Are you doing your part for financial literacy?

Tanner Lawrence
VP, Business Development, CreativeOne Wealth

Did you know April is Financial Literacy month? CreativeOne Wealth advisors are big proponents of financial literacy. This can be a large factor for prospects in determining which financial advisor is right for them. Below are some key conversation points our advisors use when speaking to financial literacy, and some tools that assist them during these conversations. Consider utilizing them when talking to your clients to do your part for promoting financial literacy in your community.

1. Budgeting 

Personal budgeting is the process of creating a plan for how you will allocate your income and expenses on a regular basis. This involves taking a detailed look at your current financial situation, including your income, expenses, and any debts or other financial obligations you may have. From there, you can create a budget that outlines how much money you will allocate towards different categories of expenses, such as housing, food, transportation, and entertainment. The goal of personal budgeting is to help you live within your means and achieve your financial goals over time, whether those goals involve paying off debt, saving for retirement, or achieving other financial milestones. 

• Money Guide Pro. 
• EMoney.
• Right Capital.
• Personal Capital.

2. Saving 

Saving for retirement means setting aside a portion of your income regularly in a retirement account or investment vehicle, such as an IRA, 401(k), or mutual fund, with the aim of accumulating enough funds to support yourself in retirement. The goal of saving for retirement is to ensure that you have enough financial resources to maintain your standard of living after you stop working, and to avoid becoming dependent on Social Security or other forms of government assistance. It’s important to start saving for retirement as early as possible to take advantage of compound interest, and to consider factors such as your retirement age, expected expenses, and investment risk when creating a retirement savings plan. 

• Money Guide Pro. 
• EMoney.
• Right Capital.
• Personal Capital. 

3. Investing 

Investing for retirement typically involves putting aside money in a variety of investment vehicles, such as stocks, bonds, mutual funds, and real estate, with the goal of generating income and building wealth over time. The specific investments you choose will depend on factors such as your risk tolerance, investment objectives, and time horizon. It’s important to have a diversified portfolio that balances risk and reward, and to regularly review and adjust your investments as needed to ensure that they align with your long-term goals. Overall, investing for retirement is about taking a proactive approach to securing your financial future and ensuring that you have the resources you need to enjoy a comfortable and fulfilling retirement.

• GeoWealth Platform. 
• Schwab.
• Fidelity.
• TD Ameritrade.
• Riskalyze
• Morningstar.
• Kwanti.
• EMoney.
• Right Capital. 

4. Retirement Planning 

Retirement planning is the process of setting aside funds for your future retirement and developing a strategy to ensure that those funds will be sufficient to cover your financial needs during your retirement years. This often involves making investments in a mix of financial instruments such as stocks, bonds, and mutual funds that are designed to grow over time and provide a steady stream of income once you retire. The key to successful retirement planning is to start early, make regular contributions to your retirement accounts, and work with a financial advisor to develop a personalized plan that takes into account your specific goals, risk tolerance, and time horizon. 

• Money Guide Pro. 
• EMoney.
• Right Capital.
• Personal Capital. 
• Retirement Analyzer. 

The primary focus on these topics is to help individuals understand the importance of setting financial goals and creating a plan to achieve those goals, which are different client-to-client. Technology is a large aspect of efficiently monitoring progress, change, and implementation of the unique client goals put in front of them. CreativeOne Wealth can help you with simplifying the process with technology. Give us a call at 888.798.2360.