Broker Check

Personal Financial Strategy

Everything You Need to Know about Personal Financial Strategies

Everything You Need to Know about Personal Financial Strategies

When you think of financial strategy, you may just think about using a budget to pay your bills and maybe save a little. Personal financial strategy is a lot more than that. Naturally, it involves saving money, especially for retirement, but it also includes protecting your assets with insurance and selecting the right investment vehicles to help you build wealth.

Without a plan, it’s easy to live from paycheck to paycheck. Successful people take advantage of retirement accounts at work and put themselves in a position to amass a healthy financial cushion. You can start out with a small percentage of your paycheck, small enough that you won’t even notice it’s gone. Don’t wait to start building a financial strategy until some future date. This can lead to many missed opportunities to grow your wealth and secure your future. You’ll only regret putting it off.

Why Financial Strategy Is Vital for You

While you can receive Social Security benefits as early as age 62, most people need additional income to supplement their retirement years. Not only are Social Security benefits dwindling, the amount you receive also depends on how much you earned throughout the years. After working hard for most of your life, you don’t want to keep working when you’re no longer physically capable of doing so.

Working with a personal financial professional is the best way to build and maintain wealth to reach your goals and provide a nest egg for the golden years. A financial professional can help you build wealth and protect it at the same time.

How Do Financial Strategies Work?

Financial strategies are not just about opening a retirement account and purchasing some assets. Depending on your age, your financial situation, and your goals, your investment strategy is going to be very different from that of your neighbors. You might like to play it safe, even though you have several decades until retirement. Or you might have a large disposable income, and you’re ready to take some risks to see your wealth grow.

Before you invest in assets of any kind, it’s important to make sure you have adequate insurance protection. For example, if you become disabled and can no longer work, you would go bankrupt without disability insurance even if you’ve been saving for retirement for years. Similarly, a business owner must have liability insurance to protect his company’s assets from lawsuits. 

A comprehensive financial strategy addresses all aspects of your financial life, while remaining focused on your long-term goals and vision for the future. 

FAQs about Financial Strategies

FAQs about Financial Strategies

For specific financial advice, please call me. In the meantime, here are answers to some questions you might have.

When Should I Start with Creating A Financial Strategy?
As soon as you earn a paycheck, it’s a good idea to plan for your financial future. Most people don’t think about setting money aside for retirement with their first job. But the sooner you start saving, the better, because time works in your favor with investing.

Does It Matter What I Invest In?
Yes, it does. There are different investments. Each kind has its own set of risks, tax implications, and potential returns. As a financial professional, I can help you select the investments that are best suited for your financial goals, whether it’s retiring early or sailing in the Caribbean. 

How Soon Will I See Results?
It depends. There are different assets you can invest in. Some will take time to mature and pay off. Others will gradually increase in value. It’s a good idea to evaluate your investment portfolio at least once a year to ensure it still meets your investment objectives.

Do I Need a Financial Professional?
Investing isn’t easy, or we would all be rich. Having a financial professional on your side helps you navigate the potential pitfalls of investing, saving you money on fees and taxes. They can also help you manage your portfolio, evaluate the performance of your assets, and keep your investments aligned with your goals and risk tolerance.

Get Started 
Don’t wait to get started with a financial strategy. The future seems far away now, but time has a way of passing by quickly. It doesn’t take a lot of time to set up your retirement and investments account, and you’ll reap the benefits for a long time.

Message me today and let me help you make the right investment decisions for your situation. We’ll talk about your goals and your current financial situation, then make a plan to get you where you want to be. 

 

 

Are You Making the Most of Your 401(k)?

In this ebook, we outline your 401(k) choices and explore critical mistakes to avoid. Download it today
Thank you! Oops!