Financial Review
Start your review and stop worrying!
A Gallup poll showed that 60% of those surveyed worried about their financial future.
There are a few simple steps you can take to help reduce your worries:
- Regularly put aside a set amount in savings or other investments. The compounding of earnings can be substantial. The longer your investment period, the greater the beneficial effect of compounding.
- Prepare an annual balance sheet (a list of all your assets minus all your debts) to determine your net worth. A comparison of your annual balance sheets will show you whether you're meeting your financial goals.
- Plan where you want to be financially by retirement age. Over 90% of Americans must rely on the government or others for assistance during retirement. With proper planning and diligence, you can be among those who can retire in comfort.
- Update your plan regularly. Review your financial plan often and adjust investment choices when necessary to keep your plan on track with your financial goals.
- Don't use credit to purchase consumption items. Wait until you can pay cash for things which decrease in value. Borrowing money to purchase a home is usually a sound idea. Using credit to purchase household furnishings is not.
- Pay off your credit card balance every month. Your credit card should be used for convenience, not as a source of long-term financing. Credit card interest rates are much too high.
- Monitor your investments to maximize your after-tax return. The difference that a 2% greater return can make in the growth of your investments is dramatic.
- Have your insurance agent do at least an annual review of your insurance needs to determine that you are neither under- nor over-insured. Be sure to contact your agent when you buy or sell any property.
For assistance in your financial planning, contact us.