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How To Simplify Your Retirement Cash Flow Strategy

•In this episode, Eric discusses a simple cash flow management strategy designed to help individuals, especially those nearing retirement, manage their finances more effectively. He introduces the First Step Cash Management strategy, which involves categorizing income into three distinct buckets: static expenses, control expenses, and dynamic needs. By automating transfers and separating accounts, individuals can gain better control over their spending and savings, ultimately leading to a more sustainable financial future. Takeaways • Mismanagement of cash flow is a common issue for retirees. • The First Step Cash Management strategy simplifies budgeting. • Income should be categorized into three buckets: static, control, and dynamic. • Static expenses are fixed commitments that cannot be changed easily. • Control expenses are variable and can be managed more flexibly. • Separate bank accounts for static and control expenses enhance clarity. • Automating transfers can streamline cash flow management. • Experimenting with spending can help find the right budget. • Using credit cards responsibly can earn rewards without overspending. • Intentional spending leads to better financial decisions. ---------------------------------------------------------------------------------------------------------------------- Want to learn how you can better protect and grow your wealth? ➡️ https://wealthbllc.com 🔔 Don't forget to subscribe here to be notified for my latest videos ▶️/ @eerod10 Learn more about Eric and WealthBuilders at https://wealthbllc.com 📱Connect with me on my socials here: https://linktr.ee/ERODCFP ------------------------------------------------------------------------------------------------------------------------ Disclosure: WealthBuilders, LLC is a registered investment adviser registered with the State of California. Registration does not imply a certain level of skill or training. The views and opinions expressed in this video are as of the release date and are subject to change. The content is for informational or educational purposes only, and is not intended as individualized investment advice, or as tax, accounting, or legal advice. You are encouraged to consult with professional financial, accounting, tax, or legal advisers to address their specific needs and circumstances.