Dear <<First Name>>,
As we, gleefully for some and reluctantly for others (like me), embrace the chill of winter, falling snow, and longer nights too, I want to continue to provide some ideas to ponder while you are warm and comfortable inside. Staying with the theme from last month please enjoy another article that discusses some best practices for proper financial planning titled Milestones for Money Management. Also, we realize that last month there was an error with one of the links to a December 2016 article written for the
Wall Street Journal that discussed pension planning for retirees, our apologies for the mix-up.
You can read it here. (Subscription required)
Thoughtfully,
Walid L. Petiri AAMS, RFC
Financial Management Strategies, LLC
http://www.fmsadvisors.com
Milestones for Money Management
On your way to developing and maintaining financial health, good money management will play an important role. A solid financial plan can help you build financial independence for you and your loved ones. To start, accumulate emergency funds for a rainy day. Once you’ve saved three to six months’ worth of income, work toward developing short- and long-term financial goals, as well as strategies, to meet them.
With your goals set and your plan in motion, it is important to regularly review your finances. When you reach a new stage in life, such as getting married, buying a home, or the birth of a child, consider the following issues:
First Job. When you obtain your first full-time job, you may be presented with an employer-sponsored retirement savings plan. It is never too soon to begin saving for retirement, and taking advantage of your employer’s plan as soon as possible will give your account the maximum amount of time and potential to grow. The combined effects of time and compound interest are powerful, and the sooner you start, the better. Try to contribute enough to your retirement fund to take full advantage of any employer-provided matching contributions.
Be sure to also learn about any insurance provided by your employer, including health, life, and disability insurance. If the insurance coverage offered through your employer’s benefit plan does not meet your needs, or if insurance is not offered at all, consider obtaining coverage independently.
If you change jobs, pay attention to these employer-provided benefits. Benefit plans may vary greatly from employer to employer, and changes in insurance coverage and retirement options must be factored into your personal financial plan. For example, funds in your retirement plans might need to be rolled over as you continue to save.
Marriage. Weddings are special occasions that become cherished memories long after the bouquet has been tossed and the rice has been thrown. Marriage also creates financial changes. For example, you may consider opening a joint bank account, owning or purchasing property jointly, and sharing auto and health insurance. You may also want to begin saving toward the purchase of your first home and other shared goals, such as raising a family. Read the full article here.
Source: Copyright © 2013 Liberty Publishing, Inc All Rights Reserved PFGMMLS0-AS
Walid Petiri is the owner of Financial Management Strategies, LLC (FMS) a Registered Investment Advisor established in 2000. He has over two decades of financial experience that covers virtually all areas of finance from tax, insurance, stockbroker, personal financial planning and personal banking to corporate credit, business planning, and consumer lending.
Mr. Petiri has frequently been heard on WEAA (88.9 FM) as a financial commentator, appeared on WMAR-TV 2 regarding the 2008 & 2009 economic downturn, and MTA Commuter Connections regarding residential land development. He has been interviewed and quoted by the Investment News magazine, written for the Journal of Personal Finance, is a frequent contributor to the IARFC publication, The Register, Popular Finance (of China), Minority Enterprise Advocate Magazine, and publishes a monthly financial advice column called the Foresight. Mr. Petiri was also quoted in
Bankrate.com and currently writes for the Baltimore Examiner. Most recently, Walid’s articles can also be found on
The Wall Street Journal, Aging News Alert,
Morningstar.com,
USAToday.com, TheStreet.com, Wall Street CheatSheet, and Examiner.
In June 2012, Walid was featured in
SmartCEO Magazine - Baltimore for the 2012 Top Money Managers Wealth Management. Walid serves on the Finance Committee of Associated Black Charities and is a member of Bethel African Methodist Episcopal Church. He also serves on the Board of Directors for the Reginald F. Lewis Museum and is a devoted parent to his son and daughter.
Contact Us
Walid L. Petiri AAMS, RFC
Chief Strategist
Financial Management Strategies, LLC
1330 Smith Avenue
Suite 7
Baltimore, MD 21209
(p)
410-779-1276
(f)
410-779-1302
please visit our website
www.fmsadvisors.com
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