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Want to Get Your Finances on Track This Year? Here’s Why You Need a Financial Advisor

Financial Planning Jan 28th, 2019 by: Darryl Lyons

At the beginning of every year, people are inspired by a fresh start; a clean slate; a new beginning. Resolutions are made – I will eat better, work out more, finally create a budget and get my finances on track. However, like many resolutions, after a month or so, regardless of their good intentions, many people lose focus. They stop going to the gym, start giving into cravings and decide to put their investments on hold … again.

This is why hiring a financial advisor can be so beneficial.

Like a personal trainer or a dietary coach, working with a financial advisor can establish an accountability partner; someone who will help you stay the course.

Getting into better shape and improving your health is important, but so is securing your future. And the longer you put it off, the harder it can be to reach your goals. Why? Well, when it comes to investing, time is your friend, so literally, every day you wait, you are losing out. Saving and investing is more important than how much you save and invest.

Here’s an example:

Let’s say you start saving at age 30, and for the next 35 years, you contribute $6,000 per year, or about $500 per month, to your retirement account, earning an average of 8 percent per year. (We’ll assume for simplicity that you added the contributions in a lump sum at the beginning of the year.) By the time you’re 65, that account would be worth more than $1 million ($1,033,000)!

If you decide to wait just one year and start at age 31, that account would be worth about $105,000 less.

If you wait until age 35, you will lose out on more than $350,000.

If you wait until age 40, you will lose out on more than half a million dollars ($594,000)!

Any later? Well, you get the picture.

 

Ready to get started? Contact PAX Financial Group for a complimentary, no-strings-attached initial consultation. And start saving for your tomorrow today!

 

Don’t Worry; It’s NEVER Too Late to Get Started

Unfortunately, most people don’t start early. But don’t feel bad if you’re one of them.

The important thing is to start right away!

A lot of people put off financial planning “for the future” because they think it’s a monumental task – an intimidating undertaking that they don’t know how to start. But here’s the good news: It doesn’t have to be.

A survey conducted by Wes Moss, author of “You Can Retire Sooner Than You Think,” found that retirees who were happiest with their retirements simply spent at least five hours a year planning for retirement. I’ll repeat: That’s five hours per year. Not per month or per week.

Here’s how that time is typically spent:

  • Step 1: Create a formal plan (or, in most cases, work with a financial advisor and have one created for you; at PAX Financial Group, this takes about an hour or so)
  • Step 2: Spend about one hour every six months with a financial advisor to help ensure you stay on track and avoid expensive mistakes
  • Step 3: Check in periodically with your financial advisor to make sure you’re sticking to the plan that you set up

 

Blind Spots 

We understand that life isn’t always predictable and that things come up. But that’s why it’s even more important to have a plan that includes an emergency fund, insurances and certain protection plans, such as a will or trust. (Establishing a will is also something that shouldn’t be put off. A sudden, unexpected death is never planned, so it’s important that you have in writing what should happen to your children and important assets if this should unfortunately occur.)

A financial advisor can also help identify other blind spots in your retirement planning, such as:

  • How do you actually plan to spend your retirement? (Many pre-retirees overlook this question and can suffer loneliness or depression if they don’t have anything to do after they leave their work world behind.)
  • Will you need to take care of your parents as they age?
  • How does Medicare actually work? What about Social Security?
  • What happens if your children move back in with you later in life?

When hiring a financial advisor to work with, it is always best to rely on a fiduciary to help you instead of a product salesperson, as a fiduciary is obligated to put your best interests first. Salespeople can be difficult to spot, so ask your advisor if he or she is actually a fiduciary, and get the answer in writing!

 

Why PAX Financial Group?

At PAX Financial Group, we work with a lot of first-timers – that’s why I got into this industry in the first place.

We understand that taking the first step to financial planning can be scary, so we offer a complimentary initial consultation. The no-strings-attached meeting will take less than two hours and can be held at our offices or by video chat, whichever you prefer.

During this meeting, we try to get to know you to see if we’re a good fit for you. We discuss topics important to you and your family’s future, such as:

  • Your retirement goals – needs and challenges
  • Your income sources
  • Asset allocation strategy
  • General retirement planning concepts that are applicable to you

Financial planning is extremely important. Being prepared can help determine when you can retire, how you can retire and if you’re able to leave anything to your loved ones once you’re gone.

Think of your financial plan like you would your next adventure or trip: The destination is a comfortable retirement.

There’s not much that is more important than securing your future. Make 2019 the year you get started.

If you’re serious about starting a financial plan and finally getting your finances on track, contact us to see how we can help get you started.

 

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This material is provided by PAX Financial Group, LLC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. The information herein has been derived from sources believed to be accurate. Please note: Investing involves risk, and past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All market indices discussed are unmanaged and are not illustrative of any particular investment. Indices do not incur management fees, costs and expenses, and cannot be invested into directly. All economic and performance data is historical and not indicative of future results.

Darryl Lyons

Darryl Lyons

CEO and co-founder of the PAX Financial Group, Darryl Lyons has been a licensed professional in the financial services industry since 1999. A lifelong Texan, Darryl began his career in the financial sector just one day removed from earning his bachelor’s degree in corporate financial management and accounting at St. Mary’s University. Throughout his career, he has won awards for recruiting and development from Fortune 100 companies. In January 2007, he chose to begin and develop his independent practice. He joined Andres Gutierrez and Joseph Schuetze to form the PAX Financial Group. Darryl also served as the Chairman for Brooks Development Authority. Shortly after his service, Mayor Julian Castro, named a park “The Darryl W Lyons Park” in honor of his service. He was named to the 2010 San Antonio Business Journal’s “40 Under 40 Rising Stars,” which honors people making a difference in business and in the community.