What is Wingonomics?
Our Financial Planning Strategy
"Our proprietary financial planning strategy is based on our clients financial objectives. The foundation of the concept is to build trust with our clients and to better understand their money mindset. Then, we talk money by looking at our clients spending habits to identify where the money is going, and give them a better understand that up to 40% (or more) of their money is going toward taxes, up to 34% (or more) of their money is going towards debt & interest and they are really only living off 23% (or less) of their gross income. After all of the spending, most have only saved up to 3% of their income for retirement. Our concept allows our clients to learn how to redirect their spending to retain more of their money to achieve their financial goals and helps them focus on creating their own economy; one that allows them to run their household like a business and manage their finances like a bank. This will ultimately give them control over their financial future."
Mark A. Wingo, FPWM® - President & CEO
NBFG's Proprietary Financial Planning Strategy to Create Your Own Economy
Debt & Interest
At New Beginning Financial Group, LLC, we have an unique approach to financial planning and wealth management that consist of our proprietary 7 Principles of Money to “Create Your Own Economy”, that we like to call "Wingonomics."
Principle 1: Change Your Money Mindset
Your situation will not change until your thinking does. Our goal is to help you eliminate what you think you know about money so you can tailor your thoughts around what you need to know about money to create your own economy to build up your human capital, and increase your economic value.
Principle 2: Control Your Spending
If you can’t manage your income and control your spending, you can’t be in control of your financial future. So, we help you develop a spending plan that gives your money a purpose, process how your money flows, and help you run your household like a business, and manage your finances like a bank to reach your financial goals.
Principle 3: Eliminate Your Debt
We firmly believe that eliminating your debt, mortgage included, give you access to the capital to build a solid financial portfolio on any income, and in any market. Our goal is to help you get out of debt in 10 years or less using our debt elimination strategies. We will hold you accountable to maintain the proper momentum to achieve your scheduled debt free date.
Principle 4: Reduce Your Taxes
We look at every way you spend and invest your money and create a game plan to make sure every way you are spending and investing your money is working for you as a tax deduction and invested in vehicles that allows your earnings to be tax deferred and/or in some scenarios, tax free.
Principle 5: Build Your Financial Portfolio
One of the fears of a vast majority of the country is not having enough money for retirement. Our goal is to create an objective financial plan that allows your income to make money in an up and down market by purchasing assets, not potential liabilities, to build passive and portfolio income.
Principle 6: Be Your Own Boss
We truly believe that the only way to create true wealth, outside of having a solid financial plan, is to own your own business. We will help you develop a plan to not just start a business but build a corporation with systems similar to most Fortune 500 companies.
Principle 7: Protect Your Assets
This is a must. Protecting your assets is more than having the proper amount of life insurance coverage; its also about protecting your estate. An estate plan focuses on protecting your assets while you are living and protects your assets from probate.
How we work with you to help you "Create Your Own Economy" to reach your financial goals
The first step to successful financial planning is to determine your financial goals by understanding your money mindset. A financial professional will take time to learn about your current financial situation through building rapport in a confidential discovery call. This will allow a financial professional to become familiar with your current financial situation and develop a series of financial analysis that recommend a financial course of action to help you reach your financial goals.
Your financial professional will:
Ask questions to understand your money mindset to align your daily financial decisions to your financial plan.
Review your income and expenses, assets and liabilities, and net-worth.
Organize your liabilities (debts) to create a plan to eliminate your debt
Determine your long-term tax objectives by establishing a financial portfolio to secure comfortable retirement income streams:
Tax deferred income
Tax free income.
Determine your Financial “Lifestyle” Number (F.I.R.E. Number) and create a retirement plan to help you achieve your financial goals.
Explore entrepreneurial aspirations and create a business plan and timeline that will map out your financial goals to maximize your earning potential.
Identify your need for life insurance to provide financial protection for your loved ones and/or business relationships
Review current investments and life insurance coverage
We will help with drafting an estate plan.
Provide ongoing support.
We understand that “Life Happens” and your financial goals may change throughout the year. That’s why it’s important to revisit with your financial professional at least annually to determine if your financial goals are still applicable.to your financial plan.