Here, at Layton Wealth Management, we specialize in helping you grow your wealth. We advise our clients on the best way to save, invest, and grow your money. Our team can help you reach specific financial goals. Let’s say that you are wanting to buy a new house or a car. We give you a macro view of your money and the overall trajectory of all your financial assets.
Should You Use a Financial Planner?
You can definitely do it alone when it comes to managing your money. Mastering personal finance takes a lot of time and resources. For many people, they don’t have the time or it’s not worth the effort. Financial planners help you remain disciplined about your financial strategies. They can counsel you on the right amount of money to invest at a particular time. You should use a financial planner when:
- (1) Putting a child through college, paying for a wedding.
- (2) Purchasing on a new home.
- (3) Retirement planning, and building retirement wealth.
- (4) If you plan to helping aging parents in the future.
- (5) If you want to make additional income.
- (6) Paying off debt.
How a Financial Planner Will Help You
You’ve done your original footwork and have done a little bit more research and decided that you would like to select a planner to help you with your strategy. Here is how a financial planner can help you:
- (1) Finalize your initial strategy and help you develop a savings plan.
- (2) Do the homework and help you put together a strong portfolio.
- (3) Review your results with you quarterly and at the end of the year.
Are You Ready to Retire Or Meet Your Other Financial Goals?
Are you ready to make your next financial decision? Whether it’s sending your children to college or buying a home, you should plan on saving now. Here are some general guidelines for saving for your financial goals.
Sending a Child to College
On average, you will spend $130,000 to send your child to a public institution and $235,000 to send your child to a private institution. A good goal to set for your investment plan is to try and save a third of your child’s tuition costs by the time they are on campus. The next third can come from grants and scholarships. Finally, the rest of the money can be borrowed to help reduce overall tuition burden. (1)
Buying a Home
Do you want to buy a home in the next few years? You can start saving NOW to buy a home in the next 12 to 16 months depending upon your market. If you earn $100,000 each year, you could save 20% of your income and have enough to make a down payment after one year. This can help make the downpayment on a home and can help make home ownership a reality.
You should start saving for retirement in your 20s. At Layton Wealth Management, we recommend putting away 10% to 15% of your income. Your financial planner will be able to help you create an individualized plan for you and spread out your savings over a portfolio to help mitigate risk. To learn how much you should save, please look at our retirement calculator.
Set Your Financial Goals Today
At Layton Wealth Management, we are fully equipped to help you meet your financial goals. Give us a call today at 801-784-2448 to schedule a consultation or simply fill out the form on this page.
(1) Source: http://www.collegedata.com