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The key here though is to make it sound like we are feeding off eachother a little bit (as though it's an impromptu interview).
I've attached a script for your review. Feb 02, 2006 14:37:41 (GMT -05:00) Eastern Time (US & Canada) Feb 09, 2006 00:00:00 (GMT -05:00) Eastern Time (US & Canada) No (click here to learn more about
Project Parameters
Script Details
Radio Interview
Host:
Hi everybody – this is __________ ____________ and today we are going to be discussing certain considerations that must be taken into account when developing a personal financial plan.
To help us with today’s topic, we have a very special guest with us. He is a CPA, a financial planner, an accomplished entrepreneur, the author of many financial articles, and he has recently produced a series of financial videos addressing many of the issues we will be talking about today. His name is John Lewis. John, it’s good to have you here today.
John Lewis:
Well thank you very much. I’m happy to be here.
Host:
Before we get into some of the specific topics and the recent buzz surrounding the series of videos you have produced, why don’t you tell us, John, a little about your background?
John Lewis:
I’d be happy to. I attended college at Brigham Young University and graduated with a degree in accounting. I then moved back to Sacramento, California where I was born and raised and I worked for several years with the accounting firm of Ernst & Young—where I received my license as a Certified Public Accountant. And since that time, I’ve had a broad range of experience as a Controller, a CFO, an entrepreneur, a consultant, and, of course, a financial planner.
Host:
Wow! You’ve certainly been busy. So how did you get involved in financial planning? Is that something you’ve always done as a CPA?
John Lewis:
I’ve always had an interest in personal and corporate finance—especially in finding non-traditional approaches to financial problems. But what really persuaded me to pursue financial planning full time was a combination of my client’s asking me to help them develop their plans and—just the “bad advice” that is given to people out there.
Host:
Tell me more about what you mean by “bad advice”.
John Lewis:
Well “bad advice” typically is the result of making planning recommendations after analyzing only one or two areas of planning without taking the entire financial picture into consideration.
Host:
Can you give me an example of when this might happen?
John Lewis:
You bet. Since I’m a CPA, let me pick on CPA’s a bit here. You see, the public judges or ranks CPA’s based on the amount of taxes their clients must pay. The less they pay—the better they think the CPA is. And since they are judged this way, CPA’s typically focus on minimizing their client’s taxes in the current year—even though this strategy may defer an even greater liability to the client down the road or cause them to lose the liquidity, use and control of their money.
Host:
Are there a lot of people who might be deferring greater tax liabilities out there—or is it limited to people with unique circumstances?
John Lewis:
Unfortunately, it is a fairly widespread problem. People simply haven’t received accurate information on the current state of our economy and the challenges that lie ahead. And without understanding the economic facts today, it’s impossible to develop an accurate plan to prepare themselves for the inevitable changes tomorrow.
Host:
So what is a common misperception that people have today?
John Lewis:
Well, one of the most common beliefs that we are taught by the government, financial advisors, CPA’s and the media is that people will be in a lower income tax bracket when they retire. And on the surface, this seems to make sense—given that your income will likely be lower. However, after considering the true facts of the economy, it quickly becomes evident that taxes will be higher in the future—not lower.
Host:
Why is that?
John Lewis:
As discussed in my video entitled “Devastating Effects”, there are several contributing factors like the ongoing War on Terror, the increasing rate of natural disasters like Katrina and the Tsunami, and the epic shift in the workforce and in the real estate and stock markets that will occur due to the retirement of the baby boomers.
Host:
Yes—I read something that mentioned that the retirement of the baby boomers might have quite an impact on us. How come the government isn’t really talking about that?
John Lewis:
Well, politicians obviously don’t want to scare anybody—and they are notorious for only given half truths. But David Walker, who is the Comptroller General for the government, says he is “desperately trying to get people to understand the significance of this for our country, our children and grandchildren.” And that “We are heading to a future where we’ll have to double federal taxes or cut federal spending by fifty percent.”
Host:
Wow! That sounds serious. Is the strategy discussed in your “Equity Trap” video designed to prepare people for these upcoming changes?
John Lewis:
The Equity Trap video discusses just one potential tool that can be used in a financial plan.
Host:
Can you tell us a little about that?
John Lewis:
Sure. Equity is one of the most underutilized tools in financial planning. It’s really an eye-opener to people to see how much money they can generate for their future by properly managing the equity in their homes. As you know, we’ve traditionally been taught that paying off our homes as quickly as possible is a wise thing to do. “The Equity Trap” video challenges that thinking—and exposes the fact that equity really has no return at all. And that people may be able to significantly improve their financial situation by removing the equity from their home.
Host:
I thought I had read something that said Financial Advisors were getting into trouble by suggesting people leverage their equity by putting it into investments. Does that sound familiar?
John Lewis:
I’m glad you brought this up. The NASD has actually issued 2 consumer alerts and 1 investment alert regarding the use of home equity for investments. These alerts warn consumers about investing their home equity in risky investments that are not guaranteed. I would NEVER suggest putting equity into any investment that would put my clients’ capital at risk and I’m glad the NASD is doing something to warn the public about that.
Host:
So do you suggest that everyone should remove the equity from their homes?
John Lewis:
Not necessarily. I’d be leery of anyone pushing a single strategy for everybody. That would be like someone selling you a part for your car without first asking the make and model of it. I really need to understand the goals and circumstances of each of my clients prior to making any sort of recommendations.
Host:
So how can someone find out if this strategy is right for them?
John Lewis:
Well, I would certainly recommend they give me a call to schedule an initial appointment where we can get together to review their specific situation.
Host:
And at what number can they get a hold of you?
John Lewis:
The best way to get in touch with me is by calling 888-549-PLAN—that’s 888-549-P-L-A-N or by completing an information request form at www.inventivefinancial.com.
Host:
Well John, I’d love to pick your brain a bit more but we are about out of time. I know you are extremely busy and I certainly appreciate you taking time out of your schedule to be with us today.
John Lewis:
Thank you ________. It’s been my pleasure.
Radio Interview
Host:
Hi everybody – this is __________ ____________ and today we are going to be discussing certain considerations that must be taken into account when developing a personal financial plan.
To help us with today’s topic, we have a very special guest with us. He is a CPA, a financial planner, an accomplished entrepreneur, the author of many financial articles, and he has recently produced a series of financial videos addressing many of the issues we will be talking about today. His name is John Lewis. John, it’s good to have you here today.
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