For many individuals and families, developing savings is the first step towards financial success. From there, growing that money and building wealth can be less difficult.
If you are starting out building your financial plan, and on the lowest level of the ROI Group Financial Pyramid, it is important to remember that you cannot do something with nothing. You must have some money set aside for savings in case of a job loss or other adverse event. But even beyond that, the path to building wealth starts with having money saved in long term savings plans.
While some of your savings must be liquid – available when you need them – and are thought about daily as part of budget planning, investments towards wealth building use money that will not be needed for many years.
Our financial advisory experts utilize the strategies below every day to help people like you. We can work with you to develop sound strategies for you to save money and then invest money earned to potentially grow wealth.
Important: Please contact us to schedule a free, no obligation meeting with one of our Financial Planning experts to discuss your financial situation.
If you feel comfortable with the amount of savings you have, see how The ROI Group might be able to help you with more advanced financial situations and how each of these impact each other and your overall wealth strategy plan. These include Brokerage Accounts, Insurance, College Planning, Retirement Planning, and Older Adult services (including Medicare planning).
For more insight into investment and wealth building paths, take our brief Financial Risk Tolerance Survey or Personal Wealth Index Survey. The answers of these will help you with your blueprint and investment strategy as you work with your financial advisor.
Sound Financial Blueprinting
Financial blueprinting is the development of a comprehensive financial plan that is based on YOU, and potentially your spouse and family. The plan lays out your financial goals, looks at what means you have to accomplish these goals, and eventually includes strategies for achieving these goals.
Your financial blueprint will be based on what you want out of life. Over 90 percent of the plan is generated by you – our financial advisory team can help point you in the right direction related to financial decisions. Just like your car’s GPS can help you find the fastest way to reach your destination, we can help you reach your financial goals – even as obstacles arise.
The ROI Group can also educate you on products that you may not know exist but can help you get where you want to go financially. We also can help set up checkpoints that are in place to let you know your progress against the goals you have set.
Financial Goal Setting
Financial goal setting varies from person to person. If you are married, for instance, it’s important to understand if your financial goals are aligned. If they are, The ROI Group can work with both of you to set your goals, such as saving for college, building retirement savings, traveling, purchasing homes, and so on.
Goal setting can also vary based on short-term and long-term plans. These require the healthy discussions that our team is accustomed to driving with people trying to think about the “now” as well as the future. It helps to think about all of the things you may want to accomplish in life, and then prioritize them.
Our conversations might also also bring to light things you may have never considered about how much money you will need to save, invest, earn, etc. But life is not stagnant, it is ever flowing and situations and goals change – all of this is tied back to annual reviews and tweaks of your financial blueprint.
While most everyone can agree that debt is uncomfortable, nerve-wracking, and at times overwhelming, not everyone understands that debt reduction requires strategy, planning, and commitment. In many cases, this goes beyond “paying down the credit card with the highest interest rate first”.
From college student loans with lower interest rates to credit cards with obscenely high interest rates to second mortgages with moderate rates, debt can be reduced in creative fashions. Our team at The ROI Group has dealt with the most complex of debt scenarios, and can work with you towards eliminating this burden from your life.
Emergency Savings & Savings Strategies
As you’ve probably realized by now, The ROI Group’s financial advisors preach savings as a building block of any financial plan. Savings begins with an Emergency Fund – money that can be used in case of a job loss, illness, or other adverse event affecting you or your family. Depending on your income and situation, we recommend saving 3-6 months of salary.
Beyond your Emergency Fund, there are various vehicles that can be used to save and grow money. You may be surprised at how some of the traditional methods may be working adversely to your beliefs.
Working with you financial advisor, you might also be able to utilize various other financial products as savings strategies, including life insurance and retirement accounts. It is critical that you work with your advisor to discover all the options available and determine the best plan.