The Confident Wealth Podcast

In the 13th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk about the crucial questions that clients ask financial advisors to prepare for retirement, and the questions advisors ask clients. Gain a deeper insight into the importance of financial advisement, why you shouldn't settle on just Googling for answers, and what makes for a solid client/advisor relationship. Time Stamped Show Notes: ● 00:40 – Bill and Pete Bush have been podcasting for about six months. ● 02:20 – There is a massive amount of information that causes confusion. ● 03:23 – Am I on track to have enough money to retire? ● 03:54 – What are the expenses that will occur later on and what will be the income streams? ● 05:04 – Factor in inflation, because how much you will need will increase in the future. ● 05:14 – What does your portfolio need to do to meet your goals? ● 06:34 – Am I allocated properly? ● 07:59 – Your 401K plan for instance, you can have that allocation creep that happens, unless you don't have the auto-rebalancing plugged in. ● 08:48 – Am I going to be ok to retire early? ● 09:56 – Leaving a legacy to kids is important to many people. ● 11:22 – How long should I prepare to live for with my retirement plan? ● 12:46 – How much insurance do I need to have? ● 14:28 – Its not the questions that you have for your advisor, it is the questions that your advisor has for you that make the difference in that relationship.

3 Key Points: 1. Answers are easy to find, but questions are harder to know to get the information you need. 2. Inflation should be factored in because how much you will need will increase in the future. 3. Its not just the questions that you have for your financial advisor, it is the questions that advisor has for you that make the difference in that relationship.

Tweetable Quotes: - "Answers are everywhere, they're free, they're easy to go get." – Pete Bush.

- "What are the questions to ask of yourself, your particular situation, and most people can get maybe two or three questions in before they run into a question that they don't know the answer to." – Pete Bush.

- "Are there any causes or other people that you care deeply about that you would love to leave a legacy to?" – Pete Bush.

Resources Mentioned: ● Horizon Financial Group – website for Horizon Financial Group ● Confident Advisor Practice – podcast for Confident Advisor Practice

In the 12th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk with David Patrón, a partner and Practice Coordinator at Phelps Dunbar, for the law firm's New Orleans Litigation Group. During this talk, David discusses the importance of data security, preparations to prevent data breaches, and the ways in which cyber-attacks can take place.

Time Stamped Show Notes:

• 01:47 – David discusses cyber-attack vulnerabilities from malware, hacking, phishing attacks, internal sabotage, and careless employees.

• 03:42 – The technology officer of a company needs to stay aware of security issues.

• 05:39 – Train employees how to stay aware of securities problems and preventative measures they should be taking.

• 06:59 – Engage companies that offer hacking simulations to penetrate your system to detect weaknesses that need to be remedied.

• 08:13 – Invest in cyber security insurance, which is relatively inexpensive right now.
• 09:50 – Assemble experienced executive, forensic, and legal response teams, and formulate a plan of action which includes public relations efforts, in advance before an attack even happens.

• 13:01 – Once you detect an attack, you need to contain it, and deal with any litigation that may occur.

• 15:31 – State statutes regarding data breach vary by jurisdiction, and it is a sliding scale.

• 18:05 – The typical lawsuits that pertain to data breach include: lawsuits brought by regulatory agencies, class action suits brought against security fraud, and lawsuits brought on by individual affected customers.

• 19:41 – Data security should be a top priority for a company. The attackers are becoming more sophisticated.

• 22:33 – The role of the attorney is often pre-incident front-end consulting and risk-assessment, and incident response.

3 Key Points:

1. Cyber Security Checklist:

- Install basic security equipment and anti-virus software for email servers and final user devices.

- Firewall technology.

- Web filter and spam filter software.

- Data loss prevention software.

1. Utilize reliable companies that offer hacking simulations to penetrate your system to detect weaknesses that should be fixed.

1. Cyber security insurance is an importance and affordable investment to make right now.

Tweetable Quotes:

- "Know your enemy." – David Patron.

- "You have to invest in cyber security technology. If you don't, as a company, you are just being negligent. And you are setting yourself up for litigation if something does happen" – David Patron.

- "You want to have robust human resource programs to educate your employees about the importance of staying vigilant and being aware." – David Patron.

