Broker Check

Do You Have a Plan?

| September 25, 2017
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One of the services we offer at Petra Financial Solutions is financial planning for all ages and stages of life.  In my blog posts, I want to stress the importance, benefits and effectiveness of having a financial plan in place. 

In my experience, I have observed that there are seven roadblocks that keep the majority of individuals from creating and executing a financial plan.

1. No Goals
     If you have no goals, you cannot create a plan and know whether you are on track. Not sure what is realistic or where to start? We can provide professional
     guidance and active financial management.
2. Lack of Knowledge
     Many individuals do not understand the financial world or how to effectively put their money to work.
3. Debt
     Not all debt is bad; at times it can be good for investing long term. At times credit card debt can be detrimental.
4. Inappropriate Investing
     I have seen investors lose money by having unsuitable investments. We attempt to look at the whole picture before putting your money to work.
5. Inflation
     If your money is not working for you then it is losing ground to Inflation.
6. Taxes
     Being aware of the tax implications of your decisions is an important factor in the planning process.
7. Procrastination
     Some people never quite get around to planning for the future. As a result, they fail to reach their financial goals.

We can help you get past the roadblocks and develop a financial plan utilizing the six keys to financial success. 

1. Risk Management
     Medical Insurance / Long Term Care / Life Insurance
2. Cash Management
     Inflation and Taxes / How Much Money is Available / Latte Factor
3. Investment Concepts
     Plan for Investing / Investment Concepts / ETFs / Planning for College
4. Tax Management
     Taxes say a lot about a person / 1040 “taxable interest income” / How to reduce taxes
5. Retirement Planning
     Income during Retirement / Social Security Benefits / Employee Sponsored Retirement Plans
6. Estate Conservation
     Estate / Who will receive your estate / Distribution of your estate / Guardians for minor children / Estate costs / Probate / Trusts / Charitable Giving

I believe in the comprehensive approach to Financial Management.  You not only need sound investments but also adequate insurance coverage, cash management skills, tax saving strategies, and an effective estate plan. 

I will break down each “Key” area of the Financial Planning process in future blogs. 

Until next time, cheers!

Jim

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