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Financial Strategies for Families

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Officially titled, "Financial Planning Strategies for Women & Families" - Barry Mendelson gave this presentation to the East Bay chapter of American Society of Women Accountants in February.

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Financial Strategies for Families

  1. 1. Financial Planning Strategies for Women & Families Barry Mendelson, CFP® 925-988-0330 x22 [email_address] As of December 31, 2010
  2. 2. Opinions expressed are those of Barry Mendelson, CFP® and Just Plans Etc. This presentation should not be construed as investment advice. The information contained in this presentation is compiled from sources believed to be reliable. Investments in securities involve the risk of loss. Past performance is no guarantee of future results. The markets can remain irrational longer than you can remain solvent. Disclosures
  3. 3. Barry Mendelson, CFP® Local investment and personal finance professional. More than 15 years experience working for leading financial services companies including Charles Schwab, AXA Rosenberg, Neuberger Berman, and Franklin Templeton. Prior to joining Just Plans Etc. in 2010, was a Vice President in Charles Schwab & Co’s $250 billion investment management division. Certified Financial Planner™ certificate holder since 2008. B.A. in Business Economics & Accounting from U.C. Santa Barbara in 1995. Just Plans Etc. Founded in 1983 and based in Walnut Creek, California - Just Plans is a fee-only wealth management firm and SEC registered investment advisor. Just Plans provides investment management and financial planning services to more than 100 individuals, families, and companies. The firm specializes in tax-efficient investing and helping investors realize meaningful value from qualified retirement plans, concentrated stocks positions, stock options, and other forms of equity. As a fiduciary, the firm puts the interests of the client above all else. About
  4. 4. 1. Financial Planning 2. Investment Planning 3. Lessons for the Future Agenda
  5. 5. 1. Financial Planning Agenda
  6. 6. Considerations Specific to Women <ul><li>Typically earn less </li></ul><ul><li>Spend less time in the workforce </li></ul><ul><li>Have longer life expectancy </li></ul><ul><li>Take care of others </li></ul>
  7. 7. Charles Schwab More than 30 years ago, Charles R. Schwab founded this firm with a clear mission: to empower individual investors to take control of their financial lives, free from the high costs and conflicts of traditional brokerage firms. His vision - to provide the most useful and ethical financial services in the world - continues to guide or values-driven approach to growth, client service, community involvement and employee development. Google Google’s mission is to organize the world‘s information and make it universally accessible and useful. Don’t be evil. (Unofficial). Create a (Family) Mission Statement
  8. 8. Create a Family Mission Statement <ul><li>What’s most important about our family? </li></ul><ul><li>What do you think our goals should be? </li></ul><ul><li>What are our strengths as a family? </li></ul><ul><li>How should we take care of relatives who are or become sick or disabled? </li></ul><ul><li>How should we resolve our disputes? </li></ul><ul><li>How important is the family business to you? </li></ul><ul><li>What professionals or structures should we bring in to help us? </li></ul><ul><li>What do you think the role of our family should be in helping the community? </li></ul><ul><li>What should we be doing individually and as a family with regard to philanthropy? </li></ul>
