12 expert financial planning tips for 2017

college-logo-large As the year 2016 comes closer, the holiday season is getting closer, the new administration will take office, and many Americans are struggling to find the goals and finances of next year. Unfortunately, many people can not achieve fiscal goals next year, they can not even start with future fiscal security and leave them in the air. So, professors at American College of Financial Services, a nonprofit organization in Brian M. Merwar, Pennsylvania, decided to find hints to improve their financial situation in 2017. These professors interact with tens of thousands of financial advisors every year. Let’s look at 12 hints of powerful financial thinkers and professors who can raise the financial plan of 2017 to the next level and help lead the way to a financially safe future.

tip – 1 – largeTip # 1 – Save your severance payment to the maximum.

“There are three secrets to maximize retirement savings: preserving autopilot salary deferrals in the 401 (k) plan, automatically withdrawing from checking account every month, paying for mortgage. IRA and Roth IRA Third secret to fully utilize retired vehicles preferential tax treatment – forget to have that money!

Tip # 2 – Redesign your investment.

Given the recent increase in shareholders’ equity, do not forget that long-term performance, especially retiree achievement is better if the allocation of shares is systematically reduced to the allocation target. The high value of the stock is a good time to lower the stock price and increase the distribution of bonds. ”

Tip # 3 – Do not forget the real estate plan.

A comprehensive financial plan will include real estate planning and emergency planning for families. “Great attention has been paid to urgent saving.The typical recommendation is kept in a cash account for six months.” How about the premature death? The liquidity provided to satisfy the family’s needs and The deadline for this requirement will be the amount of funds you need and the amount of funds that must be liquid.Personal savings, benefits, life insurance are available, but often it is not. , Assign personal names and review the beneficiary’s name to ensure that family needs are met both by the available needs and by family needs and also by means of funding To do. ”

Tip # 4 – For long term investment.

“Success of investment is not a sprint, but a marathon” Regardless of the market situation, formulate and stick to investment strategies. “Since 1926, the diverse portfolio of large stocks is on average 10% per year” Woody Allen says that 80% of success can be obtained. The success of the stock market is prepared for long-term planning. ”
Tip # 5 – Ownership of capital is the key.

Until we decide to collect taxes, we will not be taxed. In other words, it is desirable not only that you control but these benefits are taxed with withholding tax rate. Long term. In addition, qualified dividends and long-term capital gain margin are also preferentially taxed and it is important in the long run, if you can afford to acquire shares rather than ordinary income. How much is it to pay? ”

Tip # 6 – Manage your debt to avoid debt.

“Without a strategic debt management plan, obligations will probably continue to occur for you.” Debt management initially includes the most expensive obligations such as credit card obligations and debt. Personal loan. You can avoid future obligations, reduce expenditures, or find areas that you can spend at least wisely. When you buy coffee every day or go out for lunch, do not forget to buy a packed lunch or buy a coffee machine. You can save money on a long-term basis. ”

– Love Dan Afam, Finance Professor

American College of Financial Services

Tip # 7 – Please tell the money to your loved ones.

“Couples often hide the financial secrets that may hurt their relationship with partners so take time to talk with financial partners and key partners for the future. Building the vision of your parents to make time to teach their children’s money, regardless of whether they learn money or deliberately teach, even simple conversation can go far away I will.

– Benjamin Cummings, PhD, CFP®, Behavioral Finance Professor

American College of Financial Services

Tip # 8 – Please check the insurance range.

“Periodically review your insurance coverage and make sure your insurance coverage level meets the original needs and intentions, ie life insurance, health insurance, insurance, obstacles, There are automobile insurance, housing insurance, etc. Although insurance is not the most hot discussion of financial plan, it is indispensable for living a financially safe life.In life insurance, the name of the beneficiary and the amount of insurance are renewed again It is necessary to evaluate.The big event of life.

-C.W. Copeland, PhD, Insurance Professor

American College of Financial Services

Tip # 9 – Do something for your child.

“Think about what is important for your child in 10 or 15 years by finding what you can do in 2017 and probably funding new accounts for 529 accounts and handicapped children, We have a safety net after the university in small investment account Today small activity can become life savings when your child becomes adult and also the possibility of becoming 30 years old at the seller It can be avoided.

– Adam Beck, JD, Professor of Health Insurance

American College of Financial Services

Tip # 10 – Education for refunding money.

“You may still be in this interesting place you can pay the university loan and save for your child – just a good time to integrate your debt right now or refinance Direct loans are variable – rate lower interest rates now Consolidated loans will be covered by repayment plans such as PAYE and REPAYE These plans are based on income, manage and pay for young generation payments Nevada and Ohio plans are popular but always check your state plan to ensure that you are eligible to take special tax incentives Please give me.

Tip 11 – Make the most of flexible inflow accounts.

“Utilizing the Flexible Expense Account (FSA) that your employer can provide for medical expenses and dependent medical expenses, the FSA ‘s maximum contribution in 2017 is $ 2,600 FSA, separate FSA FSA funds Tax savings are important to avoid all federal, state, provincial, FCIA taxes FSA donation thought, but disposition of use or loss of RTA and unused funds expires at the end of the year It is important to accurately estimate annual donation.

-Kirk Okumura, MSFS, ChFC®, FSCP® Program Director

American College of Financial Services

Tip # 12 – Develop age risk management strategy.

“Pension system is different from retirement and creation of wealth” There are various risks. Retirees need plans to manage the surprises of various expenditures such as market volatility, unknown lifespan, and long-term care. The most effective way to plan for managing these various risks is now to retire in order to develop an integrated cost-effective plan to manage all risks related to the future It is time to learn about income. age.

American College of Financial Services
Remember some important points about a successful business year. There are many plans to plan, so please plan. We will automate savings and investment strategies whenever possible. Take time to imagine your financial future. Please check your emergency funds, insurance coverage, investment this year and make sure that the goal has been reached. After all it is possible to get help. Look for a professional financial planner with reliable recommendations and certified reference materials such as CFP®, ChFC®, CLU®, CFA®, RICP® that complement your 2017 financial plan.

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