J. Taylor Private Wealth TeamTranscript:
At J Taylor, we're not just all about the individual investments. We look at three different buckets. We're looking at cash on hand goals and your legacy. This is what we're going to dive into today. I am Jordan Taylor.
So if we're sitting down and we're meeting together, we're going to focus on three different things. The first bucket would be cash on hand. The next would be goals. And the third would be your legacy cash on hand goals. And legacy is really the part of the financial planning process that we do here at J Taylor.
The first bucket is cash on hand. So what I'm talking about is basically what do you have in your bank account? What's in your checking account that you use to pay all of your everyday bills, your mortgage, your car payments, your insurance, all of those things. Cash on hand is your safety net. If I lose my job tomorrow, am I going to be able to make it? We want to make sure that in the event of something happens, that that you're not going to run out of money and be able to pay your bills. We want to make sure that you have that safety net set up.
The second bucket we're going to consider is goals. Goals goes into various different kinds of financial goals from the most generic being retirement, to planning a wedding for your daughter, college savings for your kids and other major purchases. And I'm talking about major goals. I'm not talking about paying off a credit card next week. The most common one is retirement. We all want to retire someday. So with retirement, we would get a plan together. We would sit down, we'd figure out what are you spending? How much are you spending each month? How much income do we need to generate in order to replace what you were earning?
But it's not limited to that. For example, me retirement is a goal, but it's farther away. So my closer goals are number one, a major purchase. I'm building a house right now. Am I going to be able to fund that? How am I going to be able to do that? Right after that comes education for my twin daughters. How am I going to be able to afford it? If they don't get a scholarship, what am I doing to prepare for it? How much do I need to set aside each month? And then after that is their weddings. You know, I've got two girls. I know I'm not going to get away cheap. And so I need to start thinking about that. Now think about different goals you have, what financial goals do you have out there and how can we prepare for them?
So for legacy, the third bucket, this is, this is something to think about once we've already planned for the first two. So you've got your cash on hand. What you're using to pay your everyday expenses. We've lined out our major goals, whether that be retirement, education, savings, buying a new house, whatever that might be. And then after we get all those taken care of, we get to the third and final bucket, which is your legacy. What do you want to do with any excess money that you have after you've covered all your goals? Do you want to give it to your kids? Do you want to give it to your church? Do you want to give it to the local rotary club? What do you want to do with that money? And so this is where we would sit down and make a plan in order for you to be able to figure out how those funds are going to be spent after you're gone. For me personally, I am a multiple Paul Harris fellow in rotary. And for me, I want to be able to continue to support that. And so I will set up a portion of my funds to go there, but then the majority of it is going to go to my kids and I want to make sure that that they're taken care of. So for me, the most important thing is taken care of, of my wife, my kids, and hopefully at some point, right, grandkids very, very far down the line.
At J Taylor, we take our job very seriously. Not only do our clients trust us with their money, but they trust us with their future. In today's day and age, you need to be more than just a stock picker. I want to be the go-to for people. Whenever they have any financial questions, they can call me and say, Hey, how's this going to affect my plan? Am I still going to be able to do this? Or what's it going to do? And, and I think that just having close relationships with all my clients, who I call my friends really allows me to do that.