NextGen Brochure

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THE FINANCIAL FREEDOM BLUEPRINT

®

01

Your budget and cash flow come first

Check out our great budgeting spreadsheet along with our state of the art budgeting software. a. It’s important to have an idea of what your taxes will be at year end i.

IRS Withholding Calculator ii. Missouri Withholding Calculator iii. Kansas Withholding Calculator

BUDGET & CASH FLOW

02 SALARY

Every year you should be having salary negotiations with your employer It is imperative you always know what is expected and how you can advance your career and salary/bonus.

NEGOTIATION

03

I recommend keeping $xx in your checking account at all times. This will serve as a buffer for larger expenses that don’t happen on a monthly basis

FUND EMERGENCY

Current savings balance is $xx

a

ACCOUNT

Your current interest rate is xx%

On an annual basis, any money above $xx in this account will be sent to a High-Yield Savings Account, an investment account, or some other savings vehicle.

 THE FINANCIAL FREEDOM BLUEPRINT

At your current balance, you would earn an additional $xx a year in interest

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d We recommend opening a High-Yield Savings Account, currently yielding 1.30%

Set up $xx auto contributions on a monthly basis from your primary checking account

b c

Any extra money on a monthly basis should fund this account first

Add additional savings accounts for other goals and large purchases a. Set up auto contributions on a monthly basis from primary checking b. Any additional monies on a monthly basis should fund these accounts after your emergency savings has been funded

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04

Pay off Credit Card Debt a. Name of Credit Card i. xx% interest rate ii. Current balance of $xx iii. Monthly payment of $xx iv. Payoff date goal of xx

PAY OFF CREDIT CARDS

Personalized Recommendations for You

05

Pay off Auto Loan (Best Practice: Drive for 10 years and pass down to a child) a. Name of Auto Loan i. xx% interest rate ii. Current balance of $xx iii. Monthly payment of $xx iv. Payoff date goal of xx

PAY OFF AUTO LOAN

Personalized Recommendations for You

06

Pay off Student Loan Debt a. Name Student Loan i. xx% interest rate ii. Current balance of $xx iii. Monthly payment of $xx iv. Payoff date goal of xx

PAY OFF STUDENT

LOANS

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07

Refinance Home Loan a. Primary Residence i. ii. iii. iv.

REFINANCE HOME LOAN

xx% interest rate Original loan of $xx with principal balance of $xx Monthly P&I payment of $xx with escrow of $xx Payoff date xx

Personalized Recommendations for You

Referrals can be Provided

 THE FINANCIAL FREEDOM BLUEPRINT

®

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08

Consider a Home Equity Line of Credit These are ideal for an emergency account even if they are never used.

HOME

a. Great if you lose a job expectantly (might be too late after you lose the job) b. Investment property or second home purchase c. Debt consolidation d. College tuition (see college savings section for more information)

EQUITY

CREDIT

Referrals can be Provided

09

Homeowner’s and Auto insurance Investigate the savings if deductibles are increased to $1,000 each, for each (comprehensive and collision). a. I also recommend the following for your auto coverage i.

Bodily Injury $250,000/$500,000 ii. Property Damage $100,000 iii. Uninsured Motorists $250,000/$500,000 iv. Underinsured Motorists $250,000/$500,000

HOME & AUTO

INSURANCE

b. I also recommend checking if additional riders need to be added for jewelry or any other valuables that are only covered to a certain extent under your homeowners policy. Along with this, I also recommend taking an inventory video of every room in your house and saving it to your shared drive. c. I would also recommend getting updated quotes to ensure your current rates are in line i.

Referrals can be Provided d. I recommend adding an $xx umbrella policy to your insurance. Inexpensive and adds extra protection

10

Retirement Plan Analysis Personalized Recommendations for You

RETIREMENT

PLAN

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®

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11

Investment Allocation Analysis a. Tax efficient mutual funds, ETF’s, and stocks should be held in taxable accounts b. Tax inefficient mutual funds, ETF’s, stocks, etc. should be held in tax-deferred accounts i.

Bond funds, REIT’s, high turnover funds, high income producing funds taxed at income tax rates

INVESTMENT

ALLOCATION

ANALYSIS

c. All investment assets should be taken into account when reviewing and creating an overall portfolio i.