Resources Mentioned:

• Horizon Financial Group – website for Horizon Financial Group
• Confident Advisor Practice – podcast for Confident Advisor Practice
• Phelps Dunbar – Website for Phelps Dunbar/David Patron's profile
• LinkedIn – David Patron's LinkedIn page

Summary:

In the 11th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk with Dr. Curtis C. Chastain MD from the Our Lady of the Lake Men's Health Center to discuss how much wealth and health are linked. They talk about the importance of knowing your health status to better plan for your financial future. Dr. Chastain explains the types of tests that are vital, strategies that patients should plan for, and ways to better meet wealth and health goals.

Time Stamped Show Notes:

• 01:02 – Dr Chastain addresses the importance of knowing your health status before making financial decisions.
• 05:51 – Your health involves thinking about where your body will be 20 years from now.

• 06:21 – The overlap of health and health requires being proactive.

• 09:30 – Analysis family history, smoking, and lifestyle are factors that help make sense of people's health. What
• 10:28 – What if I outlive my money?

• 13:20 – Stats say it costs 10-20 times a company president's salary to replace him.
• 13:38 – Cardiac and cancer issues are important to look out for.
• 15:25 – Ultra sound studies, tread mill tests, full physical exams, and face-to-face health history data help to achieve health goals.

• 19:32 – If people are taking action to improve their health, closing their health gaps becomes an easier process.

• 21:06 – After getting over the cost hurdles, the value of health and wealth procedures can actually save you money and save your life.

3 Key Points:

1. Both health and wealth require being proactive about success.
2. You need to prepare for the fact that you could outlive your money.
3. Getting help to achieve health goal involves ultra sound studies, tread mill tests, full physical exams, and face-to-face health history data help achieve health goals.

Tweetable Quotes:

- "How in the world can somebody make major finnacial decisions…without knowing their current health status?." – Dr. Curtis C. Chastain.

- "People forget their health is looking 20 years from now. – Dr. Curtis C. Chastain.

- "It gets to the point where some of the overlap of health and wealth…is being proactive." – Pete Bush.

Resources Mentioned:

• Horizon Financial Group – website for Horizon Financial Group
• Our Lady of the Lake – Website for Our Lady of the Lake Men's Health Center
• LinkedIn– Dr. Chastain's LinkedIn.

Summary:

In the 10th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk with Camm Morton from VR Business Brokers. Camm discusses his background and credentials in the business exit sector, how VR Business Brokers works for buyers and sellers, and the best practices involved.

Time Stamped Show Notes:

• 00:40 – Guest Cam Morton is introduced, including spending over 30-40 years in finance. He focuses on helping people deal with business exit planning.

• 01:44 – VR Business Brokers is a world-wide business exit firm that brings buyers and sellers together.

• 02:38 – VR gives a free business valuation to people. 90% of business probably never thought about how they will exit. Plan ahead.

• 05:08 – The steps, which should begin at least two years ahead include: establish a broad range value, figure out what you want to do during retirement, how much money you need during retirement, do you have a team?

• 06:44 – Camm is VR's exit planning specialist, one of about 600 in the United States that is certified.

• 07:21 – Many companies operate as "lifestyle companies" that aren't organized for an exit situation. Emotions can run high.

• 09:36 – Finding a buyer requires meeting with buyers in similar industries, list the business without saying who it is, and screen potential buyers and help them with loans and structuring the deal.

• 12:18 – Industries that are easiest to move are well-priced and businesses that do businesses with other businesses. Manufacturing is popular.

• 14:07 – VR has dealt with a client that wasn't honest about their businesses' finances and a client that died two weeks after the deal closed.

• 15:54 – Only 10-20% of businesses that are typically $15 million companies and below ever sell.

• 17:03 – Successful business owner's businesses often represents 80-90% of their entire net worth.

• 18:57 – Concentrate to accumulate. Diversify to protect.
• 19:03 – Camm Morton's contact information:

Email: [email protected]

Telephone: (225) 663-5999

3 Key Points:

1. Camm is VR's exit planning specialist, one of about 600 in the United States that is certified.

1. Only 10-20% of businesses that are typically $15 million companies and below ever sell.

1. Successful business owner's business often represents 80-90% of their entire net worth.

Tweetable Quotes:

- "We like to be in the half a million to one million, or up to $15 million range as selling price." – Camm Morton.

