Strategies Designed to Meet Your Financial Goals
By Craig Hackler, Financial Advisor, Raymond James Financial Services
Close your eyes and visualize
your dream vacation or the
shiny new car that you’ve
always dreamed of having. Sure, looks
great! Unfortunately, for many of us the
planning stops right there. With a little
planning and discipline the likelihood of
achieving our goals can be dramatically
improved. Consider implementing one, if
not all, of the strategies listed below to
improve your financial picture.
- Write down your financial
goals and objectives and
include deadlines. This will
help you stay focused.
- Use credit cards as little as
possible. Financing your
lifestyle with credit cards is a
trap. Reach for your checkbook
instead.
- Payoff your credit cards
each month. With the new
minimum payment requirements
of around 4%, consumers
will get out of debt
quicker. For example, on a
$2,000 credit card bill at 18%
interest, paying the former
2% minimum will still leave
you paying 30 years from
now. The interest will cost
you over $5,000 on the
$2,000 charge. By making the
new 4% minimum payment,
you will finish up in about 10
years and the interest will be
roughly $1,100.
- Spend a little, but save a
little more. As your debts are
paid off, save the “extra” cash
each month. Many people are
tempted to overspend with
the “extra” cash.
- Keep a savings balance of
at least 6 months of expenses.
This cash cushion can be
used when emergencies do arise instead of
charging on credit cards.
- Map out a college savings plan and
begin funding early.
- Manage taxes early in the year and look
for deductions, credits and deferral of
income to reduce your tax bill. The savings
on taxes can be used for other goals.
Go for steady, consistent, long-term
growth in your investment. By the time
you read about a “hot tip” it’s usually cold.
Protect your valuables and income
earning potential with appropriate insurance
policies including mortgage, life, and
disability policies.
- Invest for retirement. At best, Social
Security will cover only a fraction of the
money you will need for retirement. Talk
to your financial advisor about preparing
for a comfortable retirement.
- Create an estate plan.
Many people think you
must be super wealthy to
do estate planning which is
not true. Avoiding probate
and passing assets to heirs
estate tax free, are the main
goals.
Your Financial Advisor,
CPA and Attorney will be
able to assist in reaching all
of these goals. As the saying
goes, “those that fail to
plan, plan to fail”. It’s never
too late to begin taking a
look at your financial picture
and get on board with
a real plan for you and your
family’s future.
Craig Hackler holds the
Series 7 and Series 63 Securities
licenses, as well as the
Group I Insurance license
(life, health, annuities).
Through Raymond James
Financial Services, he offers
complete financial planning
and investment products tailored
to the individual needs
of his clients. He will gladly
answer your questions. Call
him at 512.894.0574 or
800.650.9517
and a past President
of the Division.
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