The Confident Wealth Experience

01/05/18 • 24 min

The Confident Wealth Experience

Summary:

The hosts of The Confident Wealth podcast Bill Bush and Peter Bush spend this episode explaining each of the six steps that make up the financial planning system Peter developed for the Horizon Financial Group called “The Confident Wealth Experience.” You will learn all the important steps that include: “The Discovery Conversation,” “Your Confident Wealth Strategies,” “Your Confident Wealth Action Plan,” “The AdvisorLink Advantage,” “The Confident Wealth Monitor,” and “The Confident Care System.” Learn the valuable reasons why many Horizon Financial Group clients have benefitted from “The Confident Wealth Experience” to plan for a more financially sound tomorrow.

Time Stamped Show Notes:

00:35 – Bill Bush and Pete Bush introduce the episode’s topic of financial planning.
01:32 – The importance for planning to let your money outlive you to leave legacies.
02:28 – The mindset for leading by planning for retirement savings.
03:50 – The kind of technological tools that Pete Bush used pre-internet and post-internet
04:58 – The Confident Wealth Experience system, once called The Financial Coordinator Solution that Pete Bush created and has been using for over 10 years.
06:40 – Step 1: “The Discovery Conversation,” of The Confident Wealth Experience takes place. Where have you been financially, and where you do you want to go?
09:56 – Step 2: “Your Confident Wealth Strategies”: after gathering the client’s financial data, the feedback and analysis that lead to discoveries to create your roadmap to success.
11:48 – Step 3: “Your Confident Wealth Action Plan”: where specific, recommended, customized steps take place to put into action to gain results.
13:45 – Step 4” “The AdvisorLink Advantage”: gathering experts to support your focused plan of action.
16:37 – Step 5: “The Confident Wealth Monitor”: the method of checking in on the progress of our plan to keep your hands on the wheel to keep driving straight towards your goals and to keep your confidence.
18:27 – Step 6: “The Confident Care System”: assistance for navigating an changing future.
20:43 – Pete shares some unique stories of people that have completed “The Confident Wealth Experience.”
23:43 – Final Thoughts: having a plan will help your money outlive you.

3 Key Points:

Either your money is going to outlive you or you are going to outlive your money.
Steps 1-3 of “The Confident Wealth Experience” make up your strategies to identify your financial goals and translate them into action steps.
Steps 4-6 of “The Confident Wealth Experience” form the way you gather your support system to keep your financial goals on track.

Tweetable Quotes:

“There’s two main outcomes you can have in your life. And one is you outlive your money, and the other one is your money outlives you.” – Pete Bush

“The outcome of planning is confidence.” – Pete Bush

“Financial planning tends to get emotional, because you start to deal with people, and dreams, and goals.” – Pete Bush

Resources Mentioned:

Confident Wealth – Website for Confident Wealth
The Confident Wealth Experience – Horizon Financial Group’s planning system

The Confident Wealth Experience

Summary:

Time Stamped Show Notes:

00:35 – Bill Bush and Pete Bush introduce the episode’s topic of financial planning.
01:32 – The importance for planning to let your money outlive you to leave legacies.
02:28 – The mindset for leading by planning for retirement savings.
03:50 – The kind of technological tools that Pete Bush used pre-internet and post-internet
04:58 – The Confident Wealth Experience system, once called The Financial Coordinator Solution that Pete Bush created and has been using for over 10 years.
06:40 – Step 1: “The Discovery Conversation,” of The Confident Wealth Experience takes place. Where have you been financially, and where you do you want to go?
09:56 – Step 2: “Your Confident Wealth Strategies”: after gathering the client’s financial data, the feedback and analysis that lead to discoveries to create your roadmap to success.
11:48 – Step 3: “Your Confident Wealth Action Plan”: where specific, recommended, customized steps take place to put into action to gain results.
13:45 – Step 4” “The AdvisorLink Advantage”: gathering experts to support your focused plan of action.
16:37 – Step 5: “The Confident Wealth Monitor”: the method of checking in on the progress of our plan to keep your hands on the wheel to keep driving straight towards your goals and to keep your confidence.
18:27 – Step 6: “The Confident Care System”: assistance for navigating an changing future.
20:43 – Pete shares some unique stories of people that have completed “The Confident Wealth Experience.”
23:43 – Final Thoughts: having a plan will help your money outlive you.

