5 Ways To Ensure Your Financial Security for the Future

Has a recent event made you realize the importance of financial security?

Whether it is celebrating a new child, a wedding, or even a divorce, retirement planning is essential at any stage. If you’re clear about where to start when it comes to retiring in Delaware, allow us to provide some insight.

Here are our top five tips for reaching financial freedom.

1. Start By Setting Goals

The easiest way to discover what’s important is to take a moment and allow your mind to dream. What type of lifestyle would you create if money wasn’t an object?

What are some activities you would enjoy? How would you spend your day? Let your mind dream of all the things you would want. Make it real.

If it’s buying a specific car, imagine curling your fingers around the steering wheel. If it’s locating closer to your grown children, what would your place look like? How would you spend time with your grandkids?

Once you know your dream life, it’s time to set goals to reverse engineer your steps to get there. What would you need to do today to get there in five, ten, or even thirty years from now?

2. Create a Budget

Take some time one day to visualize all of your expenditures. Then, clean the dining room table and go to work. Next, tally up your bills and monthly expenditures on food, gas, and entertainment.

Once you have a number, see what you can save each pay period. Is it five percent, ten percent, or more? Whatever it is, set it as part of your budget like a bill to pay towards your financial security.

When you have goals that excite you, you’ll find a way to afford them.

3. Create Automatic Bill Pay & Savings

Once you’ve created a budget, it’s now time to automate it. Of course, the best way to automate your future financial security is to set up automatic bill pay and savings.

You’ll be surprised at how easy saving becomes when you automate it to come out of your paycheck.

4. Apply the Snowball Method to Pay Off Credit Card Debt

High-interest debt is a wealth crusher. Therefore, you must eradicate your high-interest debt swiftly. The best way to pay off credit cards fast is by using the snowball method.

It works like this:

  1. Put your credit card debt from smallest to largest regardless of their interest rate.
  2. Make minimum payments on all of your cards except for the lowest one.
  3. Pay as much as your budget allows each month on the smallest debt.
  4. Repeat until your credit card debt is eliminated.

This strategy has been proven effective for eradicating all kinds of debt. Apply it.

5. Get Financial Security Help From a Professional

The process of generating financial security and financial freedom for yourself can become complicated. That’s why it’s essential to get help from a professional.

A financial planner or financial advisor can help you reach your goals.

Achieve Financial Security With Guided Support

If you’re looking for financial advisors in Delaware to help you reach financial security, call Black Diamond Financial Solutions, Inc.

We provide many services to help you reach your financial goals. Please contact us for any questions or call us at (302) 265 – 2236.

The Difference Between Financial Advisors and Financial Planners

Approximately 75 percent of Americans currently manage their own finances, and only 17 percent work with a financial advisor.

Are you part of the former group? Have you been thinking about partnering with financial advisors to improve your approach to money management?

If you’re considering working with a financial advisor, it’s important to know what they do and how they can help you.

Outlined below are some of the key differences between financial advisors and financial planners. You’ll also find some key details that can help you choose the best financial advisors for your needs.

What Is a Financial Advisor?

A financial advisor is a broad term that describes any professional who helps others manage their money. People pay them a fee and, in exchange, the advisor offers advice and recommendations for money-related matters. They may offer investment advice, act as a broker for stock sales and purchases, or create estate and tax plans, for example.

Lots of professionals can technically fall under the umbrella of “financial advisor.” This includes stockbrokers, money managers, bankers, estate planners, and insurance agents.

What Is a Financial Planner?

financial planner, on the other hand, is a type of financial advisor.

Financial planners work with companies and individuals and help them to create programs that put them on the right track toward meeting their long-term financial goals. They specialize in several different areas, such as investments, retirement planning, estate planning, and taxation.

Financial planners often hold specific licenses and designations, including the following:

  • Certified Financial Planner (CFP)
  • Chartered Financial Analyst (CFA)
  • Chartered Financial Consultant (ChFC)
  • Certified Investment Management Analyst (CIMA)

Financial planners typically have to complete a variety of courses, pass examinations, and meet specific work history requirements to qualify for these licenses and certifications.

How to Choose a Certified Financial Advisor

Do you think you could benefit from meeting with a financial planner? If so, here are some tips to keep in mind that will help you choose the best person for the job:

  • Consider credentials: Review each financial advisor or financial planner’s credentials to ensure they’re qualified to help you
  • Review their list of services: Make sure they offer the specific services you’re looking for
  • Read reviews: Find out what past and current clients have to say about their work

Be sure to ask about fees, too. Financial advisor cost varies quite a bit from person to person (for example, typical asset management fees range from 0.5 to 2.0 percent of your assets per year), so find out what each one charges before you agree to work with them.

Work with Qualified Financial Advisors Today

Now that you know more about what financial advisors do and how they differ from financial planners, are you ready to schedule an appointment to meet with one?

Keep the tips listed above in mind so you can choose the right advisor and don’t have to rely on a random “financial advisor near me” search.

If you’re located in Delaware, Florida, Maryland, Michigan, New Jersey, or Pennsylvania, you can also reach out to us at Black Diamond Financial Solutions. Contact us today to learn more about our services or to schedule a consultation.

How To Find the Best Financial Advisors in Delaware in 2021

Are you a Delaware resident looking for the best financial advisor in your area? There are over 218,000 financial advisors in the United States but the one you pick can have a significant impact on your future.

Before you begin the search for your financial advisor, you need to understand what a financial advisor does and why you need one. Read on to learn how to find the best financial advisors in Delaware in 2021!

Understanding What a Financial Advisor Does

A financial advisor provides financial advice and services based on someone’s specific needs. There a wide range of services that a financial advisor offers a client.

These include tax advice, retirement planning, and legacy planning. The best financial advisors are the ones that will listen to you and develop a plan to achieve your goals.

This will give you peace of mind that you are putting your financial future in the hands of a trained professional.

Why Do You Need Financial Advice?

Before you begin an internet search for a ‘financial advisor near me’, you should think about why you are seeking financial advice in the first place. Are you and your spouse concerned about how to plan for your retirement?

You may be looking for ways to ensure that your investments will pass with minimal tax liability. Regardless of your reason for meeting with a financial advisor, knowing why you want to speak with one can help you narrow your search.

Speak With Your Family and Friends

You should speak with your family and friends to learn more about their experience with financial advisors in Rehoboth Beach.

This will help you learn about financial advisor costs and what they liked most and least about them. This will give you an inside look from the people closest to you.

Read Online Reviews

Did you know that as many as 84 percent of people trust online reviews as much as a friend’s advice? Going online and searching for financial advisors in your area will give you a list of different professionals in the industry.

Online reviews will give you unsolicited information about what a stranger thinks about a certain advisor or firm. This will give you a more well-rounded look at the market for financial advisors in your area.

The Best Financial Advisors in Delaware

The best financial advisors in Delaware will be willing to meet with you to talk about how they can help you reach your financial goals. During your meeting, this will give you a true sense of what it will be like to work with them.

At Black Diamond Financial Solutions, Inc. we are a team of financial professionals helping our clients realize their financial dreams. Our office is in Rehoboth Beach and we serve clients in Delaware, Florida, and four other states.

Contact us today to learn more about how we will work with you to create a financial plan to meet your goals!

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