  9. 9. Example: Smith Family Mission Statement <ul><li>Know that time is our most valuable asset. </li></ul><ul><li>Experiences are more valuable than possessions. </li></ul><ul><li>Spend time outdoors as a family. </li></ul><ul><li>Explore the world and welcome others into our home. </li></ul><ul><li>Support (through financial and volunteer efforts) public education and the Cancer Support Community of the Bay Area. </li></ul><ul><li>Spend time with those we love and respect – and feel the same way about us. </li></ul><ul><li>Learn and work in the family business. </li></ul>
  10. 10. Define Short & Long-Term Goals <ul><li>You </li></ul><ul><li>Short-term: 5 Years or less </li></ul><ul><li>_____________________ </li></ul><ul><li>_____________________ </li></ul><ul><li>_____________________ </li></ul><ul><li>Long-term: 5 years and longer </li></ul><ul><li>_____________________ </li></ul><ul><li>_____________________ </li></ul><ul><li>_____________________ </li></ul><ul><li>Your Spouse </li></ul><ul><li>Short-term: 5 Years or less </li></ul><ul><li>_____________________ </li></ul><ul><li>_____________________ </li></ul><ul><li>_____________________ </li></ul><ul><li>Long-term: 5 years and longer </li></ul><ul><li>_____________________ </li></ul><ul><li>_____________________ </li></ul><ul><li>_____________________ </li></ul>
  11. 11. Letter to Self <ul><li>On February 23, 2011 I/we currently have an available after-tax income stream of $ per month (including spouse if applicable). </li></ul><ul><li>My/our current lifestyle costs are $ per month. </li></ul><ul><li>I/we currently save $ per month in tax deferred accounts and $ per month in after tax accounts. </li></ul><ul><li>My/our current net worth is $ . This includes a retirement plan balance of $ , assets of $ , and personal investments of $ . </li></ul><ul><li>I plan on retiring in the year 20 , which is years from now. </li></ul><ul><li>My post retirement lifestyle expenses will be $ per year / $ per month. </li></ul><ul><li>Based on living until age , I will need to have accumulated $ by age , in pre-tax and post-tax dollars to be comfortable in retirement and potentially leave a legacy to others. </li></ul><ul><li>Base on the above information, I need to take the following actions: , </li></ul><ul><li>. </li></ul>
  12. 12. Not Everything is in Your Control CONTROL How much I save How much I spend Lifestyle - # of homes, travel, autos. Allocation of assets (amount of risk) When I retire How much insurance I have How much I give to charity How much I make Begin Social Security Benefits NO CONTROL Markets Death - genetics Children’s behavior Reimbursements Disability Inflation Tax rates & political conditions Weather The Media
  13. 13. Define Your Lifestyle Goals For each Goal, establish Ideal and Acceptable amounts. Lifestyle Goals Ideal Basic Living Expenses $$$ Car $$$ Travel $$$ Boat $$$ Lifestyle Goals Ideal Acceptable Basic Living Expenses $$$ $ Car $$$ $ Travel $$$ $ Boat $$$ $ Acceptable Range Lifestyle Goals Basic Living Expenses Car Travel Boat
  14. 14. Define Your Lifestyle Goals Acceptable Range Retirement Age Ideal Acceptable How willing are you to retire later? You 60 66 Somewhat Willing Your Spouse 62 70 Very Willing Retirement Age Ideal Acceptable You 60 66 Your Spouse 62 70 Retirement Age Ideal You 60 Your Spouse 62
  15. 15. Plan for Future Living Expenses Acceptable Range Importance Lifestyle Goals Ideal Acceptable Needs 10 Basic Living Expense $70,000 $66,000 8 Your Lexus $35,000 $25,000 Wants 7 Annual Travel Fund $18,000 $12,000 6 Your Spouse’s Honda $25,000 $15,000 Wishes 3 Renovate Kitchen $50,000 $25,000 2 Gifts to Children $10,000 $0 Total Spending for Life of Plan $2,615,000 $2,130,000 19% < Ideal
  16. 16. Range of Ideal and Acceptable Goals IDEAL ACCEPTABLE Retirement Age: 60 66 62 70 Retirement Income: $160,000 $145,000 Risk Tolerance: No Risk Moderate Estate: $1,000,000 $100,000 Education: Law School $ - Savings: -$15,000 +$10,000 Travel (other): $25,000 $15,000
  17. 17. Annual Savings to Accumulate $1 Million by Age 65 Annual Savings
  18. 18. What Kind of Investor Are You? Very Conservative Conservative Moderate Aggressive Very Aggressive Can you get the RETURN you need at the RISK level you’re willing to accept?
