Amplify Wealth with Trilogy Financial Services

By Trilogy Financial

February 20, 2024

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In today's dynamic financial landscape, achieving robust financial growth necessitates more than just earning; it demands smart management of your wealth. Trilogy Financial Services exemplifies this ethos, providing a conduit to “amplify wealth” through professional financial planning.

How Are Financial Strategies Tailored to Individual Needs?

Trilogy's financial planners excel in tailoring strategies to your unique financial objectives. They ensure your money works smarter, not harder, covering areas such as:

401k Retirement Planning
Wealth & Asset Management
Estate Planning Strategies
Investment Strategies
College & Education Planning
Insurance Services

This holistic approach embodies the essence of “amplify wealth management”1.

What Expert Insights Are Offered for Investment Strategies?

Jake Claver, a finance expert, emphasizes the need for simplicity in investment strategies. He suggests having a diverse portfolio to reach long-term financial goals 2.

What Makes the Journey to Amplified Wealth a Collaborative Venture?

The journey to “amplified wealth” is a collaborative venture with skilled advisors.A Visual Capitalist survey reinforces this idea by revealing:

74% of Americans engage in financial planning.
Only 29% work with a professional planner, emphasizing the potential for enhanced wealth management with professional guidance3.

How Does Trilogy Help in Bypassing Investment Pitfalls?

Investing in Trilogy’s expertise means bypassing common DIY investment pitfalls. Andrew Lokenauth, a seasoned financial planner, reinforces the significance of professional guidance in achieving financial security through smart investing4.

How Does Trilogy Contribute to Wealth Preservation and Growth?

With Trilogy, you're not merely preserving wealth; you're propelling it to new heights, embodying the essence of “amplify my wealth.” Did you know the alarming statistic that 42% of Americans have less than $10,000 saved for retirement 5?

What Does the Signature Process and Professional Advisors Offer?

Trilogy's signature process and professional advisors offer:

Independent competitive portfolios
Tax-smart strategies
Real-time portfolio adjustments
Risk mitigation approaches

This tailored guidance fast-tracks your financial independence, allowing your money to work tirelessly towards pursuing your financial objectives1.

What Is the Track Record of Success Among Financial Professionals?

The Forbes/SHOOK Top Wealth Advisors have a strong history of success. Utilizing financial professionals who have trusted advisors can have a big impact on your wealth management. It also highlights the advantages of using professional financial planning services, like those provided by Trilogy Financial Services 6.

How Does Technology Optimize Financial Management?

Technology is important in changing finance, and Trilogy Financial Services uses advanced technology to increase wealth.Trilogy has personalized digital platforms that give you real-time insights on your finances, helping you make quick informed decisions.

Personalized Digital Platforms: Trilogy offers personalized digital platforms that provide real-time insights into your financial portfolio, enabling you to make informed decisions swiftly.
Robust Data Analysis: Utilizing advanced data analytics, Trilogy's financial planners can dissect complex financial data to unearth lucrative investment opportunities and mitigate potential risks.
Secure Digital Transactions: With a focus on security, Trilogy ensures that all your financial transactions are conducted securely, protecting your wealth from potential cyber threats.
Virtual Consultations: In an era where digital interaction is paramount, Trilogy facilitates virtual consultations with financial experts, ensuring that you remain on the right financial track, irrespective of regional constraints.

These technology-driven approaches not only streamline the financial management process but also provide a seamless, interactive experience. By integrating modern technology, Trilogy Financial Services demonstrates a forward-thinking approach in helping clients “amplify their wealth.” Combining financial advice and technology helps people grow their wealth. Trilogy is a great option for investors who want to succeed in today's digital financial world.

How Can You Embark on Your Pathway to Amplified Wealth?

“Amplified wealth” with Trilogy isn’t a distant dream, but a tangible reality awaiting your action. Engage with Trilogy Financial Services and set the cornerstone for a financially secure and affluent future.

Have you ever envisioned a life where the chains of daily grind are broken well before the conventional retirement age, paving the way for a life of financial freedom and leisure? Embracing financial discipline and frugality can pave the way to a comfortable early retirement, answering the pressing question: Can meticulous financial planning and a frugal lifestyle significantly hasten your journey to early retirement?

What Makes Financial Planning Crucial?

Financial planning goes beyond merely saving a portion of your income; it's about understanding and rectifying financial bad habits that may impede your journey towards financial stability. Everyday financial misbehaviors such as impulsive spending, credit card debt, and the lack of a structured financial plan for emergencies often go unnoticed but have a long-term detrimental impact on financial health. Addressing these personal finance habits is the first step in financial planning.

Why is Debt Management Essential? A key aspect of financial planning involves managing or eliminating debt, which can otherwise consume a significant portion of your income in the form of interest payments.
- Did you know in the US for 50-59-year-olds the average debt is $23,719¹.

How Can Budgeting Secure Your Financial Future? Being unsure of where your money is going is a red flag. Budgeting is crucial to track and control spending, ensuring your expenditures align with your values.
- Did you know the average individual aged between 65 to 74 spends about $55,000 on living expenses annually².
How do Savings and Investments Impact Your Retirement Goals? Setting aside money for an emergency fund and future investments is essential. Automating this process by having a portion of your income transferred to savings or investment accounts can help in cultivating this good financial habit.
- Americans believe they need an average of $1.7 million to retire comfortably, although many won't accumulate enough net worth to retire³.
- As of 2019, only 11% of Baby Boomers managed to save up to $500,000 for their retirement².

What Does Adopting a Frugal Lifestyle Entail?

Frugality is about making informed and restrained financial decisions to save money. A frugal lifestyle encourages avoiding unnecessary expenses and finding value in what you spend.

Examples of frugal practices include avoiding spending triggers like malls or online shopping platforms, utilizing cash over credit to prevent overspending, and finding cost-effective alternatives for everyday expenses.

Did you know 20% of Americans don’t save any amount of their yearly income, and 42% have less than $10,000 saved for retirement⁴.

What are the Key Components of Financial Planning for Early Retirement?

Emergency Fund: Ensuring you have an emergency fund can help buffer against unforeseen circumstances like a job loss or medical crisis, which might otherwise derail your financial plans.
Investment Strategy: Diversifying your investments and aligning them with your retirement goals is imperative for financial growth.
- 84% of Americans have a higher income than their parents did at the same age, indicating potential for savings and investment if managed wisely⁴.
Tax Planning: Efficient tax planning can help in preserving your wealth and ensuring more of your money is working for you rather than going towards taxes.
Healthcare Planning: As healthcare costs can be exorbitant, planning for these expenses is crucial to avoid financial strain in later years.
- Healthcare can be a significant part of living expenses, as seen in the $55,000 annual spending for individuals aged 65-74⁵.

Which Tools and Resources Can Aid Your Financial Planning Journey?

There are myriad tools and resources available to aid in your financial planning journey. Budgeting apps, financial advisors, and online courses are excellent resources. Trilogy Financial, for instance, offers a Decision Coach program designed to provide additional accountability and coaching to individuals seeking financial guidance.

37% of workers aged 25 and older, and 19% of retirees, report not knowing where to go for financial or retirement planning advice⁵.

Easily Meet with a Certified Financial Planner.

How Have Others Achieved Financial Independence and Early Retirement?

The quest for early retirement often begins with a thorough re-evaluation of one's financial plan, identifying areas of improvement, and capitalizing on unforeseen savings opportunities. The year 2020 saw many Americans saving more, with an average of 10% more money saved compared to 2019, mainly due to lifestyle changes induced by the pandemic. Some redirected these savings towards home improvements, while others saw it as a stepping stone towards drafting a solid financial plan aimed at debt reduction, college planning, or accelerating the journey to financial independence.

Various individuals and communities dedicated to frugal living and meticulous financial planning have emerged over the years, showcasing diverse pathways to early retirement. Here are a few noteworthy examples:

Juan's Early Retirement Ambition: Juan, an aspiring early retiree, aimed to bid farewell to his federal job by 2031 at the age of 43. His strategy revolved around living off savings, investments, and dividends post-retirement to enjoy more time with family and delve into philanthropic ventures. Though new to the Financial Independence, Retire Early (FIRE) movement, Juan's no debt and $85,000 asset accumulation puts him in a favorable position towards achieving his goal¹.
- The FIRE Movement: The Financial Independence, Retire Early (FIRE) community exemplifies the synergy between frugal living and early retirement. Members of this movement, like Juan, embody a lifestyle of extreme savings and frugality, aiming to retire much earlier than the conventional age².
Young Adults Eyeing Early Retirement: The allure of early retirement isn't confined to older age groups. One in four individuals between 18 to 34 years old has set early retirement as their significant financial milestone, driven by the principles of frugal living and meticulous financial planning³.
A 5-Year Transition Plan: A couple outlines their 5-year plan towards financial independence, with one partner continuing full-time work for an additional 3-4 years, demonstrating a balanced approach to achieving early retirement while maintaining a comfortable lifestyle⁴.
Frugal Living as a Fast Track to Early Retirement: The narrative of saving 75% of income, a hallmark of frugal living, expedites the journey towards early retirement, allowing individuals to accumulate substantial savings, invest wisely, and achieve financial independence sooner⁵.

These cases highlight the transformative impact of frugal living and prudent financial planning to achieve early retirement dreams. They speak to the importance of continuous financial plan evaluation, adapting to changing circumstances, and leveraging savings opportunities to expedite the journey to financial independence and early retirement.

Conclusion:

The road to early retirement is laden with challenges, primarily stemming from our own financial bad habits. However, if we create a financial plan, adopt a frugal lifestyle, and leverage available resources, overcoming these challenges and retiring early is an achievable goal.

College Planning Advice

How to Cover the Rising Cost of College

Zach Swaffer, CFP®

February 27, 2020

One of the most common questions I receive is how to most efficiently save for education expenses. And I understand why – it’s a daunting prospect! The cost of college continues to rise, and student loan debt can plague you for decades following graduation. There is also a growing realization that college is not for everybody. How do you prepare for an expense that might not actually occur? However, it doesn’t have to be such an intimidating process. In fact, there are several effective strategies you can deploy to efficiently – and effectively – save for your child’s education expenses.

First, you need to determine how much you’ll need to save. Do you plan to cover the whole cost of school or just a portion (for instance: undergrad only, or will you cover grad school expenses for your child(ren)? Once you’ve set a number, your financial planner can assist in calculating a monthly savings rate required to work toward that goal.

The next step is deciding what type of savings account(s) to use. There are different accounts that are specifically designed to save for college, for example: 529 plans and Coverdell Education Savings Accounts. Below are some of the reasons why a 529 Plan and/or investment accounts may be a better solution.

A 529 plan allows you to contribute to an account on behalf of a named beneficiary (in this case, your child). Because the government wants to reward saving for educational expenses, contributions to 529 plans receive preferential tax treatment and are able to grow tax-deferred. You can use the money in the account to pay for qualified educational expenses, tax-free. Contributions to these accounts are also typically deductible on state tax returns. The drawback to a 529 is that the money must be used for qualified education expenses – or you will face tax penalties.

An individual/joint investment account is an account owned by yourself or jointly by you and your significant other. Money invested in this type of account does not receive preferential tax treatment; however, your money can be withdrawn for any reason without tax penalties.

Given the shifting trends in higher education, it is my belief that a combination of 529 plan contributions and individual/joint account contributions will help to save for college education. This form of education planning allows for flexibility; for instance, if your child(ren) decide(s) against traditional higher education, you won’t have to pay tax penalties on all of your education savings, as a portion of that savings is held in an individual/joint account with no restriction on how the assets are used.

While education planning is important it is only one component of a full financial plan. If you would like to talk more about education planning and its impact on your personal financial plan please contact me at zach.swaffer@trilogyfs.com

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine what is appropriate for you, consult a qualified professional.