October is National Financial Planning Month1. It is also a great time of year for a financial check-up to review six very important areas that make up your financial plan.
Cash Management: Are you be able to pay for an unexpected expense, such as a car repair, broken appliance or medical emergency? It is generally recommended to keep three to six months' worth of living expenses in your emergency fund. Cash management also includes looking at your "sources and uses" of money.
Tax Management: Do you understand the current tax laws? Are you confident about your approach to tax management? Tax rules are constantly changing and there is no guarantee that the tax landscape will remain the same in years ahead. It is important to consider taxes as you look at your overall financial plan.
Estate Planning Strategies: Much like tax rules, estate rules are continually changing and could be different in the future. How well you prepare today may help determine how your assets are distributed after you're gone.
At Covenant, we take the time to get to know our clients and coordinate strategies and important documents with our clients' estate planning attorneys and tax accountants to deliver comprehensive strategies.
Protection Strategies: Also known as insurance/risk management. How prepared are you for the unexpected? The key to protecting yourself is truly understanding what risks exist in your life and covering the highest probability exposure, as well as the least likely but most devastating possibilities. Remember, it’s ok to retain some risks, because you simply can’t eliminate all of it.
Investment Approaches: Investments are among the key reasons people start a relationship with a financial advisor. When reviewing investment strategies with our clients, we take the time to understand their goals, risk tolerance, time horizon, as well as their values.
Retirement Preparation: This is another crucial reason why an individual or family approaches a financial advisor. One of the top concerns for 49% of the American population is running out of money in retirement.2 Our retirement preparation process reviews your current situation and helps you better understand your choices and strategies for long-term planning so that you feel prepared and protected.
We believe all decisions, including financial decisions are best made within the context of a thorough and complete understanding. Covenant Wealth Strategies takes a pro-active approach to deliver comprehensive financial planning and investment strategies to families, individuals and small business owners across the country.
If you or someone you care about could benefit from learning more about our comprehensive financial planning strategies, we encourage you to Contact Us.
The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by Covenant Wealth Strategies and FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.