Key Investment Areas

CONSIDER YOUR STATUS IN THE FOLLOWING KEY AREAS:

Day-to-Day Finance

• An important first step toward successful personal money management
• Analyze your cash flow by designing a budget and sticking to it

Debt Control

• Managing the amount and type of debt you have are the biggest areas to keep in shape
• "Good Debt" = borrowing for appreciating assets with the possibility to deduct the interest from your income on your tax return
• "Bad Debt" = borrowing for consumables, often at high interest rates

Personal Savings

• A key building block of your financial plan is your ability to save money
• Savings will earn compounding interest that will exponentially build your wealth over time

Insurance

• Insurance is a risk management tool designed to minimize your financial exposure to the unknown
• Life Insurance will help you provide for your dependents in the event of a premature death
• Disability Income Insurance will replace a percentage of your earnings in the event that you are unable to work due to an accident or illness
• Long-Term Care Insurance will provide a daily benefit to protect your nest egg by helping cover the high expenses of health care later in life

College Funding

• The price tag for private and public universities continues to climb
• Saving early will alleviate some debt and cash flow burden during and after the college years
• Various savings vehicles, including 529 plans and Coverdell Education Savings Accounts (ESAs)

Retirement Planning

• Often the biggest concern one has is maintaining an income stream in retirement relative to their purchasing power today
• The sooner you start building your nest egg, the longer it has to grow
• Main income sources in retirement are Social Security, employer-sponsored plans, and personal retirement savings

Estate Planning

• A sound estate plan will help in the transfer of assets to future generations, help preserve wealth during your lifetime, and minimize the estate tax liability
• There are many techniques used to accomplish your goals.  Among them are wills and trusts, but their complex nature calls for a team of trusted advisors; including an estate planning attorney and a tax accountant