Establish clear and precise written financial goals.
Team up with a trusted financial professional to help you plan and execute a strategy, meet your goals, and monitor your progress.
Create a detailed income statement that clearly defines your income needs based on personal expenses.
Maintain an emergency cash reserve of 6–12 months expenses in a liquid conservative account.
Address risk management before investing.
Eliminate high interest non-deductible debt as soon as possible.
Start a systematic investment program with a diversified portfolio of stocks, bonds, mutual funds, and non-correlated assets aligned with your financial goals.
Incorporate both pre-tax and after-tax investments into your portfolio to minimize taxes today, tomorrow, and in the future.
Keep speculative high-risk investments, which can have their place, to a minimum.
Plan for a 1:1 ratio between paid up permanent life insurance death benefit and investments at retirement. This strategy will provide higher income efficiencies when distributing assets during your retirement years.
IFWA’s Top Ten Principle's for Financial Wellness
March 11, 2019|