  19. 19. 2. Investment Planning Agenda
  20. 20. Returns by Style Source: Russell Investment Group, Standard & Poor’s, FactSet, J.P. Morgan Asset Management. All calculations are cumulative total return, including dividends reinvested for the stated period. Since Market Peak represe nts period 10/9/07 – 12/31/10 , illustrating market returns since the most recent S&P 500 Index high on 10/9/07. Since Market Low represents period 3/9/09 – 12/31/10 , illustrating market returns since the S&P 500 Index low on 3/9/09. Returns are cumulative returns, not annualized. For all tim e periods, total return is based on Russell - style indexes with the exception of the large blend category, which is reflected by th e S&P 500 Index. Past performance is not indicative of future returns. Data are as of 12/31/10 . Charts reflect index levels (price change only). All returns and annotations reflect total return, including dividends. Jan-10 Apr-10 Sep-10 Dec-10 1,000 1,050 1,100 1,150 1,200 1,250 1,300 S&P 500 Index 2010: +15.1% 4 Q10 : +10.8% Jan-07 May-08 Sep-09 Dec-10 600 800 1,000 1,200 1,400 1,600 S&P 500 Index Since 10/9/07 Peak: - 13.6% Since 3/9/09 Low: +93.1%
  21. 21. Various Asset Class Returns 10-yrs 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 4Q10 '01 - '10 REITs REITs DJ UBS Cmdty MSCI EME REITs MSCI EME REITs MSCI EME Barclays Agg MSCI EME REITs Russell 2000 MSCI EME 26.4% 13.9% 23.9% 56.3% 31.6% 34.5% 35.1% 39.8% 5.2% 79.0% 28.0% 16.3% 350.0% DJ UBS Cmdty Market Neutral Barclays Agg Russell 2000 MSCI EME DJ UBS Cmdty MSCI EME MSCI EAFE Market Neutral MSCI EAFE Russell 2000 DJ UBS Cmdty REITs 24.2% 9.3% 10.3% 47.3% 26.0% 17.6% 32.6% 11.6% 1.1%* 32.5% 26.9% 15.8% 178.0% Market Neutral Barclays Agg Market Neutral MSCI EAFE MSCI EAFE MSCI EAFE MSCI EAFE DJ UBS Cmdty Asset Alloc. REITs MSCI EME S&P 500 Russell 2000 15.0% 8.4% 7.4% 39.2% 20.7% 14.0% 26.9% 11.1% -23.8% 28.0% 19.2% 10.8% 84.8% Barclays Agg Russell 2000 REITs REITs Russell 2000 REITs Russell 2000 Market Neutral Russell 2000 Russell 2000 DJ UBS Cmdty REITs Asset Alloc. 11.6% 2.5% 3.8% 37.1% 18.3% 12.2% 18.4% 9.3% -33.8% 27.2% 16.7% 7.4% 80.2% Asset Alloc. MSCI EME Asset Alloc. S&P 500 Asset Alloc. Asset Alloc. S&P 500 Asset Alloc. DJ UBS Cmdty S&P 500 S&P 500 MSCI EME Market Neutral 0.6% -2.4% -5.4% 28.7% 12.5% 8.0% 15.8% 7.3% -36.6% 26.5% 15.1% 7.4% 76.9% . Russell 2000 Asset Alloc. MSCI EME Asset Alloc. S&P 500 Market Neutral Asset Alloc. Barclays Agg S&P 500 Asset Alloc. Asset Alloc. MSCI EAFE Barclays Agg -3.0% -3.4% -6.0% 25.2% 10.9% 6.1% 14.9% 7.0% -37.0% 22.5% 12.7% 6.7% 76.3% S&P 500 S&P 500 MSCI EAFE DJ UBS Cmdty DJ UBS Cmdty S&P 500 Market Neutral S&P 500 REITs DJ UBS Cmdty MSCI EAFE Asset Alloc. MSCI EAFE -9.1% -11.9% -15.7% 22.7% 7.6% 4.9% 11.2% 5.5% -37.7% 18.7% 8.2% 6.4% 47.1% MSCI EAFE MSCI EAFE Russell 2000 Market Neutral Market Neutral Russell 2000 Barclays Agg Russell 2000 MSCI EAFE Barclays Agg Barclays Agg Barclays Agg DJ UBS Cmdty -14.0% -21.2% -20.5% 7.1% 6.5% 4.6% 4.3% -1.6% -43.1% 5.9% 6.5% -1.3% 41.7% MSCI EME DJ UBS Cmdty S&P 500 Barclays Agg Barclays Agg Barclays Agg DJ UBS Cmdty REITs MSCI EME Market Neutral Market Neutral Market Neutral S&P 500 -30.6% -22.3% -22.1% 4.1% 4.3% 2.4% -2.7% -15.7% -53.2% 4.1% -2.5% -1.6% 15.1% Asset Class Source: Russell, MSCI Inc., Dow Jones, Standard and Poor’s, Barclays Capital, NAREIT, J.P. Morgan Asset Management. The “Asset Allocation” portfolio assumes the following weights: 25% in the S&P 500, 10% in the Russell 2000, 15% in the MSCI EAFE Index, 5% the MSCI EMI, 30% in the Barclays Capital Aggregate, 5% in the CS/Tremont Equity Market Neutral Index, 5% in the DJ UBS Commodity Index and 5% in the NAREIT Equity REIT Index. Balanced portfolio assumes annual rebalancing. All data except commodities repr return for stated period. Past performance is not indicative of future returns. Please see disclosure page at end for index d efi as of 9/30/10, except for the CS/Tremont Equity Market Neutral Index, which reflects data through 8/31/10. “10 - yrs” returns repr esent cumulative total return and are not annualized. These returns reflect the period from January 1, 2000 – December 31, 2010 *Market Neutral returns include estimates found in disclosures. Data are as of 12/31/10 .
