Don’t Know How To Start Financial Planning? Follow These Simple Steps

Many individuals think financial planning begins with investing in the stock market. Like many other things in life, starting with a solid foundation provides an important platform to build upon. One's financial condition can be the most powerful influence on our mental and physical well-being these days. To help, it’s best to start financial planning with an experienced advisor. As a general rule, starting as early as possible will help produce more positive outcomes. 

In this article, we will provide you with a few steps to begin a successful financial planning journey. We will also talk about the benefits of consulting a fiduciary financial planner to manage your finances.  

1. Monthly expenses: There is no better starting point with financial planning than with your household budget. For some, it's a good idea to begin tracking where your money goes. Create a monthly log to track your expenses. After a few months, decide which expenses can be eliminated to help increase monthly cash flow. 

2. Build a strong credit score: Start monitoring your credit score. Credit scores determine the rate in which you will pay for mortgages or credit cards. Carrying a high credit balance will reduce your score making future credit more expensive. 

3. Clear your debts: Debt can be a burden and also be a source of stress. If you have debts from several different creditors, consider debt consolidation. 

4. Protect yourself: Don’t ignore things like life and health insurance or auto and home insurance. Unplanned illness or accidents can ruin years of planning without notice. So, protect yourself from surprises. 

5. Consult an experienced financial advisor: Proper investing and wealth management techniques aren’t learned in a short amount of time. It takes years of practice and hard work. Consult a professional with years of training and commitment to their clients.

If you are looking for a Spring Hill financial advisor, consider William Bevins, CFP®. He is a well trained financial advisor who puts client’s needs first. He serves as a fiduciary, so rest assured that his recommendations are unbiased. William Bevins works with individuals, from millennials to retirees. Contact him to learn more.

About William Bevins:
 

William Bevins is an experienced advisor for financial planning and Spring Hill wealth management.

 For more information, visit https://williambevins.com


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