Audio Transcript Auto-generated
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Hi Sandhya in preparation for our call tomorrow. I just want to review a few numbers
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with you
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so that we can talk a little bit more about the cash flow planning.
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So let's get started.
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First of all, your net worth was projected to be at the end of 2022,
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somewhere around $3.4 million.
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Currently based on a couple of months ago, you're at $3.6 million.
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So your net worth is doing really, really well.
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You're on track with bank assets as well as your retirement
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accounts are are ahead of where they need to be.
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So good job there.
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And then on cash flow planning,
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we were looking at about $275,000 of income this
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year with total outflows for expenses around 227,000,
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saving 24 grand for leo's college.
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And leaving you anywhere between 22 to $23,000 for
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extra lifestyle, whether it be a trip or vacation or self improvement.
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Now, looking at those numbers a little bit detailed with $275,000 a gross income.
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Currently you're spending about $25,000 a year or 9%
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On debts. That's the mortgage and car
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and that's a really good No.
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or less is good.
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Looking at taxes, you're paying about $73,000 a year
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For taxes, that's about 27%,
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which is a little bit above average for Massachusetts clients.
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But that includes
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income taxes and property taxes for your home,
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Your monthly expenses, arranging somewhere around $105,000 a month
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Or 38%.
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That's a little bit higher.
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Um, but anything under 40% of your gross income is, is good.
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I'd like to see it 30-35%, but it's okay.
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And then your savings,
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You're saving about $32,000 a year or 12%. And that is for retirement
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And Leo for your income.
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We'd like to see that savings north of 15%,
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but it doesn't have to be just for retirement or college.
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It can be for saving for vacation or self improvement or what have you.
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But that just shows there may be a little bit
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of cash flow there that we can direct more purposefully.
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That's your
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quick overview or what we call your financial status.
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When we look at your net worth and cash flow
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from here, we'll talk Wednesday
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about making the adjustments we need to make,
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take care