Cash flow requirements and projections are the central point of all investment, expenditure, and wealth transfer decisions. Often there is a disconnect between expected and actual returns when it comes to real life spending and gifting objectives. It is not uncommon for financial decisions to be made purely for tax and return purposes, while ignoring cash flow requirements. The total return concept of liquidating capital assets to meet cash flow needs, while great in theory, may cause significant risk to capital values if portfolio volatility, liquidity, and tax consequences are not considered.