Financial Planning Basics - Ask The Hammer
Learn financial planning basics from expert Jeffrey Levine on Ask The Hammer. Track essential metrics for comprehensive planning. Watch on Finstream.tv.
Key Takeaways
- Track your income statement first by documenting all income sources (wages, dividends, Social Security) and total expenses to see if you're spending more than you make and have room to save toward goals
- Start tracking expenses at the beginning of the year for at least 3-6 months to capture most spending patterns, since this is the area you have the greatest control over
- Create a comprehensive financial plan listing all your specific goals (kids' college, home purchase, retirement lifestyle) and regularly compare your income, expenses, and assets against those goals—not just raw numbers
- Calculate debt-to-income ratios and other metrics only after establishing your income statement and balance sheet, and only if they're relevant to specific goals like getting a mortgage
- Make intentional spending trade-offs based on your priorities—for example, reduce discretionary spending by $100/month to accelerate debt repayment, but only if that aligns with your stated goals
Financial Planning Basics - Ask The Hammer: In this episode of Ask The Hammer, financial expert Jeffrey Levine from Focus Partners Wealth, aka The Hammer, discusses financial planning basics and emphasizes the importance of tracking essential financial metrics, including income statements, cash flow, and comprehensive financial planning, rather than relying solely on net worth calculations. Watch more episodes of Ask The Hammer on Finstream.tv at this link: https://www.finstream.tv/videos/ask-the-hammer/
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