Weighing Your Most Effective Financial Strategy

The most effective financial strategy is not the same for every person. Your money goals are unique and your current financial status is too, as well as your fiscal future. Examining the strategies available to you with help from an experienced financial planner allows you to make effective plans for now and later.

5 of the Most Effective Financial Strategies

Your most effective financial strategy comes in different shapes and sizes, and there is certainly room to adopt several efforts. Here are just some of the most impactful ways to manage your financial world:

  1. Manage Risk: Anything could happen to you at any time. There is no way to know what the future holds. The risk of getting hurt or dying are real and having the right kind of insurance (personal, life, liability) means the financial risk of this fallout is not on you and your family, but on your insurance company. The goal of risk management is to protect the ones you love from financial destruction.
  2. Finance Big Purchases: You will make big purchases in your lifetime – a home (or homes), a car (or cars), bankrolling your kids’ education (or your own), and more. Making sure you have the funds to afford what you want comes from planning ahead and determining – with help from your financial partner – where to put your funds for the biggest return.
  3. Diversify Assets: You may believe in the power of one type of asset and want to rely on it to bring you wealth, but your financial planner has extensive insight into multiple reliable funds and, most importantly, the power of diversification. Determining the best risk strategy is fun and offers incredible reward.
  4. Retirement Planning: You may have a pension coming your way or other savings plans when you retire, plus Social Security, but successfully planning your retirement doesn’t mean relying on what you expect to have – it’s about taking stock of what you have now and will have in the future, from savings to IRAs, defined contribution plans to defined benefit plans. Retirement should be comfortable and you want to feel knowledgeable about life after 9-to-5.
  5. Estate Planning: It can feel uncomfortable to discuss where your wealth will go after your death, but planning out this reality now, both legally and financially, will ensure that your wishes are honored. Financial planning is also about drafting a detailed will, titling your assets, reviewing life insurance policies and beneficiaries, and more.

Get a Customized Effective Financial Strategy

Whether you are new to the workforce, firmly ensconced within it, or edging close to the excitement of retirement, how you manage your money affects your daily life and the future. There is always an effective financial strategy for your goals and family.

At Hollander Lone Maxbauer, our team of seasoned financial strategists are eager to learn about your financial circumstances, hopes, and plans. Contact us to schedule a consultation and empower yourself to manage your wealth exactly the way you want.