- "I think the most common mistake is not knowing the value of your company." – Camm Morton.

- "You don't have to be perfect, you just have to be better than the other 80% out there in order to get a decent value." – Camm Morton.

Resources Mentioned:

• Horizon Financial Group – website for Horizon Financial Group
• Confident Advisor Practice – podcast for Confident Advisor Practice
• VR Business Brokers – Website for VR Business Brokers
• LinkedIn – Camm Morton's LinkedIn page

All About Retirement Plans with Andy Bush

Summary: The hosts of The Confident Wealth podcast Bill Bush and Peter Bush open up this episode to the topic of retirement plans with Andy Bush – the head of the retirement plan division of Horizon Financial Group. The three Bush brothers discuss the important retirement plan designations that advisors should equip themselves with. They also talk about the six steps of "The 401k Confidence System" and the eight steps of "The 401(k)onfidence Scorecard" that were both created internally at Horizon Financial Group.

Time Stamped Show Notes: ● 00:25 – Bill Bush and Pete Bush introduce the episode's topic of retirement planning. ● 01:07 – Their retirement plans, although based in Baton Rouge, spread through Louisiana and beyond the state into places like Texas and Alabama. ● 02:00 – The bulk of the plans are 401k but they also service 457, 403b, and smaller IRA plans. ● 02:29 – There is a push to make sure that the advisor on a plan is a specialist and knows what the fiduciary responsibilities are. ● 05:00 – What makes an advisor a specialist begins with training and earning designations to learn what it means to be a fiduciary, what the processes are, and what the requirements are for documentation. ● 05:42 – Both Bill Bush and Andy Bush are Chartered Retirement Plan Specialists (CRPS). Other designations that are available include: Accredited Investment Fiduciary (AIF) that covers the fiduciary roles and tasks, Professional Plan Consultant (PPC) is sort of a bridge between CRPS and PPC. ● 06:45 – The 401(k)onfidence System, created by Horizon Financial Group, is provider agnostic and can be layered on top of whatever record keeper you want to use. 401K Confidence System as 6 Steps: ● 07:47 – Step 1: "The Clarity Conversation" is the "get to know you" phase where they gather the information, have a conversation with the client, find out what is important to them, and what their vision is. ● 08:04 – Step 2: "The Confident Plan Evaluation" is created for the client to benchmark their retirement plan against industry standards, and gives them analysis and feedback about what is working and not working. ● 09:10 – Step 3: "The Plan Improvement Report" is where areas have been identified as to where they can improve their plan. ● 10:18 – Step 4: "The Guided Transition walks the client through changes that can improve their plan – such as a vendor replacement. ● 10:57 – Step 5: "The Participant Engagement Experience" is an ongoing conversation and offers education opportunities along the way. ● 12:32 – Step 6: "Your Fiduciary Check-Up" is a proactive way of making sure that plan sponsors are taken care of and have peace of mind. ● 14:15 – There has been a myriad of problems that Andy has run into with clients including: plan sponsors that never met their advisors and plans that are thick with fees that aren't transparent. ● 17:40 – The 401(k)onfidence Scorecard looks at eight critical areas that a plan sponsor should be concerned about with their 401k plan. Each area has four statements for plan sponsors to grade themselves and see which category they fall into. ● 25:40 – Closing credits.

3 Key Points:

1. The main retirement plan designations are: Chartered Retirement Plan Specialists (CRPS), Accredited Investment Fiduciary (AIF), and Professional Plan Consultant(PPC). 2. The 401(k)onfidence System, is a six-step plan that is provider agnostic and can be layered on top of whatever record keeper you choose to use. 3. The 401(k)onfidence Scorecard has at eight areas that a plan sponsor should be concerned about with their 401k plan and each area has four statements for plan sponsors to grade themselves.

Tweetable Quotes: - "90% of Americans save probably 90% of their money in their retirement plan at work and or in their IRAs." – Pete Bush.

- "We have about 60 plans and about $340 million in assets covering well 5,000 employees." – Andy Bush.

- "As you age, you certainly want to have a dialogue and an engagement with somebody who is a professional advisor and knows what they are talking about." –Andy Bush.

