Newspapers / The Shore Line (Pine … / Feb. 1, 2019, edition 1 / Page 5
Part of The Shore Line (Pine Knoll Shores, N.C.) / About this page
This page has errors
The date, title, or page description is wrong
This page has harmful content
This page contains sensitive or offensive material
Financial Planning: Helping You See the Big Picture By Greg Patterson and James Allen Canady Here we are in February already. Where did January go? While the New Year gives you a chance to start fresh and set some goals that can improve your life in ways large and small, often our plans do not stick. If you are like many people, familiar resolutions like “lose weight” or “go to the gym” slowly fade into darkness by mid- February, leaving you feeling disappointed in yourself Now is still a great time to reflect on your financial life and future. Do you picture yourself owning a new home, starting a business, taking a big trip, or retiring comfortably? Whatever the financial goals that are important to you, each comes with a price tag attached. That’s where financial planning comes in. Financial planning is a process that can help you target your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources. Why is financial planning important? A comprehensive financial plan serves as a framework for organizing the pieces of your financial picture. With a financial plan in place, you will be better able to focus on your goals and understand what it will take to reach them. One of the main benefits of having a financial plan is that it can help you balance competing financial priorities. A financial plan will clearly show you how your financial goals are related. Then you can use the information you have gleaned to decide how to prioritize your goals, implement specific strategies, and choose suitable products or services. Best of all, you will know that your financial life is headed in the right direction. The financial planning process. Creating and implementing a comprehensive financial plan generally involves working with financial professionals to: • Develop a clear picture of your current financial situation by reviewing your income, assets and liabilities and evaluating your insurance coverage, your investment portfolio, your tax exposure and your estate plan. • Establish and prioritize financial goals and time frames for achieving these goals. • Implement strategies that address your current financial weaknesses and build on your financial strengths. • Choose specific products and services that are tailored to help meet your financial objectives. • Monitor your plan, making adjustments as your goals, time frames, or circumstances change. Some members of the team. The financial planning process can involve a number of professionals. Financial planners and investment advisors typically play a central role in the process, focusing on your overall financial plan, investment options and strategy and often coordinating the activities of other professionals who have expertise in specific areas. Accountants, tax attorneys, and/or estate planning attorneys could also be involved in the process. The most important member of the team, however, is you. Your needs and objectives drive the team, and once you have carefully considered any recommendations, all decisions lie in your hands. Why can’t I do it myself? You can, if you have enough time and knowledge, but developing a comprehensive financial plan may require expertise in several areas. A financial professional can give you objective information and help you weigh your alternatives, saving you time and ensuring that all angles of your financial picture are covered. Staying on track. The financial planning process doesn’t end once your initial plan has been created. Your plan should generally be reviewed at least once a year to make sure that it is up-to-date. It is also possible that you will need to modify your plan due to changes in your personal circumstances or the economy. Here are some of the events that might trigger a review of your financial plan: • Your goals or time horizons change. • You experience a life-changing event such as marriage, death of a spouse, the birth of a child or grandchild, health problems, or a job loss. • You have a specific or immediate financial planning need (e.g., drafting a will, managing a distribution from a retirement account, paying long-term care expenses). • Your income or expenses substantially increase or decrease. • Your portfolio hasn’t performed as expected. • You are affected by changes to the economy or tax laws. No matter what type of help you need, a financial professional should work hard to make the process as easy as possible and will gladly answer all of your questions. Don’t wait until you are in the midst of a financial crisis before beginning the planning process. The sooner you start, the more options you may have. There is no better time than now to make sure everything is on track for your financial future. This material has been provided for general informational purposes only by Greg Patterson and James Allen Canady of Atlantic Wealth Management, located at 712 Bridges Street, Morehead City, NC 28557. They can be reached at 515-7800 or greg@ myatlanticwealth.com. They offer securities and advisory services as Investment Adviser Representatives of Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser. This material is general in nature and does not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Commonwealth does not provide tax or legal advice, and nothing in the accompanying information should be construed as specific tax or legal advice. Copyright 2019. kSov^ ilte^ Please join us for Third Thursday forum at four for an opportunity to hear about Alive Inside-A Story of Music and Memory with JD Bobbitt Managing Director and Owner Home Instead Senior Care, Inc. Thursday, February 21, 4 p.m. Pine Knoll Shores Town Hall Free and Sponsored by the Age-Friendly Advisory Committee NEXT THIRD Thursday Forum at Four: March 21 February 2019 I The Shoreline
The Shore Line (Pine Knoll Shores, N.C.)
Standardized title groups preceding, succeeding, and alternate titles together.
Feb. 1, 2019, edition 1
5
Click "Submit" to request a review of this page. NCDHC staff will check .
0 / 75