Life doesn’t offer us time for rehearsals – every day is a premiere. There is no way for us to play it back and get another chance. So it is today that we should make the best of our lives. And we have the right tool for that — family budget, our old friend in financial matters. It is the family budget that will help you to sort out your goals and priorities as well as make short- and long term plans. As a rule, the goals of each family are more or less the same. They comprise real estate, insurance, pension plans, children’s education, investments in business including your own education. We all share those goals, exceptions are rare. However, when it comes to prioritizing the goals, each family will choose its own way.
It is important to bear in mind that our plans should and will change in the course of time. Another major issue that I recommend to take into consideration is the investment significance of every article in the budget. For example, by investing into pension plans, you can expect 5-6 % interest annually. If you choose to invest into business, your annual interest might go up to 25 % or higher. Investments into health and education, as we all know, are priceless.
As you can see, you don’t have much choice here – your investments should work for you today. Obviously, our investment priorities change in the course of time, and we have to adjust our budgets accordingly. For instance, your children have grown up, and paying for their education is no longer an article of your family budget. Your investments in education of children should now be redirected. Or another example: you have reached the top position in your career or business. As a result, further investments into this article of the budget should become considerably lower or be altogether cancelled, and the released funds must be directed to other projects. As you can see, time will always make the necessary corrections and changes in your plans. In order to make the best decisions, you will have to rely on your two best advisers: your experience and your common sense. Additionally, I would strongly recommend getting an expert opinion of a professional – seeking a second opinion has never caused any damage to anyone. That same common sense will prompt you the logical direction of your investments – first, short term needs of today followed by the long term ones of tomorrow.
Your financial situation may change in the course of time; accordingly, the volume of your investments and their direction will undergo changes as well. That is why the regular re-evaluation of your plans is necessary. Your flexibility in redistributing the released funds will enable you to make the best decisions. When investing into any long term plans such as Whole Life Insurance, R/E, or pension plans, it is important to familiarize yourself with the terms of accessing the investment funds or at least their part without cancelling the long term plan itself. Sadly, there are situations when access to your funds is so limited that any additional investments become pointless. To sum it up: your success today is a guarantee of your family’s wellbeing tomorrow. I’m always happy to offer you my professional advice and expertise.
Please call me for more information: 847-520-7030.