Things You Need To Consider Before Meeting With Your Financial Planner

19 September 2016
 Categories: , Blog


The first thing you need to learn about managing your money correctly is the importance of setting financial goals for yourself. If you don't know what it is you're trying to achieve, your financial planner will have a hard time determining what to do with your money. For example, if your number one goal is purchasing a home in the next few years, investing your money in stocks, bonds, and annuities might not be your best option. However, if you're trying to invest your money so that you have a steady stream of income during your retirement, purchasing annuities could help you reach that goal. So, before making an appointment with your financial planner, you need to take these things into consideration.

Setting Basic Financial Goals

You should already have a general idea of what you want to accomplish in your personal life over the next few years. It's these goals that determine how you should invest your money. To set basic financial goals for yourself, take your personal goals into consideration. Do you want to buy a house, start a family, pay for your child's college tuition, or retire? All of these things will ultimately determine how your financial planner makes investments for you. So make a list of the personal goals that you'd like to accomplish, and prioritize your list so that you have short-, mid- and long-term goals to show your financial planner.

Prioritizing Your Goals

You need to be realistic when you're making a list of your financial goals. So, make sure you're giving yourself enough time to accomplish each goal. For example, your short-term goals might include anything that you can accomplish within the next six months to a year, your mid-term goals might be things that take between one and five years to accomplish, and your long-term goals might include everything that will take more than five years to accomplish. The time frame that you choose for each goal type is completely up to you, but you need to make sure the goals that you put within each time frame are reachable. For example, your short-term goals could include things such as buying a house or a new car, while your long-term goals might include an aggressive plan for retirement savings.

Eliminating Your Debt

Before you have you financial planner buy stocks, bonds, and annuities, you need to come up with a plan to pay off your debt. You don't need to be completely debt free to start saving, but you should have a good plan for debt elimination. So, before you make an appointment with a financial planner, take the time to gather all of your bills and pull your credit report. This way, your financial planner can assess the amount of debt you have and help you determine how to tackle it.

Financial planners do more than purchase bonds, stocks, and annuities to help people save for retirement. They help their customers take control of their finances completely. So, once you've gathered all of your financial information and made a list of financial goals for yourself, contact a financial planner as soon as possible to create a plan for achieving those goals.