EPISODE #029

EXPLAINING THE SAVINGS RATE BALANCE

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5 Ways Your Wealth Is Under Attack Book John Smallwood

5 WAYS YOUR WEALTH IS UNDER ATTACK

If you want to stop the attack, you'll want to get your copy.

Savings Rate Balance: An Explanation

Welcome to the Wealth Curve Talk Podcast. In this episode, John continues his series on the Wealth Curve Blueprint. This time he explains the savings rate balance. It shows how to allocate your savings among different types of vehicles and tax structures for optimal performance.

John is the author of 5 Ways Your Wealth is Under Attack. He has lectured on financial planning at various faculties. He has also received the Five StarSM Wealth Manager Award for 2011, 2012, 2013, 2014, 2015 and 2016.

John’s strength is his ability and commitment to improve the level and quality of the financial planning process.

His dedication to his clients’ growth involves an evolving strategy. His focus is to meet the demands, desires, and needs of his clients in a changing economic environment.

Today’s podcast includes these vital points:

  • Achieving a savings rate balance means your assets should be spread around multiple types of savings vehicles and more than one tax structure.
  • Each dollar that you put into savings should build your liquid savings, short-term savings, defensive savings, and long-term savings.
  • If allocate your savings in a lopsided fashion, you put yourself at risk. Clients who have all of their money in 401Ks frequently end up in credit card debt or with 401K loans.
  • You also want your money in a variety of tax structures. So, for some you pay taxes upfront (think Roth IRA) and for others you defer tax payments (think 401Ks and 403Bs).
  • You want to work to make sure that you will be in a lower tax bracket in retirement. You want to benefit from your tax-deferred savings, rather than losing out.

When you work with us to put your assets into the Wealth Curve Blueprint, you will quickly see where your plan is overweight. Then, depending on your circumstances, you can reallocate some savings. The balance will be unique to you.

For more, listen above. Then schedule a time to come in and make your Wealth Curve Blueprint and Scorecard. Call us at 732-542-1565.

Talk to a Smallwood Wealth Management Financial Advisor

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