The mission of financial position is to identify what resources can be used to meet your needs and to gain commitment as we identify and negotiate dollar amounts.
What is financial position?
It is your own dollars vs. your own debt and your income vs. your outflow.
Professional advisor perspective; focus on the resources and what is most important about their cash flow and net worth.
Vision: Paint a financial picture they can accept for their budget, net worth, debt, spending, saving, investing, fixed and discretionary dollars.
Goal: For the caregiver and family to understand their present financial situation and prioritize the cash flow needs.
Strategy: Use the found money principal in finding discretionary dollars from the three "I"s. Income tax liabilities, insurance premiums and interest on debt.
Tactics: Get everyone to agree on the facts of the past and present.
Supplemental Value added activities:
Determine which tools may help the caregiver and family member to better understand their financial situation.
Cash Flow Budget
Spending and Savings Habits
End of Life Planning Checklist