To get started, examine your current financial situation by assessing your budget, debt management, savings, retirement savings, and insurance. Next, work toward more complex areas, such as your will and estate plan. As you start planning, your marital status, assets, income, health, financial literacy, employee benefits, number of children, and future retirement income must all be factored into your plan. While having a plan can’t guarantee protection from unexpected life events, it can help you create the groundwork to achieve these eight things in the New Year.
Financial Super Star Groundwork
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A financial professional can help guide you through the planning process by providing recommendations in several areas of your financial life. While every financial professional has their unique strengths and specialties, they can also help you:
- Determine if you’re on track with your goals.
- Provide a second opinion.
- Evaluate your investment strategies and implement new strategies.
- Assess your risk tolerance and time horizon to align with your goals.
- Rebalance your portfolio.
- Manage roadblocks impacting your finances- job loss, divorce, etc.
Now that you know the eight things planning can help you achieve, take the next step and schedule a New Year’s planning meeting with a financial professional today.