  22. 22. Global Commodities 0 500 1000 1500 2000 2500 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 Source: Dow Jones/UBS, FactSet, J.P. Morgan Asset Management. Commodity prices represented by the appropriate DJ/UBS Commodity sub - index. Data reflect most recently available as of 12/31/10 . Source: USDA, BP Statistical Review of World Energy, J.P. Morgan Asset Management . Data are as of 12/31/10 . Class '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 0 50 100 150 200 250 300 350 400 450 Commodity Prices Weekly index prices rebased to 100 Precious metals Industrial metals Energy Livestock Grains Oil Demand: Emerging Markets Share Emerging markets as % of total global oil consumption Grain Demand: Emerging vs. Developed Markets Millions of metric tons Emerging Markets Developed Markets 30% 32% 34% 36% 38% '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09
  23. 23. Monthly: January 1926 - December 2010 CRSP data provided by the Center for Research in Security Prices, University of Chicago. The S&P data are provided by Standard & Poor's Index Services Group. US long-term bonds, bills, inflation, and fixed income factor data © Stocks, Bonds, Bills, and Inflation Yearbook™, Ibbotson Associates, Chicago (annually updated work by Roger G. Ibbotson and Rex A. Sinquefield). $8,201 Small Cap (CRSP 6-10 Index) $2,590 Large Cap (S&P 500 Index) $85 Long-Term Government Bonds Index $20 Treasury Bills $12 Inflation (CPI) $10,000 $1,000 $100 $10 $1 $0 1926 1936 1946 1956 1966 1976 1986 1996 2006 2010 Growth of Wealth
  24. 24. S&P 500 Index (USD) Daily Returns: January 1, 1926-March 31, 2010 Indices are not available for direct investment; its performance does not reflect the expenses associated with the management of an actual portfolio. Past performance is no guarantee of future results. The S&P data are provided by CRSP (January 1, 1926-August 31, 2008) and Bloomberg (September 1, 2008-March 31, 2010). Returns include reinvested dividends. Bull and bear markets are defined in hindsight using cumulative daily returns. A bear market (1) begins with a negative daily return, (2) must achieve a cumulative return less than or equal to -10%, and (3) ends at the most negative cumulative return prior to achieving a positive cumulative return. All data points which are not considered part of a bear market are designated as a bull market. Performance data represents past performance and does not predict future performance. Average Duration Bull Market: 413 Days Bear Market: 220 Days Average Return Bull Market: 58% Bear Market: -21% Bull and Bear Markets 220% -13% -85% 20% -16% -39% 119% 88% 27% -15% -10% -13% 100% 44% -53% 25% 40% -13% -14% 26% -25% 22% -11% 23% -33% 83% -11% 99% -26% 19% -11% -16% 26% 53% 91% -13% 121% -11% 26% -13% 18% 69% -21% -11% 44% -27% 15% 96% -11% 59% -27% -10% -21% -32% 56% -12% 38% -45% 22% -13% 50% -13% 38% -15% 27% -13% 26% -10% 21% -16% 48% -20% 78% -11% 156% -33% 73% -10% 16% -19% 303% -11% 37% 50% -19% -12% 23% -11% 13% -47% 21% -14% 113% -55% 03/09/2009 -55% 3/31/2010 -20% 1% 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
