You visit your doctor for regular health checkups, but when was the last time you had a financial checkup?
The Financial Insight Center offers educational seminars to examine topics like emergency funds, credit management and retirement.
Chuck Cutler, Partner and Managing Principal with Financial Insight Center, says a regular financial check up can help prevent avoid financial problems.
The last few years have been really challenging times economically. How do you suggest individuals navigate through it all?
First, don’t panic. The “sky is falling” attitude causes individuals to make some real poor decisions. That said, these are tough times and we will have some challenging times ahead. You need to remember, as a country we have been through recessions before but if you are prepared you can navigate through it just fine.
You should have a regular financial check-up. Think of this like a physical check-up when you go to the doctor. Usually, most people go in for a physical exam when they are having health problems. You are usually better off to go prior to having a major health problem.
A financial check-up is very similar. You are better off to have one before you have financial problem.
There are several issues that should be examined. Our firm actually does an 8 point financial check up. Let me just mention a few of them that are more obvious.
Cash and Credit Management
This is examining emergency funds, cash in the bank. Credit management is looking at your debts. Are there ways to decrease the interest rates you are being charged or fees you are paying or consolidating loans etc?
Retirement is another category. We could spend a lot of time on this one and frankly most people should. Unfortunately most Americans spend more time planning their week-long vacation or where they are going to go out to dinner than planning their retirement.
What are the more common mistakes people make with their retirement?
Two come to mind.
Poor Investment Choices and Poor Future Tax Planning
People too often are trying to hit the home run and as a result they take way more risk than they should. Sadly, sometimes they don’t know they are taking such high risk.
We invite you to first come to an educational seminar. We are not selling anything at these seminars. They are educational in nature, addressing in greater detail some of the things we have discussed and much more…Think of it as a pre-financial check-up in a large group and then you are better prepared if you come in for the regular check-up.
Thursday, May 12th 7pm
Jordan Commons, Director’s Suite
9400 So. State Street
Seating is limited, so please register.