A recent study completed by Go Banking Rates found that when asking 1,000 adults in America how they feel about their finances, only 20% of them felt appropriately educated to the point where it has not harmed them financially.
A lack of financial literacy has negative impacts in the short and long term. Some of the potential fallout from a lack of financial literacyincludess overpriced loans, significant debt, and a reluctance for people to save or invest their money. Today, savings accounts yield a minimal 0.07% interest on average, and investing unspent income is critical for wealth generation.
This can help to provide for your own future in retirement, and also leave behind a nest egg for your loved ones if you choose to do so. Not everyone needs to be a financial expert in order to achieve their goals, however. Most people with significant assets under management recognize that being guided by a team of professionals is the best way to leverage time and resources. Knowing someone who understands your situation and works hard to help you adjust your financial strategies gives you peace of mind, but also a place to turn when you have questions or when market conditions change.
The only way to accomplish these goals is to work directly with experienced professionals in the financial industry, and to create a comprehensive estate plan to address many of the most common concerns and questions. Being proactive with your financial planning can pay off in spades down the road by empowering you with the knowledge needed to create and adjust your plans as needed.
Contact our team today to learn more about how to create a plan to protect your interests. We’re here to help and guide you.