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Congratulations to Suntrade Financial, our September Small Business of the Month!

Posted by: Andrew Van on Friday, October 18, 2019

Five Questions to Ask Yourself When Planning for Financial Security

When thinking about how to protect your livelihood or build the financial resources you will need to live life as desired, it often starts with clarifying what you want to achieve, what you value and how uncertainties can affect plans and aspirations.

To get you on the road to financial security, here are 5 questions you’ll want to ask first.

  1.  What is important to me?

Clarify what’s truly important to you – the people you care about, the aspirations you have, the things you want to protect, and the support you’d like to give to others.

  1. Who depends on me today and who might depend on me tomorrow?

This question should be at the core of your decision making process and should be answered well before you consider what you may need. Spouses, partners and children are often thought of as the most obvious dependents; however, there can be others – for example, parents, in-laws or siblings who, due to age, disability, or other circumstances, may be unable to care for themselves.

  1. How do I pick the right financial professional?

When choosing a financial professional, work with someone who is not only competent, but also inspires your trust and confidence. The best financial professionals are good listeners who seek to fully understand your circumstances and financial objectives before proposing possible solutions. They should have access to product solutions from many fine companies, should clearly explain how they get paid for their services, and should provide references upon request.

  1. What if I already have a plan?

Even the best financial strategies should be revisited and updated regularly, generally at least once a year. Common life events such as marriage, having children, changing jobs, or even moving, can affect your existing approach. An experienced financial professional should regularly review your strategy with you, to help ensure that it remains aligned with your objectives and appropriate for your circumstances.

  1. What am I waiting for?

You should now know what to consider as you develop your financial strategy and how to secure the best resources to turn that strategy into a reality. Perhaps most importantly, you should now understand how to avoid common pitfalls that lead some to take what may be the greatest risk of all – the risk of doing nothing. Take the next step by doing additional research on your own or seeking guidance from an experienced financial professional.

Provided by Sunny Handa, a financial representative with SunTrade Financial, LLC, courtesy of Massachusetts Mutual Life Insurance Company (MassMutual) California insurance license number: 0I57046)


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