Protecting Your Financial Life
In light of recent global events, the world
certainly seems like a more dangerous place, threatening your
sense of personal safety and well-being. While there may not be
much we can do on an individual level to reduce the threat of
terrorism, war, or even stock market corrections, we can ensure
that we take all appropriate steps to mitigate those risks under
our control. If you're looking for ways to increase your financial
security, consider the following tips.
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Teaching Money Lessons
One of the most valuable lessons parents
can teach their children is how to responsibly manage money. Keep in mind that how you treat money is
probably the most significant influence on your children. If you
make large purchases only after careful research and price comparisons,
your children will learn to be careful before making a purchase.
If you use credit cards cautiously and explain how to select a
card, what items to charge, and how to pay off the balance every
month, your children will learn not to abuse credit cards.
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Do You Have a Budget?
A budget serves as a road map for your spending,
helping you find ways to save more money for your financial goals.
Inefficient and wasted expenditures can be major impediments to
accomplishing your financial goals. For a one-month period, keep
track of every dollar you spend, whether by cash, check, or credit
card. Are you surprised by how much small expenditures add up
over a month?
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Setting Financial Goals
Properly designed, your financial goals
should provide the motivation you need to control your spending.
Often, individuals develop vague goals such as paying for a child's
college education, getting out of debt, or retiring comfortably.
Since the goals are vague, they don't provide help in deciding
how to accomplish them or in determining whether you are making
sufficient progress toward achieving them. Keep these tips in
mind when developing financial goals.
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Should You Consider an ARM Now?
With mortgage rates at such low levels,
the general consensus is that rates are more likely to go up rather
than down. Based on that fact, does it make sense to even consider
an adjustable rate mortgage (ARM) now? The answer depends on how long you plan
to live in your home and the rate differential between fixed and
adjustable rate mortgages.
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David K. Sebastian, CFP®, and his team of experts at The Physicians Wealth Management Group specialize in working with individual physicians and group medical practices. David is considered to be one of the top financial advisors in the country with more than twenty five years of Wall Street experience as a chief investment officer, portfolio manager, institutional bond trader, and estate planning, benefits planning and retirement consultant.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600
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