Creating Your Financial Inventory: The Difference Between Guessing And Knowing Your True Worth The Retirement Learning Lab podcast

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Creating Your Financial Inventory: The Difference Between Guessing and Knowing Your True Worth

1d ago 29:45

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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

32 episodes

#Podcasting Education #Van Richards ChFC® #Van Richards