Divorce: The Effect on Finances & Family, Pt. 2
The Confident Wealth Podcast
During this episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush, they interview Sean McAllister, Associate at Loeb Law Firm. Sean McAllister discusses how married couples can protect themselves from potential divorce issues, prenuptial agreements and post-prenuptial agreements, budgeting, and domestic cohabitation contracts.
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Divorce: The Effect on Finances & Family, Pt. 1
The Confident Wealth Podcast
During this episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush, they interview Sean McAllister, Associate at Loeb Law Firm. Sean McAllister talks about Louisiana Revised Statute 9:315, understanding divorce and finance, and what to expect when children, pensions, property, and tax returns are involved.
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Confidence in the Face of Fear
The Confident Wealth Podcast
In this episode of The Confident Wealth Podcast, Pete and Bill Bush of Horizon Financial Group discuss the market downturn due to the outbreak of the coronavirus, and the declared global pandemic. Pete and Bill talk about strategies can you use to stay positive in times where your account value is declining. How can you build, gain, or maintain confidence during trying times?
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Defending Cybersecurity Threats in Your Financial Life
The Confident Wealth Podcast
This episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush address the problems and issues associated with cybersecurity and how to protect yourself. Learn more about the financial scams that are targeting your credit cards and digital banking accounts. The cybersecurity defenses discussed in this episode can help you build up a stronger wall of protection from becoming a victim.
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Lessons from a National Title
The Confident Wealth Podcast
This episode of The Confident Wealth Practice Podcast with Bill Bush and Pete Bush take a look at the recent college football championship victory of the Louisiana State University Tigers and how the valuable lessons from that win can be applied to achieving your own financial success.
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The Value of a Financial Advisor: Leaving a Legacy, Life Transitions, and Caring for Others
The Confident Wealth Podcast
During this final installment of the series, Bill and Pete talk about the problems associated with not having a will, the value of having an advisor to walk clients through the process of estate planning, organizing and maximizing value, getting help with gift money to causes, how to handle life transitions, and how to prepare for taking care of your parents or other family members in the future.
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The Value of a Financial Advisor: Preparing for Retirement
The Confident Wealth Podcast
his episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 8th installment in their series, The Value of Working with an Advisor. During this installment, Bill and Pete address the subject of preparing for retirement in a manner that you can feel confident about. What type of retirement goals do you have for you and your spouse? How will your financial needs change during different phases of retirement?
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The Value of a Financial Advisor: Organizing, Monitoring & Guiding
The Confident Wealth Podcast
This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 7th installment in their series, The Value of Working with an Advisor. Listen and learn all about how financial advisors can assist you with preparing, analyzing, and guiding your ever-changing financial situation. Bill and Pete point you in the right direction for budgeting, reviewing recurring fees, and overcoming disorganization.
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The Value of Financial Advisor: Budgeting & Cash Flow
The Confident Wealth Podcast
This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush is the 6th installment in their series, The Value of Working with an Advisor. Gain some useful insight on budgeting and cash flow. Find out how financial advisors can help clients get a handle on their budgets, find out where their problematic areas are, and how to go about building healthier spending and savings habits.
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The Value of a Financial Advisor: Managing Inherent Risks
The Confident Wealth Podcast
This episode of The Confident Wealth Podcast with Bill Bush and Pete Bush continues on as the 5th installment in their series, The Value of Working with an Advisor. Learn more about the inherent risks we have, and how we can manage them from a financial advisement standpoint.
info_outlineWealth Building & Cash Management
-Podcast Show Notes-
Summary:
In this episode, the Bush brothers, Bill and Pete of Horizon Financial Group talk about the next two critical categories on the Confident Wealth Scorecard – wealth building and cash management. Planning is ESSENTIAL when it comes to succeeding in these two areas. Those who struggle are often blind to the details of their portfolio and spending and don’t actually realize how much money they’re burning. Tune-in to learn why having proper SYSTEMS in place can transform your sporadic cash flow into a steady stream and some other insights that will help you score highly in these two critical areas.
Time Stamped Show Notes:
- 00:43 – The Confidence Wealth Scorecard helps business leaders assess where they are right now and enables them to compare it to an ideal
- 01:35 – Today, we are going to tackle wealth building and cash management; wealth building involves asset allocation and lifetime income planning
- 01:52 – People who score the lowest are not keen on advance planning; their lifestyle and business consumes all their cash
- 02:30 – A score of 4, 5, or 6 is for someone who directs all their money back into their business
o 03:49 – Business owners often tend to overestimate the worth of their businesses
o 04:40 – Diversification ensures that while you may not be making a killing on every dollar, you will NOT get killed either
- 05:18 – A score of 7, 8, or 9 is assigned to someone who has built up a portfolio, but has not rebalanced their asset allocation, run retirement income projections or performed a fee analysis in the past several years
o 06:32 – Ensure that there is minimal portfolio overlap and hence, less risk
o 07:32 – Having a sizeable portfolio results in overconfidence and avoidance of going into the details
- 08:00 – Ensure that your money outlives you and not the other way around
- 08:38 – A score of 10, 11, or 12 is only possible if you started planning a long-time ago
- 09:48 – You cannot accumulate sizeable wealth without a rock-solid plan
- 10:34 – Cash management includes income, expenses and use of debt
- 11:14 – Determining if you score a low 1, 2, or 3 in cash management
o 11:37 – A poor cash management score is common in the initial phases of a business where you are probably the owner and sole employee
- 12:32 – A cash management score of 4, 5, or 6 is assigned to someone with a moderately successful business but inconsistent cash flow
o 13:32 – Not having proper SYSTEMS in place results in a sporadic business income
- 14:19 – A cash management score of 7, 8, or 9 is for someone with a high income, good savings, but too much cash stashed away on the sidelines
o 15:48 – Having too much cash results in losing out on an opportunity to generate additional income
- 16:28 – Regular business, personal financial reviews and an ability to reliably predict profits are some of the factors which will help you score higher
o 17:31 – Ensure you have methods and systems that will prevent loss
o 18:36 – Diligent planning, a proactive approach and professional help will lead you to a score of 10, 11, or 12
- 20:00 – We have tackled 5 of the 8 categories of the Scorecard now; we’ll tackle the last 3 in the next episode
- 20:47 – Apart from making money, success is defined by how you’re doing in your personal life as well
- 21:20 – Check out ourwebsite to know more about our team and our various services
3 Key Points:
- To accumulate a sizeable portfolio, you need a rock-solid plan; AVOID having too much cash stashed away and ensure there is minimal portfolio overlap.
- Owning a small to medium-sized business often results in a sporadic cash flow; scale your business by implementing systems that will ensure your cash flow remains stable.
- Diligent planning, a proactive approach and proper financial help will ensure that you score highly as far as cash management is concerned.
To view the Confident Wealth Scorecard, click here.