(201)748-6008,oronlineat http://www.wiley.com/go/permissions. LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheir (cid:2) (cid:2) besteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespect totheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimany impliedwarrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymay becreatedorextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceand strategiescontainedhereinmaynotbesuitableforyoursituation.Youshouldconsultwith aprofessionalwhereappropriate.Neitherthepublishernorauthorshallbeliableforany lossofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial, incidental,consequential,orotherdamages. Forgeneralinformationonourotherproductsandservicesorfortechnicalsupport,please contactourCustomerCareDepartmentwithintheUnitedStatesat(800)762-2974, outsidetheUnitedStatesat(317)572-3993orfax(317)572-4002. Wileypublishesinavarietyofprintandelectronicformatsandbyprint-on-demand.Some materialincludedwithstandardprintversionsofthisbookmaynotbeincludedine-books orinprint-on-demand.IfthisbookreferstomediasuchasaCDorDVDthatisnot includedintheversionyoupurchased,youmaydownloadthismaterialat http://booksupport.wiley.com.FormoreinformationaboutWileyproducts,visit www.wiley.com. LibraryofCongressCataloging-in-PublicationData: ISBN978-1-119-06912-6(Hardcover) ISBN978-1-119-18798-1(ePDF) ISBN978-1-119-18797-4(ePub) CoverDesign:Wiley CoverImage:Newshoot©zimmytws/iStockphoto PrintedintheUnitedStatesofAmerica. 10 9 8 7 6 5 4 3 2 1 (cid:2) (cid:2) To Bobbi and Alison (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) (cid:2) Contents Acknowledgments ix Preface xi Introduction 1 CreatingYourFinancialPlan 2 HowDoesThisRelatetoInvesting? 3 AreYouMeetingYourGoals? 3 ObstaclestoReachingFinancialGoals 4 FuelYourGoalswithIncome 6 (cid:2) DevelopingYourPlan 7 (cid:2) AttainingPeaceofMind 8 Chapter#1 WhatDoYouWant? 9 PutItinWriting 9 SixStepstoFinancialFreedom 10 StartPlanning 13 OtherGoals 18 ReviewYourPlanswithYourFamilyMembers andAdvisors 18 YouKnowWhatYouWant 19 Chapter#2 WhatDoYouHaveNow? 21 Materials 22 InformationYou’llNeed 22 FilingtheInformation 22 LookingforMissingFinancialInformation 24 UnderstandWhatYouHave 25 v (cid:2) (cid:2) vi Contents CashFlowPlanning:When,Where,andHow Much? 26 PlanYourFutureCashFlow 34 PlanYourCashReserve 34 BalanceSheet:WhatIsYourFinancialWorth? 43 Chapter#3 Retirement 51 ReviewYourRetirementGoals 52 YourCashFlowWorksheetIsCrucial 52 AssumptionsforRetirementPlanning 53 ... ButWhatAbout ? 62 Chapter#4 PlanningtoSendYourChildrentoCollege 67 HowMuchWillaCollegeDegreeCost? 67 WhereWillYouFindtheMoney? 68 (cid:2) ReviewYourGoals 70 (cid:2) WhoControlstheMoney? 71 EffectsofTaxLawsonYourEducationGoal 72 IncomeShiftingtoSaveTaxes 75 Chapter#5 AHouseIsNotAlwaysaGoodInvestment 81 TheTrueCostofHomeOwnership 82 AHouseasanInvestment 85 ShoppingforaMortgage 90 SavingMoneyonYourMortgage 94 BuyingandSelling 98 Chapter#6 Insurance 101 TypesofLifeInsurance 101 MyRecommendation 105 TypesofInsuranceCompanies 106 TaxConsiderations 106 DisabilityInsurance 109 (cid:2) (cid:2) Contents vii Chapter#7 Liabilities 115 GoodReasonstoBorrowMoney 115 BadReasonstoBorrow 116 TypesofCredit 117 Chapter#8 Taxes 125 FourMethodsforReducingTaxes 125 TaxTools 131 Chapter#9 Investments 137 FinancialBasics 138 HowtheFinancialCycleWorks 141 YourInvestmentGoal 143 EvaluatingRisk 143 InvestmentTriangle 146 (cid:2) (cid:2) InvestmentStrategy 148 InvestmentChoices 152 CommonInvestmentMistakes 160 OtherInvestments 165 Chapter#10 HowtoFindandWorkwithaFinancialPlanner 171 TylerV.Cook WhatIsaFinancialPlanner? 171 ExposingtheMyths 174 HowtoFindaFinancialPlanner 175 Chapter#11 FinancialPlanningforWomen 179 KimberlyE.Wirtz LearnAboutFamilyFinancesWhileYouCan 180 UnderstandYourAssets,WhereTheyAre, andWhoLegallyOwnsThem 182 ConsolidateAccounts 182 (cid:2) (cid:2) viii Contents NamePrimaryandBackupBeneficiaries 183 UnderstandPensionandSocialSecurity Arrangements 184 YouNeedaWill,aLivingWill,andTwoPowers ofAttorney 185 BothSpousesNeedLifeandDisabilityInsurance 186 BalancingItAll 188 Chapter#12 FinancialPlanningforBusinessOwners 189 StephenLukan BusinessStructure 190 TurningaHobbyintoaBusiness 191 TaxandRetirementPlanning 192 BuildingaTeam 193 BusinessPartners 194 (cid:2) (cid:2) SuccessionPlanning 195 Chapter#13 FinancialPlanningforPhysicians 197 BhagwanSatiani ReasonsforBadFinancialDecisions 198 ResultsofFinancialMistakes 198 Chapter#14 LearningfromProfessionalAthletes’Mistakes 207 LawrenceFunderburke HolesinTheirPockets 208 InexperienceHurts 209 LearnfromTheirMistakes 209 AbouttheContributors 215 AbouttheAuthor 217 Index 219 (cid:2)

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A deeply insightful guide to goal-based financial planning and wealth management Planning a Successful Future empowers advisors and clients to take control of their money and manage their income to achieve their financial goals. Written by the father of fee-only financial planning, this book featur
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Planning a Successful Future: Managing to Be Wealthy for Individuals and Their Advisors PDF

243 Pages·2016·1.46 MB·English
by  John E. Sestina
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A deeply insightful guide to goal-based financial planning and wealth management Planning a Successful Future empowers advisors and clients to take control of their money and manage their income to achieve their financial goals. Written by the father of fee-only financial planning, this book featur

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Publication Year:2016
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