Americore, Your Financial Advisor for Business
The value of money is in the extra enjoyment and comfort that it adds to daily living. Having enough to not worry about money, allows you to live your life to the fullest and fulfill your ambitions. How you can reach that point is something Dennis Bays at Americore want to discuss with you. Dennis is a financial advisor for business as well as for individuals.
What a Financial Advisor for Business Knows
As a financial advisor for business or individuals, Dennis has to work with clients to reveal their values and goals. He knows that not defining values, creating goals and planning, is a sure recipe for falling short of targets. After years of watching certain programs create wealth for his clients, Dennis realized some facts should be shared. There is a better financial future out there, and there are steps that can help you reach it.
Define Your Values
Values are those qualities and principles in life that are desirable to you. Before you set goals, figure out what you want out of life or out of your business venture. Without that first step, it is impossible to create a sound financial strategy.
Before a financial advisor for business gives recommendations, they start by going over which investment options are attractive to you. This is one of many methods of discovering your values. You can facilitate this process by asking yourself: what is important about money to me? Values have different meanings for different people but are always based on an emotional response. Values like independence, freedom, achievement, balance, family care, making a difference, security and self-worth are all powerful emotional ideas. And they are all responses to the question of what money means to people.
Set Goals
You reflected on your values, those intangible emotional powerhouses. Goals are the tangible results from your values. Your goals can change along the way, but setting them creates the framework for your financial plan for your future. We recommend clients lay out each goal in writing and then go back and rearrange by order of priority.
This is the guideline for you and your financial planner. Too often we hear 30-somethings state a goal of retiring at 40. When we look at the financials, we see a 401K and a small life insurance policy that doesn’t support those goals. If you have aggressive goals, you need to prepare for them aggressively.
When setting your goals, keep them realistic and specific such as: I want to retire December 31, 2032. Discuss goals with your Financial advisor for business and personal goals. If you are a business owner, you will need to plan how to reach retirement by your goal date, and your exit strategy. Once you and your financial advisor know the goals, you can develop a plan.
Map out a Plan
If values are intangible ideals and goals are the tangible results of values, then plans are the roadmap to goal achievement. By working out how to reach your goals, you make it more likely to reach them. The how may be investing more, using more grants and tax credits, or it may be more structured allocation of funds. Any plan you work out with your financial advisor should include smaller goals along the way.
For instance, if Jim wants to go on a trip with his wife when he retires, he will need to grow enough funds to pay for the trip. If the trip will cost $10,500 , Jim will need to set aside around $292 monthly, or $3,500 a year. By breaking the bigger goal into smaller amounts, Jim can check how he is advancing toward his goal and make adjustments before it is too late. If by the second year, Jim realizes he missed contributing to the goal, he may need to up the contribution, change the destination or figure out how to bring in more funds for the trip.
By making these changes, when Jim retires in three years, he will have the money to take their celebratory trip. They won’t have to deplete other accounts as a reaction to missing the financial goal. Your goals may be bigger, but the concept is similar. Set the goal and make a plan to reach it. Then set smaller targets so you can measure your progress to the bigger goal.
Check Your Current Financial Status
Four simple questions will give you the key to your current financial status. Just like your google maps, you can’t get directions on how to reach your destination unless you share your current location. Gather your financial information and answer these questions as fully as possible.
- Do you have enough money set aside for emergencies?
- Are you accumulating enough wealth to achieve your goals? If you are retired, this question may be, “Are you accumulating enough wealth to sustain your quality of life?”
- Have you accumulated too much debt?
- Do you have enough insurance to protect your plan?
Emergencies, debt, illness and injuries as well as unforeseen claims can destroy any financial plan if not included in the plan. You can’t prevent them, but you can set aside funds to alleviate the loss.
Get The Help You Need From Your Financial Advisor for Business
No matter what programs and plans help you to reach your financial goals, the first step is defining your values. A financial advisor for business like Dennis Bays can help you reach your financial goals within those defined values. It’s time to start the conversation with Americore. You’ll be glad you did. Call our office at 747-224-8110 or contact us here. Tell your Americore Group representative what you’re looking for, and we’ll tell you how we think we can help you make that happen.