EPISODE #012

7 GOALS FOR YOUR FINANCIAL PLAN

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2018 Business Owner's Guide

TAX GUIDE

Leverage the latest tax law changes to increase wealth.

Your Financial Plan

In this episode, John Smallwood of Smallwood Wealth Management discusses seven goals for your financial plan that you can use as a check on any new strategy you want to implement.

John is the author of the 2018 Business Owner’s Guide. He has lectured extensively on financial planning and has received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.

John’s strength lies in his ability and commitment to continually improve the level and quality of the financial planning process. His dedication to his clients’ growth involves an evolving strategy that strives to meet the demands, desires, and needs of his clients in a continually changing economic environment.

In this episode, John reveals how your financial plan should:

  1. Grow wealth over time
  2. Reduce taxes now and in the future
  3. Reduce risk (which comes from multiple places, not just investments)
  4. Reduce fees and costs
  5. Provide maximum protection with the least amount of cost
  6. Provide maximum retirement income
  7. Pass on the maximum amount of wealth to your heirs or favorite charity

 

John stresses that all of these seven goals should be happening simultaneously; they should not be trade-offs.

John cautions you to take a close look at your financial plan—you may find that you’re cutting the legs out from under one goal in order to reach another. For example:

  • If you’re compounding wealth into the future and creating a lot of taxable income—but paying that taxable income out of your earned income or from the portfolio, you’re eroding your capital.
  • If you’re taking unnecessary risk, subjecting your plan to lots of volatility and have no strategy to reduce that risk, you’re exposing yourself to potential problems.

 

These 7 goals act as a test for everything John does. If he wants to implement a new financial strategy, it should be in alignment with these seven goals.

Give us a call at 732-542-1565 or schedule a free 30-minute wealth conversation. We look forward to speaking with you.


Are you ready to increase your profit growth by 25%? John will show you how in the 2018 Business Owner’s Guide To Maximizing Your Benefits From The 2018 Tax Cuts.

Click here to get your complimentary copy.

2018 Small Business Guide To Maximizing Tax Cuts

 

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7 Goals for Your Financial Plan

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