Document text
3 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » NEWS NOW Talent to break ground on new plaza Monday ... Fire caused by unattended fire pit torches east Medford attic ... Police/fire cost explanation doesn't add up ... Talent to break ground on new plaza Monday ... Fire caused by unattended fire pit torches east Medford attic ... Police/fire cost explanation doesn't add up ... Financial planners share their best advice to help you start growing your wealth Comment By Libby Kane MailTribune.com By Libby Kane Posted Aug. 26, 2015 at 9:55 AM By Libby Kane Posted Aug. 26, 2015 at 9:55 AM » Social News MasaIsrael/Flickr Financial planners see it all. Not only do they get an inside look into their clients' spending, saving, earnings, and investments, but they can see past the numbers to the people behind them: their clients' ambitions, fears, priorities ... and where they need some help. Below, eight certified financial planners answer the question,"What's your favorite, go-to piece of advice to help people start growing their wealth?" Putnam Investments "I always tell clients that investing should be easy and boring at the same time. The more complex and the more active you are can get you into trouble. "Investors are their own worst enemy when they let their emotions make decisions for them. How much you save is much more important than what you're investing in." — Michael Solari, CFP, Solari Financial Planning Flickr / David Wall "Sign up for your 401(k) if you have a match. Contribute enough so that you at least get the match from your employer. If you don't, you're missing out on free money! Also, start a Roth IRA. "My other tip is for people to invest in their career. Your income potential is your greatest asset while you're young! This means you should negotiate your new salary, start a side hustle, learn new skills that make your more valuable, know what you're worth, and don't be afraid to hustle!" — Sophia Bera, CFP, Gen Y Planning Flickr/daniel sandoval "Have a plan. "Create a formal, written, financial plan that includes a list of your financial goals and put together an automatic savings program specific to achieving each objective. After all, 'a goal without a plan is just a wish.' "A young married couple recently came into my office for their first meeting with a financial planner. They had been working on curbing their spending habits and had just paid off all of their credit card debt over the course of the previous year. They were excited to be debt-free and were looking to get started building and growing their wealth. "We began the meeting by discussing their financial goals and ranking them in order of importance: 1. Having an emergency reserve fund with six months of expenses set aside. 2. Putting money away for their retirement. 3. Saving up for a down payment on a home. 4. Saving for their daughter's college education. 5. Having some money set aside to help care for aging parents. "We then reviewed their monthly cash flow (budget) and determined that they were comfortable saving 20% of their net take home pay towards achieving their goals. To simplify the process, we implemented an automatic savings program. They both received direct deposit of their paychecks into their checking account on the first and fifteenth of each month. "Consequently, on the second and sixteenth of each month, we directed 20% of their pay from their checking account towards investment accounts specific to achieving each of their goals. By setting up an automatic electronic deposit program, this simplified their saving and budget process. 'This is so easy, we don't even notice that the money is being saved. Why didn't we start doing this years ago?' "By living within their means and following a formal written plan based on their goals, they began saving and investing consistently. Their money could now grow and compound towards achieving their financial objectives." — Joe O'Boyle, CFP, Voya Financial Planning Shutterstock "Really focus on figuring out what drives you, and what you want from your life. Too often we get caught up trying to make a bunch of money, and end up completely miserable. "Finding a balance between what you love, and what will pay the bills, is the ultimate challenge but one that is incredibly important. Once you find your passion, figure out how you can improve yourself to earn more money, provide more flexibility for yourself, and ultimately live your great life." — Alan Moore, CFP, Serenity Financial Consulting See the rest of the story at Business Insider See Also: 11 alternatives to cable that could save you hundreds of dollars A self-made millionaire who studied 1,200 wealthy people found they all have one � free � pastime in common A self-made millionaire who studied 1,200 wealthy people pinpointed the way their relationship with money differs from everyone else's SEE ALSO: Financial planners share the smartest decisions they've seen clients make with their money By Libby Kane MailTribune.com By Libby Kane Posted Aug. 26, 2015 at 9:55 AM » Comment or view comments Reader Reaction » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Southern Oregon Directory Featured Businesses Loading... Business Name address Location, ST | website.com Find Southern Oregon Attractions Bars Restaurants Beauty Salons Entertainment Doctors Medical Specialists Contractors Education Lawn Services Lawyers Shopping Travel Tanning Used Cars Wedding Services ▼ Add your business here + Events Calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2015 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com | P.O. Box 1108, Medford, OR 97501