Creating a Financial P.L.A.N.

Create a step-by-step roadmap that gives you confidence in your future.

The road to financial freedom can often be more easily obtained by those who follow a plan created to help them reach their specific investment goals. Let Al Durazo, our CFS* Financial Advisor, help you take the first steps toward building a confident financial future, by designing a P.L.A.N.

How to Create a Financial P.L.A.N.:

Pay yourself first
 

• Promise yourself to take advantage of your employer’s retirement plan, whether it’s a 401(k), a 403(b), or any other kind of contributory plan.
• Consider Dollar Cost Averaging** instead of investing assets in a lump sum, frequently investing smaller amounts can be more practical and may help spread the cost basis out over several years, possibly providing insulation against changes in market price.

Live within your means
 

• Promise to pay off your credit cards. Credit card debt is the number one reason most people can’t get ahead. Paying the minimum balance due on a $10,000 credit card balance with an 11% interest rate could take 20 years to pay off.
• It’s often more rewarding to save for something vs. putting it on a card and getting stuck with payments. If you can’t afford it, think twice about buying it.
• Financial fitness is a commitment, a lifestyle, similar to going to the gym and eating right.

Assure your family’s stability
 

• Write or update your will. Wills are not just for the rich. Regardless of how much or how little money you have, a will may ensure that whatever personal belongings and assets you have will go to beneficiaries you designate.
• If you have children, a will allows you to appoint a guardian for them in the event of your death.
• Life events such as buying a home or having a child could change the amount of coverage a family needs. Work with a financial professional to assess the amount of coverage you and your family may need.

Never stop learning
 

• Write down your financial goals, this is your road map to financial freedom.
• Work with a financial advisor who can keep you up to date with new investment opportunities available to you and your family.
• Regular reviews can help keep your investment choices on pace with your needs based on risk tolerance and time horizon.