Planning a Successful Future – Managing to be Wealthy for Individuals and Their Advisors

<p>Acknowledgments ix</p>
<p>Preface xi</p>
<p>Introduction 1</p>
<p>Creating Your Financial Plan 2</p>
<p>How Does This Relate to Investing? 3</p>
<p>Are You Meeting Your Goals? 3</p>
<p>Obstacles to Reaching Financial Goals 4</p>
<p>Fuel Your Goals with Income 6</p>
<p>Developing Your Plan 7</p>
<p>Attaining Peace of Mind 8</p>
<p>Chapter #1 What Do You Want? 9</p>
<p>Put It in Writing 9</p>
<p>Six Steps to Financial Freedom 10</p>
<p>Start Planning 13</p>
<p>Other Goals 18</p>
<p>Review Your Plans with Your Family Members and Advisors 18</p>
<p>You Know What You Want 19</p>
<p>Chapter #2 What Do You Have Now? 21</p>
<p>Materials 22</p>
<p>Information You ll Need 22</p>
<p>Filing the Information 22</p>
<p>Looking for Missing Financial Information 24</p>
<p>Understand What You Have 25</p>
<p>Cash Flow Planning: When, Where, and How Much? 26</p>
<p>Plan Your Future Cash Flow 34</p>
<p>Plan Your Cash Reserve 34</p>
<p>Balance Sheet: What Is Your Financial Worth? 43</p>
<p>Chapter #3 Retirement 51</p>
<p>Review Your Retirement Goals 52</p>
<p>Your Cash Flow Worksheet Is Crucial 52</p>
<p>Assumptions for Retirement Planning 53</p>
<p>But What About . . .? 62</p>
<p>Chapter #4 Planning to Send Your Children to College 67</p>
<p>How Much Will a College Degree Cost? 67</p>
<p>Where Will You Find the Money? 68</p>
<p>Review Your Goals 70</p>
<p>Who Controls the Money? 71</p>
<p>Effects of Tax Laws on Your Education Goal 72</p>
<p>Income Shifting to Save Taxes 75</p>
<p>Chapter #5 A House Is Not Always a Good Investment 81</p>
<p>The True Cost of Home Ownership 82</p>
<p>A House as an Investment 85</p>
<p>Shopping for a Mortgage 90</p>
<p>Saving Money on Your Mortgage 94</p>
<p>Buying and Selling 98</p>
<p>Chapter #6 Insurance 101</p>
<p>Types of Life Insurance 101</p>
<p>My Recommendation 105</p>
<p>Types of Insurance Companies 106</p>
<p>Tax Considerations 106</p>
<p>Disability Insurance 109</p>
<p>Chapter #7 Liabilities 115</p>
<p>Good Reasons to Borrow Money 115</p>
<p>Bad Reasons to Borrow 116</p>
<p>Types of Credit 117</p>
<p>Chapter #8 Taxes 125</p>
<p>Four Methods for Reducing Taxes 125</p>
<p>Tax Tools 131</p>
<p>Chapter #9 Investments 137</p>
<p>Financial Basics 138</p>
<p>How the Financial Cycle Works 141</p>
<p>Your Investment Goal 143</p>
<p>Evaluating Risk 143</p>
<p>Investment Triangle 146</p>
<p>Investment Strategy 148</p>
<p>Investment Choices 152</p>
<p>Common Investment Mistakes 160</p>
<p>Other Investments 165</p>
<p>Chapter #10 How to Find and Work with a Financial Planner 171<br />Tyler V. Cook</p>
<p>What Is a Financial Planner? 171</p>
<p>Exposing the Myths 174</p>
<p>How to Find a Financial Planner 175</p>
<p>Chapter #11 Financial Planning for Women 179<br />Kimberly E. Wirtz</p>
<p>Learn About Family Finances While You Can 180</p>
<p>Understand Your Assets, Where They Are, and Who Legally Owns Them 182</p>
<p>Consolidate Accounts 182Name Primary and Backup Beneficiaries 183</p>
<p>Understand Pension and Social Security Arrangements 184</p>
<p>You Need a Will, a Living Will, and Two Powers of Attorney 185</p>
<p>Both Spouses Need Life and Disability Insurance 186</p>
<p>Balancing It All 188</p>
<p>Chapter #12 Financial Planning for Business Owners 189<br />Stephen Lukan</p>
<p>Business Structure 190</p>
<p>Turning a Hobby into a Business 191</p>
<p>Tax and Retirement Planning 192</p>
<p>Building a Team 193</p>
<p>Business Partners 194</p>
<p>Succession Planning 195</p>
<p>Chapter #13 Financial Planning for Physicians 197<br />Bhagwan Satiani</p>
<p>Reasons for Bad Financial Decisions 198</p>
<p>Results of Financial Mistakes 198</p>
<p>Chapter #14 Learning from Professional Athletes Mistakes 207<br />Lawrence Funderburke</p>
<p>Holes in Their Pockets 208</p>
<p>Inexperience Hurts 209</p>
<p>Learn from Their Mistakes 209</p>
<p>About the Contributors 215</p>
<p>About the Author 217</p>
<p>Index 219</p>