Category: Financial Calculators

Addressing Opportunity Costs with Clients

Rarely do people enjoy thinking about opportunity costs—but factoring those costs into our daily lives is the key to making more meaningful decisions. In our personal lives, we can relate opportunity cost to the cost of doing one activity over another. Our time is valuable, so how do we make the most out of each moment? In finance, opportunity cost is measured in choosing one investment over another, or choosing a typical savings account over a whole life policy…or any number of decisions. This subject can be hard to broach with

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Prosperity Proof #5: The Truth About Qualified Plans

In this final prosperity proof, we’re going to cover one of the most misunderstood financial vehicles: qualified plans. Job seekers today are taught to look for companies that offer qualified plans with an employer match–“It’s free money!” Plenty of financial advisors advocate for qualified plans, and plenty of clients funnel as much money as they can into said plans. While qualified plans are not bad, they cannot be considered a savings vehicle, or even the most viable retirement plan, when you consider the facts. When you look at the facts,

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Prosperity Proof #4: Permanent Life Insurance Primer

Universal Life Insurance or Whole Life Insurance? Both are permanent life insurance, but they are not equal. In our fourth Prosperity Proof, we’ll let the differences speak for themselves A PROSPEROUS lifestyle is made possible by having a vehicle to store and save cash that is ALSO accessible and liquid. And that’s where permanent life insurance comes in! But just because you’ve identified that your client is ready for life insurance, doesn’t mean there aren’t some misconceptions left to tackle. Universal Life Insurance is the route that typical financial planning

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Prosperity Proof #2: Choosing the Right Mortgage

When choosing a mortgage loan, it’s essential to look at all of the facts. Buying a home is a huge financial decision. Being equipped with the right knowledge will ensure you and your clients have the right strategy. A 15-year mortgage has the appeal of a quick payoff, but is it better than a 30-year mortgage? Some people would say yes. We’ll show you how to figure it out. In this installment of Prosperity Proofs, we’ll compare a “typical financial planning mortgage” to a mortgage in line with the Prosperity

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Life Insurance Values Tool, Importing Lafayette Life Data

Though the calculators are the meat of the Truth Concepts software, the tools included are an invaluable time-saving resource. In calculators such as Funding, Borrowing, Diversification, Accumulation, Distribution, and Asset Flow, the Life Insurance Values tool cuts the workload significantly. Rather than continually copying & pasting life insurance values, you can import life insurance illustrations directly into your calculator from previously stored data. So where does that data come from? Fortunately, there’s no initial copying & pasting at all. Instead, you can import the information straight from an insurance illustration

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How To “Retire” With Enough Money, Plus a $4,588,332 Cushion (John & Jane Jones Pt. 9 of 9)

Time has a way of flying by. John and Jane were now 71 years old. This meeting was going to be one of the most important meetings I would ever have with them. This meeting was certain to prove to them that following my advice all these years was going to pay off. As a result, I did a little extra preparation for the meeting by gathering information about the current cash values of their policies and their other assets. Their 401(k)’s had about $470,000 combined. The cash value of

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