When you start earning your own money, it's time to start financial planning. No matter your age or income, you can benefit from some level of financial planning. The first step is to review your W-4 form and adjust the withholding so you can keep more of your paycheck or pay a smaller tax bill. Investing doesn't have to be complicated or reserved for the wealthy.
You can open a brokerage account with no minimum and contribute to a 401(k) plan. Financial plans use a variety of tools to invest for retirement, a home, or college. Insurance is also important to protect your financial stability and provide for loved ones in case of an accident or illness. If you're about to retire, mid-career, or just starting out, it's important to think about the future and plan for it.
Investing carefully can help generate generational wealth, and careful estate planning can ensure that the estate is passed on to loved ones. If you have a complicated financial situation or need a specialist in estate planning, tax planning or insurance, a traditional financial advisor may be the solution. Reducing credit card debt or other high-interest debt is a common medium-term plan, and planning for retirement is a typical long-term plan. Create a personalized plan that you feel comfortable with and that helps you maintain a lifestyle consistent with your retirement plans.
