SESSION OVERVIEW:

The year 2020 has presented unusual circumstances that may have resulted in a significant rise in consumer and business debt. Debt and cash flow management as a service of your practice has likely never been more important. This module is ideal for professionals in financial services looking to gain the skills needed to proactively help clients plan for and manage their financial health. A key demographic: Millennials.

APPROACH:

Is it possible to be debt free? Can you attain this goal and when should you aim to be debt free - 40, 50, 60, or when you plan to retire? The case is less likely if the global pandemic has affected you. Finding new money to pay down debt can be a more dire challenge now. An astute advisor can provide high value advice at this critical time.

WHAT YOU WILL LEARN:

• Incorporate debt management into your professional practice
• Identify life milestones that trigger debt management problems
• Be proactive in preparing financial assessments at least annually to ward off financial crisis
• Use tax strategies to manage debt risk
• Choose good debt (tax deductible) over bad debt (expensive/non-deductible)
• Consolidate debt in various life stages

LEARNING ACTIVITIES: To test the learning process, the student will answer multiple-choice questions and contemplate the role of the advisor.