October is Financial Planning Month and is an excellent time to review these six personal finance areas.
Cash Management: This is a broad topic that can address many issues. One area is creating an emergency fund, which is money that’s set aside for unplanned expenses. Cash management also can include looking at your “sources and uses” of money. Financial Planning Month focuses mainly on cash management and spending habits.
Investment Approaches: Concerns about investment approaches are among the key reasons people start a relationship with a financial professional. When reviewing investment approaches, it’s critical to consider a person’s goals, time horizon, and risk tolerance.
Retirement Preparation: This is another crucial reason why a person approaches a financial professional. The chief concern for nearly half of Americans is running out of money in retirement. The retirement preparation process reviews your current situation and helps you better understand your choices.
Protection Strategies: This area looks at how you prepared for life’s potential financial risks. Protection strategies also can include health-care considerations. 44 percent of Americans cite “declining health” as their second biggest retirement concern.
Tax Management: Do you feel comfortable with current tax laws? Are you confident about your approach to tax management? Tax rules are constantly changing, and there is no guarantee that the tax landscape will remain the same in years ahead. Financial professionals should always work with tax, legal, or accounting professionals when creating an overall tax management strategy.
Estate Strategies: How well you prepare today may help determine how you distribute your assets after you’re gone. Much like tax rules, estate rules are continually changing, and today’s landscape may change in a few years. Financial professionals work closely with legal professionals when creating an estate approach to be certain your assets are properly positioned to pass to heirs.
Jennifer Osgood is President of Wagner Wealth Management, which has offices in Greenville, Anderson, and Oconee counties. Wagner Wealth Management specializes in helping individuals and companies reach their personal and professional goals. Wagner Wealth Management currently advises on more than $1.5 billion in client assets; their experience is diverse, exceptional, and ready to work. The firm has offices in Anderson, Greenville, and Seneca. Learn more at www.wagnerwealthmanagement.com.
Securities offered through Arkadios Capital. Member FINRA/SIPC. Advisory services through Wealth Management Advisors, LLC. Arkadios Capital and Wealth Management Advisors, LLC, are not affiliated through any ownership.
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