My first home was in Hadham, Connecticut, above a nursing home that my parents owned. My mom was a geriatrics nurse, and within a nursing practice, they utilize what they term, standards of care. I try to do the same, and this is what I use when talking with clients. Uh, to give them ideas of things that we want might want to focus on.
What's it all about? There's an art and a science to financial planning, and this is part of the art part. This is Maslow's hierarchy of needs. You've probably seen it before. I like to use this when I talk about a lifestyle leading to meaning.
Debt is an obligation against future income. What do I mean by that? Good debt versus not good debt.
We went through the different types of income you, you might encounter in your life in the money coming in. Next, there are five things you can do with this. What are the five things? We'll go through them right now.
This form should be familiar. It's form 1040. Everybody files it every year with the IRS.
We're going to take a minute here and go through the basic different types of income. There's other things involved that if you want to get more, but we only have 10 minutes. So, uh, generally speaking, the most common forms of income are a W 2 income. That means you are an employee of a firm. You receive a salary.
