Financial Planning Tips for a Lifetime

Financial Planning Tips for a Lifetime Advice from CPAs

Realistically answer the question: “Are you prepared for your financial future?” Pinpoint your specific problem areas Highlight steps to turn things around 360 Degrees of Financial Success

Americans spend 120% of what they make… How long will your savings last? What can you do to fix the problem if your savings are nowhere near what they need to be? 360 Degrees of Financial Success

THINK SMALL and DO IT REGULARLY Thinking small can bring big rewards PAY YOURSELF FIRST “DON’T TOUCH” account The only wrong thing to do is to do nothing about protecting your financial future 360 Degrees of Financial Success

Credit card debt “How can I avoid the credit card debt squeeze?” “If I’m already there, how do I push my way out?” 360 Degrees of Financial Success

Avoiding the credit care squeeze… Limit the number of credit cards you use Paying the total amount due, never incurring the interest rates Working your way out… Stop using credit cards Talk to a financial planner Work with your creditors 360 Degrees of Financial Success

Life events that require financial attention Parenting College Jobs/Career Home ownership Unexpected crisis/Disaster The “Sandwich Generation” Retirement Estate planning 360 Degrees of Financial Success

Home ownership Right time to buy Financing Monthly mortgage payments Real estate attorney Future marketability Home-owners insurance 360 Degrees of Financial Success

Parenting Teach your children about money Manage your finances so your kids will have every opportunity to become productive, responsible adults You also have to plan for the contingencies that come with parenting 360 Degrees of Financial Success

Parenting For 5-8 year olds: Start an allowance, comparison shop For 9-12 year olds: Money to supplement their allowance For teens: Money management skills For college students: Staying within a budget 360 Degrees of Financial Success

College Financial Aid Scholarships and sponsorships Part-time jobs Delayed admission 360 Degrees of Financial Success

Career 401K plans Automatic deposit Retirement plans Disability and life insurance Health insurance Unemployment insurance 360 Degrees of Financial Success

Unexpected Crisis/Disaster Divorce Do you make enough to support yourself? Which assets do you want? Can you afford to keep the family house? Are you better off selling and dividing up the proceeds? 360 Degrees of Financial Success

Unexpected Crisis/Disasters Fires Floods Earthquakes Prolonged health issue Death of a spouse 360 Degrees of Financial Success

The “Sandwich Generation” Those caught in the middle between raising and educating their kids and tending to the needs of aging parents Learn about your parents ailments to make a realistic budgeting assessment Know and understand your parents financial situation and their wishes 360 Degrees of Financial Success

Retirement Start early Take full advantage of every retirement option Invest the maximum allowed in an IRA 360 Degrees of Financial Success

Estate Planning Be sure you have a will Formulate a strategy 360 Degrees of Financial Success

Financial Circle of Life “Hope for the best. Expect the worst.” Think Small and Do It Regularly! 360 Degrees of Financial Success

Financial Planning Tips for a Lifetime