Personal Freedom
-
Upload
justinpartlow -
Category
Economy & Finance
-
view
212 -
download
0
Transcript of Personal Freedom
![Page 1: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/1.jpg)
WelcomeFour Steps to Financial Success
Financial Management for 1099’s
FocusOn®
![Page 2: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/2.jpg)
DisclosureNorthwestern Mutual Financial Network
Northwestern Mutual Financial Network is the marketing name for the sales and distribution arm of The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life insurance, annuities, and disability income insurance) and its subsidiaries and affiliates. Securities offered through Northwestern Mutual Investment Services, LLC (NMIS), a wholly owned company of NM and a member of the NASD and SIPC. Northwestern Long Term Care Insurance Company, Milwaukee, WI (long-term care insurance), a subsidiary of NM.
![Page 3: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/3.jpg)
Introduce
Educate
Illustrate
Workshop Objectives
![Page 4: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/4.jpg)
6 Steps to Financial SuccessSteps toFinancial Success
1. PROTECT WHAT YOU HAVE
2. TAKE CONTROL OF YOUR CASH FLOW
3. INVEST WISELY
4. MANAGE YOUR TAXES
4
![Page 5: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/5.jpg)
Top Insurance Concernsfor Individuals
1. Medical insurance
2. Disability income insurance
3. Life insurance
PROTECT WHAT YOU HAVE
![Page 6: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/6.jpg)
Medical Insurance Maze
Individual v. Group coverage
PPO v. HSA– HSA = No copay– HSA = contribute pre-tax dollars into a tax-
free savings account for medical expenses or retirement
Deductible– Higher deductible = lower monthly payment
![Page 7: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/7.jpg)
The Golden Goose or the Egg?
What is your most important asset?– Home? Car? 401(k)? . . . YOU!
Can it happen to you?– 1 in 3 – A disabling injury occurs every 1.5 seconds
Employer disability insurance – unknown facts– Can you live on 35% of your income?– 2 years, sweep floors, fired, can’t save for retirement
![Page 8: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/8.jpg)
1. How much do I need?
2. What type of policy?
3. Who gets the money?
Three CriticalLife Insurance Questions
PROTECT WHAT YOU HAVE
![Page 9: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/9.jpg)
6 Steps to Financial SuccessSteps toFinancial Success
1. PROTECT WHAT YOU HAVE
2. TAKE CONTROL OF YOUR CASH FLOW
3. INVEST WISELY
4. MANAGE YOUR TAXES
4
![Page 10: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/10.jpg)
Cash Management Process
TAKE CONTROL OF YOUR CASH FLOW
1. Assess your current situation
2. Build a cash reserve
3. Pay down your credit cards
![Page 11: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/11.jpg)
6 Steps to Financial SuccessSteps toFinancial Success
1. PROTECT WHAT YOU HAVE
2. TAKE CONTROL OF YOUR CASH FLOW
3. INVEST WISELY
4. MANAGE YOUR TAXES
4
![Page 12: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/12.jpg)
Three Buckets of Money
Short-term
Mid-term
Long-term
![Page 13: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/13.jpg)
Long-Term Bucket
Make Grow Take Rules Volatile
__ __ 59 ½, 15k
Tax + 10%,
Yes
__ __ 59 ½, 45k, Tax + 10%
Yes
Any Amount
Yes
__ __ Any Amount
No /Yes
401(k)
SEP
Mutual Funds
Life Insurance
![Page 14: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/14.jpg)
6 Steps to Financial SuccessSteps toFinancial Success
1. PROTECT WHAT YOU HAVE
2. TAKE CONTROL OF YOUR CASH FLOW
3. INVEST WISELY
4. MANAGE YOUR TAXES
4
![Page 15: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/15.jpg)
Taxes Are Not Equal
Source: Joint Economic Committee, U.S. Congress, 2004
53.8% of federal income taxes
are paid by the wealthiest 5% of taxpayers.
The wealthiest 5% are households with over $126,525 in adjusted gross income.
53.8%
MANAGE YOUR TAXES
Source: Congressional Joint Economic Committee, 2003
The top 25% are households with adjusted gross incomes over $56,085.
The top 25% of taxpayers pay
83% of all federal income
taxes.
83%
Taxes Are Not Equal
![Page 16: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/16.jpg)
6 Steps to Financial Success
1. PROTECT WHAT YOU HAVE
2. TAKE CONTROL OF YOUR CASH FLOW
3. INVEST WISELY
4. MANAGE YOUR TAXES
Steps toFinancial Success4
![Page 17: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/17.jpg)
Where Do You Go from Here?
Complimentary consultation
![Page 18: Personal Freedom](https://reader030.fdocuments.us/reader030/viewer/2022032611/55cc7693bb61eb3d1e8b45d7/html5/thumbnails/18.jpg)
Thank You Thank You