Stonegate Financial Group Jameson Van Houten knows that getting organized financially can oftentimes be especially hard for young adults to do once they graduate college. With high amounts of student loan debt, rent and other bills to pay, getting your finances in order can oftentimes seem like a monumental task to conquer. It’s extremely important to do so, however, in order to be financial independent and stable, getting your finances organized is a must.
The first step to take in organizing your finances is to keep track of the paper side of your finances. Receipts, tax returns, pay stubs and more should all be kept in one place that is easily accessible. When it comes time to do taxes, all of the information needed will be right there and available to make the tax-reporting process easier. This is also a great way to keep track of spending in order to make sure that you don’t spend too much. Any extra income should be put in a savings account for a rainy day or in a retirement fund for down the road.
Stonegate Financial Group Jameson Van Houten also shares that setting a budget for yourself is another step that should be taken when getting your finances in order. Setting a budget allows you to account for every dollar you earn, while setting some money aside for saving, retirement and other expenses. Just a simple budget that has been put on a piece of paper can go a long way to controlling your spending and getting ahead financially.
Stonegate Financial Group Jameson Van Houten recognizes that many young people, especially those who have recently completed college and are going into the work force face a new set of challenges. One of these challenges involves financial responsibility. Unfortunately, not all children are informed about the difficulties involved with personal finances. Young people who are suddenly faced with being independent might feel like financial planning is a strange new land to navigate. Luckily, there are financial advisors who can help provide information and sound advice for setting goals and seeing them through.
Among the many aspects of financial planning, Stonegate Financial Group Jameson Van Houten knows that many young people are faced with retirement options for the first time. This can come in the form of a 401(K) offered by an employer or an IRA. It is understandable that retirement will be one of the last things on the minds of young people. However, it is important to start saving for retirement as soon as possible. With proper advisement, clients will be better able to set a certain age for retirement to continue enjoying life.
Getting married and purchasing a home are two major life changing moments that are beneficial through financial planning. Those who are young need to consider the financial implications involved with taking these huge steps forward. Once again, financial advisors are there to help offer guidance.
It is extremely common in today’s day and age for one spouse to handle the family finances. However, what happens if that spouse passes away? Stonegate Financial Group Jameson Van Houten understands that losing a spouse is an extremely traumatic event, especially when that spouse handled the finances for the family. While every situation is unique depending on the amount of financial planning that the spouse made, the amount of wealth that the couple holds, how many source of income the couple has and what stage of life the surviving spouse is in, a financial planner can guide you through this uncertain and difficult time.
Stonegate Financial Group Jameson Van Houten shares the there are several steps that should be systematically taken in the even that a spouse who controls the family finances passes away.
1. Locate all important documents – These extremely important financial documents include, but are not limited to, bank, brokerage and credit statements, wills, insurance policies, trusts, mortgage and loan documents as well as any deeds you might have.
2. Plan in advance – If at all possible, enlist the help of a certified financial planner to plan out what the best course of action would be in case the unthinkable happens. Doing this in advance can make all of the things that need to happen during this difficult time that much easier.
3. Identify assess and benefits – Annuity, social security, insurance, and pension benefits should all be considered for the surviving partner. A certified financial planner can help you to identify these benefits and assist you with developing new trusts as well as re-titling assets and developing a new family budget.