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Creating Your Financial Inventory: The Difference Between Guessing and Knowing Your True Worth
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Welcome back to the Retirement Learning Lab! In this episode, Van Richards continues the "Getting Your Financial House in Order" series by showing you how to transform your organized documents into a crystal-clear picture of your true financial position.
What You'll Learn:
- The critical difference between having organized documents and actually knowing what you're worth
- Why even intelligent professionals struggle with financial planning (featuring real client stories)
- The three essential components of a complete financial inventory
- How to avoid the costly mistakes that could derail your retirement
Real Stories That Will Open Your Eyes: Van shares two powerful client stories: Bob and Susan, who discovered they had $750,000 MORE than they thought (and could have retired years earlier), and Tom, who thought he had $900,000 but actually had only $525,000 (avoiding a retirement disaster).
Key Topics Covered:
- Assets, liabilities, and net worth calculation
- Special considerations for retirement planning
- Tax implications of different asset types
- Liquidity considerations and growth vs. income assets
- How high debt can block access to reverse mortgages
- The emotional side of financial discovery
Your Free Tool: Download the Retirement Life Workbook Module 1 at forms.richardsfinancialplanning.com - the same organizational system Van uses with paying clients, now available free to help you create your comprehensive financial inventory.
Action Steps for This Week:
- Gather all financial statements
- List every asset with current values
- Document all liabilities and debts
- Calculate your net worth and liquid net worth
- Review everything with your spouse
Remember: You can't solve problems you don't know you have, and you can't take advantage of opportunities you don't know exist. Your journey from insecure to in control starts with knowing exactly where you stand today.
Next Week: Understanding what your financial inventory means for your retirement goals and tax-sensitive account strategies.
Educational content only - not investment advice
View all episodes
By Van Richards, ChFC®, RICP®
5
11 ratings
Send us a text
Welcome back to the Retirement Learning Lab! In this episode, Van Richards continues the "Getting Your Financial House in Order" series by showing you how to transform your organized documents into a crystal-clear picture of your true financial position.
What You'll Learn:
- The critical difference between having organized documents and actually knowing what you're worth
- Why even intelligent professionals struggle with financial planning (featuring real client stories)
- The three essential components of a complete financial inventory
- How to avoid the costly mistakes that could derail your retirement
Real Stories That Will Open Your Eyes: Van shares two powerful client stories: Bob and Susan, who discovered they had $750,000 MORE than they thought (and could have retired years earlier), and Tom, who thought he had $900,000 but actually had only $525,000 (avoiding a retirement disaster).
Key Topics Covered:
- Assets, liabilities, and net worth calculation
- Special considerations for retirement planning
- Tax implications of different asset types
- Liquidity considerations and growth vs. income assets
- How high debt can block access to reverse mortgages
- The emotional side of financial discovery
Your Free Tool: Download the Retirement Life Workbook Module 1 at forms.richardsfinancialplanning.com - the same organizational system Van uses with paying clients, now available free to help you create your comprehensive financial inventory.
Action Steps for This Week:
- Gather all financial statements
- List every asset with current values
- Document all liabilities and debts
- Calculate your net worth and liquid net worth
- Review everything with your spouse
Remember: You can't solve problems you don't know you have, and you can't take advantage of opportunities you don't know exist. Your journey from insecure to in control starts with knowing exactly where you stand today.
Next Week: Understanding what your financial inventory means for your retirement goals and tax-sensitive account strategies.
Educational content only - not investment advice