Resources Mentioned: ● Confident Wealth – Website for Confident Wealth ● The Confident Wealth Experience – Horizon Financial Group's planning system ● The 401(k)onfidence System – Horizon Financial Group's retirement plan planning system

With Melissa Terito, CPA

Summary:

In the 8th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk with Melissa Terito, a partner and CPA at the accounting and business advisement firm Faulk & Winkler. She oversees their third party administrative practice (TPA) – branded as Sentinel Pension & Payroll. They share valuable information about the benefits that business owners have in setting up retirement plans for their employees. They also dispel a few misconceptions and assumptions that have been applied to retirement plans as well.

Time Stamped Show Notes:

• 00:35 – Bill Bush and Pete Bush introduce Melissa Terito and she shares her professional life.
• 01:33 – Businesses establish retirements plans because their employees are asking for this service and it makes for a great tax deduction.
• 03:15 – Melissa will run a contribution projection so that the business owner can see how much their new retirement plan will cost them and save them.
• 03:31 – Faulk & Winkler offers multiple retirement plans that include medical groups and a 2000-particpant union plan.
• 04:20 – Melissa does consulting on simple IRAs,
• 05:00 – Advantages to the employee for participating in retirement plans: it is easy, it is tax deductible, it grows tax deferred, and it gives them a knowledgeable advisor.
• 07:44 – The profit sharing contribution doesn't need to be funded until the company files their tax return.
• 09:16 – The new plan tax credit can offset some start-up costs.
• 10:18 – The biggest problems that Melissa sees includes people not following the retirement plan document and assuming that part-time employees can't participate in a 401K plan.
• 12:37 – Faulk & Winkler educates their customers on an ongoing basis.
• 13:12 – Full-time employees that drop down to part-time employees can't be kicked out of their retirement plan.
• 13:57 – Options that clients need to make decisions on include: eligibility and do you want to be a safe-harbor plan.
• 16:44 – Trends that Melissa sees in terms of changing plans is making it possible to do during every pay roll period.
• 18:04 – Steps that a plan sponsor can make in giving themselves confidence that the plan is running smoothly for them: check that they have a fiduciary folder, discussion with an advisor, and 401K vs. Roth IRA.
• 20:50 – The closing credits

3 Key Points:

1. Retirement plans offer advantages to employees such as being easy to set up, being tax deductible, growing tax deferred, and providing knowledgeable advisement.
2. The profit sharing contribution is one of the few accrued deductions that a company can take on their tax return.
3. Full-time employees that become part-time employees can't be pushed out of their retirement plan.

Tweetable Quotes:

- "Expensive is relative…there are fees with setting up anything." – Melissa Terito.

- "If your business gets audited, there is a chance that they are going to take a look at the simple IRA at some point." – Melissa Terito

- "A lot of people don't think that part-time employees can participate in a 401K plan." – Melissa Terito.

Resources Mentioned:

• Horizon Financial Group – website for Horizon Financial Group
• Confident Advisor Practice – podcast for Confident Advisor Practice
• Faulk & Winkler – Melissa Terito's Faulk & Winkler profile page
• LinkedIn – Melissa Terito's LinkedIn profile page
• Sentinel Pension & Payroll – Faulk & Winkler's pension service

Summary:

In today's 7th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush from the Horizon Financial Group of Baton Rouge, Louisiana discuss the value in utilizing an internally developed tool called "Your Financial Matrix." Learn all about the benefits of the seven categories of this financial planning strategic device which are: Cash Flow an Budget, Investment Planning, Retirement Planning, Income Tax Planning, Risk Management and Insurance, Estate Planning and Charitable Giving, and Assistance to Others. Bill and Pete will get you up to speed on the importance of customizing your wealth-building methods to your particular lifestyle.

Time Stamped Show Notes:

• 00:56 – Bill Bush and Pete Bush start the discussion on the multiple components of building wealth.

