October 2020
Beginner
384 pages
10h 26m
English
Content preview from Rattiner's Secrets of Financial Planning
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.
CHAPTER 5Dispensing Advice on Insurance
Once cash flow is determined to make objectives happen for the client so they can be on their way, the client needs to understand, evaluate, and gain a handle on the other financial planning disciplines. Some will be relevant while others will not. However, without question, the most important of these areas that affects all clients is being properly insured. It's the old joke. Why? Because my insurance agent told me it was!
In all seriousness, if insurance is not properly analyzed, exposures determined, and possible solutions disclosed, there is little to no chance of making a full recovery and accomplishing anything in the client's financial plan. Here's why. Many years ago, when I was a CPA working on taxes in New York City, I had a tax client visit me during tax season. He said, “Jeff, I have a significant issue I need help with. My house burned down this past year and I had no insurance. I owe a lot of people a lot of money, so I need you to help me get a refund.” (Mind you, this was when casualty losses in general could be written off on the Form 1040.) I went through the numbers with him. I asked him what he paid for the house. He answered $19,000 (yes, a long time ago). I said, did you make any improvements to the house? He said yes, I put in $29,000, which made his adjusted basis $48,000. I asked him what the value of the house was before the fire and he stated $190,000. I then asked him what he sold it for and he said $92,000. ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Read now
Unlock full access
More than 5,000 organizations count on O’Reilly
O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.