How to Get Help Setting up an Investment Plan

The investment landscape has never been more convoluted. There are so many opportunities available for the everyday investor. Many don’t take the time to think about what their options even are, let alone which one’s going to best serve them.

In the United States, nearly 75% of investment plans are set up by an employer. This means that the work is done for them. The funds are deposited each month and they don’t have to think about it anymore.

There are a lot of different ways you can set up an investment plan, however. Different configurations will serve different needs.

The good news is that with so many options available, there’s a type of investment plan that’s perfect for everybody. Here are some things to think about to help you pick the perfect investment plan!

#1: Decide On Goals and Timeframe for your Investment Plan

There’s no such thing as a boilerplate investment plan. Someone starting an IRA at 20-years old is going to have vastly different needs than someone who’s going to be retiring in the next 5 years.

Say your goal is to set up a retirement plan. This is going to be on a lot of people’s minds considering that only 56% of employees have a workplace retirement plan. Considering how uncertain the future is, it’s in everybody’s best interest to be preparing for every eventuality.

Identifying your investment goals requires doing some introspection on what you want your future to look like, also. Will you be hoping to travel the world? Will you be going into a secondary career once your main job ends?

All of these factors will influence how you set up your investment planning.

#2: Decide How Much Help You Want

Once you know what you’re hoping to achieve and how long you have to realize your goal, you’ll have a better idea of how to go about setting up your investment plan. You could do the legwork to figure out how to set up your own account. Or you could find a trusted financial advisor to work with and guide you through the process.

Some may want a set-it-and-forget-it approach to investment planning. Others will want a detailed, ongoing analysis of how their investments are performing.

Working with a financial advisor gives you the best of both worlds. A financial planner will monitor your investment plan and make sure that it’s performing up to its potential.

#3: Pick a Plan

There are a lot of different ways you can set up an investment plan. Different kinds have different benefits, which often have to deal with taxes.

Some of the most popular types of investment plans include:

  • 401 k
  • Roth or Traditional IRA
  • Taxable account
  • College savings account

We mention the last two as there are more to investment plans than simply retirement plans. This is another reason to work with an investment planner, as they can work with you to realize your particular goals.

Setting up an investment plan the right way sets your future up for success. Get started now and get the future of your dreams!

Looking For Investment Planning?

Having a financial advisor with your best interests in mind is worth more than their weight in gold! Whether you’re looking to set up an investment plan or help with your income taxes, we’ll always be in your corner and working for your financial future.

If you’re ready to find out what Gold Star financial planning looks like, contact us today!

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Disclosure: This blog is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.

Securities offered through M.S.Howells & Co. Member FINRA / SIPC. Advisory Services Offered through BDFS Capital, LLC, a Registered Investment Advisor. M.S. Howells & Co. and BDFS Capital, LLC are not affiliated. The registered representatives with Black Diamond Financial Solutions may only discuss securities or transact business with persons who are residents of DE, FL, MD, MI, NJ, PA . No information provided on this site is intended to constitute an offer to sell or a solicitation of an offer to buy shares of any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer, solicitation, purchase or sale would be unlawful under securities laws of such jurisdiction.

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