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Personal Accounts

Creating a Financial P.L.A.N.

The road to financial freedom can be short and sweet for those who follow a road map or a long and daunting path for those who fail to make a plan. Let  Steve Yokum, our CFS* Financial Advisor, help you take the first steps toward building a confident financial future, by creating a road map to your financial freedom, and designing a P.L.A.N.

 

Pay yourself first

       Promise yourself to take advantage of your employer's retirement plan, whether it's a 401(k), a 403(b), or any other kind of contributory plan.

       Consider †Dollar Cost Averaging, instead of investing assets in a lump sum, this may help to spreads the cost basis out over several years, possibly providing insulation against changes in market price.

 

Live within your means

       Promise to pay off your credit cards. Credit card debt is the number one reason most people can't get ahead. Paying the minimum balance due on a $10,000 credit card balance with an 11% interest rate could take 20 years to pay off.

       It's often more rewarding to save for something vs. putting it on a card and getting stuck with payments. If you can't afford it, think twice about buying it.

       Financial fitness is a commitment, a lifestyle, similar to going to the gym and eating right.

 

Assure your family’s stability

       Write or update your will. Wills are not just for the rich. Regardless of how much or how little money you have, a will may ensure that whatever personal belongings and assets you have will go to beneficiaries you designate.

       If you have children, a will allows you to appoint a guardian for them in the event of your death.

       Life events such as buying a home or having a child could change the amount of coverage a family needs, work with financial professional to assess the amount of coverage you and your family may need.

 

Never stop learning

       Write down your financial goals, this is your road map to financial freedom.

       Work with a financial advisor can keep your up to date with new investment opportunities available to you and your family.

       Regular reviews can help keep your investment choices on pace with your needs based on risk tolerance and time horizon.

 

To learn more about creating a financial P.L.A.N., contact Steve Yokum today to schedule a free, no-obligation appointment at 316-722-3921, ext. 182 - Fax 316-722-1849 - This email address is being protected from spambots. You need JavaScript enabled to view it. or visit Mid American Credit Union, 8404 West Kellogg Drive, Wichita, KS 67209

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