• 02:26 – "Your Financial Matrix," developed by Peter Bush, spells out financial situations the Horizon Financial Group can assist with.
• 03:15 – The 7 Categories of "Your Financial Matrix": Cash Flow and Budget, Investment Planning, Retirement Planning, Income Tax Planning, Risk Management and Insurance, Estate Planning and Charitable Giving, and Assistance to Others.
• 03:31 – 1.) Cash Flow and Budget: a foundational part of a person's financial plan because it is out of discretionary cash flow that they can save, buy insurance, and help other people.
• 06:22 – Sometime during 2000 Horizon Financial Group shifted to the holistic planning model and fee-based planning.
• 08:32 – 2.) Investment Planning: major factors that effect this include: risk tolerance, time, volatility, taxable vs. tax-deferred, and asset allocation.
• 11:25 – 3.) Retirement Planning: factors to consider include: business exit strategy, social security, Medicare, and withdrawal strategies.

• 14:36 – 4.) Income Tax Planning: make sure that you are maximizing deductions. Look at your tax return from a financial planning standpoint instead of a tax standpoint.
• 17:54 – 5.) Risk Management and Insurance: you are guarding yourself against catastrophic potential risk. Look for old policies that are not needed, too expensive, or outdated.

• 20:40 – 6.) Estate Planning and Charitable Giving: trusts, setting up powers of attorney, estate taxes, giving to your favorite charities, and wills fall under this category.

• 23:17 – 7.) Assistance for Others: this category can apply to preparing for your kids to go to college, or assisted living facilities for your elderly parents when they can no longer take care of themselves.
• 28:08 – The closing credits

3 Key Points:

1. Key factors that have an effect on investment planning include: risk tolerance, time, volatility, taxable vs. tax-deferred, and asset allocation.
2. Factors to consider with retirement planning include: business exit strategy, social security, Medicare, and withdrawal strategies.

1. With charitable giving and estate planning, you are dealing with trusts, setting up the proper powers of attorney, estate taxes, giving to your favorite charities, and setting up your will.

Tweetable Quotes:

- "Cash flow and budgeting, very, very foundational to someone's financial picture." – Pete Bush.

- "For the most part, everybody's accumulating wealth in the value of their homes and their 401K plans." – Pete Bush.

- "There's a lot of different components to your money and financial life, more so than just your retirement or your investment portfolio." – Pete Bush.

Resources Mentioned:

• Horizon Financial Group – website for Horizon Financial Group
• Confident Advisor Practice – podcast for Confident Advisor Practice

The Confident Wealth Experience

Summary:

The hosts of The Confident Wealth podcast Bill Bush and Peter Bush spend this episode explaining each of the six steps that make up the financial planning system Peter developed for the Horizon Financial Group called "The Confident Wealth Experience." You will learn all the important steps that include: "The Discovery Conversation," "Your Confident Wealth Strategies," "Your Confident Wealth Action Plan," "The AdvisorLink Advantage," "The Confident Wealth Monitor," and "The Confident Care System." Learn the valuable reasons why many Horizon Financial Group clients have benefitted from "The Confident Wealth Experience" to plan for a more financially sound tomorrow.

Time Stamped Show Notes:

• 00:35 – Bill Bush and Pete Bush introduce the episode's topic of financial planning.
• 01:32 – The importance for planning to let your money outlive you to leave legacies.
• 02:28 – The mindset for leading by planning for retirement savings.
• 03:50 – The kind of technological tools that Pete Bush used pre-internet and post-internet
• 04:58 – The Confident Wealth Experience system, once called The Financial Coordinator Solution that Pete Bush created and has been using for over 10 years.
• 06:40 – Step 1: "The Discovery Conversation," of The Confident Wealth Experience takes place. Where have you been financially, and where you do you want to go?
• 09:56 – Step 2: "Your Confident Wealth Strategies": after gathering the client's financial data, the feedback and analysis that lead to discoveries to create your roadmap to success.
• 11:48 – Step 3: "Your Confident Wealth Action Plan": where specific, recommended, customized steps take place to put into action to gain results.
• 13:45 – Step 4" "The AdvisorLink Advantage": gathering experts to support your focused plan of action.
• 16:37 – Step 5: "The Confident Wealth Monitor": the method of checking in on the progress of our plan to keep your hands on the wheel to keep driving straight towards your goals and to keep your confidence.
• 18:27 – Step 6: "The Confident Care System": assistance for navigating an changing future.
• 20:43 – Pete shares some unique stories of people that have completed "The Confident Wealth Experience."
• 23:43 – Final Thoughts: having a plan will help your money outlive you.

