Saving builds a foundation. The first step in investing is to secure a strong financial foundation.
Start with these basic steps:
- Create a "rainy day" reserve: Set aside enough cash to get you through an unexpected period of illness or unemployment-three to six months' worth of living expenses is generally recommended. Because you may need to use these funds unexpectedly, you'll generally want to put the cash in a low-risk, liquid investment.
- Pay off your debts: it may make more sense to pay off high-interest-rate debt before making investments that may have a lower or more uncertain return.
- Get insured: One of the best protections against financial loss is having adequate insurance. Review your home, auto, health, disability, life and other policies and increase your coverage if needed.
Setting goals is an important part of financial planning. Before you invest your money, you should spend some time considering and setting your personal goals. For example, do you want to retire early? Would you like to start your own business soon? Do you need to pay for a child's college education" Would you like to buy or build a new house? In addition to these, there are several other considerations that can help you and your financial professional develop an appropriate plan. Contact us today and we'll help you get started or help you review your current investment strategy.
Insurance & Investment Manager
|Tim Franklin||(859) 233-8933|
|These products are not FDIC-insured, are not bank guaranteed and may lose value. These products are subject to investment risks, including possible loss of the principal amount invested|