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August 2010 Getting Your Financial Act Together There are two things to consider when assessing your finances: the first is your cash flow including income and expenses; the second is your investments. The investing component of your finances has two stages. The first stage is building an investment fund by starting as early as possible and saving as much as possible. The second stage of your investing is keeping the money you have accumulated and using it to generate income when needed. Many people believe that this phase starts upon retirement, but it actually starts whenever you cannot afford substantial losses in your investments. Prince and Geracioti stated in their 2005 book Cultivating the Middle-Class Millionaire, that they had interviewed more than a thousand successful savers in the second stage of wealth management. The overwhelming desire of the successful savers was to keep what they had. The savers had 5 key areas of concern: preserving wealth, mitigating taxes, taking care of the kids, protecting wealth, and charitable giving. Future blogs and emails will discuss these 5 areas of concern further. View this newsletter’s full-length article at: http://blog.lib.umn.edu/learning/financialplanning If you have questions, please contact us. Mark Fischer, Certified Financial Planner Securities offered through Multi-Financial Securities Corporation, member FINRA, SIPC. Fischer on Finance, LLC is not affiliated with Multi-Financial Securities Corporation. |
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Financial Planning and Advisory Services provided through Fischer On Finance, a Registered Investment Advisor. Securities offered through Multi-financial Securities Corporation (MFSC) |
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