Do you feel like you have your financial life together? Do you know where every penny is going and how much money you will have in the future? If not, don’t worry—many people don’t. That’s why it’s important to work with a financial planner who is here to level the financial playing field for everyone, leaving no one left behind.
A good financial planner can help ensure all aspects of your life are covered, from your day-to-day expenses to your long-term financial goals extending into and beyond your golden years. This covers many overarching bases, such as:
So, if you are seeking advice from an experienced financial planner, Humanity Wealth Advisors is an independent financial service firm in Newark, CA, that has your best interest at heart. This means you and your financial life are our focused dedication.
When looking for help to get your finances in order, consider working with a *fee-only planner who offers personalized online financial advice to *people in many states, phone advice, or in-person affordable financial planning in the Bay Area for $50 a month! Use this quick guide to understand the ropes of covering different aspects of your financial life. You’ll be so glad you did!
In order to have confidence in your financial future, start with financial literacy. Considering that we aren’t taught about basic finance in primary school, the need for it is enormous. Since people generally need to establish good credit and develop healthy money habits to stay out of debt and avoid financial stress and struggles, consider what you can do about it now.
Think about how you prefer to get what you need in a world full of apps and subscriptions. From entertainment to buying goods and services, it feels like a safe way to obtain something on your own terms, right? A convenient monthly fee means you can cancel if you don’t feel like you’re getting out of it what you’d hoped.
The goal is to help you build confidence and act on your financial goals now, paving the way to a brighter future. OPT IN for our subscription-based financial planning for only $50 a month to begin, where you can get your basic financial needs met as you need them, such as:
- Building credit
- Tax-inclusive budgeting or managing cash flow
- Setting up an emergency fund
- Organizing your finances
- Reducing or paying off debt
- Saving or paying for large life events
- Understanding and setting up employee benefits
- Reviewing your investments
- Saving and planning for higher education
- Planning for retirement
- Understanding Social Security benefits
- Estate planning
- Buying different types of insurance
- Planning for taxes
- Planning for and donating to charity
A fee-only financial planner gets paid just that, a fee determined by how much wealth and assets your professional manages on your behalf. To be perfectly transparent, the more wealth a fee-only planner manages on your behalf, the lower the percentage fee you pay. This pricing structure is different from fee-based and commission.
At Humanity, our loyalty is never to a product, corporation, or commission; it is always, first and foremost, to you. Our pricing structure was designed to be different from the industry standard. With hourly, subscription, and Assets Under Management (AUM) options, you have payment flexibility to meet your unique financial needs.
We believe a financial advisor’s ultimate goal should be putting money in their clients’ pockets. With options for everyone, low rates demonstrate our desire to work with people, no matter how much money they have. This quick guide covers what general services you get within the fee you pay.
“I wish I knew then what I know now.” Don’t let this be true for you in regards to getting financial planning help. A solid financial plan begins with the end in mind, so start with an objective and identify your goals ASAP.
Financial planning is the ongoing activity of combing through your full financial picture – including assets, liabilities, income, and expenses and setting a clear plan of action for meeting all of your goals. The purpose of establishing a financial plan is to help you and your family make smart decisions about your money, now and later. This can include paying for higher education, managing your taxes, buying life insurance, starting or selling a business, saving for retirement, and much more.
Every financial plan looks different from the next since they are tailored specifically to the individual at hand. People can use the DIY method and create a plan alone or work with a financial advisor who can offer experienced guidance and ongoing wealth-saving strategies. Of course, the ultimate goal is to build wealth on top of what you already have.
If you have no clue how to support your financial wellness, use these priorities to help.
- Create an emergency fund – we recommend saving up at least three to six months of living expenses and keeping them in an easily accessible savings account.
- Match your 401(k) – Most employers will “match” your 401(k) contribution. It’s the closest thing to free money we can think of, so take advantage by contributing the max amount.
- Get out of high-interest rate debt – High-interest consumer debts like credit cards can become devastating emotionally, mentally, and financially. Don’t falter in setting yourself up with an emergency fund that you have nowhere else to turn.
- Focus on retirement contributions – Opening an Individual Retirement Account (IRA), Health Savings Account (HSA), and making additional contributions to your 401(k) plan should be next on the list. These accounts will become a big part of your retirement funds when that time comes.
- Savings goals – Consider your goals and what you need to buy in relation to those goals, and set aside money for the short-, medium-, and long-term. You don’t want to have to tap into savings for big-ticket items as they pop up.
Additional Contributions – If you start earning more money than you know what to do with, maximize your contributions to all of your retirement accounts.
