It’s not uncommon to feel anxious about getting your finances in order, especially if you’re trying to master everything from tax laws to retirement planning. Here are three tips to help you get your financial house in order:
1) Assemble a team of pros
An accountant, an estate attorney and an asset manager will provide you with a well-rounded group of advisors. Your accountant or attorney can act as the team leader to understand your goals and, together with the asset manager, act in your best interest to put your plan into action. Be sure you can relate to your advisors and that you feel comfortable asking questions.
2) Create strategic financial and legal plans
Work with your advisors to reach your goal of securing your needs. Core components may be increasing your savings, reducing your debt, improving your credit, managing your assets and implementing an estate plan.
3) Do continuous monitoring and follow-up
Meet with your advisors regularly and keep them up-to- date on your situation. This may be meeting with your accountant quarterly or scheduling twice-yearly checkups with your financial advisor. Many experts recommend reviewing estate plans when life-changing events occur, such as having a child or buying a house. At minimum, review your estate plan every five years, as you may be affected by changes in the law.
