Why bother with keeping score on your finances?
1.To facilitate communication with partners, spouses, family, financial planners, tax preparers, accountants, auditors, bankers
2.To manage finances /aka cash flow, money, purchases, debt, leveraging
3.To calculate what to sell when, i.e. to utilize losses to minimize taxes
4.To motivate self to plan to grow net worth
5.To calculate ability to live within your means and to review retirement income expectations
6.To protect client’s interests; document lifestyle and cash flow in case of audit; cross reference transfers and explain deposits; list assets to assist Power of Attorney in case of incompetence, inability to function or Executor in case of death
7. To manage client risk; reconcile for identical property transactions, stopped/deferred losses, and ensure income, expenses and capital transactions are reported
0 comments:
Post a Comment