4 Steps Toward Achieving Financial Security
Tax season is over, but it is always a good time to consider your financial future. The attorneys at Spivey, Pope, Green & Greer are wealth building and tax planning experts. We have the expertise required to help you build your assets and protect your estate.
With help from a skilled attorney and the right planning on your part, you’ll be on your way toward achieving financial security. To get started, schedule a consultation by calling us at 478-254-8866 and reading the following tips.
Live Below Your Means
This might be advice you don’t want to hear, but it’s the most important financial advice you can follow. The best way to ensure financial success in the future is to spend less than you earn and save on a regular basis. Make a goal to set aside a certain amount of money per month or per year into a savings account. Don’t forget to take advantage of retirement accounts such as an IRA or 401(k). These workplace retirement plans are effective, because you can automatically deduct money from your paycheck before you have the chance to spend it.
Start Planning Early
It’s hard to plan for retirement when you’re still decades away from it. But saving little by little over a long period of time can result in a comfortable nest egg when you’re finally ready to retire. It’s a good idea to set small goals. For example, every time you get a raise you can invest a little more into your retirement plan. Or, you can save as little as $100 every month. Over time, these small choices add up to big savings.
Diversify Your Portfolio
Save using a few forms of investments, rather than just one. This ensures you are protected against losing all of your assets, and it will balance your risk and reward. Typically, the younger we are, the more we’re willing to risk with our investments. As we grow older, we become more risk averse because we have more money invested into our accounts. Take this into account as you invest over the years.
You have several choices available to you when it comes to investing:
- Common stocks
- Equity securities
- Real estate
- Bonds
- CDs
- Funds (mutual, index, exchange traded, hedge)
Be Dedicated
See your whole plan through to retirement. It doesn’t help to start planning your financial future only to quit halfway through. Although financial security can seem difficult or confusing, remember to seek help when you need it. SPGG provides an array of services to individuals and businesses working toward financial security:
- Estate planning
- Special needs planning
- Wealth preservation and asset protection
- Financial power of attorney
- Estate and gift tax
- Probate and estate administration
Contact us today for a consultation.