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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through GFS Wealth Management Advisors, Inc. (GFS). Insurance products and services are offered and sold through individually licensed and appointed agents in all appropriate jurisdictions. Agents are associated with Ganim Insurance Consultants, Inc. (GIC). Kestra IS is not affiliated with Ganim Financial, GFS or GIC. Ganim Financial, GFS, GIC, and Kestra IS do not offer tax or legal advice. Any decisions whether to implement these ideas should be made by the client in consultation with professional financial, tax and legal counsel.
This site is published for residents of the United States only. Registered Representatives of Kestra Investment Services, LLC may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed. Not all of the products and services referenced on this site are available in every state and through every representative listed. For additional information, please contact our Compliance department at 737-443-2582.
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Need to Do More About Your Financial Wellness? Start With These Six Tips
Financial wellness is developing a financial plan that will create the best possible outcomes for yourself and your family. Here are a few tips to get you started.
Tip 1: Build an Emergency Fund. If you had an emergency and the cost was more than 400 dollars, could you pay for it? According to a report on economic well-being issued by the Federal Reserve in 2015, 46% of Americans said they would have difficulty doing so. Every household should have 3-6 months of income put aside for emergencies.
Tip 2: Reduce and Manage Debt. An overall plan to manage debt is essential – especially credit card debt. If you have multiple credit card balances, start paying them down systematically. Pay off the card with the highest interest rate first. If necessary, pay the minimum amount on all other cards first.
Tip 3: College Funding. You and your children can borrow for college, but you can’t borrow money to fund your retirement. 529s can be a great way to save for college, while using your 401(k) could be detrimental to your retirement. College costs vary greatly depending on scholarships, the family’s financial condition and whether the child goes in or out of state. The 529 plan has tax advantages and can be passed from child to child.
Tip 4: Buying Vs. Renting. Renting may be more affordable given you are not paying for maintenance, taxes or insurance, however these factors are driving both options higher. Before you jump into a mortgage, consider the following. Did you build that emergency fund? Do you have a 20% down payment? Will the mortgage payment be 25% or less of your total income each month? Answer yes to these questions and you could be ready for home ownership!
This is an excerpt from an article that was featured in the 2017-2018 Ganim Financial Annual Report. Click below to view the entire report here.