3 Key Points:

Either your money is going to outlive you or you are going to outlive your money.
Steps 1-3 of “The Confident Wealth Experience” make up your strategies to identify your financial goals and translate them into action steps.
Steps 4-6 of “The Confident Wealth Experience” form the way you gather your support system to keep your financial goals on track.

Tweetable Quotes:

“There’s two main outcomes you can have in your life. And one is you outlive your money, and the other one is your money outlives you.” – Pete Bush

“The outcome of planning is confidence.” – Pete Bush

“Financial planning tends to get emotional, because you start to deal with people, and dreams, and goals.” – Pete Bush

Resources Mentioned:

Confident Wealth – Website for Confident Wealth
The Confident Wealth Experience – Horizon Financial Group’s planning system

Previous Episode

Completing the Scorecard

Completing the Scorecard Summary:

In this episode, the Bush brothers, Bill and Pete of Horizon Financial Group, talk about the final three categories of the Confident Wealth Scorecard: sharing your success, coordinated plan and vision and leading a balanced life. Cultivating a GROWTH mindset is not only necessary for managing your wealth, but for optimizing it. Those who struggle often fall prey to a scarcity mindset—they fail to have a plan that eliminates risks to their portfolio. Tune-in to gain insights into how you can transform your life and those dearest to you. You’ll discover how the end goal is not just to appease yourself, but to be free enough to give to the needs and causes you deem most valuable.

Time Stamped Show Notes:

00:35 – The Confidence Wealth Scorecard rates you on eight different categories
01:22 – Today, we are going to be talking about “Sharing Your Success”, “Coordinated Plan and Vision” and “Leading a Balanced Life”
02:35 – At the end of the day, it is not what you do for your personal gains but what you do for other people that really matters
02:52 – A score of 1, 2, or 3 is for someone who consumes all their finances without putting anything aside for charity or their grandkids’ education
03:38 – This mindset is either due to greed or genuine scarcity
04:38 – Volunteering is a good first step that involves devoting your time and not your financial resources
05:09 – A score of 4, 5 or 6 is assigned to someone who intermittently contributes to college savings accounts, is able to set aside some money for retirement but is unable to contribute anything for your employees
05:55 – Someone who can resort to better budgeting to plug leakages
07:12 – A score of 7, 8, 9 is possible if you are on track to fund college education, support causes and your key employees
08:58 – You are probably in a comfortable position and could be doing a bit more
09:12 – A 10, 11 or 12 is assigned to someone who benchmarks employee plans on an annual basis, has funded college education and gives to charities on a regular basis
10:08 – Someone with a GROWTH mindset
10:41 – We discuss the next category: overall coordination plan and VISION
11:00 – You are on the low end with a score of 1, 2 or 3 if you do not have a clear plan and have not discussed it with your spouse
12:15 – If your spouse and you do not know what the plan is, there is NO PLAN
12:55 – If you have purchased financial products, have the basics covered but do not have a formal written plan—you will be rated a 4, 5 or 6
13:38 – Absence of a coordinated plan for a successful financial future
14:35 – Bear in mind that without a plan, you fail
15:27 – A score of 7, 8 or 9 is for someone who has accumulated substantial wealth or assets but they are scattered among different advisors and there is an absence of coordination
16:41 – Can work with an adviser who knows where all the scattered assets are and can continue to manage your finances if you are not there
17:41 – A high portfolio overlap will not render you immune from market volatility
18:00 – A written plan for your business and a vision that you share with your family and advisors will fetch you a score of 10, 11 or 12
19:11 – A GROWTH mindset where you are continually looking to improve
20:14 – We discuss the next category: “Leading a Balanced Life” which is about achieving a work-life harmony
20:24 – A score of 1, 2 and 3 is for someone who constantly works and is in continually thinking about business
20:54 – Having free time helps your rejuvenate and helps you think better
21:48 – If your business is growing but customers are demanding more and more of your time, you will be in the 4, 5 or 6 category
22:08 – Team building and partnering with other people will help you improve your life quality
23:22 – The next category of 7, 8 or 9 is when you are in a comfortable space and are present for the business and family when needed
24:45 – You are still more involved in the business than you should be
24:55 – You are in the top bracket of 10, 11 or 12 if you are a leader of a self-managing company that does not require you
26:02 – You are free to devote time to the causes that are important to you
26:56 – A person whose desires extend beyond work and family to the community and world
27:20 – We have gone through ALL eight categories now
28:12 – Reach out to us if you wish to move your score up to the top bracket
29:27 – Every category and box in the scorecard has a solution that can be personalized to...

