Tips for Financial Success

You are ultimately in charge of your finances, and the results you get from working with a CFP® professional depend on your commitment and understanding of the process.

These tips can help you avoid some common mistakes and get the most out of financial planning:

• Set measurable financial goals: Create specific targets for what you want to achieve and when you want to see results. Everyone wants to be "comfortable" in retirement and see their children attend "good" schools—but what do you mean by comfortable and good? Clear goals are easier to aim for and measure.
• Understand the effects of each financial decision: Remember, each piece of your financial life is part of a larger puzzle. For example, an investment decision may have tax consequences that are harmful to your estate plans. Or a decision about your child’s education may affect when and how you meet your retirement goals. Your financial decisions are interrelated.
• Re-evaluate your financial situation periodically: Financial planning is a dynamic process. Your financial goals may change over the years due to changes in your lifestyle or circumstances such as an inheritance, marriage, birth, house purchase or change of job status. Revisit and revise your financial plan as time goes by so you stay on track to meet your long-term goals.
• Start planning as soon as you can: The earlier you begin, the more likely you are to achieve your financial goals. By developing good financial planning habits such as saving, budgeting, investing and regularly reviewing your finances, you will be better prepared to handle emergencies and life changes.
• Be realistic in your expectations: Financial planning cannot change your situation overnight—it’s a lifelong process. Remember that events beyond your control, such as inflation or changes in the stock market or interest rates, will affect your financial planning results.
• Get help from a qualified expert: Just as you seek a doctor’s expert opinion for medical issues, there are times when you need a qualified professional to provide financial planning advice. A CFP® professional can help you on your journey to a healthy financial future.
• Take charge of your financial life: When working with a CFP® professional, be sure you understand the financial planning process. Provide all relevant information about your financial situation. Ask questions about the recommendations offered to you, and play an active role in decision-making.

Most people think all financial planners are “certified”, but this isn’t true. Anyone can use the title “financial planner”. Only those who have fulfilled the certification and renewal requirements of CFP Board can display the CFP® certification trademarks which represent a high level of competency, ethics and professionalism. And because they are held to a fiduciary standard of care when providing financial planning services, a CFP® professional is required to act in your best interest.

If you are ready to begin the process to provide a plan for your future, you may send an email or give us a call to ask questions and to schedule a consultation.