Reasons to Prepare Your Family Financial Strategy This New Year

Reasons to Prepare Your Family Financial Strategy This New Year Cornerstone Wealth Management

The holidays are a time when everyone is surrounded by family members and having a great time, but it may also remind you that your life is intertwined with that of your family’s, including when it comes to finances. If you are unsure about how your financial goals connect to your family’s, now might be a great time to discuss it with them! During the holidays, your family may be receptive to understanding how their future financial goals can coincide with, be supported by, or support your financial goals as well. Here are a few tips from our advisors that may help you to create a family financial plan:

  1. What do you and your family want?

Sorting out your goals is one of the more important steps of this process. If you don’t know where you want to go, then you can’t get there. In other words, if you don’t have a solid sense of your own financial strategy and goals, you won’t be able to have the conversation with your family in the first place! Consider having a conversation with your family about their goals for both the long and short term. Are they attainable with your current savings strategy? Is there a way you could help each other reach mutual goals? This isn’t always an easy conversation, but it can really help to give you a concrete sense of what your family wants.

  1. Consider how to achieve these goals

Once you have a firm idea of what you and your family want, then you can start to strategize how to make that cohesive plan come together. What if your grandkid needs support for college? The earlier you start setting up a college savings plan, the better. What if your son or daughter is saving up for their first home? Starting earlier to put away funds for a down payment can help them achieve that. After all, without family support, college could be a financial struggle and home ownership could be out of reach. Planning early and helping them in any way you can will not only help improve their lives but also avoid potential hurt in your family and a possible unexpected burden on you.

  1. Emergencies Happen. Plan Ahead!

Sometimes people can focus too much on their own or even their family’s immediate wants or concerns. While that’s reasonable, it is important to consider how a long-term financial strategy that accounts for future unexpected expenses can help maintain your financial stability throughout your retirement. Even if you are planning well and being careful about how you are spending your money, it can be very easy to overlook the concept that a long-term strategy blind to your and your family’s future needs and goals can have a real negative impact on the stability of your financial goals and quality of life.

When it comes to your family’s financial strategy, you don’t have to figure everything out by yourself. Most families don’t have access to a person who knows a lot about the minutiae of financial management, and those who do might have separate financial guidance that is unaware of the whole family’s situation. That’s where we come in. Consider reaching out to one of our professionals today for a complimentary review of your finances. We can lend our expertise to your family to help you design goals and strategies that work for you and your family. 

 

Share This Post:
Cornerstone Wealth

SERVICES

Cornerstone Wealth

Schedule a Call

Ready to take control of your financial future? Schedule a call with Cornerstone Wealth Management today.

Join Our Mailing List

FINANCIAL INSIGHTS DELIVERED STRAIGHT TO YOUR INBOX

Birthdays Over 50 Worth Celebrating
READ OUR LATEST GUIDE

Birthdays Over 50 Worth Celebrating

Before you start planning for retirement, make sure you put these relevant dates in your calendar. Beginning at 50 years old, there are several birthdays that are essential to be aware of as they can influence your retirement timeline and overall financial plan.

The Fundamentals of Estate Planning
READ OUR LATEST GUIDE

The Fundamentals of Estate Planning

Estate planning can be an emotional process. After all, it’s difficult to think about things like who will raise your children, or which loved one will best manage your financial assets. Estate planning is necessary, however, because without a will, your estate may end up in court. This means it could be divvied up based on a judge’s ruling, rather than on your personal wishes.

Making the Transition to Retired Life
READ OUR LATEST GUIDE

Making the Transition to Retired Life

After all your years of hard work and disciplined saving, you’ve made it to retirement – congratulations! Now, the challenge becomes tackling common retirement transition concerns so that you can live out the ideal retirement you’ve dreamed of.

Addressing Market Volatility in Today's World
READ OUR LATEST GUIDE

Addressing Market Volatility in Today's World

Planning for retirement is never a “set it and forget it” task. There are unexpected disasters, market drops, and changing laws that could cause retirees to reevaluate their financial situation. Ultimately, there’s no way to predict everything that will cause market downturns. However, you can prepare yourself for one by having a solid financial strategy in place.

What to Consider in Your Charitable Giving Plan
READ OUR LATEST GUIDE

What to Consider in Your Charitable Giving Plan

Congratulations! You’ve decided to give to a charitable organization. Charitable giving is a wonderful way to help further causes you are passionate about and feel good while doing it.

The Importance of Designating Beneficiaries
READ OUR LATEST GUIDE

The Importance of Designating Beneficiaries

When life gets hectic and your to-do list seems endless, it can be easy to let financial planning details slip through the cracks. However, updates to your designated beneficiaries on 401(k) plans, IRA accounts, and other retirement assets is vitally important.

Managing Inflation in Retirement
READ OUR LATEST GUIDE

Managing Inflation in Retirement

You may have noticed that the things you buy regularly have become more costly, and you may be pondering if inflation will stay high. For individuals close to retirement or already retired, it is essential to take measures to protect themselves from the eroding effects of inflation.

Birthdays Over 50 Worth Celebrating
READ OUR LATEST GUIDE

Birthdays Over 50 Worth Celebrating

Before you start planning for retirement, make sure you put these relevant dates in your calendar. Beginning at 50 years old, there are several birthdays that are essential to be aware of as they can influence your retirement timeline and overall financial plan.

The Fundamentals of Estate Planning
READ OUR LATEST GUIDE

The Fundamentals of Estate Planning

Estate planning can be an emotional process. After all, it’s difficult to think about things like who will raise your children, or which loved one will best manage your financial assets. Estate planning is necessary, however, because without a will, your estate may end up in court. This means it could be divvied up based on a judge’s ruling, rather than on your personal wishes.

The Birth of a Grandchild
READ OUR LATEST GUIDE

The Birth of a Grandchild

Congratulations! The arrival of a grandchild is always an exciting time. Since many grandparents wish to assist in covering their grandchildren’s future financial needs, it’s also a good time to consider financial preparations for the future. If you hope to provide funds to your grandchildren, both 529 plans and trusts are beneficial options.

Cornerstone Wealth

WELCOME TO OUR NEW SITE

We've Made Some Big Changes

We’re delighted to introduce our new and improved online space tailored to elevate your online experience.

If you have any thoughts, questions, or if you’d like to schedule a consultation drop us a line. Your insights help us refine our services.

Making the Transition to Retired Life
READ OUR LATEST GUIDE

Making the Transition to Retired Life

After all your years of hard work and disciplined saving, you’ve made it to retirement – congratulations! Now, the challenge becomes tackling common retirement transition concerns so that you can live out the ideal retirement you’ve dreamed of.

Skip to content