Who is a Foundations-Level Investor?
You might be wondering if you’re at the right place in your life or career to begin working with a financial planning team. The short answer is yes! We are committed to teaching the next generation the foundations of financial success.
Are you an “Emerging investor” or foundations-level investor? Ask yourself, do you need support defining financial goals, guidance with investment options or opening accounts and enrolling in employer plans?
- Financial Statements Overview
- Assess Insurance Needs
- Understand College Costs
- Devise a Funding Strategy
- Allocation Review
- Roth/Rollover IRA models
- Beneficiary Designations
- Review documents
The Power of Investment
No matter if you’re beginning in your 20s or 50s, investing is a powerful tool to help you reach your financial goals. Our team will take the time to explain how investing fits your financial situation, create an action plan for your money, and guide your decision making as you move forward in your financial journey.
TAKE THE QUIZ:
Is it time for you to work with a Financial Planner?
Ask yourself the questions below to better understand whether now is a good time to begin working with your partners at Wealth Planning Corporation.
Your Quiz Results
If you answered all of the questions well with some detail, then congratulations! You’re on the right path. Wealth Planning Corporation can help you elevate your investment strategy to ensure your money is working hard for you.
If you would like more clarity around any of the questions and answers, then congratulations–you’re in the right place. We can help you learn more about your financial situation and future options. All it takes is a minute to get started.
How much should I be saving?
There are general guidelines such as the 50/30/20. It really is dependent on your current cash flow, but having a spending plan is key to determining and adjusting your savings rate through the years.
Can I afford to buy a home or should I be re-financing my mortgage?
Buying a new home or upgrading to another place involves several steps; finding a home, securing financing, making an offer, having an inspection and closing on the purchase. Once you own the home you need to be able to maintain, insure and pay the property taxes on an ongoing basis. Knowing what you can comfortably afford today and maintain tomorrow is important.
How should I be directing my funds– into an emergency fund, a Roth IRA, college savings or tax deferred retirement savings?
Depending on your income you should be building all buckets for your long-term success. Initially you want to create an emergency fund and maintain the pre-determined amount (3-6 months of living expenses). Helping you allocate among your short-term and long-term goals requires planning and paying close attention to your tax situation.
What insurance coverage should I have in place or do I need estate planning documents?
A review of your Net Worth, family obligations, income and liabilities will help you see what coverage gaps exist and what insurance coverage options you should consider. Estate planning everyone should have a Basic Will, Living Will , Healthcare POA, and Durable Power of Attorney and these documents should be reviewed regularly or as life changes happen (weddings, births, divorce, death, etc.)
Will I be able to retire some day?
Most likely, but will it be the retirement you want? To retire, you will need enough to meet your income needs. Social Security will be a part of the equation, but your personal savings will be the biggest contributor. You need to understand how Social Security, deferred savings and after tax funds work together to provide your future income needs.
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