Personal Financial Planning Services in Maryland

Building a successful financial plan can be puzzling. As we construct a plan, we find that our financial lives have many pieces to it.

Pieces of the Puzzle

Some of the financial issues that each of us can expect to face during life include:

•   Cash Management: More than just balancing the checkbook, cash management includes preparing a budget, using credit wisely, saving for emergencies and keeping income taxes as low as possible.

•   Risk Management: The risk of loss of life, earnings and property must be factored into your plans. Life insurance can be used for family protection. Disability insurance can protect against the loss of a person’s ability to earn a living. Health insurance not only protects us against financial ruin, but a good plan can also help us maintain a healthy lifestyle. Property and casualty insurance can protect our worldly goods against accidents and acts of God.

•   Accumulation Goals: We all need to save money for some reason. College planning is a common goal for families with children. Buying a home and building an investment portfolio are two other typical accumulation goals.

•   Retirement: Retirement planning requires serious long term commitment to insure that our later years are as comfortable and worry-free as possible.

•   Estate Planning: Recognizing that death is inevitable and planning for the orderly transfer of our assets to our heirs is what estate planning is about.

Steps to Achieving Financial Security

Solving financial problems in today’s world takes work. There are two basic steps involved:

•   Step 1: Choose Your Financial Planning Team: In our complex, ever-changing world, expert help is needed. Trained specialist such as an attorney, CPA, insurance professional, investment adviser and financial planner are generally members of your team.

•   Step 2: Develop Your Plan: With the help of your team you can develop a systematic, integrated plan for dealing with each of these issues. This is called financial planning.

You can choose to ignore these problems until it is too late. Or, you can take steps to put your puzzle together to achieve financial security. The most important step is the first one. Give us a call today to speak with a Maryland financial advisor.