3244 Brookside Rd 
Suite 140 
Stockton, CA 95219

Money Read Time: 4 min

Building a Solid Financial Foundation

When you read about money matters, you may see the phrase, “getting your financial house in order.” What exactly does that mean?

To some, when your financial “house is in order,” it means it is built on a solid foundation. It means that you have the “pillars” in place that are designed to support your long-term financial well-being.

#1: A banking relationship. Having a relationship with a bank can play a role in many financial strategies. You have many different choices when deciding on which bank is right for you. Some banks are larger and nationally-based, while others are smaller and community-based. Different banks may have unique advantages and disadvantages, so it’s important to look around and see what each one can offer you.

#2: An emergency fund. You know that label you see on fire extinguisher boxes – “break glass in case of emergency?” Only in a financial emergency should you “break into” your emergency account. What is a financial emergency? Everyone’s definition varies, but it can range from a broken water heater to major car repairs to unemployment help.

#3: A workplace retirement strategy. At some point, you may want to consider when is the right time to start saving for retirement. Workplace retirement plans can offer you a convenient way to get started, if one is available.

#4: An eye on Insurance. Like the other decisions you’ll need to make while building your financial foundation, choosing the appropriate insurance program is going to be influenced by your own individual life circumstances. For example, if you’re supporting a family, you may want to look into an insurance program that is designed to protect you in the event that something happens to you or prevents you from working for a period of time.

#5: Estate Strategy. It’s never too early to start thinking about your legacy. For some, this can mean providing some financial support to your loved ones. For others, it might mean creating a program that supports charities and organizations. Whatever your aspirations, it’s important to ensure that your assets transition smoothly in accordance with your wishes.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Beyond Breakfast-in-Bed: 5 Finance Gifts for Mother’s Day

Beyond Breakfast-in-Bed: 5 Finance Gifts for Mother’s Day

Depending on the mom, the right Mother’s Day gift can run the gamut from flowers to flatscreens, but this year why not try something a little different: the gift of financial confidence. Whether making a household budget or planning for retirement, there’s probably a mom in your life who can use one of these gift ideas:

The 12 Steps to Living Confidently: How to Set Up a Budget

The 12 Steps to Living Confidently: How to Set Up a Budget

Get ready. We’re about to get deep. Have you ever thought about what means, means? Yes, you can think about it for a moment…

When Life Insurance Becomes Taxable

When Life Insurance Becomes Taxable

Life insurance proceeds are generally tax-free. But not in all cases.

 

Have A Question About This Topic?







Thank you! Oops!

The Importance of Business Valuation

You know your company inside and out. But do you know how much it’s actually worth on the open market?

7 Easy Ways to Improve Your Finances This Week

Improving your financial life doesn’t have to be tedious and time-consuming. These easy actions can lead to improvements in a

12 Days of Saving Tips

Having a set of savings tips to refer to can help make your short-term and long-term financial outlook merry and bright.

View all articles

Bi-Weekly Payments

This calculator estimates the savings from paying a mortgage bi-weekly instead of monthly.

Impact of Taxes and Inflation

Estimate the potential impact taxes and inflation can have on the purchasing power of an investment.

What's My Potential Estate Tax?

This calculator helps estimate your federal estate tax liability.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

View all presentations

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

The Latte Lie and Other Myths

Check out this video to begin separating fact from fiction.

The Richest Man in Babylon

In good times and bad, consistently saving a percentage of your income is a sound financial practice.

View all videos