The Ultimate Financial Plan. Balancing Your Money and Life

  • ID: 2214844
  • Book
  • 258 Pages
  • John Wiley and Sons Ltd
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The Ultimate Financial Plan

From Jim Stovall, author of the bestselling The Ultimate Gift and The Ultimate Life, and financial planning expert, Tim Maurer, comes the latest volume in the acclaimed Ultimate series.

Like its predecessors, The Ultimate Financial Plan: Balancing Your Money and Life is sure to have a significant impact on the way we think about money. Examining the connection between actions, thoughts, and feelings when it comes to all things financial, the book makes a revolutionary argument: that the key to getting the most out of personal wealth comes from the contentment found in balancing the influence of money in our lives with personal values and goals.

Financial tools like budgets, bank accounts, 401(k)s, IRAs, education savings plans, and real estate can play a major role in helping us generate the money we want, but real value comes from investments in our knowledge and understanding, which lead to purpose–filled careers, sleep–at–night security, artistic endeavors, creative philanthropy, fulfilled retirements, and meaningful legacies.

In The Ultimate Financial Plan, Jim Stovall uncovers the Timeless Truths of personal finance while Tim Maurer directs you through Timely Applications, making this book an invaluable investment in your future.

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Foreword xi

Preface xv

Acknowledgments xix

Introduction xxi

Chapter 1 The Gift of Money: Money 101 1

The Value of Money 3

Money Beliefs 4

Chapter 2 The Gift of Purpose: Personal Principles and Goals 7

Personal Principles 7

Goals 10

Chapter 3 The Gift of Discipline: Household Cash Flow 17

Personal Financial Statements 17

Financial Crises 25

Chapter 4 The Gift of Enough: Debt and Financial Freedom 27

Financial Freedom 28

The Danger of Discontent 29

Emergency Reserves 32

Bad Debt 35

Better Debt 39

Economics and Emotions 41

The Cure for More 43

Chapter 5 The Gift of Discernment: Risk Management Decisions 45

The Accident 47

Risk Management Techniques 48

How Insurance Works 50

Chapter 6 The Gift of Security: Life Insurance 55

Life Insurance: Why? 55

Life Insurance Needs 59

Life Insurance: How? 62

Life Insurance Wants 67

Different Types of Life Insurance 70

Purchasing Life Insurance 73

Chapter 7 The Gift of Certainty: Auto, Home, and Liability Insurance 77

Auto Insurance 79

Homeowner s Insurance 82

Excess Liability (Umbrella) Insurance 84

Chapter 8 The Gift of Health: Health, Disability Income, and Long–Term Care Insurance 87

Health Insurance 89

Types of Plans 89

HSAs and FSAs 90

Recent Health Insurance Changes 93

Disability Income Insurance 95

DI Moving Pieces 96

Social Security, Medicaid, and Medicare 99

Long–Term Care Insurance 100

LTC Moving Pieces 101

Chapter 9 The Gift of Clarity: Investing and Portfolio Management 107

Stocks and Bonds 109

All Things Considered Equal? 111

Mutual Funds 112

Economic Analysis 115

Market Valuation Analysis 117

Technical Market Analysis 118

Efficient or Not? 119

Passive versus Active 119

Investing with Style 121

Relative Return versus Absolute Return 123

Index Huggers, Return Chasers, and Risk Managers 126

Decisions, Decisions 128

Chapter 10 The Gift of Transparency: Annuities 131

Immediate Annuities 134

Fixed Annuities 136

Variable Annuities 137

Equity Indexed Annuities 140

Annuity Disadvantages 141

Annuity Advantages 143

Chapter 11 The Gift of Preparation: Tax Planning 147

Tax Myths 150

Tax Rules 155

Chapter 12 The Gift of Learning: Education Planning 159

Family Education Policy 162

Having The Talk (no, not that talk) 166

Education Savings Plan 169

The 50 Percent Rule 172

Chapter 13 The Gift of Fulfillment: Retirement Planning 175

Retirement Past 179

Retirement Present 180

Retirement Future 180

Employer–Sponsored Retirement Plans 181

401k Rollovers 182

Traditional IRAs 184

Roth IRAs 185

Traditional versus Roth 186

Roth IRA Conversions 187

Fulfillment Planning 189

Retirement Makeover 193

Chapter 14 The Ultimate Gift: Estate Planning 197

Wills 200

Durable Powers of Attorney 205

Advance Directives 206

Beneficiary Designations 208

Probate 212

Estate Tax 214

Chapter 15 The Gift of Discretion: Choosing a Financial Advisor 217

"The Big Three" 222

Financial Planner Compensation 224

Finding a Professional Planner 228

Chapter 16 The Gift of Action: Your Plan for Money and Life 233

Fundamental and Practical Change 234

Reprise 235

Stay Connected 238

Notes 241

About the Web Site 245

About the Authors 247

Index 249

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Jim Stovall
Tim Maurer
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