Financial advice can be too general sometimes. Good financial advice should include, but not be limited to just, credit repair advice, tax advice and retirement savings advice.
To become financially healthy you will need to look at your entire financial picture. You need to analyze your credit scores and understand how to improve credit score.
To become financially fit you need a personal financial action plan. An action plan will review your entire financial picture. Good financial advice should help you with that action plan.
Financial Advice For Your Financial Health:
You Need An Action Plan:
- If you want to be financially healthy, you must have a financial action plan.
- Get help with building your financial action plan.
- An outside financial planner looking in will build a stronger plan.
What The Financial Action Plan Should Include:
- The action plan should include tax advice and direction on your retirement savings.
- How to improve credit score. If you have never looked at your credit score, you don’t have any idea on how to improve credit score, so you need advice on that. Your financial action plan needs to address ways to improve your credit score.
- Your action plan should also address budgeting, college funding and rainy day funding.
What The Action Plan Should Look Like:
- The action plan needs to be personal.
- The plan should focus on your personal financial goals, not some boiler plate plan the adviser uses on all clients.
- The plan needs to ask what, when, and how.
- What you want out of life.
- When you want it.
- How you can get it.
- We all want certain things out of life, a financial action plan will help you be more focused on getting what you want.
How The Financial Action Plan Should Work:
- The plan needs to develop as your life changes.
- Action plans change as our lives change.
- A financial action plan is just that – – – “an action plan” – – – so it’s a work in progress.
- An action plan is not created and set on the shelf.
- Good financial advice is the periodic evaluation of your plan to make sure that you are staying on track with your financial goals.
- You need to have honest and open discussions with your financial planner.
- Before the financial planner can help you achieve your financial goals and dreams they need to know what they are.
- You need to help your financial planner help you.
- Financial planners can give advice, but you want advice that pertains to you. General advice is fine, but it doesn’t focus on you.
- To get good advice you will need to answer some tough questions about you.
- Do you have healthy financial habits that help avoid credit problems that can force you into doing some credit repair?
- Do you have good spending habits?
- Do your spending habits leave money left over for your investments?
- Should you increase your retirement savings?
- Where will that extra money come from?
- Maybe you will need to tighten your budget.
- Is there tax advice available that will help you reduce your taxes today?
- Will those tax savings be enough to increase your retirement savings?
- Should you start a college fund for your children?
- Are there other resources to help fund your child’s education?
- The questions seem endless; but must be addressed.
Seeking financial advice and guidance is okay. Having a third-party reviewing and confirming your goals and direction can be extremely beneficial. Don’t be squeamish about getting financially healthy.