I tell clients and friends that working with a financial planner is like working with a dentist. People need a planner as soon as they have a career and should talk to their planner regularly to review their financial health and ensure they are on track to reach important milestones.
But some folks, like with a dentist, only make an appointment when they need a root canal. So, it’s often a “financial event” that triggers people to think about financial planning.
For the typical couple with two careers and no kids, there are a few financial health maintenance best practices that make sense. For example:
- Where does your net worth stand? Is it growing?
- Do you have debt that is holding you back?
- Are you making the most out of your current earnings?
- Are you maxing out your employer retirement plan?
- Should you be doing savings outside the company plan?
- Where should you save your non-retirement money?
- Do you have milestones you want to hit?
- Retire by a specific date?
- Pursue a specific lifestyle after you are done working for money?
- Provide a meaningful gift to a cause to which you are committed?
- Provide for the needs of parents or family?
- Are your savings and investments working hard enough for you?
- Do you own the right investments in the right proportions for your goals?
- Do you need more cash cushion to protect you from the unexpected?
- Do you have estate documents in place?
- Is it clear who would make financial decisions for you if you were disabled and your spouse was gone?
- Is it clear who would make healthcare decisions for you if you were disabled and your spouse was gone?
- Do you want specific family members to benefit after you are gone?
- Do you want to leave money to a cause when you are gone?
- Is it clear where your money should go after you and your spouse are gone?
- Do you have appropriate life insurance?
- Who is counting on your future income and might be in a pinch if you were gone?
- Who do you want to help in the future, even if you are gone?
- Do you need life insurance benefits after you leave your current company? The company-provided insurance usually goes away if you leave the firm.
If it sounds like maybe you could use some financial planning, you might benefit from a visit with an experienced, highly-trained, CERTIFIED FINANCIAL PLANNER™ professional and Behavioral Financial Advisor in West Saint Paul, Minnesota. I love to meet new people. So, follow this LINK to find a time for us to have a get-acquainted visit.
I am a financial planner who is an advocate for my clients all the time—a fiduciary financial planner. I provide guidance based on clients’ best interests, not commissions or sales quotas. I think it’s the best way to serve clients, and I am thrilled to work this way all the time.
And yes, I’m still taking on a few great families to be part of my financial planning practice in West Saint Paul, Minnesota, and, thanks to Zoom, across the country.
Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.