The Financial Briefing: Answers To Life's Most Important Money Questions

by Eric Hutchinson CFP

Overview

Your Personal Guidebook To FINANCIAL PEACE OF MIND—FOR A LIFETIME
Financial uncertainty accompanies us at every stage of life—not just in the years surrounding retirement. But it doesn’t have to be that way. Eric Hutchinson knows money is a key factor in maintaining a level of comfort and peace of mind, regardless of age. In The Financial Briefing, he reveals distilled wisdom based on over thirty years of professional experience and provides an overview of many of the financial and life issues everyone will face at some point. With the quick and easy-to-understand answers in this book, you will have the knowledge and resources needed to make money a positive force in your life. Put your money worries to rest, and learn tactics to: • develop a blueprint for your financial future • navigate critical money decisions at each stage of life • hold meaningful money conversations with family

Product Details

ISBN-13:	9781599326597
Publisher:	Advantage Media Group, Inc.
Publication date:	05/06/2016
Pages:	232
Product dimensions:	5.90(w) x 8.80(h) x 0.70(d)

About the Author

ERIC HUTCHINSON, CFP®, has over thirty years of experience in the areas of financial planning, investments, estate planning, and tax planning. In addition to practicing as a financial planner, Eric is a speaker, author, and frequent television guest on both national and local platforms. He currently serves on several nonprofit boards, including the Arkansas Community Foundation; is active in church, community, and professional organizations; and is a graduate of Arkansas State Chamber of Commerce Leadership Institute. Eric’s joy is working with families to help them manage financial affairs and ultimately make their dreams a reality.

Table of Contents

Dedication i

Acknowledgments iii

Preface v

Introduction vii

Finance 101: Laying the Foundation

I Budgeting and Saving Basics

Ch. 1 How Do I Make a Personal Budget and Stick to It? 3

Ch. 2 How Do I Improve My Credit Score? 9

Ch. 3 How Do I Begin Saving and Investing? 15

Ch. 4 How Can I Grow My Savings? 19

Ch. 5 How Can I Teach My Children Healthy Saving Habits? 23

Ch. 6 How Can I Help My Child or Grandchild Save for College? 27

II Planning Basics

Ch. 7 How Do I Begin Developing a Personal Financial Plan? 31

Ch. 8 What Should My Personal Financial Plan Include? 35

Ch. 9 How Do I Locate a Qualified Financial Planner? 39

Ch. 10 What Questions Should I Ask Before Selecting a Financial Planner? 41

Ch. 11 How Often Should I Update My Personal Financial Plan? 47

Finance 102: Common Scenario Planning

I Planning for Unexpected Change

Ch. 12 Do I Have the Right Insurance Coverage? 51

Ch. 13 How Do I Respond in the Event of a Health Crisis? 57

Ch. 14 What about Disability and Life Insurance? 61

Ch. 15 What Should I Know about Long-Term Care? 67

Ch. 16 How Can I Help Older Relatives Articulate Their Long-Term Care Wishes? 75

II Planning for Growth and Prosperity

Ch. 17 What's the Difference between Growth- and Income-Oriented Investments? 85

Ch. 18 How Do I Narrow My Investment Options? 93

Ch. 19 What's a Municipal Bond, and How Do I Choose One Wisely? 95

Ch. 20 How Do I Appropriately Allocate My Assets? 99

Ch. 21 Should I Take an Active or Passive Approach to Managing My Portfolio? 111

Ch. 22 What's My Real Rate of Return? 113

Ch. 23 How Can I Win with My Investments Over Time? 117

Ch. 24 What Types of Mutual Funds Should I Buy? 121

III Planning for Taxes

Ch. 25 What Should I Do with the Money in My 401 (k), 403(b), or Other Participant-Directed Account? 129

Ch. 26 Do I Need to Take Money out of My Retirement Accounts after Seventy? 139

Ch. 27 Do I Have to Pay Taxes on Money I Withdraw from an IRA Account? 141

IV Planning for the Next Generation

Ch. 28 Do I Need an Estate Plan? 147

Ch. 29 Should I Draft a Will, a Trust, or Both? 149

Ch. 30 What are the Benefits of Using Trusts to Distribute My Estate? 151

Ch. 31 Do I Need a Living Will? 155

Ch. 32 Who Should Manage My Affairs If I Become Incapacitated? 157

Ch. 33 How Can I Make Sure Death Benefit Proceeds Aren't Taxed as Part of My Estate? 159

Ch. 34 How Can I Prevent Discord Among Family Members as My Estate is Distributed? 163

Ch. 35 What Documents Should I Prepare in Addition to My Estate Plan? 165

Ch. 36 How Often Should I Review My Estate Plan? 169

V Planning for Retirement

Ch. 37 How Does Inflation Impact My Retirement Income? 175

Ch. 38 Should I Assign Beneficiary Designations for My Retirement Accounts? 177

Ch. 39 How Do I Transfer a Retirement Account? 181

Ch. 40 How Do I Get the Most from My Retirement Accounts? 185

Ch. 41 What Should I Know about the Default Investments in My 401(k) or 403(b) Plan? 193

Ch. 42 Should I Take Social Security Before "Normal" Retirement Age? 197

Ch. 43 How Much Should I Withdraw from My Retirement Account? 199

Ch. 44 How Should I Downsize an Empty Nest? 205