Brandon Trammell is the founder of Purpose Financial and Insurance Services, where the motto is "Plan Your Legacy with Purpose". On this episode of CFO at Home, Brandon and Vince discuss building a financial legacy, insurance, traits to look for when choosing a financial professional, and more.
Key Takeaways:
- A financial legacy is as much about the values and knowledge that you pass along to your heirs as it is about money and assets
- Areas of financial education that are closely related to building a legacy:
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- Budgeting and understanding your personal balance sheet
- Savings/investing and paying of debt
- Being appropriately insured
- Choosing the right type of Life Insurance (Term, Permanent, etc) is a complex, individualized decision
- Statistically speaking, you are much more likely to likely to become disabled during your working years than to die; making disability insurance foundational to the average individual's financial plan
- Medicare does not cover most of personal care options that we associate with "Long Term Care"; reducing the basic options to:
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- Long Term Care Insurance (currently offered by a limited number of providers)
- Paying from personal wealth/care from family members
- Medicaid
- Some traits to look for when choosing a Financial Professional to work with:
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- Someone who you align with value-wise
- Someone that you connect with on relational level
- Someone with high integrity
- Money without fulfillment is poverty
Ways to contact/follow:
Contact the Host - vince@thecfoathome.com