We firmly believe that anyone with a family needs life insurance to protect their loved ones if something were to happen. Life is precious, so take the loving action to leave a financial safety net behind if your time comes sooner than later. Yes, this requires a long-term commitment of paying premiums to keep the policy alive, but the right plan will be worth it, offering valuable benefits, like:
- Replace income
- Get rid of household debt
- Keep up with a mortgage or pay it off
- Maintain a family business
- Afford health care, childcare, or other services
- Pay for education or college expenses
- Guaranteed protection
- Tax-free benefits
- Potential of dividends
- Guaranteed cash value growth
- Protect assets
- Establish an emergency fund
- Supplement retirement income
- Care for aging parents or a special needs child
- Use optional riders to meet your needs
Learn more about the different types of life insurance policies in order to start considering what will be best for your family. A fee-only financial advisor who understands your family dynamic well can assist you in making this decision.
Since you more than likely hope for a higher quality of life for your children, grandchildren, stepchildren, or godchildren, education planning with a financial advisor can be a wise move. This requires creating an investment strategy that covers the educational needs of all family members.
To begin thoughtful education planning, consider these simple questions:
- How much time until the start date?
- Is it a private or public institution that will be attended?
- Will your family member qualify for financial aid?
- Might your family member get a scholarship?
- What funds do you have to put towards the plan now?
- Where can you keep your education funds?
Setting up the right college savings strategy for your family will come in handy before you know it. At Humanity Wealth Advisors, you can see why getting financial literacy in the Bay Area is so important to us—to help you answer these questions and follow a solid plan of action while you pursue your dream life. The key points to educational planning are to start ASAP, stay disciplined, and explore funding options.
A fee-only financial advisor can help you decide which educational savings plan is best for you.
Wealth managers provide a bird’s eye view of your financial life, providing financial planning, investment management, tax planning, estate planning, charitable giving, retirement planning, and more.
It makes sense that the more wealth you have, the more in-depth support you will need, right? Here are some wealth management strategies to act upon.
- Set financial goals: it helps to have realistic benchmarks to keep you on track.
- Have the right life insurance policy in case someone gets injured or a family member dies, ensuring you and your loved ones are protected from the unexpected.
- Improve your tax situation: strategize to stay within a preferred tax bracket to pay less in taxes.
- Consider your investment options: choose investments that align with your risk tolerance and time horizon. As you approach retirement, moving higher-risk investments like stocks into safer investments like short-term bonds is generally advisable. If retirement is 30 or more years out, you can afford to take on more risk, with more time on your side to make up for possible losses.
Only you know what’s most important to your family, so make time to determine your priorities and share them with a fee-only financial planner to help you work toward those goals. A dedicated professional can reasonably assess the amount of money you will need to draw from annually. This annual figure will help you determine the total investment amounts you need to save for retirement.
Since inflation is retirees’ nemesis, here are five quick tips for tackling inflation:
- Be prepared
- Consider delaying tapping into your Social Security benefits
- Reconsider your investment strategy
- Decrease your expenses
- Consult with a professional
- What if you’re not happy with your current planner?
- What if you don’t feel like you have enough money to hire a professional?
- What if feelings of money shame have been holding you back?
- What if you don’t know who to trust?
These questions and feelings are common, and one answer is through subscription-based financial planning offered by fee-only financial advisors without a minimum asset requirement. But how available is this option? Well, to be honest, not very.
You can now pay only $50 a month and receive financial help at your own pace, *from wherever you are! It’s like a try us on for size kind of relationship where you tell us what you need and when. This support is offered online, over the phone, or in person in the Bay Area, which can help you find a financial advisor that feels right for you.
Fee-only financial planning is a comprehensive way to ensure that all aspects of your life are considered when it comes to your finances. Humanity Wealth Advisors takes a holistic approach to wealth management, looking at every aspect of your life to help you pursue your long-term goals. We believe that everyone deserves access to quality financial advice, regardless of net worth.
Humanity Wealth Advisors and LPL Financial do not provide legal advice or tax services. Please consult your legal advisor or tax advisor regarding your specific situation. The LPL Financial registered representatives associated with this website may only discuss and/or transact business with residents of the following states: AZ, CA, CO, HI, ID, MA, MN, NC, NV, OR, and TX.
*This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. The insurance related content in this article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information. Riders are additional guarantee options that are available to an annuity or life insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All investing involves risk including loss of principal. No strategy assures success or protects against loss.
*While we offer an advisory based, fee-only option, there may be times that we discuss, or I recommend, a product that is suitable for your situation, in which I may receive a commission.