TRICORD TIDBITS

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THE FIVE LEVELS IN THE HIERARCHY OF FINANCIAL NEEDS

Cash flow and basic needs:

  • Covering food, housing and daily expenses.

  • Ensuring the fundamentals, including our physiological needs, are covered financially.

Financial safety:

  • insurance

  • emergency fund

Accumulating wealth:

  • Investments

  • Paying down debt

  • Will

  • Saving for retirement

  • Risk management

  • Longevity

 

Financial freedom:

  • Long-term care

  • Children’s education 

  • Retirement savings 

  • Vacations.

Legacy:

  • Estate planning

  • Tax planning

  • Business succession planning

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