Advice from Your Financial Planning Consultant in Jackson, MS

Starting the New Year on the Right Foot

Financial planning is an ongoing process that needs constant monitoring and updating. Perhaps you had a significant change in health at the end of 2018. Maybe you have plans to expand your business this year? Did you just get news that will soon receive a large inheritance? Your savings, investments and overall financial plan must reflect these new situations, risks and goals. Think new year, new plan.

Generally, it is good practice to review your financial plan once a year. This is not set in stone, however, and you may need to revisit it each time a significant life event occurs. If you have a variety of assets to manage and little time to do so, you need help. Get the right advice for managing personal or business finances, savings and investments, from the people at Executive Planning Group.

5 Financial Planning Tips You Should Follow

As you set goals and resolutions for the year, make it a priority to keep on top of your earnings and investments. These 5 steps can help you finance the kind of future that you want.

  1. Assess Where You Are: Before setting financials goals for the new year, it is important to first assess your current position. Take a detailed look at last year’s expenses and create a new budget based on what you see. Then set financial goals like further increasing investments and retirement savings or estate planning.
  2. Re-evaluate Employee Benefits: Although many business owners will consult a broker to get the best rates, few take advantage of their services to manage the plan throughout the year. Examine what has been happening in your company in the past year. For example, where are the group health care claims when compared to the predictions and how does this impact premiums? This way you will have a chance to review options if things are not working or have become too expensive. If business is booming, on the other hand, rewarding your employees with a better compensation package might help you do even better this year.
  3. Review Insurance Coverage: You might have different life insurance and business insurance needs now than in the past, and it will give you an opportunity to cover any gaps. You will also have peace of mind knowing that your loved ones, your business and other assets are well protected.
  4. Revisit Your Investments: Be fully aware of where your money is going and stay in control to maximize earnings. Is it in funds with high fees and commissions, for instance? Are the fees time or asset based? You have a right to know. Or perhaps you are headed for retirement while your kids are off to college. Do you have the right-sized insurance? With both retirement and college getting more expensive, it is wise to make sure you are still on track to maintain your desired lifestyle while making sure your child gets the best education of their choice. Also, do you have a plan in place in case you need long-term care in your golden years?
  5. Figure out your estate plan: It is not just about growing your wealth but also protecting it and passing it on to your loved ones. Do you know how and who you will transfer your assets too? The objective here is to minimize fiscal impact and transfer it in a planned way. It is never to early to create a succession plan.

Consult with an Experienced Financial Consultant in Jackson, Mississippi

Grow and protect your wealth with a comprehensive financial plan. The professionals at the Executive Planning Group (EPG) are here to help you align your finances with your current and future lifestyle. We listen to your needs and utilize an integrated approach to help you achieve your goals. Discover the value of our services today.

Give us a call at 601-982-3000 or request a quote online for financial planning services in Jackson, Mississippi.

Disclaimer: Securities Offered Through Valmark Securities, Inc. Investment Advisory Services Offered Through Valmark Advisers, Inc.

Executive Planning Group is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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