Nils Larsen Talks Exploring Your Financial Future
LOS ANGELES, CA / ACCESSWIRE / October 20, 2020 / Financial manager Nils Larsen can help you explore your financial future. The process of financial planning can help you take control and learn how to manage your money today and turn it into a greater sum through savings and investment.
Financial Planning Defined
The process of financial planning encompasses many facets of finance. It includes budgeting, cost reductions, savings, your checking account, which, if you work in business, refers to your cash account, investments, insurance, and financial goal-setting.
The latter item begins the process. You discuss with a financial manager your goals and interests and what matters to you most, says Nils Larsen, manager. For example, if you want to own a home by a certain age or prioritize sending each of your children to college, you enumerate these, and your manager notes them in your file.
The financial manager then devises a plan for you to attain these goals by your self-imposed deadline. This typically starts with examining your current budget, Nils Larsen, manager, said. Your budget determines how much money you have to deposit in savings and investment.
Sometimes, the financial manager notices glaring problems with your budget. These require immediate amendment so you can save money to invest.
Depending on your goals and deadlines, a financial manager like Nils Larsen might suggest that you cut back on unnecessary expenses. They may help you pinpoint which expenses you could easily reduce.
Savings and Investment
Nils Larsen manager explains that a financial manager suggests the appropriate savings and investment accounts to help you maximize your savings. This might include a high-yield savings account or an investment account tied to a stock index such as the S&P.
While many people associate investment with stocks and bonds, a savvy financial manager also suggests appropriate insurance such as life insurance with an investment component such as a cash value account. These policies provide a death benefit to a named beneficiary as well as a savings account tied to an investment account. The monthly premiums pay the cost of upkeep of the life insurance death benefit while the remainder of the premium payment goes into a savings account.
While respect to an investment portfolio, financial manager Nils Larsen says, a savvy manager will diversify your investments so you will have stocks, bonds, real estate, high-yield savings, and potential currency investments such as FOREX or cryptocurrency.
While you could undertake these activities on your own, a financial manager like Nils Larsen manager says it benefits you to have a financial expert help you devise a strategy. A financial manager knows the latest tax laws and can help set up a tax shelter. They also stay abreast of the stock market and which money market accounts provide the best returns. Hiring a financial manager helps you develop a plan for your financial future and the financial accounts to build that future.
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SOURCE: Nils Larsen