A Blueprint For Retirement
No one builds a home without a set of blueprints, but most families spend more time planning their summer vacation than they spend on planning their finances. At GenWealth Financial Advisors we provide you with a written plan for your finances utilizing state-of-the-art programs like WealthVision and the Income For Life Model. While planning your finances, GenWealth believes in securing income in 3 categories, Required income, Desired income and Legacy income.
Types Of Income
Required Income is income that you cant live without: money that goes to pay non-negotiable liabilities such as groceries, home mortgage and clothing. This segment is intended to be the least volatile segment within the financial plan and serves as a great foundation for the blueprint.
The desired income segment is income above and beyond your required income. This income is the part of the blueprint that will determine your lifestyle, the type of car you drive, the hobbies you enjoy or even yearly vacations for the family. Income in this segment is negotiable, but is still highly important to most retirees.
The desired income segment is income is what you would expect it to be. This income is the part of the blueprint that determines your life style, the type of car you drive, the membership to the country club or even yearly vacations for the family. Income in this segment is semi-negotiable but is still highly important to most retirees.