Personal Finance Survey
The Personal Finance Survey helps to define significant areas of concern for our clients financial growth. By responding to these questions we can help to create a winning game plan to achieve financial growth and independence. After we create an "estate", we can address the concerns of preservation and deistribution of the estate to your intended heirs and beneficiaries.
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1. We have adequate Emergency funds to weather an unexpected layoff or financial setback.
Most
financial experts recommend that families put aside at least three to
six months of living expenses to cover periods of illness or
unemployment.
2. We feel Social Security is in trouble and we may receive substantially reduced retirement benefits.
There
is grave concern whether the Social Security system will be able to
continue to adequately fund the retirement of today's baby boomer
generation. You should be receiving a current analysis of your present
entitlement from SSA. You may contact SSA at 800-772-1213.
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3. We are confident that we are investing enough money to reach a comfortable retirement.
"Americans
have the lowest personal savings rate (as a percentage of after tax
income) since the 1930's (0.2%). USA Today, October 14, 1997. "50% of
all household own less than $1,000 in financial assets." The New York
Times, October 12, 1997. A recent survey conducted by Primerica
Financial Services revealed that many Americans beleive they have a
better chance of getting rich from lotteries or sweepstakes than saving
and investing. "Investing is what you do now so that you can do what
you want later." Charles Schwab's Guide to Financial Independence.
1998. Contact my office for an excellent chart for determining the
savings your family will need to retire at a similar standard of
living.
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Please answer the questions in the fields below using either "Disagree" or "Agree" or "Unsure."
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4. We are saving money each month to fund our children's college education.
"The
College Board estimates that tuition, room, and fees these days average
about $7,118 a year at a public college and $18,184 at a private
one...if college costs gallop ahead at a conservative 6% a year, the
aqverage price of a four-year college degree in ten years will range
fr4om $66,000 to $135,000--and at an Ivy, nearly half a million bucks."
The Money Book of Personal Finance. 1998. Start investing!
5. We have enough life insurance to replace each others income until our youngest child is out of school.
"Life
insurance is the best hedge against that ultimate family crisis, the
death of the primary supporter or primary childcare person. Inexpensive
term life insurance will protect your family against premature death,
and its something that every conscientious parent and spouse should
consider. Charles Schwab's Guide to Financial Independence. 1998.
6. We pay off our credit card balances every month.
"A
record number of American's filed for bankruptcy last year. 1.35
million." Kiplinger's Personal Finance, July 1998. "Two-thirds of the
families who take out an equity loan to pay off their credit card debt
actually wind up losing track of their goal and run up new credit card
debt instead." Parade magazine, November 1998. Consumer debt is the
biggest obstacle to achieving financial freedom. It is necessary to
develop a plan to get out of debt and stay out of debt.
7. We believe a written plan for taking control of each aspect of our financial future would be valuable.
Most
people don't plan to fail, they just fail to plan. Managing your
finances, is not something you need to do alone. "If there is one
significant characteristic of the super-wealthy, it is their
willingness to seek help with their planning." Brian Breuel, Staying
Wealthy. 1998. Feel free to contact this office to discuss planning
methods that may be appropriate for your situation.
8. We are too young to consider setting up an estate plan.
"Everyone--from
the moment they are on their own finacially--needs to think about
estate planning and then do something about it..." The Money Book of
Personal Finance. 1998. Without proper planning, a family risks losing
significant portions of its estate through Estate Taxes, Court Costs,
Legal and Executor Fees. Please review the Estate Tax Calculator to
determine your potential tax costs. Even if taxes are not an issue,
certain planning devices are necessary to insure that your intendeed
beneficiaries receive their inheritance. Other essential devices will
protect a family in cases of disability, which has an even greater risk
of occurring than death in younger families. We look forward to the
opportunity of developing a comprehensive plan to suit all your needs.
9. My most pressing areas of concern are:
Please
feel free to specify particular issues that you feel need to be
immediately addressed to accomplish your goals and dreams of inancial
security.
10. Please state your name, address, e-mail and telephone number.
If
you wish to be contacted in response to your survey answers or be
placed on our mailing list, please feel free to provide the requested
information. You may also contact our office by phone or e-mail.
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