Many people have had experience using an estate planning system, which includes help in organizing asset schedules and planning for estate distribution and settlement upon death. But planning the way you want your assets and money to be distributed at your death is only one part of a good financial organization system. The right one will do much more, extending that organization to other areas of personal finance, allowing you to master plan every aspect of your financial life, including the way you spend, borrow, save, and pay taxes while you are living. Using such an estate planning tool is vital if you want to create wealth on ANY income.
A comprehensive approach to financial planning aids in accurately predicting how your spending, borrowing, savings, and taxes will affect your overall financial well being. A good organizational system should help you create the following:
- Spending Plan
- Debt Payoff Plan
- Savings/Retirement Plan
- Tax Reduction Plan
- Estate Planning and Settlement
Organizing the way you spend through a Spending Plan. A good master planning tool should prompt you to answer questions about your personal, social, and financial feelings about money and to create a history of the way you have spent money in the past. It should also help you analyze how spending money makes you feel so that you can prioritize your values, create realistic spending goals that you can track, and help you get in control of your spending within the first month of applying the plan.
Organizing your debt payoff. A good financial organization system should also help you create a debt elimination plan. It should prompt you to pull your credit history, review your current debt load, determine how to prioritize debts for quickest payoffs, and show you how to power down your debt so you can get out of ALL debt in under 10 years.
Organizing your retirement. Financial organization should also include powerful savings and retirement planning tools that prompt you to observe how saving for emotional, emergency, and long-term needs is affecting your overall financial well being. And of course it should help you accurately predict how much money you will need for retirement — enough that you cannot outlive that amount.
Organizing the way you pay taxes in order to reduce them. A good master planning organizational tool will also include information on how to take advantage of tax deductions and of course include all the estate planning forms and schedules typically found in standard estate organizer. It should also provide storage to help organize important legal documents your loved ones will need to quickly and easily settle your estate upon your death.
We have found that clients who master plan every aspect of their finances, from the way they spend and borrow, to the way they save and pay taxes, have a much easier time accurately predicting their future and remaining in control of changing events than those who do not.
For information on how to obtain a comprehensive master planning organizational system that will help you get in control of every aspect of your financial life, call the Money Mastery offices today: (801) 292-1099.