Welcome back to ready step so Lane your host Brian bow thank you for joining us this Saturday hope that you are having a fantastic weekend I’m really excited today we had this would be our first time that we’ve had a financial planner on there and financial planning and your assets your biggest asset which is a seller usually is their house and so those go hand in hand or maybe if you’re purchasing a house again that’s a that could be a game changer game plan for your entire future depending on where you’re at and where you’re at in your life so I’m really happy to have Steve sharp from Northwestern Mutual on today.
Steve you there yes Brian how are you I’m doing fantastic I got to talk to Steve last week and Steve just a little background is retired military so we thank you for your service for that you’re welcome also he’s been with Northwestern Mutual for years and he’s had some great success with that company and so Steve you want to talk really about maybe the needs of financial planning why it’s so important yeah very true and you know the first or first reason is having somebody that’s really looking out for your overall needs and there’s one thing you said at the beginning of your segment there that I would disagree with you on is that someone’s number one asset is their home I would I would disagree and say that somebody’s number.
One asset is going to be their ability to earn an income because without that no house no retirement no vacations so I would say and some of them won’t asset is probably their income their ability to earn an income so what we do what I personally do when my company is pretty good at is taking a look at making sure that we protect that income and ensure that you can have it all the way through retirement or at least up to retirement because obviously we can’t save for it I mean if everything we’ve saved starts going towards paying for the house and groceries and everything so having a good defensive strategy to take care of your family if anything ever happens to you whether it you know whether you perish from it or whether you don’t perish from it but it keeps you from working we want to make sure we’ve got that defensive strategy in place.
And that’s a great point because I never really looked upon that because yes you do have the asset but you have to maintain that asset you have to what you’re really talking about is is that you have to be earning capabilities and if you are god forbid disabled are taken off the workforce for any period of time you need to have a strategy and that’s where a financial planner can be of big help correct and there’s a lot of people out there that are fooled into the false sense acute sense of security that the benefits that they receive from their employer are going to be sufficient but typically when it comes to a long term disability a lot of companies will provide anywhere between 50 or 60 percent of your income for an extended period of time which essentially is turning your income in half and I’ll ask any prospective client of mine.
How does it feel or how would you be able to handle things if your income was cut in half typically I don’t get very favorable responses to that so we look at what is can we do to protect the rest of their income and try and get them up to closer to a hundred percent of their of their income needs so that there doesn’t have to be a change in lifestyle for them or their family and that’s really important and I think one of the things when we talked about last week that really caught my attention is that sometimes financial planning is something that’s pushed off far too often it should be so if you’re in your twenties and again now you’re purchasing a home then you have a 30-year note that really talking with a financial planner like yourself are others in the area is really it is really just a great idea to just to have that conversation.
We start the conversation if nothing else right yeah correct because the three things that could end up happening to you most people in that age group that you mentioned in their 20s they’re really only focusing on one of them there’s essentially three things that could end up happening to you can either be disabled prematurely before you’re ready to retire you could you know not kind of what god forbid died prematurely or you could live a long healthy life and things are fantastic all three of those situations require planning so having something that looks at your entirety of your financial plan your two financial goals and then make sure we’ve got a bulletproof plan that ensures that you can reach those goals no matter what or take care of your family to allow them to have those goals reached even if again like I said god forbid you were not there to be able to take care of that awesome information.
We are running out of time fantastic information I think it’s always something that people sometimes put off a little bit longer than they should and what I’m hearing from you is the sooner you start the better off you’re going to be and Steve sharp from Northwestern we should be the person to contact we’re done with this segment but we’ve got plenty more coming up in the next segment they’re listening to Ready Set Sold with your host Bryan Vogt.
Ready Set Sold with Bryan Vogt #35-03: Steven Sharp: Understanding the importance of have a financial planner when buying or selling a home.
January 27, 2018