3 Key Points:

1. Either your money is going to outlive you or you are going to outlive your money.
2. Steps 1-3 of "The Confident Wealth Experience" make up your strategies to identify your financial goals and translate them into action steps.
3. Steps 4-6 of "The Confident Wealth Experience" form the way you gather your support system to keep your financial goals on track.

Tweetable Quotes:

- "There's two main outcomes you can have in your life. And one is you outlive your money, and the other one is your money outlives you." – Pete Bush

- "The outcome of planning is confidence." – Pete Bush

- "Financial planning tends to get emotional, because you start to deal with people, and dreams, and goals." – Pete Bush

Resources Mentioned:

• Confident Wealth – Website for Confident Wealth
• The Confident Wealth Experience – Horizon Financial Group's planning system

In this episode, the Bush brothers, Bill and Pete of Horizon Financial Group, talk about the final three categories of the Confident Wealth Scorecard: sharing your success, coordinated plan and vision and leading a balanced life. Cultivating a GROWTH mindset is not only necessary for managing your wealth, but for optimizing it. Those who struggle often fall prey to a scarcity mindset—they fail to have a plan that eliminates risks to their portfolio. Tune-in to gain insights into how you can transform your life and those dearest to you. You'll discover how the end goal is not just to appease yourself, but to be free enough to give to the needs and causes you deem most valuable.

• 00:35 – The Confidence Wealth Scorecard rates you on eight different categories
• 01:22 – Today, we are going to be talking about "Sharing Your Success", "Coordinated Plan and Vision" and "Leading a Balanced Life"
• 02:35 – At the end of the day, it is not what you do for your personal gains but what you do for other people that really matters
• 02:52 – A score of 1, 2, or 3 is for someone who consumes all their finances without putting anything aside for charity or their grandkids' education
• 03:38 – This mindset is either due to greed or genuine scarcity
• 04:38 – Volunteering is a good first step that involves devoting your time and not your financial resources
• 05:09 – A score of 4, 5 or 6 is assigned to someone who intermittently contributes to college savings accounts, is able to set aside some money for retirement but is unable to contribute anything for your employees
• 05:55 – Someone who can resort to better budgeting to plug leakages
• 07:12 – A score of 7, 8, 9 is possible if you are on track to fund college education, support causes and your key employees
• 08:58 – You are probably in a comfortable position and could be doing a bit more
• 09:12 – A 10, 11 or 12 is assigned to someone who benchmarks employee plans on an annual basis, has funded college education and gives to charities on a regular basis
• 10:08 – Someone with a GROWTH mindset
• 10:41 – We discuss the next category: overall coordination plan and VISION
• 11:00 – You are on the low end with a score of 1, 2 or 3 if you do not have a clear plan and have not discussed it with your spouse
• 12:15 – If your spouse and you do not know what the plan is, there is NO PLAN
• 12:55 – If you have purchased financial products, have the basics covered but do not have a formal written plan—you will be rated a 4, 5 or 6
• 13:38 – Absence of a coordinated plan for a successful financial future
• 14:35 – Bear in mind that without a plan, you fail
• 15:27 – A score of 7, 8 or 9 is for someone who has accumulated substantial wealth or assets but they are scattered among different advisors and there is an absence of coordination
• 16:41 – Can work with an adviser who knows where all the scattered assets are and can continue to manage your finances if you are not there
• 17:41 – A high portfolio overlap will not render you immune from market volatility
• 18:00 – A written plan for your business and a vision that you share with your family and advisors will fetch you a score of 10, 11 or 12
• 19:11 – A GROWTH mindset where you are continually looking to improve
• 20:14 – We discuss the next category: "Leading a Balanced Life" which is about achieving a work-life harmony
• 20:24 – A score of 1, 2 and 3 is for someone who constantly works and is in continually thinking about business
• 20:54 – Having free time helps your rejuvenate and helps you think better
• 21:48 – If your business is growing but customers are demanding more and more of your time, you will be in the 4, 5 or 6 category
• 22:08 – Team building and partnering with other people will help you improve your life quality
• 23:22 – The next category of 7, 8 or 9 is when you are in a comfortable space and are present for the business and family when needed
• 24:45 – You are still more involved in the business than you should be
• 24:55 – You are in the top bracket of 10, 11 or 12 if you are a leader of a self-managing company that does not require you
• 26:02 – You are free to devote time to the causes that are important to you
• 26:56 – A person whose desires extend beyond work and family to the community and world
• 27:20 – We have gone through ALL eight categories now
• 28:12 – Reach out to us if you wish to move your score up to the top bracket
• 29:27 – Every category and box in the scorecard has a solution that can be personalized to you which will ultimately increase your CONFIDENCE
• 29:48 – Check out our website to know more about our team and our various services

