It’s never too late to start, even if it’s just a few dollars a month. One of the biggest challenges is allocating funds across the buckets.

Key steps to financial success:

• Where am I today?
• Where would I like to be?
• Can I get there?
• How do I get there?
• Set reasonable expectations.
• You work hard for your money. Don’t forget to have fun and live too.
• We are better savers when we can’t see it. “Out of sight, out of mind.”
• Direct deposits.
• How can I stay on track?

“Why” leads to “How”

• Develop a strategy.
• Stick with quality.
• Things that you know. They aren’t going away.
• Diversify.
• Bonds are like the seatbelt of your portfolio. They don’t go down with the market.
• Equity
• Packaged investment products: growth; income; growth & income.
• Invest for the long term.
• Focus on what you can control.

As business owners, we have different options for diversity in investing.
Under Business Name: SEP & Simple
Under Personal Name: Traditional & Roth
ESG Funds

Lump Sum vs Trickle Investing: Will likely have a lower average share cost by purchasing small amounts over time, instead of one lump sum purchase.

Multiple Investments/401ks from previous jobs. Consolidating makes it easier for loved ones to find information if the worst happens. New company will help roll over funds from the previous company.

Fees for Financial Planner Services
Brokerage Account: Buy or sell and commission
Backend expense ratio: 401k has hidden fee not itemized
Fee based account: usually a monthly fee in lieu of commission.

Advisors Alpha study by Vanguard for value of financial advisors. Yields about 3% more annually, even after fees. Return on investment is higher.

If you’re better educated in investing, you can make better decisions.

Investing is so much better than a savings account for long term savings. If you have a savings account, use high yield savings account.

Important to revisit financial plan at least once per year. Goals change so you want to make adjustments as needed.

RTS Homework: create a cheat sheet for all financial accounts for significant others/families.
Make sure both names are on everything, in case something happens to significant other.

BIG ADVICE: Start asap, don’t wait, don’t hesitate. The value of time is important.