  25. 25. Historical returns by holding period - 37% - 8% - 15% - 2% - 2% 1% - 1% 1% 2% 6% 1% 5% 51% 43% 32% 28% 23% 21% 19% 16% 17% 18% 12% 14% - 40% - 30% - 20% - 10% 0% 10% 20% 30% 40% 50% 60% 1 - yr. 5 - yr. rolling 10 - yr. rolling 20 - yr. rolling Annual total returns, 1950 - 2009 Range of Stock, Bond and Blended Total Returns Asset Sources: Factset , Robert Shiller , Strategas /Ibbotson, Federal Reserve, J.P. Morgan Asset Management. Data are as of 12/31/09. 50/50 Portfolio 9.0% $560,441 Bonds 6.2% $333,035 Stocks 10.8% $777,670 Annual Avg. Total Return 50/50 Portfolio Bonds Stocks Growth of $100,000 over 20 years
  26. 26. Diversification and the Average Investor 8% 8% 8% 22% 9% 13% 4% 26% Equity Mkt. Neutral Commodities REIT S&P 500 Russell 2000 MSCI EAFE MSCI EM Barclay's Agg. 55% 15% 30% S&P 500 MSCI EAFE Barclay's Agg. 9.9% 8.2% 7.0% 6.7% 5.2% 4.4% 3.2% 2.8% 2.3% 0% 2% 4% 6% 8% 10% 12% REITS S&P 500 Bonds Oil Gold EAFE Homes Inflation Avg. Investor 20 - year Annualized Returns by Asset Class (1990 – 2009) (Top) Indexes and weights of the traditional portfolio are as follows: U.S. stocks: 55% S&P 500, U.S. bonds: 30% Barclays Capital Aggregate. International stocks: 15% MSCI EAFE/ Portfolio with 25% in alternatives is as follows: U.S. stocks: 22.1% S&P 500, 8.8% Russell 2000; International Stocks: 4.4% MSCI EM, 13.2% MSCI EAFE; U.S. Bonds: 26.5% Barclays Capital Aggregate; Alternatives: 8.3% CS/Tremont Equity Market Neutral, 8.3% DJ/UBS Commodities, 8.3% NAREIT Equity REIT Index. Return and standard deviation calculated using Zephyr. Charts are shown for illustrative purposes only. Past returns are no guarantee of future results. Diversification does not guarantee investment returns and does not eliminate risk of loss. Data are as of 12/31/10. (Bottom) Indexes used are as follows: REITS: NAREIT Equity REIT Index, EAFE: MSCI EAFE, Oil: WTI Index, Bonds: Barclays Capital U.S. Aggregate Index, Homes: median sales price of existing single - family homes, Gold: USD/troy oz, Inflation: CPI. Average asset allocation investor return is based on an analysis by Dalbar Inc. which utilizes the net of aggregate mutual fund sales, redemptions and exchanges each month as a measure of investor behavior. Returns are annualized (and total return where applicable) and represent the 20 - year period ending 12/31/09 to match Dalbar’s most recent analysis. Traditional Portfolio More Diversified Portfolio Return: 6.86% Standard Deviation: 11.12% Return: 7.92% Standard Deviation: 9.99% Maximizing the Power of Diversification, 1994 - 2010
  27. 27. Various Asset Class Returns 10-yrs 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 4Q10 '01 - '10 REITs REITs DJ UBS Cmdty MSCI EME REITs MSCI EME REITs MSCI EME Barclays Agg MSCI EME REITs Russell 2000 MSCI EME 26.4% 13.9% 23.9% 56.3% 31.6% 34.5% 35.1% 39.8% 5.2% 79.0% 28.0% 16.3% 350.0% DJ UBS Cmdty Market Neutral Barclays Agg Russell 2000 MSCI EME DJ UBS Cmdty MSCI EME MSCI EAFE Market Neutral MSCI EAFE Russell 2000 DJ UBS Cmdty REITs 24.2% 9.3% 10.3% 47.3% 26.0% 17.6% 32.6% 11.6% 1.1%* 32.5% 26.9% 15.8% 178.0% Market Neutral Barclays Agg Market Neutral MSCI EAFE MSCI EAFE MSCI EAFE MSCI EAFE DJ UBS Cmdty Asset Alloc. REITs MSCI EME S&P 500 Russell 2000 15.0% 8.4% 7.4% 39.2% 20.7% 14.0% 26.9% 11.1% -23.8% 28.0% 19.2% 10.8% 84.8% Barclays Agg Russell 2000 REITs REITs Russell 2000 REITs Russell 2000 Market Neutral Russell 2000 Russell 2000 DJ UBS Cmdty REITs Asset Alloc. 