the Importance of Understanding Your Financial Reality
finance
 |
|
photo by steed media service |
Many people don’t have a personal relationship with a financial professional, so unfortunately, they oftentimes take the advice of people they work with or a television infomercial. There is no one-size-fits-all kind of answer. The most important thing is to sit down with a financial professional to understand what’s best for your situation. To get things started, give yourself a ‘checkup.’ A thorough examination of your finances will reveal your overall financial picture, including:
Insurance
One-third of all Americans don’t have any insurance coverage at all. The average family is underinsured by more than $300,000. So look at your life insurance program, look at other forms of insurance, like auto and homeowner, because you may be overpaying for it.
Debt
Look at credit card debt and other forms of consumer debt and come up with a game plan to get rid of it as quickly as possible. Make sure your mortgages aren’t walking time bombs. Look at savings and investment programs and look at your estate plan.
The truth of the matter is that the average middle-income, working-class person isn’t saving. So you have to actually look at your finances by covering every single area to see where you stand. –leonard mcreynolds
Leonard McReynolds is a licensed Financial Services Professional whose firm specializes in educating individuals about money and personal finances. For more information and a complimentary written financial assessment, please contact (678) 698-8400.
