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Wealth Planning:

Guided Planning Strategies (GPS)

Discover financial wisdom with Menninger & Associates expert Guided Planning Strategies (GPS) on buying a home, insurance planning, cash flow management, budgeting, liquidity, and wills. Tailor your financial journey and reach your goals with Menninger & Associates.


Smart Moves for Buying a Home: Mortgage Planning

Buying a home is one of the biggest financial decisions that a person can make. Not only can it involve taking on a big mortgage, but the monthly expenses can also affect your budget and ability to save for your future. With so much at stake, does it make sense to work with a financial advisor before buying a house? Not only is it a good idea to seek professional guidance to buy a home, but a financial advisor can actually help you with so much more from your budget to preparing your finances for retirement.

The financial advisor can advise you on how much of a home you can afford, which is something that many people struggle with. Just because you can qualify for a certain mortgage amount doesn’t mean you should take on that much debt. Your advisor can analyze your finances and help you make a plan to get the home of your dreams.

The home buying process can be tricky for many investors. While buying a home is an important goal, there are numerous other considerations that you should keep in mind. A financial advisor helps you to determine how much home you can buy without losing sight of your other goals. And they can pinpoint areas of your spending where you can cut back to afford your dream home while staying within your budget.


Personalized Insurance Planning Services

When it comes to insurance planning, consider which insurance would be best to fit your particular needs. A financial advisor helps navigate the different insurance policies and coverage available in the market. The type of insurance that suits you best varies greatly depending on your lifestyle, such as occupation, age, preferences, and marital status.

Risk management is essentially insurance planning. Insurance is the cornerstone of your financial plan because all forms of insurance are designed to protect you from life-changing events. Most of your life’s risks can be transferred to your insurance company in the form of: Health insurance Life insurance Disability insurance Homeowner’s insurance Auto insurance Long term care insurance Liability insurance That’s why it’s essential that we review your insurance coverage to make sure you’re protected against life’s unanticipated events and that you’re not at risk of financial ruin.


Strategic Cash Flow Based Financial Planning

Cash flow planning, or cash management, involves analyzing income and expenses. Positive cash flow occurs when income exceeds expenses, while negative cash flow happens when expenses surpass income. Ideally, income should exceed expenses, and then the focus is on how to use the extra cash flow.

At Menninger & Associates, we take wealth management to the next level. We prioritize developing and reviewing a client's balance sheet, which includes their assets and debts. Unlike other financial advisors who concentrate on the assets, we place our focus on the clients' debts. This is because we can provide the most significant improvement in their cash flow and overall financial health in this area. In fact, reviewing the balance sheet is typically one of the first things we do in any review meeting, especially during the initial years of our client relationship. We explore methods to assist in debt reduction and refinancing options that can decrease the amount clients need to pay each month and throughout their lifetime to other financial institutions.


Budgeting for Financial Stability

A budget helps create financial stability. By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund, and save for major expenses such as a car or home. Overall, a budget puts a person on stronger financial footing for both the day-to-day and the long term.

There are many reasons to have a budget, depending on the individual. A budget can often help build financial independence and freedom. A budget can also set you on the right path to achieving your financial goals, spending within your means, saving for retirement, building an emergency fund, and analyzing your spending habits.

A budget is simply a spending plan that takes into account expected income and expenses for a specified period of time. It can bring you one step closer toward financial security. Having and sticking to a budget can keep your spending in check and assure that your savings for emergencies and longer-term goals, such as a comfortable retirement, stay consistent.


From Assets to Cash: Liquidity Planning

You may already be familiar with the concept of liquidity, which refers to how easily an asset can be converted into cash without losing significant value. Common examples of liquid assets include cash – like the money in your checking or saving accounts – as well as certain securities like stocks and bonds, depending on how quickly you can sell them on the market.

Understanding your liquidity needs is an important part of financial planning. Knowing how much cash you need to have on hand allows you to meet your financial obligations today and plan for your goals tomorrow – such as your retirement.

Everyone’s liquidity needs will be different depending on your monthly expenses and financial goals. For instance, if you’re planning to buy a home in the near term, your liquidity needs may be higher. Mortgage lenders often assess your liquidity as part of the application process.


Wills and Estate Planning in Your Financial Roadmap

The reason a will is so important is that without it, your assets can wind up in legal limbo for years. This can put an unnecessary burden on your heirs and other family members who are left to deal with sorting out your finances. Besides making sure your assets get to the people you choose, planning can help minimize income, gift and estate taxes, too.

Think of estate planning as a road map for making sure your wishes are carried out when you pass away or are unable to make decisions for yourself. It’s an umbrella term used to describe multiple different documents that help outline your health care wishes, how you’d like your assets and possessions to be distributed and can even name who you’d like to care for your children, dependents and pets.

Without an estate plan, and specifically a will, the laws in your state will determine what happens to your possessions, and the courts will decide who gets custody of your children.

Planning for Future Wealth with Menninger & Associates

(610) 422-3773