Long Beach Real Estate-Long Beach Condos

Wealth Planning

If I have had the pleasure of helping you, you've heard me use the phrase, "We're going to play chess while the world plays checkers.".  What that means is that we are going to create and execute a strategic plan for you to use the correct mortgage to accumulate wealth.  We create that plan so that your wealth is created within the property and outside of the property.

READ:  Wealth Planning?  From a Mortgage Salesman?

So here is the five-step process I use before we start talking about rates and terms.  If you've ever bought a home, this is going to be dramatically different then what you've heard from the retail mortgage salesperson that originated your last loan.

Step One:  Goal Setting

This is where I'll ask you definitive questions about how you want your life to look in the future.  It's been my experience as a wealth planner that most people are concerned about two things:  sending their children to college and making sure that they won't outlive their money when they retire.  If I ask you things like "Do you think your seven year old is smart enough to go to college?", I'm not trying to be a smart-aleck; I'm determining if  we can expect a $100,000 expense in 11 years.  When I ask you to "paint a picture" of what you'll do each day when you stop working, I'm trying to determine how much monthly income you'll need when you retire.

Step Two:  Working the Numbers

This step is where I retreat and figure some programs.  So many of you are sitting on a small fortune in Long Beach real estate but you have very little money "outside of the property".  You're not liquid.  Lose your job it may be as soon as four months for trouble to hit.  I look at your current assets, extrapolate the future value of those assets and see if it will be enough to reach your goals.

Step Three:  The Recommendations

I'll give you a laundry list of actionable items. including the home loan.  This is where it gets hairy.  You'll be breaking some of the bad thinking we've been subject to growing up so it won't feel right.  I may be recommending that you pull out all of your equity on an adjustable rate loan which may be exactly what you were taught NOT to do.  I assure you that I'll have requisite recommendations with referrals to top financial advisors for that money.  Here is where I'll ask you to keep an open mind and ask lots of questions.

Step Four:  The Execution

I'll get working on the loan.  I'll get you scheduled with a financial advisor for the investments, we may be having you sit down with a CPA for the first time, and you might have get into Laurie's car and hunt for an investment property.  It's going to feel very uncomfortable here, too.  You may not be used to dealing with a "financial advisory team". I assure you that the wealthiest Americans use this "team" strategy.  If you want to build wealth, act like a wealthy person.

Step Five:  The Review

We do this review on the telephone every 4-6 months.  It's a "checking in" call that lasts 15-30 minutes.  I'll also act that you make me aware of any major life changes you have when they occur.  Annually, we'll go through the process again, starting at step one and repeating the other three steps.

This is a radically different approach than the traditional retail mortgage salesperson.  I know that.  I decided a while back that my skill sets were best suited for financial planning.  I learned that it was most impacting in the mortgage industry.

I'm unique...but so are you.  You deserve special attention.

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