Total Financial Planning
This Special Financial Issue of The Informer is committed to providing information for the primarily African0American readership to get its financial house in order. The Griffin Firm, PLLC is committed to supporting people to create wealth and maintaining it through generations. We accomplish this through business and entrepreneurship coaching and estate planning.
This is our commitment for economic development. We know that this is a journey that is best traveled with partners. I read an African proverb while in South African, “To travel fast, travel alone, but if you want to go far, travel together. “ This journey to create generational wealth requires partners for a multigenerational trip.
The development for wealth creation and maintenance is an economic development transformation process. The financial planning requires developing a strategic platform from which to operate and grow in a sustainable fashion. The book, The Hidden Cost of Being African American; How Wealth Perpetuates Inequality, by Thomas M Shapiro, documents the intangibles that persist as a result of the lack of resources and opportunities that have a multigenerational impact. In many ways this book discusses the complexity of racism, poverty and its cost.
An example includes how your educational opportunities are directly impacted by your financial status, which directly impacts earning potential. This not only impacts the job you can acquire or create but by the network and circles that you have entre into. The cycle that is created and maintain widens the economic gap for each subsequent generation.
Financial planning anticipates and prepares for setbacks and works to buffer the impact. A team of professionals working on our behalf should include financial planner, insurance, an estate planning attorney and when appropriate a tax strategist.
￼￼Planning for financial or personal challenges will not make them happen but having the resources and strategy in hand creates a strength and resolve to move forward. Many people face a time in their lives when they are incapacitated for at least a short period, this preparedness makes a challenging time less so. I consistently share preparedness for end of life or incapacitation does not deter or hasten the need. It provides a level of peace within a storm for those who care for you to have a plan of action.
Total financial planning is not an easy directive. It means that you need to look at the future and make decisions regarding that future. It means that you must consider the potential that there will be a time when you are less able. It means that you must trust and rely on someone besides yourself with personal, intimate information about how to support you when and if you can’t take care of yourself. Who wants to think of that?! But again, I promise that the planning does not hasten or deter it from happening. However, selecting the people and the positions in which they support you provide a level of peace to you and comfort to the people who are supporting you.
Total financial planning should include not only building your retirement plan. It should include your disability considerations, with long term disability insurance or Medicaid planning in addition to Powers of Attorney to act on your behalf for financial and health care decision making. It should also plan for the distribution of your assets and preservation of attained wealth that considers taxation and dependency on others for access to your assets at the end of your life.
The conversation is vast, deep and personal. But it is an important conversation to begin having. Your financial plan is not complete until all of the factors are considered. Be prepared! Be considerate! Be transformative!
Washington Informer Article – October 2014
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