Wed. Mar 29th, 2023

A Financial Planner May Be Your Best Gift to Yourself

A Financial Planner May Be Your Best Gift to Yourself there are many ways in which you can plan for your financial retirement.” (“」how-to-start-a-retirement-fund/”) The first step in making the right moves is always the step that involves creating a plan of action that you can follow as a family. Many people focus too much on the now or too much on the later and have a great deal of difficulty when it comes to creating a happy medium for savings and investing. (“SparkFire SP31”)

Throughout our lives we will have both long and short-term goals that need to be assessed, addressed, and often revisited. Whether you need to find a way to pay for your children to attend college, home improvement projects, or a method for saving for your retirement you can find information and assistance for all these things and so much more if you seek the services of a qualified financial advisor. (“The Power Using a Financial Plan –”)

A good financial advisor will help you find that balance that so many people and families lack. They will also help you assess your means in comparison with your long and short-term needs to see where your funds would experience the greatest return to suit your specific needs with minimal risk. It is important to remember that going with a financial planner or advisor does not eliminate the risks that are an integral part of investing, but it does help you learn to better calculate those risks. (“March 21, 2022 – Page 2”)

Investing is a risky business. Learning how to weigh the odds and go for the prize is the best way to earn the biggest possible return on your investment no matter how modest your investment may be. We are all starting from different means, isn’t it amazing to know that we could all end up with remarkably similar abilities when all is said and done, and we are living out our ‘golden years’? (“The Power Using a Financial Plan –”)

Good financial planning is the key to success when it concerns your financial retirement. With so few people around the world prepared to retire it is great to know that there are options and assistance that is available to help you get started on your retirement no matter how late in the game it is. Even better is the knowledge that limits are lifted a little once you reach the age of fifty and retirement is much more eminent. This allows those who got a late start on their retirement planning or who have hit a speed bump or two along the way the opportunity to ‘catch up’ on their investing and work up to the place they need to be to establish a more comfortable retirement for themselves and those they love. (“most expensive city to live in the us”)

401 (k) plans offer some of the best retirement benefits your money can buy now. They certainly allow you to make the maximum possible investment for your money. If you are not taking your company up on their offer to match your investment in a 401(k) then you should seriously rethink that thought. (“most expensive city to live in the us”) Seriously, you are throwing away free money.

“When it comes to the murky water of retirement investing it helps to have a guide to get you through.” (“The Power Using a Financial Plan –”) Utilizing the services of a financial planner may be the best move you have ever made in your life when it comes to the financial health of your family and your retirement. (“A Financial Planner is your Best Gift to Yourself – Walter Smith”)

Common 401(k) Mistakes

Unbelievably there are many mistakes that can be made along the way when it comes to financial retirement savings and investing. Unfortunately, a good many of these mistakes center around the 401(k), which can be a tremendous boost to your retirement plans when used properly to build your portfolio. The problem is that the mistakes are often the only things we hear when it comes to retirement plans and investing. I suggest beginning with the mistakes so that we can move along to better information and advice soon. (“SparkFire SP31”)

The first and largest mistake that people make when it comes to 401 (k) plans is not signing up. (“Common 401(k) Mistakes – DAILY DIGITAL HUB”) Yes, you heard that right. What people do not understand is that this is something your employer offers so that you can have some security for your future. It is a way of saving money for your future that should not be overlooked or taken for granted. (“Common 401(k) Mistakes | Reverse Mortgage United”) Even a bad 401 (k) plan is better than no 401 (k) and with strict regulations those are exceedingly rare. More importantly, if your company offers to match the funds in your 401 (k) plan not taking them up on that offer is tossing money in the garbage can. (“Common 401(k) Mistakes – DAILY DIGITAL HUB”)

The next big mistake when it comes to your 401 (k) is risking too little. Rewards come with risk. (“Common 401(k) Mistakes – LaterLifeNow”) If you are not taking any risks with your investment, then you are throwing money down the drain. In addition to that, it is impossible to meet your retirement goals without taking some risks, and some hits along the way. This does not mean you should be reckless but along the way you are going to need to take some calculated risks to receive the bigger payouts that most of us hope for when investing in our retirement funds. (“Common 401(k) Mistakes – DAILY DIGITAL HUB”)

Risking too much. There are many risks involved when investing in the stock market. There are a few that deserve a little more mention than others. (“Common 401(k) Mistakes – LaterLifeNow”) First, stocks present a greater risk, particularly to the uninitiated. “While it is true that great rewards are most often the product of great risks you do not want to risk the bulk of your retirement by investing it all in stocks.” (“Common 401(k) Mistakes – DAILY DIGITAL HUB”)

Another thing you want to avoid doing if possible is investing in your company stock. (“Common 401(k) Mistakes | Reverse Mortgage United”) We have seen too many lives destroyed when companies go undertaking the financial stability of their employees along with them. “Many companies offer incentives to employees for investing in their stock, which may be tempting but I recommend investing as little as possible in your company stock whenever possible as this could lead to problems down the road.” (“Common 401(k) Mistakes – DAILY DIGITAL HUB”)

Finally, the worst thing you can do for the health of your 401 (k) is borrow against it. There are so many ways in which this could go wrong and the penalties for this are more than a little prohibitive. (“Common 401(k) Mistakes – LaterLifeNow”) They are designed to be that way so that you will use the funds for their intended purpose. “If you absolutely have no other option is the only way I would recommend borrowing against your 401 (k) and I would seriously consider selling a kidney before doing that.” (“Common 401(k) Mistakes | Reverse Mortgage United”)

When it comes to your financial retirement, 401 (k) mistakes can be far more costly than you may realize. Work to avoid these common mistakes and you should be well on your way to a successful retirement. (“Common 401(k) Mistakes – LaterLifeNow”)

Best Wishes, Coyalita

See Tomorrow: “Consolidation or Multiple Accounts


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