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Ingredients for Financial Independence
The key to building financial independence and security is careful planning
in a variety of areas:
Cash Flow Management
Do you need guidance in learning where your money went? Do you have too
many credit cards? Are credit card balances overwhelming you? Are
you saving for retirement and financial independence?
Do you have young children or grandchildren, nieces or nephews that you wish
to assist with their education? Are you worried about the Porsche syndrome
when it comes to money set-aside for education? Have
you considered a section 529 plan?
Do you have elderly loved-ones in need of assistance with: paying their
bills; keeping records of their bank deposits or even making their bank
deposits; or, reconciling their bank accounts? Have you determined their
ability to support themselves with their assets? Would you like someone to
help take the burden of accounting, tax and personal financial planning off the
Do you have a will and a living trust? Do you have a trust for your
children with special needs? Do you have all the appropriate
powers-of-attorney? Have you designated beneficiaries for your IRA and
other retirement plans?
Income Tax Planning
Do you have any unusual income this year or next year? Should you
prepay state income tax this year? If you are self-employed, have you made
estimated tax deposits to avoid penalties?
Have you arranged for life insurance, disability insurance, homeowners and
apartment dwellers insurance, car
insurance and excess liability insurance (umbrella)? Do you have adequate coverage?
Are your investments diversified? Are you protected against inflation?
Have you looked at your investment portfolio lately? Should you buy
individual stocks and bonds or mutual funds?
Are you ready to retire? Do you have enough money to retire and live
the life you want to lead? How much should you withdraw from your
retirement accounts to make the money last? Have you decided what you're
going to do when you retire? Are you thinking about moving from your