1. Cultivating a GROWTH mindset is necessary to optimize your wealth.
2. Absence of a formal written plan only leads to failure—make sure you have a plan in place.
3. Aim to make your business a self-managing one; this will free you up for other important causes beyond your work and family that are dear to you.

In this episode, the Bush brothers, Bill and Pete of Horizon Financial Group talk about the next two critical categories on the Confident Wealth Scorecard – wealth building and cash management. Planning is ESSENTIAL when it comes to succeeding in these two areas. Those who struggle are often blind to the details of their portfolio and spending and don't actually realize how much money they're burning. Tune-in to learn why having proper SYSTEMS in place can transform your sporadic cash flow into a steady stream and some other insights that will help you score highly in these two critical areas.

• 00:43 – The Confidence Wealth Scorecard helps business leaders assess where they are right now and enables them to compare it to an ideal
• 01:35 – Today, we are going to tackle wealth building and cash management; wealth building involves asset allocation and lifetime income planning
• 01:52 – People who score the lowest are not keen on advance planning; their lifestyle and business consumes all their cash
• 02:30 – A score of 4, 5, or 6 is for someone who directs all their money back into their business

o 03:49 – Business owners often tend to overestimate the worth of their businesses

o 04:40 – Diversification ensures that while you may not be making a killing on every dollar, you will NOT get killed either

• 05:18 – A score of 7, 8, or 9 is assigned to someone who has built up a portfolio, but has not rebalanced their asset allocation, run retirement income projections or performed a fee analysis in the past several years

o 06:32 – Ensure that there is minimal portfolio overlap and hence, less risk

o 07:32 – Having a sizeable portfolio results in overconfidence and avoidance of going into the details

• 08:00 – Ensure that your money outlives you and not the other way around
• 08:38 – A score of 10, 11, or 12 is only possible if you started planning a long-time ago
• 09:48 – You cannot accumulate sizeable wealth without a rock-solid plan
• 10:34 – Cash management includes income, expenses and use of debt
• 11:14 – Determining if you score a low 1, 2, or 3 in cash management

o 11:37 – A poor cash management score is common in the initial phases of a business where you are probably the owner and sole employee

• 12:32 – A cash management score of 4, 5, or 6 is assigned to someone with a moderately successful business but inconsistent cash flow

o 13:32 – Not having proper SYSTEMS in place results in a sporadic business income

• 14:19 – A cash management score of 7, 8, or 9 is for someone with a high income, good savings, but too much cash stashed away on the sidelines

o 15:48 – Having too much cash results in losing out on an opportunity to generate additional income

• 16:28 – Regular business, personal financial reviews and an ability to reliably predict profits are some of the factors which will help you score higher

o 17:31 – Ensure you have methods and systems that will prevent loss

o 18:36 – Diligent planning, a proactive approach and professional help will lead you to a score of 10, 11, or 12

• 20:00 – We have tackled 5 of the 8 categories of the Scorecard now; we'll tackle the last 3 in the next episode
• 20:47 – Apart from making money, success is defined by how you're doing in your personal life as well
• 21:20 – Check out ourwebsite to know more about our team and our various services

1. To accumulate a sizeable portfolio, you need a rock-solid plan; AVOID having too much cash stashed away and ensure there is minimal portfolio overlap.
2. Owning a small to medium-sized business often results in a sporadic cash flow; scale your business by implementing systems that will ensure your cash flow remains stable.
3. Diligent planning, a proactive approach and proper financial help will ensure that you score highly as far as cash management is concerned.

To view the Confident Wealth Scorecard, click here.