hi this is trip I hope you'll visit my channel have subscribed to plain old
money well this is just a retirement hobby and not trying to sell you
anything so don't worry I can be fairly pretty impartial about stuff I guess
so my disclaimer is um this is information education only if you need
any real specific legal or or financial advice consult your trusted and
competent financial advisor or an attorney that is necessary also educate
yourself about personal finance and the economy in the government how things
work and how they don't work so I have 35 years as a US government financial
analyst I have an MBA and I asked you today what is your financial plan wave a
you don't even have a financial plan well the financial plan it should be
driven by your goals and objectives mainly goals goals is for instance you
say I want to buy your house that's kind of nebulous right so your objective is
system maybe save fifteen thousand dollars to buy a house in three years so
you're going to say $5,000 $5,000 a year and you'll convert that into your action
plan that is your short-term progress points where you'll try to save maybe
like four or five hundred dollars a month in every quarter every three
months every year so you'll see for you what kind of progress you've made now
divided the financial plan into four parts estate planning and surance
investing in retirement which is on the other side I couldn't decide which one
of them is the most important all those different things complement each other
so I just numbered them just to keep track of them better estate planning we
need a last will and testament the state laws differ is something if you die
without a we love it that means intestate then the state law is take
over and you can go you're welcome to go to probate in which case a judge or a
court of horny will decide what in secret assets how they're disposed
over are used for your care in fact the court will also decide what happens to
your children it will take care of them if you don't specify it in your will you
want to avoid probate it's very expensive and time-consuming and the
manga winners there are the attorneys who keep cranking out the fees and they
don't mind how long it drags out although there are a lot of good
attorneys okay so you want to title your assets so that you can avoid probate for
instance if you have a house you can title it as joint tenants with rights of
survivorship pray you'll wear something happen to you you're your spouse your
what your husband or wife or your partner will get the property you also
want to title your accounts for where you have beneficiaries set up
beneficiaries everything from your from your insurance policies to maybe your
last check your last paycheck brokerage accounts CDs if you title them with the
beneficiary then you can avoid that expensive and time-consuming probate
process the power of attorney you should have a financial power of attorney which
is whereby you appoint somebody to manage your financial affairs if
something happens to you no one likes to think about it but you need to think
about it your healthcare power of attorney is whereby you appoint somebody
to to take make financial to make health care decisions for you if something
happens to you they'll decide for you the quality of care what kinds of care
and where that care will be given and you just you should have a living royal
to the living will is where you decide in writing what kind of care you want at
the end of your life do you want to be kept alive with machines do you want to
die in some state of dignity how do you want to how do you want to manage that
each of these things you could talk about it entire books have been written
about this and to go where this real quickly insurance
that's protects you against large catastrophic financial losses losses
that you never saw coming and of course the question what that is
how mentioned what kind a lot the some insurances that just aren't even worth
the time or the money and I had a relative who was going to be an
insurance agent and the that insurance supervisor told him you can't have too
much insurance which of course is not true and that all kinds of insurance
each have their own specific nuances in requirements like health insurance the
insurance on your house and your business insurance on your occupation
your car life and disability the whole thing
investing talking about short term versus long term short term investments
would be more like for the example above where you can buy the house you're going
to come up with $15,000 in about three years so you want those kind of
investments to be in safe a fairly non volatile financial instruments maybe
like cash CDs many market mutual funds and short term bond funds you want the
monies to be live available for you you don't want to risk it at that point
long-term investments that's where you hit you hope to earn a higher return
you'll have your money tied up longer for a long term investment so that would
be things like maybe real estate stocks especially maybe growth stocks
commodities collectibles risk versus return again you don't want to accept a
lot of risk on your short term investments but you're willing to risk
more on the long term with the hopes of having a higher return that risk and
return the kind of proportional the higher the risk generally the higher the
return as well taxes and inflation taxes will be with you forever and ever even
after even whenever you die some people have to pay taxes depending on the size
of your estate and how do you have your your estate planning set up inflation
inflection needs to wage for money over time it gradually dissolves it afternoon
remember in 1959 or 60 when I was 9 or 10 years old and a soft drink would cost
it cost 6 cents I remember paying a nickel and a penny for a soft drink but
not you know now a soft drink is like a $1 $2 or more so the last thing I'll
talk about for real quickly is retirement which is where you want to go
and spend some time in before you die retirement most people don't even have
Pinchas anymore the pensions have mostly gone away they're in an artifact of the
past unfortunately and many of them are not are not even financially viable
Social Security we hope it'll be there if something isn't done
if benefits aren't good at some point where taxes aren't raised they'll only
be able to pay about 77% of the of the current projected expected benefit tax
advantage plans or or plant places where you put your money where they they grow
with all without taxes or or text at a favorable rate that's like IRAs and
401ks 403 B's all kind of alphabetic stuff there so my question to you day is
do you have a plan I hope so anyway this is Tripp I hope you'll subscribe to my
channel and also visit play no money and thank you have a great day
For more infomation >> 5 Ways to Improve Your Mind Before Yoga - An App That's Healthy For You - Duration: 1:09. 
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