401k’s, IRA’s, trusts, cash, rental properties, REIT’s, MLP’s, cash value life insurance, collectibles, etc.

Personalized Recommendations for You

12

Heath Insurance Analysis a. Consider a high-deductible insurance policy if it is right for you and your family. Having a high-deductible health insurance policy gives you access to a Health Savings Account. These are the most tax advantaged accounts available today i.

Tax deductible contributions (tax savings) ii. Tax deferred growth iii. Tax free withdrawals for medical expenses

HEALTH INSURANCE ANALYSIS

b. Consider contributing to a Flexible Spending Account (if offered) if you do not have access to a Health Savings Account. i.

Tax deductible savings for qualifying medical expenses ii. Tax deductible savings for dependent/daycare expense.

You can contribute to both an HSA and Dependent Care FSA at the same time Personalized Recommendations for You

Referrals can be Provided

13

Life Insurance Analysis a. Current Policies i.

Name of policy, amount, term and premium b. Benefits are tax free c. I highly recommend you check all of your life insurance policies to ensure all beneficiaries are updated and correct.

LIFE INSURANCE

ANALYSIS

Personalized Recommendations for You

 THE FINANCIAL FREEDOM BLUEPRINT

®

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14

Long-Term Disability Insurance Analysis a. Current Policies i.

Name of policy, amount, and premium ii. Benefits are tax free as long as premiums are not being deducted

LONG-TERM

DISABILITY

Personalized Recommendations for You

15

Long-Term Care Insurance Analysis a. Current Policies Personalized Recommendations for You

LONG-TERM

INSURANCE

16

College Planning Analysis a. Names and details of current college savings plans in place b. Strategies reduce the cost and/or pay for college i.

College Discounts for Students – www.money.com/collegediscounts

COLLEGE PLANNING

ANALYSIS

ii.

Earn college credits in high school

iii.

Spend first two years at a community college – very important if they haven’t decided on a major and can take electives

iv. v.

Part-time job Join reserves

Personalized Recommendations for You

17

Tax Analysis Personalized Recommendations for You

Referrals can be Provided

TAX ANALYSIS

 THE FINANCIAL FREEDOM BLUEPRINT

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18

ESTATE PLANNING ANALYSIS

Estate Planning Analysis Meet with an Attorney a. Create will and trust if necessary b. Create durable power of attorney c. Create Living Will d. Create healthcare power of attorney Personalized Recommendations for You

Referrals can be Provided

19

Credit Analysis and Credit Card Recommendations a.

Get your free credit report from every four months from one of the three credit reporting agencies (Transunion, Equifax, Experian) at annualcreditreport.com

b. c.

Check out creditkarma.com to view your credit score for free

CREDIT CARD

ANALYSIS

Sign up for Optoutprescreen.com i. No more credit card offers in the mail

Credit Card Recommendations for You

20

Annual Charitable Contribution Analysis

CHARITABLE ANALYSIS

a.

It is a must to visit with your CPA at the end of every year to determine where your income taxes will fall, so you can make a determination prior to year-end

b.

Charitable contributions are the easiest way to cut down on a tax payment every year

c.

Go with your church, non-profits you’re passionate about or a Donor Advised Fund

Personalized Recommendations for You

21

Financial Automation Recommendations

FINANCIAL AUTOMATIONS

 THE FINANCIAL FREEDOM BLUEPRINT

®

a.

Set up level bill pay for all utilities i. This will allow for a more consistent monthly budget

b.

Set up auto-draft our monthly fixed expenses i. This will allow for a more consistent, streamlined monthly budget.

c.

Set up budgeting tracking within a synced financial dashboard (this software is provided free of charge to our clients)

BILL PAY

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22 UTILIZE

CLOUD STORAGE

Utilize Cloud Storage

Store important documents on the cloud for access from anywhere. a. Share documents with family and other advisors b.

Storage for all of your important documents

ii. ii. iii. iv.

Passport Estate planning documents Birth certificates Social Security Cards

We provide a secured shared folder for all of our clients

23 FINANCIAL

DASHBOARD

24

Set up Your Financial Dashboard

Sync all of your financial accounts into one single dashboard for a complete snapshot of your financial picture with just one sign-on.

This software is provided free of charge to our clients

Review and Update Your Financial Freedom BlueprintÂŽ Annually

FINANCIAL BLUEPRINT

FREEDOM

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