11.6% 2.5% 3.8% 37.1% 18.3% 12.2% 18.4% 9.3% -33.8% 27.2% 16.7% 7.4% 80.2% Asset Alloc. MSCI EME Asset Alloc. S&P 500 Asset Alloc. Asset Alloc. S&P 500 Asset Alloc. DJ UBS Cmdty S&P 500 S&P 500 MSCI EME Market Neutral 0.6% -2.4% -5.4% 28.7% 12.5% 8.0% 15.8% 7.3% -36.6% 26.5% 15.1% 7.4% 76.9% . Russell 2000 Asset Alloc. MSCI EME Asset Alloc. S&P 500 Market Neutral Asset Alloc. Barclays Agg S&P 500 Asset Alloc. Asset Alloc. MSCI EAFE Barclays Agg -3.0% -3.4% -6.0% 25.2% 10.9% 6.1% 14.9% 7.0% -37.0% 22.5% 12.7% 6.7% 76.3% S&P 500 S&P 500 MSCI EAFE DJ UBS Cmdty DJ UBS Cmdty S&P 500 Market Neutral S&P 500 REITs DJ UBS Cmdty MSCI EAFE Asset Alloc. MSCI EAFE -9.1% -11.9% -15.7% 22.7% 7.6% 4.9% 11.2% 5.5% -37.7% 18.7% 8.2% 6.4% 47.1% MSCI EAFE MSCI EAFE Russell 2000 Market Neutral Market Neutral Russell 2000 Barclays Agg Russell 2000 MSCI EAFE Barclays Agg Barclays Agg Barclays Agg DJ UBS Cmdty -14.0% -21.2% -20.5% 7.1% 6.5% 4.6% 4.3% -1.6% -43.1% 5.9% 6.5% -1.3% 41.7% MSCI EME DJ UBS Cmdty S&P 500 Barclays Agg Barclays Agg Barclays Agg DJ UBS Cmdty REITs MSCI EME Market Neutral Market Neutral Market Neutral S&P 500 -30.6% -22.3% -22.1% 4.1% 4.3% 2.4% -2.7% -15.7% -53.2% 4.1% -2.5% -1.6% 15.1% Asset Class Source: Russell, MSCI Inc., Dow Jones, Standard and Poor’s, Barclays Capital, NAREIT, J.P. Morgan Asset Management. The “Asset Allocation” portfolio assumes the following weights: 25% in the S&P 500, 10% in the Russell 2000, 15% in the MSCI EAFE Index, 5% the MSCI EMI, 30% in the Barclays Capital Aggregate, 5% in the CS/Tremont Equity Market Neutral Index, 5% in the DJ UBS Commodity Index and 5% in the NAREIT Equity REIT Index. Balanced portfolio assumes annual rebalancing. All data except commodities repr return for stated period. Past performance is not indicative of future returns. Please see disclosure page at end for index d efi as of 9/30/10, except for the CS/Tremont Equity Market Neutral Index, which reflects data through 8/31/10. “10 - yrs” returns repr esent cumulative total return and are not annualized. These returns reflect the period from January 1, 2000 – December 31, 2010 *Market Neutral returns include estimates found in disclosures. Data are as of 12/31/10 .
  28. 28. 3. Lessons for the Future Agenda
  29. 29. Lessons <ul><li>This is an exciting and challenging time to be an investor. </li></ul><ul><li>You owe it to your family and yourself to make sure that your plan is designed to deal with the changes you’ve experienced the last few years and take advantage of opportunities to maximize the probability that you will achieve all your financial goals. </li></ul><ul><li>We wish you nothing but success in achieving all that’s important to you. </li></ul>
  30. 30. Lessons <ul><li>Define your goals. </li></ul><ul><li>Create a plan. </li></ul><ul><li>Put it into action. </li></ul><ul><li>Revisit it frequently. </li></ul>
  31. 31. Lessons <ul><li>Markets are difficult to predict in the short-term. </li></ul><ul><li>Intelligently diversifying globally expands your opportunity set. </li></ul><ul><li>“ Be greedy when others are fearful and fearful when others are greedy.” – Warren Buffet. </li></ul><ul><li>Have a long-term perspective. </li></ul>
  32. 32. Articles: Creating a Family Mission Statement Creating a Personal Disaster Plan for Your Home, Your Loved Ones and Your Finances Budget Worksheet The Organizer More articles at: www.justplans-etc.blogspot.com Barry Mendelson, CFP® 925-988-0330 ext. 22 [email_address] www.JustPlans-Etc.com 1399 Ygnacio Valley Rd, Suite 24 Walnut Creek, CA 94598 Resources

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