Making Money Management Unmistakable

 The average U.S. consumer is inundated with financial information and tools as they prepare for their financial future. An Internet search of the words “financial planning” generates millions of hits. With all this financial know-how at Americans’ fingertips, it’s reasonable to believe they are doing the things to put their financial house in order, right?
Wrong. Americans tend to avoid setting financial goals, and even if they do, they tend to focus on a specific one like saving for college or retirement. However, they often fail to look at the entire picture, including weaving in their personal values into the equation, which can be critical to building a personalized financial program.
Another common mistake is making a financial decision without understanding its effect on other financial issues. Paying attention to estate protection, for instance, will impact the resources available to address other needs and desires, such as vacations or giving to charity. Financial professionals can help you navigate these decisions.
What are some other areas to consider? Here are some ideas from Jeff and Melanie Meyer of Thrivent Financial in Valencia:
• Confusing full-throttle financial strategizing with just investing. Considering mutual funds and other investment products in money decisions is only one option in a sea of other financial tools.
• Thinking that only the rich should pay time and attention to managing their finances. It’s important to adopt a financial philosophy regardless of monetary worth.
• Believing that it can wait. A well-developed financial program grows with time, so getting a jumpstart on retirement planning at a young age works in one’s favor. Also, crises can happen at any age, and financial preparation will help a person work through the unexpected.
• Neglecting to re-evaluate financial decisions periodically. Reviews should be done on an annual basis. Life events—like marriage, childbirth, job changes or home ownership—should be signals to revisit financial goals.
Jeff Meyer, ChFC, CLU and Melanie Meyer, CFP, CLU are located at 25350 Magic Mountain Parkway, Ste 300, in Valencia and they can be reached at 661-799-0230.