Next Episode

Your Financial Matrix

Your Financial Matrix

Summary:

In today’s 7th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush from the Horizon Financial Group of Baton Rouge, Louisiana discuss the value in utilizing an internally developed tool called “Your Financial Matrix.” Learn all about the benefits of the seven categories of this financial planning strategic device which are: Cash Flow an Budget, Investment Planning, Retirement Planning, Income Tax Planning, Risk Management and Insurance, Estate Planning and Charitable Giving, and Assistance to Others. Bill and Pete will get you up to speed on the importance of customizing your wealth-building methods to your particular lifestyle.

Time Stamped Show Notes:

00:56 – Bill Bush and Pete Bush start the discussion on the multiple components of building wealth.
02:26 – “Your Financial Matrix,” developed by Peter Bush, spells out financial situations the Horizon Financial Group can assist with.
03:15 – The 7 Categories of “Your Financial Matrix”: Cash Flow and Budget, Investment Planning, Retirement Planning, Income Tax Planning, Risk Management and Insurance, Estate Planning and Charitable Giving, and Assistance to Others.
03:31 – 1.) Cash Flow and Budget: a foundational part of a person’s financial plan because it is out of discretionary cash flow that they can save, buy insurance, and help other people.
06:22 – Sometime during 2000 Horizon Financial Group shifted to the holistic planning model and fee-based planning.
08:32 – 2.) Investment Planning: major factors that effect this include: risk tolerance, time, volatility, taxable vs. tax-deferred, and asset allocation.
11:25 – 3.) Retirement Planning: factors to consider include: business exit strategy, social security, Medicare, and withdrawal strategies.
14:36 – 4.) Income Tax Planning: make sure that you are maximizing deductions. Look at your tax return from a financial planning standpoint instead of a tax standpoint.
17:54 – 5.) Risk Management and Insurance: you are guarding yourself against catastrophic potential risk. Look for old policies that are not needed, too expensive, or outdated.
20:40 – 6.) Estate Planning and Charitable Giving: trusts, setting up powers of attorney, estate taxes, giving to your favorite charities, and wills fall under this category.
23:17 – 7.) Assistance for Others: this category can apply to preparing for your kids to go to college, or assisted living facilities for your elderly parents when they can no longer take care of themselves.
28:08 – The closing credits

3 Key Points:

Key factors that have an effect on investment planning include: risk tolerance, time, volatility, taxable vs. tax-deferred, and asset allocation.
Factors to consider with retirement planning include: business exit strategy, social security, Medicare, and withdrawal strategies.
With charitable giving and estate planning, you are dealing with trusts, setting up the proper powers of attorney, estate taxes, giving to your favorite charities, and setting up your will.

Tweetable Quotes:

“Cash flow and budgeting, very, very foundational to someone’s financial picture.” – Pete Bush.

“For the most part, everybody’s accumulating wealth in the value of their homes and their 401K plans.” – Pete Bush.

“There’s a lot of different components to your money and financial life, more so than just your retirement or your investment portfolio.” – Pete Bush.

Resources Mentioned: