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In our opinion, we believe that cash flow is the most important aspect of financial planning. At Breakaway Financial Group, we have put a lot of thought into creating a Cash Flow Management process for our clients that is both effective and simple to manage.
Cash Flow Management is a combination of budgeting for future expenses, managing current debt, and learning to use debt as a tool for wealth building.
During the Vision Phase of our financial planning process, we start the cash flow management conversation. Through a series of questions, we attempt to understand how our clients have been managing their money and their budget in the past.
We also introduce our Bank Account Structure concept. The Bank Account Structure is a modern version of the envelope system. We help our clients establish the Bank Account Structure within the Vision Phase.
That’s right, we focus an entire meeting during our financial planning process on Cash Flow Management. During that meeting, we want to ensure that our client’s cash flow needs to satisfy their lifestyle are fully understood and that they are managing it correctly.
Once our client has made it through the GamePlan, our financial planning process, and has graduated to the Optimization Phase, we review their cash flow once a year during the Beginning of the Year meeting.
At that point, we ensure we adjust the plan for any changes in cash flow that occurred recently.
Cash Flow Management is one of the most important topics in personal finance. It is extremely to understand how much you will need to maintain your lifestyle for the rest of your life. We believe we have created a process to help you achieve your goals.