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Financial Planning Matters During Tough Times

September 1, 2009

Why enlist the services of a financial planner when your holdings are down or you’re facing financial problems?  Because as dark as times seem, you’re actually giving yourself a fresh start in building a stronger financial future. 

 

Indeed, many people don’t make that choice. A recent Financial Planning Association survey showed that many people try to go it alone when it comes to a financial plan—and they suffer considerably worse performance in their investment and savings goals over time than those who do. 

 

Financial planning is the process of wisely managing your finances so that you can achieve your life goals—while at the same time helping you negotiate the financial barriers that inevitably arise in every stage of life.  A financial planner is not a substitute for your own final decision-making. A qualified planner serves as a facilitator and technical resource for you to translate your life values into goals and action plans.  

Another advantage to working with a financial planner is the chance to have a second set of eyes look at your wages, investments and benefits at work vs. what you’ll be investing on your own outside work-based retirement and other savings plans.  Or, if your problem is credit card debt or difficulty refinancing, a planner may have specific contacts or the ability to make certain recommendations on how to get yourself in a better position to plan for the future. 

 

Not sure how a financial planner can help you?  Just a few examples are listed here.  A financial planner can...

  • Guide you through the maze of retirement options – 401(k), IRA, Roth IRA, pensions, annuities, Keoghs, etc.

  • Decrease your estate tax liability, thereby adding to the financial stability of your loved ones.

  • Reach your education savings goals through 529 Plans, Coverdell savings accounts, and other techniques.

  • Determine the type and amount of insurance you need to protect yourself, your family, and your assets.

  • Minimize your taxes, file your tax returns, and plan to reduce future tax impact.

  • If you own a business, develop a strategy to manage your business finances.

If you do not have a comprehensive financial plan, now is the time to get started on one.  If you already have a plan in place, dust it off, review it, and update it based on changes in your life circumstances or goals.  Contact our office to learn more about updating your existing plan or building a new one for your financial future.

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