Your home is likely to be the largest purchase you make during your lifetime. As such, it requires careful financial planning. Your choice of mortgage will likely impact your finances for many years to come. Fully understanding your options and the variables involved is part of sound financial planning for your family.
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If you are thinking about starting a business or wondering how you can make the one you already own run more effectively, consulting a financial professional can deliver valuable benefits. A lot of details go into making a business run smoothly, and few business owners have the specific knowledge and experience necessary to properly attend to all of them. By consulting outside experts about questions such as business structure, taxes, and payroll, you can save yourself time, stress, and the consequences that flow from missteps.
Although it is a cornerstone of any sound financial plan, insurance is an often undervalued aspect of financial planning. There are many reasons people fail to carry sufficient insurance. Choosing plans can be confusing, and consumers often misunderstand what types and levels of coverage their policies actually provide. There is also the natural tendency to not want to think about death, disability, and serious illness. Pretending risk does not exist, however, simply amplifies the consequences of unexpected events, allowing them to wreak unnecessary havoc on the finances. Health, life, disability, and long-term care insurance are tools available to protect your financial plan from the unexpected.
“Always pay; for first and last you must pay your entire debt.” – Ralph Waldo Emerson
You might think, “That was easy for Emerson to say; he had a Harvard degree and a sizeable inheritance.” It’s true that staying out of debt is easier for some than for others. Many Americans struggle every month to find enough money to meet current expenses as well as battle their existing debt. If you have been trying to get out from under the burden of debt and are frustrated by your lack of progress, don’t despair. There are some simple steps you can take to make this seemingly insurmountable task more manageable.
Moving away from home for the first time represents, for many people, the beginning of adult life. It may be the first time you are more or less fully responsible for yourself. How you take care of your space, how you allocate your time, and how you manage your money are up to you when you leave your parents’ home and start to create your own. Forming good financial planning habits during this time will serve you throughout the rest of your life.
Make sure your advisor is planning for the unexpected and is providing you with a plan fit just for you that is reevaluated every year to make sure that this plan meets your needs, goals, and priorities.
Choosing the right way to invest retirement funds is a complex task. To make matters more difficult, what was the right investment at one time may no longer be the best choice as time passes and your circumstances change. For this reason and more, it is always best to undertake investment planning with the advice of a knowledgeable professional.
If you do not have access to an employer-sponsored retirement account, an IRA is a great alternative. Whether a Roth or traditional IRA will be most beneficial for you depends upon your individual financial situation, including your current and projected income levels and the likelihood that you will need to access your funds before you reach retirement age. A breakdown of the features of each type of IRA will help you select the best version for you.
As a parent in Iowa, you have many options for saving for your child’s educational expenses. A Coverdell Educational Savings Account (ESA) is an attractive option for many parents.
Choosing a retirement account is no simple matter. Each type has its own benefits and drawbacks, and how those affect you depends upon your individual financial situation. A qualified financial services professional is best able to help you make the most advantageous choice based on your unique circumstances. It is helpful, however, to understand the basic differences among the most common types of retirement accounts and which are the best fit for your savings. Having this foundational knowledge before you meet with a financial planning professional will help you to work with your advisor to develop a strategy that you fully understand and in which you have confidence.