|
Twelve Months of Financial Milestones Working with Financial and Legal Advisors Taking Control of Your Financial Future How Much Money Will
I Need to Achieve How Should I Manage
My Money to Reach
|
 |
taking CONTROL
OF YOUR FINANCIAL FUTURE
To be a successful money manager, you need to understand the considerable complexities of financial products and services, including their potential impact on your tax situation. You also need to have the time to devote to reviewing and updating your portfolio regularly. Above all, you need to want to manage your money yourself. If you don’t have the knowledge, time, or inclination, consider working with a financial advisor. There can be many benefits: • You’ll have full-time, professional management of your money. • You keep control. In a “non-discretionary” account relationship, your advisor will make recommendations to you and explain why he or she is making those recommendations. No action is taken until you give your approval. • An advisor can help you define your financial goals so you’ll know exactly what you want to accomplish and how you’ll know when you have accomplished it. • You’ll receive objective advice. For example, your advisor can tell you if an investment your loved one held is appropriate for you, and, if not, recommend selling it. On your own, you might not be able to part with that investment, even if it isn’t right for you. • Depending on whom you select, an advisor will analyze key elements of your financial situation. These include your assets, liabilities, cash flow, insurance coverage, investments, tax strategies, and more. After reviewing this information, your advisor will recommend actions you need to take to reach your goals. • An advisor will help you understand the potential impacts of your financial decisions, both immediate and long term. Decisions you make today may impact the future. Your advisor will help you think about those impacts before you take action. • An advisor may handle administrative chores and requirements for you, such as buying and selling securities, keeping records, transferring money between accounts as you need to, and providing tax filing information. • An advisor may track your progress towards your goals and provide regular updates to you. • You’ll have laid a strong financial foundation; one that makes you better prepared for significant changes that may occur later in your life, such as marriage, the birth of new children/grandchildren, or retirement. To find a financial advisor who is right for
you, ask yourself what type of assistance you want and then follow
the steps suggested in “Working with
Financial and Legal Advisors.”
|
Should I Manage My
Money Myself?
