We prefer to do things differently and keep our initial focus on transferred money. This gives us an opportunity to increase ones Circle of Wealth with no additional out of pocket cost. These additional funds can be used to enhance accumulation, lifestyle or retirement strategies. CT for Retirees: Avoiding unnecessary transfers frees up money allowing retirement assets to last longer or may be used to increase ones retirement lifestyle. |
Accumulators: There are three basic types of money - Accumulated, Lifestyle, and Transferred. You may have met financial professionals who were most interested in talking to you about which type of money first? Yes, the first thing they want to know is how much money do you currently have (accumulated money). Once they have a clear picture of how much you have, the second question they often ask is "Where is it?" When they know what product you have your money invested in, the conversation immediately tends to become "we have a better club than the one you are currently swinging". If you do not have any accumulated money then the conversation drifts to "how much money can you afford to divert from your lifestyle to invest (current savings) on a regular basis". As a matter of fact, if you have no accumulated money and you are not saving, you might just hear a "click" on the other end of the phone. Some financial professionals may not want to talk with you about the transferred money problems that exist because it takes more time and energy. It is much easier to sell someone a product and go on your way. There is no doubt that it is more exciting to go to the club rack and handle the clubs than it is to spend time working on your swing. We take our clients first to the practice tee and get the swing correct - which is avoiding unnecessary transfers - before we go to the club rack to find the right product. It makes sense to us that the perfect place to start is with the money that you may be losing before focusing on the best buy in the market. That is what focusing on transferred money is all about. I can help you with all three types of money, which would you like us to spend time discussing first? Retirees: There are basically three types of money. The first, which gets the most focus, is your accumulated money. This represents the amount of money you currently have invested and saved up to this point. While in previous years the focus has been on accumulation, at retirement the focus shifts to maintaining your current financial position and not exhausting the principal account. The second type of money is your Lifestyle money. This is going to be an area of great concern for you during your retirement years because how well you do in managing the money you have accumulated will have a direct influence on your qualify of lifestyle while retired. This brings us to the third type of money, which is Transferred money and is a problem for some. Transferred money represents the money you may be transferring away unknowingly and unnecessarily. Obviously, if you knew where the transfers were taking place, you would have already solved those problems. As we visit today I will explore with you a few possible areas where you may have some money which can be recaptured. I feel it is important to begin focusing on money you may be transferring unnecessarily because this most often has the biggest impact on your Circle of Wealth over time. The interesting thing is that by avoiding unnecessary transfers, dollars are then freed up to put towards increasing your accumulated money or lifestyle with no additional out of pocket cost. So far how does this approach fit with what you are looking for? Great lets continue.
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