October is National Financial Planning Month and a good time to start planning your financial future as years end approaches.  Reviewing this past year will be the first step to changing things up for the new year.  You will have a plan on how to do things differently putting your financial future in your own hands.  When planning your financial future, be informed as much as possible to achieve the best results for your needs.  Planning allows you to set short-term and long-term goals and estimates how much you will need to meet them.  There are a few questions to keep in mind before meeting with a financial adviser to set up an investment plan.

  •  What is your goal?

Are you looking to grow your child’s college fund or save for your retirement?  Whichever your goal may be keep that in mind when you are considering different options.  As you sit down with your financial adviser he will ask you what your overall goal is and help you get started on the right path.

  • Are there any risks?

Most investments come with some degree of risk.  Risk refers to the degree of uncertainty or potential financial loss in an investment decision.  Every saving and investment product has different risks and returns.  Differences include how you as the investor can get your money as needed, how fast money will grow and how safe your money will be.

  • Sources of income

Gather all your sources of income as your family’s standard of living is important to consider when creating an investment plan.  Review returns from other investments, as well as household income when investing.  Your tax situation also needs a review as managing your assets with taxes in mind is crucial in creating a financial plan.

  • Do you have a timeline?

Investing wisely takes time, it is something that will not happen overnight.  Having a timeline is important when creating a financial plan as it is part of your strategy and investment returns.  Think about items such as pensions, a personal business, employee stock or an inheritance that will play a part in your investment portfolio.  All this information will give your financial adviser the appropriate figures to analyze your investment so that nothing is missed.  This will give you an understanding of your economic risk and possible ways to minimize this risk.  Being informed will allow you to get the most out of your investment and expectations.

Contact our office to set up an appointment to start your own financial plan.