Suitable investment planning for different stages of your life
Suitable investment planning for different stages of your life
A good financial advisor will tell you that your saving and investment planning must be in concurrence with your particular stage in life.
Starting out
Those who are beginning their working career would be advised investment management quite different from those who are well into their career. Such individuals may have college loans to pay off and this should be their first priority, besides covering their normal living expenses. Their savings should be focused on creating an emergency fund to support unforeseen circumstances, such as an accident, loss of job etc. It would be a good idea to draw up a budget to understand if there is any overspending that can be curbed or how some funds could be better allocated
Building assets
Those who have advanced in their career and have begun a family would need to look at a different sort of investment management. The focus should now be on paying off dues such as mortgage payments, as well as preparing for the future of young children, such as starting a college fund. This is one of the most important times to engage the services of an investment advisor, since there are numerous responsibilities for a person in this stage and equally, numerous investment opportunities. Individuals in this segment should look at building assets from which they can reap benefits later on in life and which can be left to future generations. At this point one should also begin to look at retirement plans and securing their future.
Preserving what you have
Those around the age of 65 have most probably stopped working and are retired. These individuals must focus of protecting and preserving the assets they have built up over a lifetime. They would require the services of a financial advisor to guide them on investments that minimize their tax burden as well how to maintain assets so that they may be preserved for future generations. It is highly recommended that one get expert advice for such decisions.Through education and understanding of each recommendation the client will be more involved in the overall financial planning process. With this in mind, we have created our website to be centered around our clients and not around our products. This approach to client service and financial planning will ultimately help our clients to understand the types of issues they face and how our services add value to their overall plan.