Written by: Pat Carlson, Senior Vice President, Wealth Management & Trust Department Manager
What is my personal net worth? How much should I have in an emergency fund? Do I have enough life insurance? Which debts should I pay off first? Can I afford to buy a boat or second home? What is my monthly cash flow? What exactly are my long- and short-term goals – and am I saving enough (or spending enough) to meet them? What is a health savings account and is it better than an IRA?
It’s enough to make you crazy. Just reading this list of questions can be overwhelming to many, and actually getting to answers that make sense can be an even more daunting task. Yet pretty much wherever we are in life, we know we can benefit from having a sensible financial plan in place. From choosing to start a savings account to whether we have estate plans – there are several matters to consider when planning your financial life. And each of them works as part of the plan, and each of them are unique to every individual’s personal situation.
And when it comes to having a financial plan, most of us are not starting from scratch. We might have started contributing to a 401k plan at work, we may be following our monthly expenses with online software, or we’ve decided we want to retire within 10 years. The point is, we probably have some idea of where we stand financially. But not all of us have the confidence that we have a complete plan in place, where everything is considered, that we’re doing what’s right for us, and every dollar is working as hard as it could be.
Here’s where we could all use some expert, professional help. We might start by picking up a personal finance book at the bookstore, listening to a podcast or asking friends and family for advice. But these resources are full of general information that may or may not speak to your unique situation, and you certainly won’t receive tailored advice for your specific goals.
How about an objective third party? A qualified investment advisor and financial planner can sit down with you to understand your unique situation and go over it from both a high-level view and deep-in-the-details view. By working with a financial planner at Union Savings Bank, you can be assured you are working with a fiduciary who has your best interests in mind, and can act as a sounding board for your ideas, and as a resource to recommend specialists to help you reach your goals. For example, an objective financial planner can help you define your long-term and your short-term goals, and help put you on a financial path to achieve them. They can also recommend estate planning attorneys to help with estate plans, insurance experts and accountants who can help with specialized matters. All in an objective and coordinated way – so that your plan makes sense overall.
As life milestones approach such as buying a house, starting a family, paying for college, or retiring, your financial advisor can help you prepare for them – often years in advance.
Establishing a relationship at Union Savings Bank with an objective, knowledgeable financial planner and investment advisor is a great way to make sense of where you are, where you’re going, and how to get there.
In short, how to plan your financial life in a sensible way.
Our team of USB financial advisors bring expertise and a collaborative process to the table for every discussion. Call us today to learn how to plan your financial life in a sensible way –866.872.1866 or visit our website.