You know you work hard and put in long hours, but you can?t do that forever. With a little financial education and assistance, your money can go forever. Wealth or asset management, wealth enhancement or financial planning, no matter the name it goes by, is of major importance to you, your retirement future and your kids. You need more than a smattering of knowledge about what goes on in those subjects.
You may have yourself a good start with home ownership, a 401(k) plan and life insurance, for example, but if that?s all you?ve got, you are missing out on a massive part of the potential wealth that your efforts can produce for your family and for yours and their futures. If a spouse contributes income or is responsible for rearing kids and managing the household, that spouse should have insurance equal to the spouse who works away from home. Should the life insurance policy start for the kids at birth or later on? Should that insurance be cash-value or term insurance? Should you get term insurance with the ability to be converted to whole life at each child?s 18th birthday? The decisions you make depend on your circumstances and your vision of the future. You may not know what is best for your family, but your certified financial planner does.
Saving for college is no trivial thing these days of tuition inflation at four times the rate of everything else. Those 529 plans may be good for you or they may not. If they are, which state offers the best plan? Perhaps mutual funds would be a better choice. Suppose your situation changes and you need cash, could you get at some readily and without penalty? Your employer may offer a variety of 401(k) plans; which plan is right for you? Should your contributions to your 401(k) plan be only up to the amount the employer matches, or should you go for the maximum allowed? Should your spouse also contribute to a 401(k) plan? If you need to borrow money for a down payment on a home, should you borrow from your 401(k) or set money aside in a savings account or equities specifically for that purpose? Then there are those medical and optical savings accounts as options.
You must not leave out retirement and estate planning, which are actually two separate issues, in your financial arrangements.. An incorrect mixture and the incorrect purchasing and owning of your investments can reward the government for your hard work rather than your desired heirs. Other things one must think about when planning for the future is extended coverage for nursing home care. You can plan and plan and plan and do a fine job of it but if you don?t make a will, the court decides where all that planning will go.
The components of a solid financial plan form a never-ending list and no one can be a whiz kid at every item on it. If you fret too much you may make yourself ?insurance poor? and if you fret too little, you open yourself up to being vulnerable to excessive risk. Child care, the future of Social Security and Medicare, taxes, hedge funds, the future of the housing market - all cause one to ponder the difficulties of planning for the future and also make it an awesome responsibility to get right. Should your mortgage be paid ahead or should you put the extra in securities? Your answers to these difficult questions could well mean the difference to a comfortable retirement or a bare subsistence one.
Even a so-so financial planner will pay for himself ten fold, a brilliant one, over decades, just may help you realize the full potential of your wealth more than you ever dreamed possible. Perhaps the most shrewd investment you can make is to invest in enough time to seek the sound advice of a sound financial planner.
You may have yourself a good start with home ownership, a 401(k) plan and life insurance, for example, but if that?s all you?ve got, you are missing out on a massive part of the potential wealth that your efforts can produce for your family and for yours and their futures. If a spouse contributes income or is responsible for rearing kids and managing the household, that spouse should have insurance equal to the spouse who works away from home. Should the life insurance policy start for the kids at birth or later on? Should that insurance be cash-value or term insurance? Should you get term insurance with the ability to be converted to whole life at each child?s 18th birthday? The decisions you make depend on your circumstances and your vision of the future. You may not know what is best for your family, but your certified financial planner does.
Saving for college is no trivial thing these days of tuition inflation at four times the rate of everything else. Those 529 plans may be good for you or they may not. If they are, which state offers the best plan? Perhaps mutual funds would be a better choice. Suppose your situation changes and you need cash, could you get at some readily and without penalty? Your employer may offer a variety of 401(k) plans; which plan is right for you? Should your contributions to your 401(k) plan be only up to the amount the employer matches, or should you go for the maximum allowed? Should your spouse also contribute to a 401(k) plan? If you need to borrow money for a down payment on a home, should you borrow from your 401(k) or set money aside in a savings account or equities specifically for that purpose? Then there are those medical and optical savings accounts as options.
You must not leave out retirement and estate planning, which are actually two separate issues, in your financial arrangements.. An incorrect mixture and the incorrect purchasing and owning of your investments can reward the government for your hard work rather than your desired heirs. Other things one must think about when planning for the future is extended coverage for nursing home care. You can plan and plan and plan and do a fine job of it but if you don?t make a will, the court decides where all that planning will go.
The components of a solid financial plan form a never-ending list and no one can be a whiz kid at every item on it. If you fret too much you may make yourself ?insurance poor? and if you fret too little, you open yourself up to being vulnerable to excessive risk. Child care, the future of Social Security and Medicare, taxes, hedge funds, the future of the housing market - all cause one to ponder the difficulties of planning for the future and also make it an awesome responsibility to get right. Should your mortgage be paid ahead or should you put the extra in securities? Your answers to these difficult questions could well mean the difference to a comfortable retirement or a bare subsistence one.
Even a so-so financial planner will pay for himself ten fold, a brilliant one, over decades, just may help you realize the full potential of your wealth more than you ever dreamed possible. Perhaps the most shrewd investment you can make is to invest in enough time to seek the sound advice of a sound financial planner.
About the Author:
If you are in the Ann Arbor area please visit Kennard Wealth for help with Ann Arbor retirement planning, Ann Arbor financial advice, and other related topics.
Publish By Seaman Job Vacancy Team
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