It’s not what you make, it’s what you keep. The more you make, the more you spend. We often hear phrases like those, but have you taken the time to dive deeper into your financial situation? How can we keep and protect more of our assets? Well, it all starts with having a plan in place. I suggest using professionals to make sure you are protected from a liability standpoint, inflation standpoint, and legal standpoint. A good team of advisors may include an Attorney, Accountant, Bookkeeper, Financial Advisor, Insurance Agent, Banker, and Loan Officer.
At least annually, consider reviewing your Insurance coverages to make sure your family and business are protected. We do not need to be over insured, but we most definitely do not want to be underinsured. Review your investment and retirement plan to make sure you are saving and accumulating funds for the long-term, pay yourself first! Time is money, Albert Einstein once said:
“Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.”
Review your expenses and taxes to make sure you are living within your means and taking advantage of tax deductions and tax-favored investment accounts. Most importantly, ensure your business is set-up properly from a legal standpoint and seek out guidance to prepare for future changes in the business structure, ownership, leadership, and future sale of the business.
Ensure diversification in your assets. We do not want all our eggs in one basket. It is important to keep enough in liquid assets for emergency savings - normally 3-6 months of our expenses. It is also important to invest in assets that will accumulate and provide upside potential to, at the very least, keep pace with inflation.
We all have unique situations, but it is important to create a customized plan for you and your family/business, as well as take the time to review frequently and make changes accordingly. A good team of advisors can help offload some of the risks and help you to feel more confident and prepared.
More about Alison
Alison has been a Financial Advisor for over a decade, she also loves to give back and be involved in the community. Alison serves as the President of the PhoenixCats - a chapter of the University of Arizona Alumni Association, and has been involved for 9 years. She has also been a Mentor through New Pathways for Youth for the past 7 years. Alison served as the Chair of the Tempe Chamber Women in Business Council, and was a Committee Member for KNOW Cares Phoenix. Alison completed a 9-month professional development leadership program called Tempe Leadership and is a Mentor to college students and recent graduates through the Wildcat Mentor Society. Alison recently earned the CERTIFIED FINANCIAL PLANNER™ certification so she can further serve her clients and build her business. Alison takes a personalized, thorough, and empathetic approach with her clients to help them plan for financial goals. She also enjoys spending time in beautiful Scottsdale with her husband, dog, and friends. Alison does Yoga Sculpt nearly every day and is a big wine lover.