‘Down Home’ financial planning

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In the ‘About’ widget, that appears on the right hand side of every page, it reads, ‘There’s a heavy focus on all things Roth IRA, with special attention given to the upcoming 2010 Roth conversion event.

Now I know some of you have definitely heard of the Roth IRA and maybe even a few of you know what a Roth Conversion is, but I’m pretty sure nobody has heard of ‘Down Home’ financial planning. Well, I plan on changing that fact (pardon the pun).

I know you’re probably jonesing to know more about ‘Down Home’, but first a little background about ‘formal’ planning…

Formal financial planning

When I say ‘formal’, I am referring to a comprehensive financial plan that looks at every aspect of your life and performs an in depth financial analysis, ranging from a cash flow workup to hypothetical estate planning scenarios; the type of plan I use with my existing clients, many of whom are in their 50’s, 60’s and 70’s.

With that said, many GenXers in their 30’s and 40’s don’t need such a formal plan quite YET, something more informal will do just fine.

‘Informal’ financial planning

In most cases, GenXer’s don’t need to worry about estate planning issues YET… we’re more concerned with building an asset base that can create those kind of ‘good’ problems down the line. What is needed right now are a few informal planning tools, specifically geared for our demographic, our challenges, and our most important goals.

With that said, a drumroll please…

‘Down home’ planning

I like to call this type of informal financial planning - ‘down home’ planning. Lets even give it a catchy slogan… ’slightly less than formal’. Well, maybe not so catchy.

In the next couple days I will introduce a series of financial calculators to the blog. Many of these calculators are the same ones used in most ‘formal’ financial planning software programs. They are pretty easy to use; all you need to do is input a bit of information about yourself and press ‘Calculate’.

Breaking it down step by step

I will explain, over many posts, in plain language, how each of these calculators works and how to integrate the results of the different calculators into your personal ‘down home’ financial plan. I want all of you to become masters of your financial universe.

Plus, I’ll be adding several hypothetical ‘down home’ scenarios, for you to reference at any time. After going through a few of these cases, you can use the financial calculators on this blog, to construct your very own ‘down home’ financial plan.

The most important thing here is getting started and giving it a shot. Some of this may not make sense to you, and I promise to help with that, but you have to try. And besides how hard can something with the name ‘down home’ be.

Chance favors the prepared mind

If you don’t have plannin’ on the brain… you’re leaving a lot to chance down the road. Do yourself a favor, make up your mind today to control your own financial destiny…

Later on today in my next post, time allowing, I will use fear as a motivating tactic:)

Tags: 'Down Home' Financial Planning, 2010 Roth IRA Conversion Event, Roth IRA Conversion