Path to financial security
1. Engage a financial security professional
There is extensive research that shows people who work with a coach are more financially secure than individuals who do not. Just like an annual physical, you should review your financial plan with your coach annually.
2. Develop a personalized plan
Everyone can benefit from working with a financial security professional as a coach to look at their complete picture, develop personalized goals and a realistic plan to achieve them. There is extensive research that shows people who work with a coach are more financially secure than individuals who do not. Just like an annual physical, you should review your financial plan with your coach annually.
3. Pay yourself first
Save early, save often, save something. Your financial security professional will help you create a customized plan to achieve your goals and help you build more savings for emergencies, life goals, and retirement. Through annual reviews of your plan your financial security professional will help you to save more as you earn more.
4. Manage and pay down debt
Your financial plan will be personalized to your situation and will involve managing and reducing debts with high interest rates and prioritizing how you divide your income to save, budget for needed expenses, finance your home, pay for education, build credit, and manage debt prudently to increase financial wellbeing for you and your family.
5. Protect against the unexpected
Reliable financial plans look across decades, but what happens to you and your loved ones if an unexpected event cuts those plans short? There are tools to help you protect against a loss of life or disability, make up for years of lost earnings, provide money for caregiving as you or your loved ones age, and other unexpected hardships or expenses. Financial security professionals are experts in these tools and can help you meet your specific needs.
6. Create secure retirement income
Social Security is critically important, but it will not be enough to replace your income needs for a retirement that could last decades. Working with a financial security professional will help you build your nest egg during your working years so you have enough money to retire securely and create a regular secure monthly income so you can enjoy life in your retirement years.
