Parul Bhat Financial Services Representative
CA Lic.# 0E04378
(408) 626 3375 (W)
(408) 910 5805 (M)
MetLife Financial Services Life Insurance and Annuities offered by Metropolitan Life Insurance Company, New York, NY 10010
FISCAL FITNESS FOR ALL
Ten Tips for Fiscal Fitness
Fiscal fitness can be as important an impact on your future quality of life as regular health check ups and maintenance. It’s likely that most of us will be in sole charge of our finances at some time during our life and that many of us will also be responsible for making financial decisions that impact those we love. Here are some basics.
1.Know where you want to go.
<>Make a list of your financial goals and distinguish between those that must be met and those you want to achieve. Identify which goals need top priority and then calculate the number of years you have before you need to reach each goal. </>
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2. Know what your assets and liabilities are.
Write down the current value to the best of your knowledge of what you own and what you owe.</>
3. Know your (and your spouse’s if married) benefit program and how they work for retirement, disability, severance and death.
In most cases an employer can provide information on company benefit plans and options available. Information on government programs such as Social Security andVeteran’s benefits can also be obtained.
<></> 4. Learn to understand the impact of time, inflation and interest rates on building wealth.
These three factors can work for you or against you in wealth growth. Ask your financial professional for informational materials that explain and demonstrate the effects of these components for your program. <>
5. Educate yourself.</>
There are numerous resources for gaining financial expertise at every level and in a variety of formats including print materials, the internet, government publications plus seminars and workshops. . <>If this is new for you, there are a variety of materials for first time investors and
financial planning. Above all- don’t allow yourself to be intimidated - becoming financially educated is like any skill- start with the basics and build on that knowledge.</> <>
6. Choose a financial professional you trust and with whom you can communicate.</>
A good financial professional will show you choices to implement your plan not theirs. <>
7. Include strategies for possible changes in lifestyle and responsibilities such as marriage, divorce, widowhood, disability, childcare and elder care.</> Know where you would stand financially if you would become widowed or divorced in the future so financial stress is not added to emotional stress. If there is a possibility that you will be responsible for care of parents, children and grandchildren find out about planning options.
8. Plan for income that will last your entire life span whatever it may be. On the average women live approximately 6 years longer than men and women make up the majority of persons over the age of 100. That means many women will spend as many years retired as they did in the workplace. Source: 1990 Census
<>9. Be aware of other people’s financial strategies that may affect you in the future.</>
If you are married, your spouse’s program can have a direct effect on your plan.
Inheritances and joint investments can also impact future moneys. <>
10. Ask a lot of questions.</> There is an old saying that the only foolish question is the one not asked. This is your future! ASK! <> </>