| The traditional "American Dream" that average citizens | | | | not have the right kind of life insurance. You need to |
| can better their lives, not worry about paying their | | | | make sure that the amount of coverage you have |
| monthly bills, give their children opportunities better than | | | | gives you and your family the protection you need. |
| their own, and still be able to save towards a | | | | Household budget - Creating a household budget is |
| comfortable retirement has become harder to achieve | | | | just deciding to spend your money on purpose before |
| and maintain. For many Americans this dream has | | | | you actually spend it. For some, this may be as simple |
| been replaced by rising costs, debt, declining wages, | | | | as deciding to spend 60% of their income on fixed |
| and ultimately a downsizing of their dreams. Yet, while | | | | expenses leaving 40% for saving and having fun. For |
| some Americans seem to be struggling financially, | | | | others, a more comprehensive budget is needed to |
| others are getting ahead. Why? For many, the answer | | | | address their spending habits. The bottom line is that |
| to this question lies in having a plan - a financial plan | | | | you need some type of budget to help you save |
| customized to a family's own unique dreams and | | | | towards your dreams and goals. |
| goals. | | | | Saving for financial goals - A family's financial goals |
| While some financial planners deal mainly with | | | | can include anything from buying a new home to going |
| investments, a good financial plan often needs to go | | | | on a family vacation. Whatever these goals are, the |
| beyond these strategies. The needs and goals of | | | | best way to achieve them is to start saving before |
| every family are unique. Therefore, a financial plan | | | | you need the money. I have seen too many people |
| should be customized to a family's individual needs and | | | | who have gone into debt, or at best overextended |
| can include some or all of the following areas: | | | | themselves financially, to achieve their goals because |
| Retirement - Everyone I know has great dreams for | | | | they did not plan ahead and start saving now. |
| what they want to do after they retire, but more and | | | | Debt management - Imagine what you life would be |
| more retirees are finding themselves rejoining the | | | | like without any credit card debt. This can be a reality, |
| workforce in order to make ends meet. Starting a | | | | but for many people I know, being in debt has become |
| retirement plan is most effective when started early in | | | | a way of life. The average household debt and |
| life, but this is the time people are least interested. | | | | personal bankruptcies has been steadily increasing. |
| They key to saving for your future is to start as soon | | | | You need to have a plan to aggressively get rid of |
| as possible. Even if you are currently saving for | | | | your credit card debt. Only then will you be free to |
| retirement, get a retirement check-up. You want to | | | | start saving towards other important dreams and |
| make sure you have an adequate plan while you still | | | | goals. |
| have time to change it if necessary. | | | | There are several things to consider when developing |
| College Education - I was shocked when I heard that | | | | a financial plan. While many parts of a financial plan |
| by the time my son and daughter go to college, 4 | | | | you may decide to do yourself, eventually you will |
| years at a state school could cost as much as | | | | need a financial advisor to help you implement the plan |
| $200,000 and a private school even more! You need | | | | and take care of all the details. Make sure that you are |
| to start saving when you children are young. Even a | | | | comfortable with the person you choose. For most |
| small amount saved consistently over time can make | | | | people, their dreams, goals, and financial situation will |
| a big difference. There are two savings vehicles you | | | | change. You need to make sure that you can update |
| can take advantage of that allow you possible tax | | | | your plan as often as necessary to account for these |
| benefits - a 529 college savings plan and a Coverdell | | | | life changes and make sure your plan is working. |
| Education Savings Account. | | | | Whatever you decide, the important thing to |
| Life Insurance - Life insurance is almost a necessity - | | | | remember is that a good financial plan will help you |
| especially if you have children. Knowing that your | | | | achieve your dreams and goals. The sooner you start, |
| family will be taken care of is definitely a source of | | | | the sooner you can start turning your dreams into |
| great comfort. I know a lot of people who do not have | | | | realities. |
| life insurance, do not have enough life insurance, or do | | | | |