Process

Prioritize

 

It's time to Prioritze

Okay, now we know where you are and where you want to go. Based on the financial roadmap you created in the organize step, we begin to plot your course and prioritize the steps you’ll want to take to fulfill your journey.

To maintain our sailing metaphor, we can think of prioritizing by levels of importance for financial survival.

  1. The first priority is Safety. This is foundational preparatory work. This might be like always having a safe harbor within easy reach, no matter where we are. It is also about making sure enough of your assets are protected such that you can survive the inevitable storms. In other words, we’ll address fundamenatals like adequate emergency liquidity needs, reduce asset liability exposures, reduce auto/home insurance costs, reduce and/or cap future elder care costs, address surviorship income needs, address health insurance costs, etc. You’ll notice most of these items are about reducing and/or capping costs while still maintaining adequate safety measures. Now that we are shipshape, we can consider what we need to leave the dock and get our journey underway, which is the next priority.
  2. The second priority is Cash Flow Provisions. As we look to leave the harbor, we consider what assets are best suited to provide cash flow that is both predictable and tax efficient. No matter what the market or the economy is doing, we want cash flow to be there throughout your journey. This is where your cash flow is structured so that you can live the life you want with the security you want day-to-day. We expect your journey to be a long one and we want to ensure provisions are in place to sustain you and yours, for life.
  3. The third priority is Long Term Growth. With your ship in excellent sailing condition and with plenty of provisions to rely on, you can now consider what assets you want to dedicate to long term compounding growth. It is the previous steps that allow you the opportunity to now grow remaining assets. Nevertheless, you will likely want to maintain an emphasis on risk management of these assets as well. This is where the possibilities for long term profit begin to show. It can begin to get exciting if you want it to.

This is your life and in this part of the process, you will begin to see how you can live the life you want.

 

 

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Policy

Robert Donaldson (CA Insurance License #0541081) is a Registered Representative and Investment Adviser Representative with/and offering securities and advisory services through Commonwealth Financial Network, Member FINRA / SIPC, a Registered Investment Adviser. Additional advisory services offered by Advisory Group West, a registered investment adviser, are separate and unrelated to Commonwealth.

This communication is strictly intended for individuals residing in the states of AZ, CA, FL, HI, LA, NY, TX, UT, WA.