Financial Planning in Your 40s: 3 Handy Tips
Your 40s are the prime age to conduct financial planning for both you and your family’s future. By this time, you should be saving for college for your children, contributing money regularly to a retirement plan, and possibly moving into a larger home. While experts say that every plan is different for each person, the bottom line is that you have to start planning and saving for multiple financial goals.
It is never too late to begin your financial plan. AOG Wealth Management can help you with this. As your premier wealth management advisor in Washington, DC and Northern Virginia, we can help you get started. Follow these handy tips:
- Deal with long-term debts. Leftover student loans or credit card debt— eliminating these should be your top priority. Pay these off as soon as possible. For instance, check if your student loan debts are tax-deductible by basing them on your tax bracket. If these and your credit card debts are bigger than you thought, use all available funds to deal with them. You can take a third of your monthly savings to pay down the debt, and set the rest aside for your retirement for example.
- Start early with your children’s college tuition. This helps reduce the amount you and your children may have to borrow to attend college. Begin saving after your child is born, even if it is a small amount. By the time you have a boost in income, you can put more money toward your children’s college fund. For smoother planning, you can consult experts in wealth management in Washington, DC and Northern Virginia for comprehensive financial guidance for college savings.
- Set a budget for emergencies. You should have up to six months of your standard salary in a safe and flexible account, with further savings for planned expenses. This way, you will not have to dip into your personal balance in the event of unwelcome surprises.
Turn to AOG Wealth Management for experienced financial planning advisors and services. As an expert in wealth and investment management in Ashburn, VA and all of Northern Virginia, we will guide you toward your financial goals. Call us at (866) 993-0203 or fill out our form today for a complimentary consultation.