April 8, 2017

6 Things Financial Planners Tell Their Friends

Jon Galane
4 min

Ever wonder what tips a financial advisor gives to his/her friends?

We all want to make sure we’re making the right decisions, especially when it comes to money.

In this post, we’ll go in depth into 6 tips that financial advisors give their personal friends.

1. Have a budget.

Despite the amount of money you get, you should have a budget of all your expenses, savings and investments. It is easy to carelessly spend your money without a budget, however, when you have a budget, you’ll be able to balance your spending, savings, and investment. Write down all your intended expenses, and don’t spend beyond your budget; having discipline over your money is necessary and beneficial both now and in the future.

2. Invest/save for your retirement days.

Your financial planning friend will always remind you to set aside some portion of your income for the sake of your future. This could be through signing up for life insurance benefits or save it for other investment ventures such as real estate. The subject matter also involves investing in educating your children so that they would take care of you in your old age.

3. Spare some money for fun and relaxation.

A financial planner will always tell you that it is not healthy to work 365 days a year without relaxation and fun. Since you work so hard for your money, you also have the right to enjoy and rest. However, money for fun should also be included in the budget – this helps in avoiding too much spending while out for fun with your family and friends, hence confining you to the budget.

4. Plan before you spend.

It is easy to spend the money you have at hand. All you need is to plan how you’ll use the money for you to fulfill all your needs; otherwise, some of them will be left unfulfilled.

5. Make smart choices when it comes to insurance.

The most important insurance that you should never ignore is the life and disability insurance. Most people assume that they will always have the ability to look for a living. In case you become sick, you’ll be able to receive this savings and benefits from the insurance company you signed up for.

6. Be updated with the benefits offered by your employer.

Always stay alert for any benefits that your employer sets aside; this may be health benefits or incentives for subscribing to a given insurance scheme. Many insurance companies partner with companies to offer friendly services to their employees; always be aware of such offers, they’re usually more beneficial to you.

These tips can certainly help anyone with their financial planning, but it’s also important that you do seek and receive advice from a financial planner.

mountain west ira

Our Recent Blogs

mountain west ira

Join Our Family and Start Building Generational Wealth.

Meet with our team to explore your personalized journey of building wealth through investing in real estate, promissory notes, precious metals, and other assets using your retirement fund.

Schedule A Consultation
senior couple happy retirement