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October 5-12 has been declared “Financial Planning Week” by almost all govenors, nationwide. Are YOU on track for a bright financial future? Use this checklist to assess your financial health!

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1. Do you have a Will? If not, see a lawyer and get it done. If you have a Will make sure it is current and valid in the state in which you reside.
2. Do you owe on credit cards? If so, pay them off. Forty percent of Americans carry an account balance – not good. Create a systematic plan to pay down balances. Don’t fall into the “0% balance transfer game” as it will hurt your FICO score. Credit scores matter not only to credit card companies but to insurance companies as well; you can avoid an unpleasant increase in your insurance rates by managing your credit wisely.
3. DO you have enough life insurance to protect your loved ones? Buy term life insurance equal to 6-8 times your annual income. Most consumers don’t need a permanent policy (such as whole life or universal life). Also consider purchasing disability insurance; think of it as “paycheck insurance.” Stay-at-home spouses need life insurance, too!
4. What about an emergency fund? Build a 3 to 6 month emergency fund. Establish a home equity line of credit before you need it.
5. Are you living in a dream? Don’t count on social security! Fund your IRA each and every year. If you don’t fund it annually, you lose the opportunity. Fund a Roth IRA over a traditional IRA if you qualify.
6. Are you funding all your tax-advantaged retirement plans? If offered, contribute to a 401(k), 403(b) or other employer-sponsored saving plan. Use your company’s flex spending plan to leverage tax advantages. If you don’t use your flex plan or fund your retirement plan annually, you lose the opportunity – and the advantages – for that year.
7. Are you building equity for the future and tax deductions now? Buy a home if you can afford it. Maintain it properly. Build equity in your property.
8. Are you investment costs out of line? Use broad market stock index funds and direct purchase government bonds to reduce risk, minimize costs and diversify your portfolio.
9. How’s your peace of mind? If you are unsure about your financial affairs or you have financial goals such as retirement planning, college funding, business succession or estate planning that you’d like help achieving, contact us for a no cost Get-Acquainted meeting.

We specialize in providing “Hourly As-Needed Financial Advice … The Choice for Smart Consumers™. We are allied with The Garrett Planning Network (GPN), a nationwide network of fee-only financial advisors – recommended by Wall Street Journal columnist Jonathan Clements and Marshal Loeb of CBS Marketwatch as well as, many others. Explore this site to learn more!