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Expertise
Decision-making around Home Ownership
You may have the goal of buying a home but are uncertain what you can
really afford, not just what the bank says you can borrow. This and
other housing questions can be a focus of your financial planning sessions.
I can help you decide whether or not to refinance, whether to rent or
buy, how best to save for a down payment, or which type of mortgage
to look for.
Creating a Socially Responsible Investment Portfolio
If you hope to have your values reflected in your investments, together
we can review the extensive list of socially responsible mutual funds
and stocks, and consider community development banking. I am knowledgeable
regarding what is available and can help you determine which assets
would be the best for you, both ethically and financially.
Managing an Inheritance
Receiving an inheritance is both a gift and a burden. Managing a large
amount of money may require more attention and work than you had thought.
Often there are emotional issues to handle as well. Having a financial
planner to consult with, to educate you about investments, to guide
you towards a long-term vision for use of the money, and to walk you
through the steps of investing can be very helpful.
Saving for Retirement
Much of the money you need in your retirement years primarily comes
from your own savings in IRAs, 401(k)s and other retirement plans. Typically
Social Security only covers 40% of living expenses during retirement.
So if you don't save much during your primary working years, it may
be difficult to retire completely without having a much lower standard
of living. I can help you determine your retirement savings needs. Careful
planning can help you establish a minimum level of savings for a comfortable
retirement.
Reviewing and Improving Investments
Most clients have an established portfolio that may have been formed
without much of a plan in mind. With education and guidance, you can
learn how to evaluate your present investments and decide whether changes
should be made. If your portfolio needs greater diversification or a
move to better performing investments, I will help you establish a wise
long-term investment plan.
Establishing and Living with a Budget
Many people are struggling to live within their means. If you don't
manage to spend less than you earn, debt can build up to unmanageable
levels over the years. By working with a financial planner to clarify
your current expenses, and to establish budget limits in particular
areas of expense, it is possible to bring spending to a level you can
handle without incurring more debt.
Evaluating Insurance Needs
If you are single and not independently wealthy, you may need to look
at your disability insurance needs. If you have dependents, you probably
need life insurance. I am not an insurance salesperson, but I can help
you determine what your insurance needs are for your own financial security
as well as that of your children or spouse. I usually advise my clients
to buy affordable term life insurance from an independent insurance
broker. Self-employed clients may need help with purchasing an appropriate
health insurance plan.
Saving for Anticipated College Costs
We all know that college costs have skyrocketed; most people find it
difficult to save enough to cover all of a child's college expenses.
Together we can set a target for college savings, which will cover a
portion or potentially all college costs depending on the child and
the type of college chosen. You should learn about the tax-advantaged
college savings plans that are available now and are well worth using.
Reducing Ongoing Debt
If you have built up a significant amount of ongoing debt, you would
benefit from creating a payment plan to eliminate it altogether. You
may want to consider debt consolidation or the transfer of loans or
credit card balances. With a careful look at your cash flow, we can
develop a plan together which will increase the rate at which you pay
off that burdensome debt.
Getting the Most out of Employee Benefits
Often employees do not take full advantage of the benefits offered by
their employers. If there is a cafeteria plan of potential benefits,
including voluntary insurance plans or tax-deferred retirement plans,
you should make those benefits part of your financial planning. I can
help you clarify what is available and get a better understanding of
how each benefit works.
Developing an Income Producing Retirement Portfolio
In retirement you will probably need to add income to your Social Security
check or pension income to meet your living expenses. That is accomplished
by investing wisely in various types of income producing assets. A carefully
invested and diversified retirement plan will provide monthly income
with the reduced risk of losing your principal investment.
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