Financial Planning Principles

As a self-proclaimed nerd, I listen to a ton of podcasts and audiobooks. I can't remember which one I was listening to, but there was a quote that stuck with me from one that I would like to share. "There are 3 Fs to life: Faith, Fitness, and Finance. You can't outsource your faith as that is a relationship between you and your God. You can't outsource fitness because you must show up and get the work done to be in shape. The only F you can outsource is finances, so you better make sure you choose the right partner to outsource your finances to." Again, I wish I could give credit to the person who made this statement.

Choosing the right financial advisor can make all the difference when it comes to meeting your financial goals. It's crucial to make sure that you agree on the same values. I feel it is important to share my specific Financial Planning Beliefs with clients and future clients.

Achieving financial success requires planning. Having a good plan in place may not only help you identify your life goals, but also provides a metric to ensure you meet those goals. As we start planning, we will have conversations tailored toward helping you discover the goals you would like to achieve.

It is not widely known nor accepted by most, but some of the "big box" retail firms focus primarily on investment planning. I like to take a holistic view of your overall financial picture. For example, you might need income during retirement, or have concerns that your retirement distributions will put you into a higher tax bracket. I will equip you with the tools and knowledge to help you plan through these kind of events as you navigate the needs of your financial life.

Financial planning is not linear or set in stone. I often tell clients that their plan is a living and breathing document. Since life often changes, we can adjust the plan as we need to.

We will focus on the controllables throughout our planning together. None of us have a crystal ball and can tell what the market is going to do day to day. While we do not know how the market will perform, we do know how it has performed in the past. We also know that we can make sure your investments have the right mix of stocks and bonds and various asset classes to drive success. We will use that as a standard to determine an outlook for your plan.

Every plan should have a long-term time horizon. This is important as most financial goals are long-term. Decisions today can greatly impact your long-term financial success. For example, converting a Traditional IRA to a Roth IRA can have an impact on your taxes today as well as your long-term tax picture in the future.

As you have financial decisions to make, I want you to know that you have an advisor who is there to speak with you about how these decisions will impact your life (now and later), as well as your overall financial plan. The relationship that you build with your advisor is one that you will have for decades, so it is important to understand what their core beliefs are as that will shape your relationship. In our first meeting to get to know each other, we will use this time to make sure we agree on the financial planning principles that will not only build your financial plan but lay an important foundation for the rest of your life.

Investing involves risk and you may incur a profit or loss regardless of strategy selected, including diversification and asset allocation. Past performance is not a guarantee of future results. Contributions to a traditional IRA may be tax-deductible depending on the taxpayer’s income, tax-filing status, and other factors. Withdrawal of pre-tax contributions and/or earnings will be subject to ordinary income tax and, if taken prior to age 59 1/2, may be subject to a 10% federal tax penalty. Raymond James and its advisors do not offer tax or legal advice. You should discuss tax or legal matters with the appropriate professional. Raymond James & Associates, Inc., member New York Stock Exchange/SIPC.

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