Assisting individuals with their investments

Personal finance refers to the financial management of which an individual or a family is required to make to obtain, budget, save, and spend monetary resources over time, taking into account various financial risks and future life events. When planning personal finances the individual would consider the suitability to his or her needs of a range of banking products (checking, savings accounts, credit cards and consumer loans) or investment (segregated funds, mutual funds) and insurance (life insurance, health insurance, disability insurance, critical illness insurance) products or participation and monitoring of individual- or employer-sponsored retirement plans, social security benefits, and income tax management.

The key component of personal finance is financial security planning, which is a dynamic process that requires regular monitoring and re-evaluation. In general, it involves five steps:

  1. Assessment: A person's financial situation is assessed by compiling simplified versions of financial statements including balance sheets and income statements. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, investments , bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses.
  2. Goal setting: Having multiple goals is common, including a mix of short term and long term goals. For example, a long-term goal would be to "retire at age 65 with a personal net worth of $1,000,000," while a short-term goal would be to "save up for a new computer in the next month." Setting financial goals helps to direct financial security planning. Goal setting is done with an objective to meet certain financial requirements.
  3. Creating a plan: The financial security plan details how to accomplish the goals. It could include, for example, reducing unnecessary expenses, increasing the employment income, or investing
  4. Execution: Execution of a financial security plan often requires discipline and perseverance. We help many people obtain assistance when necessary from other professionals such as accountants, wealth managers and lawyers.
  5. Monitoring and reassessment: As time passes, the financial security plan must be monitored for possible adjustments or reassessments.

Typical goals most adults and young adults have are paying off credit card and/or student loan debt, investing for retirement, investing for college costs for children, paying medical expenses, and planning for passing on their property to their heirs (which is known as estate planning).

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