L12) Ask Your Financial Adviser To Take This Quiz.

Here is a financial case study quiz for you or your financial adviser.

Is the financial advice you are receiving the best advice? How do you know for sure? Here is a quiz that will give you the opportunity to compare their advice with my teams advice.

Here at DebtDiagnosis we advise our clients about the three types of buckets that hold our wealth.

The first bucket contains our lifestyle money. The money we use to live our life with.

The second bucket holds our savings money.The money put aside for future expenses or retirement.

And the third bucket, which very few financial advisers focus any attention on, is the transfer bucket.The money that is unnecessarily and often unknowingly transferring out of your lifestyle and savings buckets.

Unknowingly means we didn’t know any better, and unnecessarily means we can fix it.

How many of you have been told to cut back on this expense and that expense in your lifestyle so you can add more to your savings for the future? How does that sound to you? Do you really want to eat beans and rice instead of going out to eat four times a week? etc.Well I am not saying that that is not necessary sometimes, but quite often there are other things that are overlooked.

What we do at Debt Diagnosis is find the leaks, find where your money is transferring away from your lifestyle and your savings accumulation buckets.

There are approximately 99 different places we are trained to look for this wealth transfer so we can plug up a lot of that leakage.

Below is a scenario that depicts a real life situation. What would you suggest this client do to achieve her goals? After you email me your answer, we can compare your answer with mine.

There is a 40 year old single mother, who is divorced and has an eleven year old daughter.

Her net income is $45,000 annually.

She is a home owner with a 30 year mortgage charged at 7% with 6 years left on her mortgage.

Are the following GOALS possible for her?

*She wishes to enroll her daughter into a private school for 7 years with tuition costing $450 per month.

*She also wants to gain control of her finances and

*Maintain her current lifestyle. Does not want to spend any more today or tomorrow than yesterday. But she has not much left after taxes and finds she has more month than money at the end of every month.

Here is some more specific financial information for her.

Her company matches $200 in 401(k).

Click on diagram to enlarge.


Is it possible for her to achieve her goals?

No – Why not?

Yes – How would you advise her to achieve her goals?

Please email your answer to Jennifer@debtdiagnosis.com along with your name and phone number so I can contact you and show you how I would have possibly advised her of something similar or different than your plan.

If you are looking for a financial adviser, maybe you should ask them to let you know what they would do for this client and send me their answer. Then we can compare their advice with mine and that way you can see for yourself whose advice you prefer.

Or just ask me for the password to view the answer here:

March 11, 2011 · Jennifer · No Comments
Tags: , , , , ,  · Posted in: L12) Ask Your Financial Adviser

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