208-664-8980

1875 N. Lakewood Dr.
Suite 102
Coeur d'Alene, ID 83814

Money Read Time: 4 min

Building a Solid Financial Foundation

When you read about money matters, you may see the phrase, “getting your financial house in order.” What exactly does that mean?

To some, when your financial “house is in order,” it means it is built on a solid foundation. It means that you have the “pillars” in place that are designed to support your long-term financial well-being.

#1: A banking relationship. Having a relationship with a bank can play a role in many financial strategies. You have many different choices when deciding on which bank is right for you. Some banks are larger and nationally-based, while others are smaller and community-based. Different banks may have unique advantages and disadvantages, so it’s important to look around and see what each one can offer you.

#2: An emergency fund. You know that label you see on fire extinguisher boxes – “break glass in case of emergency?” Only in a financial emergency should you “break into” your emergency account. What is a financial emergency? Everyone’s definition varies, but it can range from a broken water heater to major car repairs to unemployment help.

#3: A workplace retirement strategy. At some point, you may want to consider when is the right time to start saving for retirement. Workplace retirement plans can offer you a convenient way to get started, if one is available.

#4: An eye on Insurance. Like the other decisions you’ll need to make while building your financial foundation, choosing the appropriate insurance program is going to be influenced by your own individual life circumstances. For example, if you’re supporting a family, you may want to look into an insurance program that is designed to protect you in the event that something happens to you or prevents you from working for a period of time.

#5: Estate Strategy. It’s never too early to start thinking about your legacy. For some, this can mean providing some financial support to your loved ones. For others, it might mean creating a program that supports charities and organizations. Whatever your aspirations, it’s important to ensure that your assets transition smoothly in accordance with your wishes.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Problems with Probate

Problems with Probate

Probate can be a completely public process, or it can be managed to include as little information as possible.

What Is My Current Net Worth?

What Is My Current Net Worth?

Use this calculator to estimate your net worth by adding up your assets and subtracting your liabilities.

Choosing a Retirement Plan that Fits Your Business

Choosing a Retirement Plan that Fits Your Business

To choose a plan, it’s important to ask yourself four key questions.

 

Have A Question About This Topic?







Thank you! Oops!

3 Estate Challenges for Blended Families

If you’ve been re-married or divorced, these family structures may present some unique challenges. This article will help your clients with blended families think and prepare their estate strategy.

4 Ways Thinking Long-Term Can Improve Your Everyday Life

Financial planning often doesn’t take place on a beach. But the next time you find yourself there, try this experiment, courtesy of management and motivational guru Stephen R. Covey: You’ll need a mason jar and an assortment of big rocks, smaller gravel, sand, and water.

Protection Against Uninsured Drivers

You’re hit by an uninsured driver. Now what? Are you protected against financial losses?

View all articles

Contributing to an IRA?

Determine if you are eligible to contribute to a traditional or Roth IRA.

Comparing Investments

This calculator compares the net gain of a taxable investment versus a tax-favored one.

Federal Income Tax

Use this calculator to estimate your income tax liability along with average and marginal tax rates.

View all calculators

Long-Term-Care Protection Strategies

The chances of needing long-term care, its cost, and strategies for covering that cost.

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

View all presentations

Questions to Consider When Buying a Vacation Home

Doing your research is key before buying a vacation home.

Don’t Myth Out on Whole Life

Whole life insurance can help protect what matters most: your family, your assets, and your legacy.

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

View all videos