Making Better Financial Decisions

When Making Sense Makes You Cents: 5 Ways Financial Planning Services Help You Prepare For The Uncertain Future

by Glen Hawkins

Even with your financial feet on the ground, the world around you doesn't likely radiate certainty and confidence, especially with political volatilities playing out at home and abroad, environmental threats unraveling almost daily, and doomsday medical scenarios like the Coronavirus exploding across headlines. If there's one certainty in life, it's that the future isn't always certain; however, if you have your finances well planned, making sense of your future should make cents for your future.

1. Coaching You On Investments

Wondering how much you should be allocating towards investments? How about where to invest? Even in a robust economy, without headlines constantly shaking your confidence in the world, investment decisions are monumental and should be guided by strong knowledge and experience. A financial planning service can offer you that, no matter how little or how much of your savings and/or income you want to invest.

2. Anticipating Your Insurance Needs

Insurance, for most laypeople, is, for all intents and purposes, hieroglyphics. You have much to insure, including your future health needs, which, if done successfully, could mean the difference between having high-quality care when needed or not. Medicaid can actually place a lien on your assets to cover costs of care; hence, if you don't plan on having insurance, your entire financial portfolio could go up in smoke.

3. Helping You Put Your Kids Through College

While some candidates currently running (for president) are promising debt forgiveness for student loans and others are proposing free education completely, the only way to truly cover the costs associated with your children's education is to plan for it yourself. While you may have one kid who chooses to work or travel the country over continuing their education, you want to keep as many options open to your children as you possibly can and that only happens with successful financial planning.

4. Crafting Your Retirement

Most consumers have difficulty simply saving for retirement, much less planning it out. From converting a typical IRA to a Roth IRA (aptly called the Backdoor IRA) to knowing the maximum legal contribution you can make to your 401k, as well as the tax credit you can claim for it, retirement planning is a complex business, but one that a qualified financial planner is prepared to help you with.

5. Preparing Your Family For Your Absence

Estate planning may not be comfortable to think about; however, it's necessary so that you can put your affairs in order and act in the best interests of your family. Estate planning is not something you can readily tackle yourself, but why would you, when a planner already understands the laws, lingo, loopholes, and other factors that go into planning a solid future for your family once you're gone.

Sorting out your future affairs, be they putting three kids through college or early retirement in the Bahamas or both, takes a lot of planning. Making sense of your future now, while not offering any guarantees, should make cents later, along with giving you the feeling of having some solid footing, no matter what tomorrow's headlines may have in store. For more information, contact financial planning services in your area.