Wealth Management Tutorial 1 Theory

Questions and Answers

The skills required are not learned

A fear of finance

You will be able to allocate your money better

Setting up a financial and family lifestyle Signup and view all the answers

Marrying at a later age than normal, divorce, or remarriage Signup and view all the answers

Final efforts to accomplish retirement plans and create wealth Signup and view all the answers

Preserving wealth through management of savings and assets Signup and view all the answers

Increased concerns for medical or nursing home care Signup and view all the answers

Responsibility for aging parents or chronic health care needs Signup and view all the answers

Remarriage or postponed first marriage Signup and view all the answers

Reducing taxes and protecting assets for heirs Signup and view all the answers

Savings, insurance, and estate planning Signup and view all the answers

Study Notes

Financial planning is a learned skill, not an innate ability
Learning financial skills can be difficult due to limited access to education and resources
Family disagreements and lack of financial knowledge can contribute to a "fear of finance"
Having a financial plan helps allocate income towards important financial goals

Everyone needs a financial plan to establish, track, and achieve financial and personal goals
A financial plan helps allocate income towards important goals, both current and future

Focuses on wealth accumulation and setting the stage for family and financial lifestyle
Characterized by buying a home, managing debt, saving for future goals, investing, planning for taxes, purchasing insurance, and beginning an estate plan
May be complicated by marrying at a later age, divorce, or remarriage

Focuses on final efforts to accomplish retirement plans and create wealth
Characterized by reviewing insurance protection and estate plans
Goals include paying for a home and children's education
May be interrupted by corporate downsizing, voluntary career changes, responsibility for aging parents, or death of a spouse

Focuses on preserving wealth through management of savings and assets
Characterized by insurance needs changing, with increasing concerns for medical or nursing home care
Estate planning efforts to reduce taxes and protect assets for heirs
May be complicated by remarriage, postponed first marriage, responsibility for aging parents, or chronic health care needs

Short-term goals: paying off debt, reviewing insurance coverage, and saving for an emergency fund
Intermediate-term goals: saving for a home purchase and other assets to support lifestyle
Long-term goals: retirement savings and planning for children's financial needs with additional financial planning for insurance, savings, and estate planning