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Managing Your Path

When it comes to personal finances, it is easy to get side tracked in the game called life. Developing a plan and referring back to it frequently can help you navigate to your destination. Below are a few tips to help you on your journey.

Choose a financial planner you trust

Most people do not have the time or the energy to continuously manage their personal finances so it is important to seek a professional who can guide you through each step of the process.

Set your financial goals

The first step is setting your financial goals. Do you want to save for your first home purchase? Maybe you want to buy a second vacation home. Perhaps you would like to fund your child's (or grandchild’s) higher education expenses. Your financial planner can help your prioritize your goals and will work with you to map out the steps to meet your goals.

Analyze your current financial status

The next step in planning is determining your current financial status. This include your current income, how much debt you have accumulated and your current savings – cash, investments and retirement savings. It also includes looking at protecting you and your loved ones from potential bumps in the road to your goals.

Develop a plan.

Your financial planner will analyze your current situation and make recommendations to help you reach your destination. This may include changes to your current savings plan, managing your investments and other strategies to reach your goals.

Put your plan into place

Your financial planner will help you implement the recommendations starting you on the path to achieving your goals. This may include referring you to other professionals for tax and/or estate planning needs.

Staying on the Path

As things come up in life such as marriage, children, death of a loved one, divorce, etc, you will likely need to make adjustments with your financial plan that align with your new goals and objectives.

Depending on your stage of life, chances are you have a distinct approach to saving. New graduates or young couples have different needs than retirees or mid-career families. But no matter the situation, PathKeeper Financial can help develop financial habits that will lay a strong foundation for savings.

Younger individuals and couples have a number of benefits in terms of financial management. A long investment horizon, combined with few responsibilities, can make for an excellent financial base. We can develop a strong financial plan that builds on these advantages, while at the same time considers the impacts of a debt load that might include student loans, car payments or perhaps a mortgage.

Couples planning for a first child enter into a new level of commitment - both personally and financially. Learn how to save for a child through specialized insurance and investment products, such as a 529 Qualified Tuition Plan.

Mid-career professionals typically have higher incomes than younger investors but they also carry more responsibilities. From mortgage payments to a child’s education, consider a financial plan that balances needs with obligations.

Retirees have worked hard at their careers, and now is the time for relaxation and celebration. Chances are children have moved from home, the mortgage is paid off or close to paid off, and a few investments are coming to fruition. However, your income levels may have dropped after retirement.  Find out how to manage finances in a way that allows full enjoyment of the fruits of a career of hard work.

While it is not fun to contemplate, planning for the end stages of life can make it easier for loved ones to cope with an extended illness and/or the loss of a loved one. Long term care planning can ease the transition to latter stages of life when assistance is needed with daily living. And life insurance can ease the financial burden and provide resources for loved ones in the event of death.

A written will provides a guide to loved ones through the succession process. By naming executors and providing instructions on the distribution of an estate, surviving loved ones avoid having to guess the wishes of the deceased.

In short, no matter an individual’s life stage, it is important to balance savings and investing with other commitments.

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