Financial Planning Mistakes to Avoid
Whether you are planning for retirement, college, or saving for a house, there are certain mistakes you will want to avoid throughout the process. Make things easier on yourself and have a structured plan early on. A properly structured financial plan enables you to face any financial challenge that may present itself at each stage of your life. If you need assistance with the financial planning process, our accounting firms at the Lake of the Ozarks can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. For financial planning help, call the Wilson Toellner CPA firm closest to you. We have four conveniently located firms throughout Central Missouri - Sedalia, Marshall, Camdenton, and Lake Ozarks. You will find their phone numbers located at the end of this blog. Keep reading for a few financial planning mistakes to avoid.
RETIREMENT
Not saving early enough.
We can't stress enough that you should start saving for retirement as possible. Even if you don't have an IRA or 401k offered to you through work, there are several options out there and we can recommend some great retirement products for you.
Not evaluating the correct amount of money you will need for retirement.
It can be difficult to know exactly how much you should save for retirement, what's your goal? While there are retirement calculators online to use, there's something comforting about going to an actual person for professional advice.
COLLEGE
Taking TOO MUCH out on student loans.
In 2017 the average student loan debt was $39,400. Source: https://studentloanhero.com/student-loan-debt-statistics/
Too often students will borrow more than they can realistically pay off in a timely fashion.
Be realistic when you take out a student loan and if you need to take longer to graduate than the average student due to finances, do it.
Failing to save up any money on your own.
Save up every penny you can from your High School summer jobs and apply for every scholarship possible. Make every effort you can to cover your tuition before student loans, then take loans out for the remainder.
HOUSE
Not considering all of the "extra costs" when saving for a house.
When you save for your house, remember to save for things like:
Wilson Toellner, CPA was founded in 1988 by Alan Wilson and Ron Toellner. Ron and Alan envisioned a CPA firm that would be responsive to the needs of clients and the community. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. Visit our website at www.WTCPA.com for more information.
Financial Planning Mistakes to Avoid
RETIREMENT
Not saving early enough.
We can't stress enough that you should start saving for retirement as possible. Even if you don't have an IRA or 401k offered to you through work, there are several options out there and we can recommend some great retirement products for you.
Not evaluating the correct amount of money you will need for retirement.
It can be difficult to know exactly how much you should save for retirement, what's your goal? While there are retirement calculators online to use, there's something comforting about going to an actual person for professional advice.
COLLEGE
Taking TOO MUCH out on student loans.
In 2017 the average student loan debt was $39,400. Source: https://studentloanhero.com/student-loan-debt-statistics/
Too often students will borrow more than they can realistically pay off in a timely fashion.
Be realistic when you take out a student loan and if you need to take longer to graduate than the average student due to finances, do it.
Failing to save up any money on your own.
Save up every penny you can from your High School summer jobs and apply for every scholarship possible. Make every effort you can to cover your tuition before student loans, then take loans out for the remainder.
HOUSE
Not considering all of the "extra costs" when saving for a house.
When you save for your house, remember to save for things like:
- Homeowner's insurance
- Closing costs
- An emergency fund for household expenses
Need Some Financial Planning Assistance from a Professional?
Wilson Toellner, CPA was founded in 1988 by Alan Wilson and Ron Toellner. Ron and Alan envisioned a CPA firm that would be responsive to the needs of clients and the community. Through the financial planning process, we can help you assess your financial needs and develop strategies that will enable you to achieve your goals and strengthen your financial security. Visit our website at www.WTCPA.com for more information.
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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