Wealth Mentor Offers Financial Planning Tips on How to Embark on "Wealth Odyssey"

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In an environment of changing Social Security and pensions, learning to compensate is critical for financial success.

I have developed a simple formula by reverse engineering results of current withdrawal research; by taking the complex and simplifying it for practical application. The 'Wealth Rule' translates income to assets, and assets to income. I've seen it work for my clients, and now with today's issues, I'm sharing it with a broader audience.

Wealth Mentor and author of "Wealth Odyssey: The Essential Road Map for Your Financial Journey" Larry R. Frank, Sr. has focused on teaching people to make smart financial planning decisions for over twenty five years. Never has his expertise been more needed than in today's shifting and changing financial environment—concerns over the stability of Social Security and pension plans threaten the security of retirement. "Wealth Odyssey" offers tips to help Americans answer the question, "When and how can I retire?"

"Americans under the age of fifty-four are becoming increasingly concerned with the future of Social Security," Frank explained. "Members of today's workforce are beginning to realize that there may be reduced monthly Social Security checks in their mailboxes after retirement. Company pensions have, and still will, change. Thus, an easy way to determine the amount of money you need to save now in order maintain your standard of living later, and to be able to factor in changes easily, is absolutely imperative."

In "Wealth Odyssey," Certified Financial Planning™ Practitioner Frank provides resources for use in developing a personal roadmap for long-term financial freedom. "Wealth Odyssey" draws from Frank's real-life experiences in the financial industry, including tips and techniques developed from almost three decades of research and over eleven years teaching personal financial planning. Rather than make things complicated, his work has been focused around simplifying the complexities of prioritizing simultaneous financial issues and their related calculations.

Frank offers the following tips to keep in mind when making financial planning decisions for retirement:

  • Understand the Purpose of Money: By relating to the purpose of money—to support your unique standard of living today and build wealth to support your standard of living tomorrow—you are better able to make good decisions for your financial future.
  • Know the Difference between Wealthy and Rich: Wealth is not measured by how much you spend, but by how much you have not spent. Wealth is sustainable with or without an income. Wealthy is not being rich. Even those with a modest income can be wealthy when they are able to sustain their unique standard of living. Wealthy means you are self-supporting without an income: the definition of retirement in the 21st Century. How can you do this?
  • Know Where You Are: Your unique standard of individual living (SOIL) is the real benchmark that you should use to determine the resources you need to support yourself and family. Otherwise, you're following someone else's rulebook or are using benchmark indexes unrelated to what you are really trying to accomplish.
  • Know Where You're Going: Innumerable variables out of our control will affect our retirement planning—knowing how to deal with the inevitable changes in Social Security or a pension and the effect on your plans will enable you to deal with them successfully and confidently. The "Wealth Rule" provides a simple method to do this.
  • Remember that It's All Connected: Rather than taking an income-based approach by tackling financial topics and issues one at a time until money runs out, adopt a wealth-based viewpoint where the landscape of financial topics are clearly seen to support each other and interact with each other through a net worth-centric model. Financial planning decisions overlap and affect one another—know all the factors that will affect the real outcome of your decisions.

"Wealth Odyssey" explains how to do this. Frank explains the relationship between income and net worth and how knowing this helps with the unknowns of the markets, economy, Social Security and pensions.

Frank's "Wealth Odyssey" places an emphasis on where to go financially instead of on how to just live for today. Frank has developed a unique "Wealth Odyssey Road Map" (WORM) that works directly with his "Standard of Individual Living" (SOIL) model. In clear and concise language, he helps readers discover the best route to achieving their personal financial planning goals and to monitor their status through his "Progress Line." Frank discusses such topics as The Wealth Rule, The Earning-Spending-Saving Formula, Using Debt Wisely and Risk Management.

"Everyone is looking for the formula that will lead them to financial success," Frank added. "I have developed a simple formula by reverse engineering results of current withdrawal research; by taking the complex and simplifying it for practical application. The 'Wealth Rule' translates income to assets, and assets to income. I've seen it work for my clients, and now with today's issues, I'm sharing it with a broader audience."

With the information included in "Wealth Odyssey," readers will achieve a greater understanding of what focusing on wealth can do for themselves and their families. "Wealth Odyssey" shows Americans "where to go" with their money and leads them to a more secure future. It defines wealth and why it is important to understand what wealth really is today: not income, but net worth. With this understanding, financial planning becomes much clearer.

About the Author Larry R. Frank, Sr.

Larry R. Frank Sr., MBA, CFP® has spent twenty-seven years in financial planning research focused on teaching people to make smart decisions to grow and protect their net worth. He holds a BS cum laude in physics and an MBA in finance. Awarded his MBA in 1983, Frank started his own financial consulting business in 1994. Frank resides in Rocklin, CA.

"Wealth Odyssey" (ISBN 0-595-33720-1, trade paper, $16.95) an "Editor's Choice," is available from iUniverse, Inc. http://www.BarnesandNoble.com , http://www.Borders.com or http://www.Amazon.com . Independent book store distribution available through Ingram Book Group and Baker & Taylor.

Nominated for ForeWord Magazine's Book of the Year Award and the Writer's Digest International Self-Published Book Awards; both in the Business & Economics Category.

Media kit, facts and additional story support is available at http://www.WealthOdyssey.com .

Online browse available at http://www.iuniverse.com/bookstore/book_detail.asp?&isbn=0-595-33720-1


Larry R. Frank Sr., MBA, CFP®

Phone: (916) 773-3509

E-mail: Larry@WealthOdyssey.com

Website: http://www.WealthOdyssey.com

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