The WP-Letter Seven: List and Consolidate your Financial Information+ Portfolio Implementation+ Two Gifts

Newsletter Archive

THE WEALTH PLAN

LETTER SEVEN

Hello friend,
Here we are with the seventh letter of the Wealth Plan, which is designed to empower your financial journey!
Let's Dive in....

FINANCIAL LITERACY

Today, we are going to discuss the first pillar of "The Wealth Plan" – "THE SPENDING PLAN." (We'll resume our discussion on the other financial literacy pillars next week.)

To kickstart your spending plan, it's crucial to be aware of where your money is going. However, the first step is to list and consolidate all your financial information.

Here's how to get started:

1. List every account you own

2. List every credid card you own

3.List every bill you pay

4. List every debt you owe

5. List every insurance policy you have

I have created an excel sheet to help you organize this information. Fill out this form to receive it for free.

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ADVANCED FINANCIAL PLANNING 

Today I am sharing a little bit of information on the fourth section of the Investment Policy Statement (IPS), that is the "PORTFOLIO IMPLEMENTATION"

This is where your wealth allocation becomes REAL! Let's go!

Here is a list with some of the items that should be addressed in this section:

  1.  State the investment philosophy: active or passive, and Identify special factors to be used in
    including or excluding potential investments from the portfolio (i.e.) with ESG consideration or not etc.
  2. Define any relevant constraints: Identify any restrictions on specific asset classes and or
    securities;
  3. Identify any requirements for maintaining liquidity;
  4. Identify to what extent, if any,
    tax considerations will affect investment decision making; Identify any relevant legal constraints;
  5. Specify any policies related to leverage;If relevant, specify a policy on foreign currency management
  6. Define the process for rebalancing portfolios to target allocations
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Get my Investment Policy Statement Checklist and Framework here
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BEYOND FINANCE

At the beginning of the year, I gifted a unique and timeless calendar filled with amazing behavioral investment advice. Even though we're past mid-year, I still have FIVE copies left and you could even i turn it as wall art. Respond to this email to claim your FREE copy, which I will ship anywhere in the world. The first five people to respond with their address will receive one!

Let me share the July sketch and some context.

The calendar features a collection of evergreen sketches by Carl Richards, a New York Times columnist known as the "Behavior Gap."

This one wants to drive the point of where we should place  our focus.

The July sketch emphasizes where we should focus our attention. According to Carl Richards, we should always ask ourselves two questions, as time, energy, and attention are limited:

  1. Does it matter?
  2. Can I control it?

If the answer to either question is no, then it's not worth your attention. If something doesn’t matter, there’s no reason to care about it; and if it’s beyond your control, there’s no point in stressing over it.

Imagine the benefits of letting go of concerns that you can’t control and those that don’t matter. Where could you redirect your time, energy, and attention for better outcomes?

Want a copy of this amazing collection of evergreen behavioral tips? Send me a request with your address, and I will mail it to you!

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With_anticipation

Past Newsletters

Letter One

Letter Two

Letter Three

Letter Four

Letter Five

Letter Six

© Copyright, 2024,Elisabetta Basilico,@thewealthmamma

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