Your Financial Health

People and Process

You only have two real sources of income: the work that you do to bring home a paycheck and the work your money does for you. Your financial future depends on your ability to effectively manage your money and put it to work.

Here are 8 steps to help you maintain your financial health. If you feel you need guidance from a professional who can provide solutions to meet your unique needs, please feel free to contact me.

  1. Manage Debt and Live Within Your Means – Excessive debt can be dangerous in the event of an economic downturn or an unexpected loss of income.
  2. Ask an Expert for Help – Consult independent legal or financial advice before liquidating an asset to purchase an investment or insurance product, or transferring ownership of assets.
  3. Keep Your Wills Up to date – Basic wills naming executors and guardians may not be sufficient as you accumulate assets and prepare for retirement.
  4. Match Your Risk Tolerance to Your Goals – It is usually prudent to have less volatile and more liquid means for education funding (shorter-term) than retirement funding (longer-term).
  5. Make Sure You Have Adequate Insurance Coverage – Insurance is designed to cover risks you cannot afford to take on your own. Life, disability and long-term care insurance can help protect a family’s standard of living if the unexpected happens.
  6. Review the Ownership of Assets – While joint ownership may make asset transfers at death easy, they may also generate unnecessary estate taxes.
  7. Consider Establishing a Trust – The right trust may allow more of your estate to pass to your heirs.
  8. Own Products That Are Appropriate for Your Situation – If you absolutely need to receive a retirement check every month, choose a product that will provide income that is guaranteed to last as long as you do.

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