John Vento calls it "getting to Point X," in his book, Financial Independence: Getting to Point X, where the X represents the lifetime goal of financial independence, just as an X on a pirate's map marks where the treasure can be found. Vento, a New York-based CPA, wealth manager and HD Vest representative, said that asking these questions helps people to start thinking about the financial issues they have under control and others that may need attention. "Most people spend little or no time examining their financial future," he said. "The closest they come to doing this is once a year when they have to prepare their tax return. The only reason they do that is because they are required to do it by the government. This is a great opportunity for them to do more than just have their return prepared, and actually start planning for their future." When Vento sits with a client to prepare their return, he usually poses a number of non-tax return questions to them. "Normally, we don't just focus on income and expenses, but we also want to know what their financial net worth is - a snapshot of where they stand financially," he said. "When I go through their itemized deductions, I encourage them not to have any credit card debt because it's not tax-deductible."
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