How carefully do you approach buying a vehicle? Would you rather invest in art or real estate? Are you deliberate about the shoes you wear and the colors on your walls? From big to small decisions, we all have preferences, and that reality doesn’t change when it comes to finances. Your personal tastes influence the financial strategy that is right for you, and with help from your financial advisor you can develop the most effective plan for the present and future.
What Type of Financial Strategy Is Right for You?
When you work with a financial planner, you will be introduced to a variety of financial strategies so together you can discuss the measures that are best for your circumstances. Some of the most common and effective financial strategies include the following:
- Diversifying assets. Spreading investments among different assets can feel like a risky proposition, but variety in financial dealings can be incredibly rewarding. Discuss the value of putting your resources into one reliable fund that provide a safety net versus diversifying.
- Managing risk. Having a solid strategy in place for personal insurance, life insurance, and liability insurance lets you transfer financial risk to an insurance company should large life events occur. The idea: To protect your loved ones from financial ruin after an emergency.
- Retirement planning. You can begin retirement planning at any point but sooner is smarter than later. From personal savings to IRAs, defined benefit plans to defined contribution plans, the goal is to build a comfortable, livable retirement over time.
- Estate planning. When you’re managing your money, you should also be managing what happens to your assets after death. Put your wishes in writing with estate planning documents such as a will, living trusts, power of attorney, and more.
- Finance large purchases. Homes, education, and cars are typically the largest purchases people make in their lifetime. Find out where to put your assets so you can afford a mortgage, tuition, or other types of payments.
No matter what line of work you’re in, whether you are a young professional, educator, experienced healthcare provider, retiree, or otherwise, there is a financial strategy to serve your needs now and in the future.
Customize an Ongoing Financial Strategy
Whatever financial plan you adopt, whatever methods are designed specifically for you, they are continually evaluated and updated to suit the stage of life you are currently in and your financial goals. The financial advisors at Hollander Lone Maxbauer are eager to discuss the planning stage you’re in and help you settle upon choices that will positively impact your financial reality.
We offer the Wealth Without Worry® program to help our clients accumulate, grow, and manage their assets. Along with these major movements, we promote financial literacy and support clients in developing confidence about their current financial state and where they will be in the months and years to come. Contact us to schedule a consultation at our Southfield, MI, office.
