You may feel financially secure, but are you financially organized? Also, is it necessary to have a Wealth Management Goal?
In our continuing series on Biggest Financial Planning Mistakes, this week we focus on Mistake #5.
Mistake #5: Operating Without A Goal
According to Douglass Financial Services, before you can create a Wealth Management Goal, you must first take a snapshot of where you are today financially. Net worth is measured as your total assets minus your total liabilities.
What You Own – What You Owe = Net Worth
“Once you know what you have, you must decide what you want from the wealth planning process,” says Cullen Douglass, a CERTIFIED FINANCIAL PLANNER™ with Douglass Financial Services, located in Cool Springs. Begin by asking yourself some questions.
3 Important Questions to Ask Yourself:
- What are Your Primary Financial Goals? – Information covered under this topic range from Charitable Giving, to Protecting Investments to Minimizing Taxes.
- What are Your Estate Planning Goals? – Information here includes Setting Up Trusts for Heirs and Transferring Ownership of a Business and much more.
- What Financial Techniques are You Interested in Learning More About? – Techniques range from Utilizing Long-Term Care Insurance to Protect Assets, Maximizing Retirement Income and Choosing the Right Type of Insurance and more.
“Husbands and wives don’t sit around asking each other what their financial goals are,” says Douglass. “Most people find that meeting with a third party better helps them think about what’s important and articulate it. I find that most times, couples have goals that are in alignment, they just don’t know what the first step is to reach them.”
According to Douglass, defining your future goals and determining the techniques to be used to reach them are the first steps to building a wealth management strategy. “There are a variety of strategies to manage your wealth,” says Douglass. “The ones that will work best for you depend on your particular situation.”
To ensure your financial security for the long-term, begin now with the proper information and expert advice – from a CERTIFIED FINANCIAL PLANNER™. Cullen Douglass, CFP® and his team of professionals at Douglass Financial Services in Cool Springs has more than 60 years of combined industry experience.
Cullen Douglass, CFP® is a Wealth Management Advisor who focuses on complete planning including risk management, investments, estate planning, retirement planning and insurance. Douglass Financial specializes in comprehensive integrated financial planning, including:
• Personalized Financial Planning
• Investment Advisory; Products & Services
• Trust Services
• Wealth Protection & Risk Management
Just moved to Tennessee? Don’t delay in learning about Tennessee’s unique state laws. It’s not worth putting your spouse or children at risk. Cullen Douglass, CFP® & Douglass Financial Services can help you successfully navigate what can be murky waters.
Whatever your situation, if you have ten minutes, give Cullen Douglass, CFP® a call and take the first step in securing your family’s financial future. Douglass Financial Services is a division of Northwestern Mutual.
Click here to learn more about Cullen Douglass, CFP® and Douglass Financial Services.
To view our last article, Mistake #4: Are You Too Old to Start Saving? click here.
Check with us next week when we discuss Mistake #6 in Biggest Financial Planning Mistakes.