GenWealth-Questions

Financial Plan Checklist

(The information on this page is for your information only. We do not collect this data. This page
has been designed to give you a visual representation of your level of familiarity with the concepts
presented. Answer the questions and then review your answers. You may be surprised.)

Whether you earn $50,000 a year or $500,000, there's already at least one financial planner in your life - you! If you are like most people you also rely on other professionals such as a banker, accountant, attorney, or stockbroker, with each working independently from the others. In today's world, you need a coordinated Financial Plan to assist you in handling Financial Duties like cash flow and debt management, benefits analysis, retirement planning, investment and tax strategizing, and estate work.

Every household or business decision raises money issues related to achieving your Financial Goals. What should you contribute to your 401(k)? Can you afford that great vacation this year? Will you be able to have that second home you've always dreamed about? Do you need to update your insurance? What's the best way to save for the children's college costs? How can you reduce taxes now and in the future?

Take a minute to answer the questions in this brief Financial Plan Checklist to determine your current plan's ability to assist you in reaching your Financial Goals.

Does Your Present Financial Plan Have
The Nine Essential Characteristics of the Ideal Financial Plan?

1. A guaranteed systematic flow of money into the plan?	Yes	No
2. A guaranteed return on the money?	Yes	No
3. The availability of the money whenever wanted or needed?	Yes	No
4. Minimum taxes on the accumulation of the money?	Yes	No
5. Minimum taxes on the distribution of the money?	Yes	No
6. Ease of distribution of the money?	Yes	No
7. Contingencies for any interruption to the plan due to:
Death?	Yes	No
Disability?	Yes	No
Emergencies?	Yes	No
Unforeseen circumstances?	Yes	No
8. Minimize the potential loss of the money?	Yes	No
9. Total flexibility to change the plan?	Yes	No
A plan lacking one or more of these features would be less than ideal. Fortunately, an Ideal Plan is achievable for most people.

First, we must ensure that we understand the following financial
planning topics which are the most commonly overlooked and
misunderstood by the public and many financial professionals.

Retirement Planning - All "qualified" retirement plans are based on the assumption that you will put money into your plan while you are in the highest tax bracket and retire in a lower tax bracket.
1) Have you considered that you may not be in a lower tax bracket?	Yes	No
2) Do you really want to retire in a lower tax bracket?	Yes	No
3) Do you fully understand the multiple taxation of retirement plans?	Yes	No
4) Do you have an Exit Strategy in place today for your future retirement?	Yes	No

Lawsuits - Frivolous Litigation and Multimillion-dollar awards are common today.
1) Do you know which of your assets are protected from lawsuit?	Yes	No
2) Do you know how to protect the assets you have from lawsuit?	Yes	No

Long Term Disability - Consider what would happen to your savings plans if you become permanently disabled. (i.e.: college fund plans, IRA/pension plans, personal investments, etc.) Although you may have disability insurance, which is just enough to pay your bills, this and eventual inflation, could decimate your long-term financial life cycle.
1) Could you continue saving additional dollars toward your goals?	Yes	No
2) Do you have a self-completing savings/retirement program?	Yes	No
3) Do you know how to develop a self-completing program?	Yes	No

Cost Recovery - We all have auto insurance, home owners/renters insurance, liability insurance, disability insurance, etc. Imagine if you could call your auto insurance company at retirement and say "I've had no claims so send me my premiums back, with interest"! We find that most Americans are not taught this method of "recapturing" costs.
1) Do you know what cost recovery is?	Yes	No
2) Do you have any cost recovery methods in place today?	Yes	No
3) Do you know how to implement cost recovery programs today?	Yes	No

Lost Opportunity Costs - Every tax dollar paid, every expense deducted from an investment, is a lost dollar representing a cost that could have been invested to create wealth for you. When these costs are minimized or eliminated, they are recovered and put back into your economic life creating additional wealth.
1) Do you have any tax recovery methods in place today?	Yes	No
2) Do you have any fee recovery methods in place today?	Yes	No
3) Do you know the true costs of your current plan?	Yes	No

Inflation - An increase in the cost of goods and services, most often measured by the Consumer Price Index. We constantly hear about the national inflation rate and how we are all subject to the national rate. However, we find that each person has their own individualized rates of inflation based on their lifestyle.
1) Do you fully understand your personal inflation rate?	Yes	No
2) Does your present plan address the reduction of personal inflation?	Yes	No
3) Does your present plan address the recapture of personal inflation?	Yes	No

Creating Your Own Bank - Picture purchasing a car. Then, rather than paying interest to the bank who makes a profit from you, you can pay the interest to yourself and pocket the profits! Additionally, you can repay your own bank when and how you want!
1) Does your present plan address how to create your own bank?	Yes	No
2) Do you fully understand how to utilize your assets as your own bank?	Yes	No
3) Do you know which assets can be utilized as your own bank?	Yes	No
4) Do you know which assets are best utilized as your own bank?	Yes	No

Estate Planning - Your estate is everything you you own or control. Most people do not have a plan to control the distribution of their estate. Most believe a will is all they need to settle their estate according to their wishes.
1) Do you fully understand the difference between a will and a trust?	Yes	No
2) Do you fully understand the probate process and costs?	Yes	No
3) Do you know how probate can be completely avoided?	Yes	No
4) Do you know who must pay estate taxes?	Yes	No

Summary

Does your present financial plan succeed under all circumstance that may arise in life?	Yes	No
Are all the above issues coordinated in your plan and working for the overall betterment of your future?	Yes	No
Has anyone ever pointed these factors out to you before?	Yes	No
Given your current planning, are you getting the best results possible for the dollars being put into your model?	Yes	No
Would your plan be better if it addressed all of the above outlined topics?	Yes	No

If you responded “Yes” to all of the questions above, you are likely already in the top five percent of wealthy Americans. If you responded “No” to any of the above questions, you are probably within the ninety-five percent of Americans whose Financial Plan should be reviewed to achieve their Financial Goals.

Not reviewing your Financial Plan is like building a house without a General Contractor or blueprints. This is the problem with most of today's traditional financial planning techniques. There is no clear cut "blueprint" to creating true financial success under all circumstances. Conversely, creating a sound Financial Plan, using GWP as your financial General Contractor, provides you a blueprint to achieve your Financial Goals.