We begin by gathering all the relevant information required to populate your own private online Personal Wealth Management System that allows you to see the big picture 24/7. We also take time to understand where you have been, where you are, and what’s important to you about the vision, passion, and conviction you hold for your future.
From here we look at your strengths, weaknesses, opportunities, and threats in the six key financial areas. After the initial analysis is completed we simply work together side by side to strategically create the goals, identify the tasks, and the level of commitment required to succeed in sustaining the vision you hold for your life, and those who are important to you.
Take some time for yourself by scheduling a free thirty-minute coaching call with SFL® Success Coach, Blogger, and SFL® Personal Manager Jim Kemp. The program consists of six distinct financial areas that covers cash flow, credit and debt, risk, asset, tax, and estate management.
We use a proprietary approach to the process of evaluating all the household’s current and future income sources, federal, state and local taxes, liabilities, fixed and discretionary expenses, qualified, and after tax savings. After all the required information has been gathered, a complete income and expense report along with a statement of net worth is prepared.
Once the cash flow process has been completed, a complete review of all household debt that typically will include mortgages, home equity lines of credit, installment debt, lease agreements, revolving credit, and student loans. The purpose is to analyze future demands on credit financing and current amortization schedules as well as debt financing ratios. The objective is to minimize and/or eliminate all personal debt and the need for credit financing over a prudent period of time.
The focus of the risk management process is to review existing insurance policies and statements to determine if the coverage continues to meet or exceed the needs of the participant. Emphasis is placed to make certain the participant has a good understanding of what they own, why they own it, and if any coverage may potentially change in the future. The different types of insurance generally will include Homeowners, Automobile, Liability, Whole life, Universal life, Variable life, Term life, Group Life & Health, Medicare, Medicap plans, Program Part D, Advantage Plans, Disability, Long Term Care, and Annuities.
The asset management process looks both at investable assets and real property. The process seeks to understand the balance between current and future funding levels required to maintain adequate capital reserves while looking at the long term to determine when the household will be financially self-sustainable. We also seek to educate the participant on their current level of understanding of what they own, why they own it, fees and expenses, security selection, asset allocation, financial language, and concepts that are both relevant and pertinent to their situation.
This segment focuses on our current federal and state progressive income tax system. The intent is to seek missed opportunities to legally mitigate the personal tax liability, both now and in the future.
The program finishes with what every individual household should know in order to protect, preserve, and transfer their estate to those they care about.
