Whether you hire a top notch
financial consultant like Jeff Viveros
Corpus Christi to help you with your income planning or not depends really on how serious
you are about securing your future. It is always a good idea to consult someone
who has seen the financial industry evolve through ups and downs, having been
around for longer than what a lot of financial instruments have been around
for. Moreover, there are many online services too, if you want to locate
consultants by location or by name. Planning what to do with your income
involves a lot of steps. Some believe it is all about saving what you can;
however, that isn’t true.
When you consult a financial
planner, you get down to the basics of what you are earning and how you should
use it for securing your future. Always set aside part of your income for your
liabilities. This could be home loan interest, vehicle loan interest or any
other financial commitments that you have. Once you have set aside your
expenses, what remains has to be carefully used. If you have debt, taking the
decision between repaying it first and then saving or managing savings and
liabilities simultaneously is a question only a consultant can answer based on
your situation.
Custom advice from someone who
has been through many case studies will help you juggle your finances better.
Depending on how many dependents you have and what your responsibilities are,
you have to pick the right insurance policy. If you have a mortgage, you need
to be insured. A health insurance for the entire family is another requirement.
You have to also save for your kids’ education and for your own medical
expenses in the future. Investment retirement
schemes therefore need to be considered as well at the time of financial
planning.
A consultant can help you divide
your funds proportionately between insurance
and retirement policy premiums and immediate investments for bigger gains. This
could be the stock market or real estate property investments that promise good
rents on a monthly basis. Taxation plays a huge role in creating a foolproof
plan as well. There are a lot of tax exemptions that go unused because
individuals are not aware of their existence. A tax consultant can help you
pick the right investments or products that can help you cut down your taxes
lawfully and enhance your savings further.
Financial
services consultants work both on an hourly basis as well as on a long
term basis for clients. Your planning should also depend on when you want to
take a retirement and what you intend to do after that. Starting a business
after an early retirement might need you to save more aggressively and invest
on short term products like stock more often. Similarly, products that assure
steady returns and mutual funds that offer bigger returns offer choices that
you have to pick based on your risk appetite. Your portfolio and assets will
also help giving you more confidence when it comes to picking your investments.
