Wells Fargo Private Bank HOPE – 2009 Financial Success Program Enrique, Henry Balderas Vice President, Sr. Wealth Management Consultant Phone: 213 -253 -3620 Mobile: 213 -280 -0466
Topics of Discussion: Living The Life of Your Dreams Determine Your Net Worth Define Your Monetary Values Set Financial Goals 2
Living The Life of Your Dreams (Financially) A Financial dream is something you hope for; a financial goal is something you've planned for. And it's the planning, not the hoping , that turns financial desires into financial reality. Rules to Live by and help you get started to achieve success: Credit – Always protect your credit and always try to keep it in good standing 401 K – Try and maintain a committed monthly amount towards retirement Savings – Try and maintain a savings account for those rainy days Credit Cards – Set rules for yourself to keep your debt in check Lifestyle – Live within your means, try not to get involved in keeping up with the Jones 3
Living Your Life Dreams - Continued Key to Success: Always work with reputable professionals in their field of expertise! Insurance Professional Private Banker Do you have access to the skilled advice of your own personal banker? Does your agent understand all of the ins and outs of using insurance to replace wealth that may be lost to estate taxes? Investment Manager 4 CPA Are your investment manager, estate planning attorney and CPA communicating effectively with each other? Are they coordinating your plan’s financial, tax, and legal aspects? ~ Who is giving you proactive advice about growing your business through prudent credit planning? What about succession planning? ~ Who is helping you evaluate your retirement plan options? Real Estate Agent Does your asset manager advise as to the tax and estate implications of different buy/sell/ hold Real Estate? Estate Planning Attorney ~ Who is providing you with hedging or monetizing strategies to minimize the risk in your investment portfolio? Broker Does your current broker manage your portfolio with your total wealth and future plans in mind?
Determine Your Net Worth How is Net Worth Calculated? Net Worth is calculated by subtracting your liabilities (debts) from your assets. Depending on your finances, the resulting figure can be positive (desirable) or negative (not so desirable). How Can you determine your net worth: Cash, money held in bank accounts, money market accounts or Certificates of Deposit (CDs) Personal property, including homes, cars, boats and recreational vehicles, furniture, art, antiques, collectibles and jewelry Investments, including stocks, bonds, mutual funds, annuities, the cash value of any life insurance policies and real estate Retirement savings, including employee pension plans, 401(k) or 403(b) accounts and IRAs Tips: Use antique and collectible books to assess the value of your collections. Use Kelley Blue Book to determine the value of your vehicles. Update your net worth yearly or whenever there is a major change to your finances 5
Personal Financial Statement – PFS Copy attached 6
Define Your Monetary Values Financial Blueprint Life Stages Single Married Child Birth School College Empty Nest Retire Different needs… Different priorities… 7
Define Your Monetary Values - Continued Define what is most important to you: Comfort Stability Pleasure Happiness Protection Retirement 8
Define Your Monetary Values - Continued Define what is most important to you: Wealth Lifestyle Image Philanthropy Legacy Business Ownership 9
Set Financial Goals List your financial goals by how long you think it will take to achieve them. Place goals that can be accomplished in under six months under "Short-Term Goals, " goals that can be accomplished in six months to a year under "Medium-Term Goals, " and goals that will take more than a year to accomplish under "Long-Term Goals. " Some examples of Financial Goals n n Pay off Credit cards n Purchase first home n Send kids to college n Education (college) n Travel for pleasure n Get married n Retirement n Have children n n Start a business Leave a family legacy (Life insurance and living trust) n 10 Buy a car Invest (stocks, mutual funds)
Set Financial Goals - Continued Tips: Be realistic about how much time and money it will take to accomplish each goal – an estimate that is too low will only frustrate you. Keep your motivation by revisiting your list frequently to check on your progress. Setbacks will happen. If something throws you off of your target date, don't give up – set a new date. Have more goals than you can work on at once? Then, determine which ones are most important to you, and make those your first priority. 11
It All Starts with You Managing your wealth is more than simply putting your money to work. It requires taking a step back and looking at the big picture -- your life, your priorities, your desires for the future -- and assembling financial management tools that are consistent with your plans and life goals. Current Situation Ongoing Liquidity Needs Ongoing Income Needs Key Tax Considerations Long-term Investment Horizon Unique Family Circumstances Investment Return Goals Risk Orientation 12
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