Financial planning should be a lifelong process starting with a piggy bank in childhood and growing into an investment portfolio that fulfills life’s goals, education plans, and creating a strong framework for retirement. A Financial Advisor in Yuba City CA can provide the guidance and direction needed to ensure a profitable today, tomorrow, and future.
Simple Savings Planning
Saving starts in childhood with pennies dropped into a piggybank. Simple savings plans are a continuation of that basic principal. Funds are deposited or transferred into a savings account either on a scheduled or when available basis. Depending on the parameters of the account, a specific amount may need to be deposited each month. Dividend accounts or those that pay interest can provide a return on a simple investment.
401K Sharing and Planning
Individuals whose employers provide 401K matching or shares can benefit from ensuring that they max out their 401K deduction to increase their savings. 401K’s are a good way to start planning for retirement and in most cases can be rolled over when changing jobs so savings are not lost or penalized.
Educational Goal Planning
Educational goal planning should start early. Rising costs in college and trade school tuition mean that even more funds are needed than before. A Financial Advisor can provide the best ways to save for future schooling and even provide guidance for securing tuition at today’s costs to avoid further increases in prices.
Tax and Credit Planning
Yearly taxes can take a bit out of income either through taxes needing to be paid or unneeded deductions taken out during the year. Planning accordingly can increase monthly pay and reduce the need for large payments during tax season. Quarterly tax payments can help reduce wallet shock for those who find themselves owing taxes each year. Planning ahead to maximize tax credits and deductions can help keep money in the bank.
Estate and Trust Planning
It is never too early to start estate planning. Individuals with children should have a plan in place in order to protect their investments and provide for their children’s future just in case the worst occurs. Those with large estates or those caring for children with disabilities may want to investigate different trust options to ensure that disbursements are used properly.
Visit a Financial Advisor in Yuba City CA to see how even a simple investment can provide a positive return and increase overall wealth and savings.
