Get Your Financial Act Together

Get – and keep –your savings in order

Written by BRETT L. MOORE, CFP®

EDITOR’S NOTE:

Voted Best Financial Advisor in Newnan-Coweta Magazine’s 2022 Best of Coweta Readers’ Choice Awards, Brett Moore, CERTIFIED FINANCIAL PLANNER™, is managing partner and wealth advisor for RBM Wealth Management Group, which he cofounded in Newnan. Moore was recently presented with the National Association of Insurance and Financial Advisors (NAIFA) Advisor Today 2022 National 4 Under 40 Award, which recognizes NAIFA members who achieve extraordinary professional success before the age of 40. Here, Moore shares simple, professional, and time-tested tips on getting the most out of your money, saving for retirement, and controlling your finances.

1. Start saving early.

There’s no such thing as being too young to start saving or having too little cash to start putting some away. Time is on your side. As the old adage goes, “Pay yourself first” by putting money into savings. The sooner you start, the sooner you have the opportunity to take advantage of compounding interest or growth, a snowball effect that allows your money to make more money. If you’re worried about current debt, there are good methods to either consolidate or wisely get out of debt. Plus, not all debt is bad to have.

2. Take advantage of “free” money.

If your employer offers a 401K match, if possible, put in at least as much as you must to take advantage of the full match. Not doing so is like watching dollar bills float away and not bothering to catch them.

3. Contribute routinely.

Whether it’s a retirement account, such as a 401K, Individual Retirement Account (IRA), or a regular investment account, add to it methodically, preferably with automatic deposits from your paycheck. This method, called dollar cost averaging, takes out the guesswork of trying to predict the market.

4. Enter the stock market.

If you’re sitting on the sidelines, waiting for the right time, you’ll lose out in the long run. Over time, it’s better to be in a volatile market than out of the market altogether. Your advisor may also have tools to invest in the market while hedging or possibly protecting against downturns.

5. Have a plan and a process.

One of the most important saving strategies is to not just have a plan but also a solid, timetested process that you can stick to through good and bad markets. This takes out some of the emotions that cause you to make poor decisions and helps you to not panic.

6. Review your beneficiaries.

Life changes, and you need to keep up with it. The beneficiaries named on insurance and investment accounts override what your will might dictate. Not reviewing important financial decisions after major life changes is how exspouses sometimes end up with money rather than current spouses – or how a new child might get left with nothing.

7. Keep up with changes in the financial world.

It changes rapidly, and so do laws governing it. What once worked well as a savings vehicle may be replaced over time, often in short time. Products and investments may have improved and be more consumer friendly compared to just five or 10 years ago. Some newer options come with lower or no fees or more liquidity. For example, laws affecting distributions in retirement and beneficiaries’ inheritances have changed in the last couple of years. The IRS changes contribution and income limits almost every year.

8. Get professional assistance.

If you need a root canal, you’ll go to a dentist. It’s the same with your savings. Seek advice from a professional who’s trained in financial planning and keeps up-to-date with ever-changing methods and tools for growing your money. Some advisors offer free advice or a free financial plan even with no minimum amount of assets. A good advisor listens, and there is no such thing as a bad question. Be honest with your advisor, who is there to help, just like your doctor. Make sure your advisor listens to your needs and is handson with your assets, not simply sending your accounts to a centralized, cookie-cutter model run by someone who doesn’t even know you.

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9. Study up on financial advisors.

Is the advisor you are talking to a true fiduciary? The best financial advisors do more than manage your investments. They consider your financial life holistically, often communicating with other professionals, such as your lawyer and/or certified personal accountant to make sure all the pieces to your financial life work together in your best interest. The best financial advisors are educators as opposed to salesmen. Professionals will help you work beyond emotions when things get tough to make the right financial decisions to stay on track toward your goals.

10. Do your research.

Does your advisor have all the licenses needed to be equipped with the best financial tools available to truly provide exceptional recommendations in your best interest? See if your advisor has high quality or meaningful designations and certifications. How long has your advisor been in the business and will continue to be in the business? The Financial Industry Regulatory Authority (FINRA) is a government-authorized, not-for-profit that oversees broker-dealers in the United States. For information about financial advisors’ licenses, certifications/ designations, disclosures, red flags and more, visit Brokercheck.finra.org. NCM

AT THE FIRESTONE

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Securities and advisory services are offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC. Each year, Advisor Today magazine recognizes four financial advisors with the “4 Under 40 Award” for achieving excellence in their profession by or before the age of 40. Newnan-Coweta Magazine’s Best of Coweta Readers’ Choice awards are based on online polling.

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*Best of Coweta award based on online polling. Advisor Today magazine each year recognizes four fi nancial advisors nationally for the “4 Under 40” who achieve excellence in their profession by or before the age of 40. Securities and advisory services are offered through LPL Financial (LPL) a registered investment advisor and broker/dealer (member FINRA/SIPC) To place an ad, call 770.253.1576 or email advertise@newnan.com.