2018 Best Florida Fee Only Financial Planning
The Financial Life Cycle can help to position you in the planning cycle. Knowing where you are and where you are going is crucial in developing a comprehensive financial plan.
- Early Accumulation
For parents, early accumulation often means starting an education savings plan for their children. For young adults it means starting their careers, building net worth and assuming family and financial responsibilities such as home ownership. At this stage in life, planning goals tend to focus on the need for emergency funds, short and mid-term saving needs, life and income security needs, budgeting, and the start of a long term plan.
- Mid-Earnings Accumulation
Mid-earnings accumulation begins when expenses start to decline and generally income and savings increase. During this period, savings become increasingly important. It’s a time when the emphasis shifts to growth, security, and tax minimization. There’s a clearer view of family security and long-term needs. Financial plans begin to evolve to meet these goals.
- Financial Independence / Retirement
At this point in the cycle preservation of capital becomes an increasingly important objective. Transitioning from growth to preservation of capital can conflict with the apprehension and worry about having enough retirement income to meet personal needs for the long term. Maintaining a balanced approach to growth and security is key. Estate planning goals will also become clearer at this stage.
- Conservation / Distribution
Primary investment objectives should always focus on the preservation of capital and meeting income needs. With adequate income established and protected emphasis can shift to making sure the Estate plans continue to meet objectives for maximizing the proper distribution of assets while minimizing taxation.
2018 Best Florida Fee Only Financial Planning
Financial planning helps you determine your short and long-term financial goals and create a balanced plan to meet those goals.
Here are ten powerful reasons why financial planning – with the help of an expert financial advisor – will get you where you want to be.
- Income:It’s possible to manage income more effectively through planning. Managing income helps you understand how much money you’ll need for tax payments, other monthly expenditures and savings.
- Cash Flow:Increase cash flows by carefully monitoring your spending patterns and expenses. Tax planning, prudent spending and careful budgeting will help you keep more of your hard earned cash.
- Capital:An increase in cash flow, can lead to an increase in capital. Allowing you to consider investments to improve your overall financial well-being.
- Family Security:Providing for your family’s financial security is an important part of the financial planning process. Having the proper insurance coverage and policies in place can provide peace of mind for you and your loved ones.
- Investment:A proper financial plan considers your personal circumstances, objectives and risk tolerance. It acts as a guide in helping choose the right types of investments to fit your needs, personality, and goals.
- Standard of Living:The savings created from good planning can prove beneficial in difficult times. For example, you can make sure there is enough insurance coverage to replace any lost income should a family bread winner become unable to work.
- Financial Understanding:Better financial understanding can be achieved when measurable financial goals are set, the effects of decisions understood, and results reviewed. Giving you a whole new approach to your budget and improving control over your financial lifestyle.
- Assets:A nice ‘cushion’ in the form of assets is desirable. But many assets come with liabilities attached. So, it becomes important to determine the real value of an asset. The knowledge of settling or canceling the liabilities, comes with the understanding of your finances. The overall process helps build assets that don’t become a burden in the future.
- Savings:It used to be called saving for a rainy day. But sudden financial changes can still throw you off track. It is good to have some investments with high liquidity. These investments can be utilized in times of emergency or for educational purposes.
- Ongoing Advice:Establishing a relationship with a financial advisor you can trust is critical to achieving your goals. Your financial advisor will meet with you to assess your current financial circumstances and develop a comprehensive plan customized for you.
The first step in developing your financial plan is to meet with an advisor.
At Mintco Financial Financial, our process begins with a review of your current financial circumstances, anticipated changes, future goals, and results in your customized plan.
Call us today to book your assessment.
Our offices are located in Florida and New York.
Florida Phone: 813-964-7100
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