Financial Planning Basics for Personal Wealth Drew Faloon
Aug 28, 2024Today, Shannon continues her enlightening discussion with Drew Faloon, a certified financial planner (CFP). The episode is brimming with actionable advice and insights on slowing down, stopping the hustle, and taking a breath to realign with personal values. Here's a more detailed look at the key topics covered in this enriching conversation.
Shannon starts by emphasizing how critical it is to find a financial advisor who not only has credibility and authority but also relates to your specific situation and personal goals. This is where Drew’s expertise shines through. He explains that while financial goals often come with a dollar sign attached, the real focus should be on the "why" behind those numbers.
Drew points out that many clients immediately think in monetary terms when asked about their goals, like "2 million in sales." However, the essence lies in understanding why that number is significant. Is it to ensure financial stability for the family? To take extended vacation breaks? Or to buy a second home? By continually asking "why," Drew helps clients peel back layers to reveal the core motivators behind their financial ambitions.
Throughout the episode, both Shannon and Drew stress the importance of cash flow. Shannon mentions that her entire podcast and mentorship from Mel Abraham focus on creating an "earnings machine" that funds a "money machine." Drew concurs, highlighting that cash flow is crucial not only for immediate goals but also for long-term financial health. It's about achieving a balance between short-term liquidity and long-term wealth accumulation.
Drew underscores that a significant part of his role involves understanding all aspects of a client’s financial life. This includes business and personal cash flows, potential investments, and even estate planning. The idea is to act as a GPS, guiding clients through the often convoluted routes of financial planning while avoiding potential pitfalls.
One common pitfall Shannon has observed is the lack of communication among various financial advisors handling different aspects of a client’s finances. This often leads to conflicting advice and inefficient financial planning. Drew agrees, adding that it's essential for all advisors to be on the same page to ensure a cohesive strategy.
Shannon and Drew delve into how to prioritize financial strategies. For someone beginning their financial journey, it’s essential to focus on simple, fundamental aspects like cash flow and organizing assets. Drew advises that as wealth grows, so do opportunities to explore more complex investment strategies, including real estate and alternative investments.
Drew introduces two useful tools: Asset Map and Everplans. Asset Map provides a visual representation of a client’s financial situation, making it easier to comprehend complex information. Everplans, on the other hand, is a centralized digital vault for all important documents, making estate planning and financial management much more organized.
Drew emphasizes that financial planning is a journey, not a one-time event. It takes time to organize finances, understand the complete picture, and implement effective strategies. He highlights the patience required for this process, noting that it can take several months to gather and organize all necessary information.
Drew and Shannon conclude by reiterating the importance of working with professionals who understand your unique needs and long-term objectives. Financial planning should be about more than just money; it should align with your values and life goals.
Drew leaves us with a powerful message: entrepreneurs deserve to live an excellent life, free from the guilt of withdrawing money from their businesses for personal use. Shannon echoes this sentiment, reminding listeners that everyone engages in financial planning daily, consciously or not.
For those interested in further tools and resources, Drew's recommended software and his expert advice can provide valuable assistance. The importance of staying organized, patient, and intentional in your financial journey cannot be overstated. Stay tuned to Keep What You Earn for more insightful episodes that make the often daunting world of finance more accessible and enjoyable.
Drew Faloon is a CERTIFIED FINANCIAL PLANNER with Intrepid Wealth Partners, LLC who specializes in helping hardworking working trailblazers live a more prosperous life, take care of their family and optimize their retirement strategy. Since graduating Cum Laude from Fort Lewis College, Drew has focused his business around honesty, intentionality, values based planning and creating an impact in the world.
Website: https://www.intrepidwealthpartners.com
LinkedIn: https://www.linkedin.com/in/drew-faloon-cfp®-098777a7/
E-book: https://www.intrepidwealthpartners.com/ebook/virtual-wealth-management-transformation-ebook
What you'll hear in this episode:
05:33 Fractional CFO helps clients manage extra cash.
10:02 Seek professional help for navigating financial matters.
11:02 Communication challenges in professional financial advice.
15:42 Financial success requires organization and planning.
19:20 Prioritizing cash flow and financial stability options.
20:50 Key aspects of exit planning and investments.
If you like this episode, check out:
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Introducing Money to Kids: Where Do You Start?
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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.
