5 Signs of a Sound Financial Plan

At ARQ Wealth Advisors, we know that developing a solid financial plan is a crucial step toward ensuring your security throughout life and into retirement. The way that you manage your wealth defines how you live life, as your net worth determines your retirement options and financial security. Whether you’re setting aside assets for your children’s college funds or planning a vacation overseas, you need to build your budget carefully to achieve these goals.

Working with a financial planner in Scottsdale, AZ, will provide you with the best opportunity to work towards achieving your financial and retirement goals. Our financial planners and advisors have various budgeting strategies to help you start saving now in preparation for significant life events. Don’t worry that you haven’t started early enough; while we recommend everyone start as soon as they can, it’s never too late to start financial planning and investment.

To help you figure out how to start planning or to see if you’re on the right path already, our expert wealth investors have devised five steps for a sound financial plan. With persistence and dedication, anyone can use these tips to make their money work for them to shape their future.

If you need retirement or financial planning services, please reach out to ARQ Wealth Advisors for a free initial consultation. Take our Q Form™ Assessment by clicking this link here to see if you are on the right track to meet your financial and retirement goals!

1. Setting Realistic Goals with a Financial Planner in Scottsdale, AZ

Financial planning is a process – you won’t see tangible results overnight. Instead, focus on creating goals for yourself and frame financial endeavors as stepping stones to meet those goals. Setting goals lets you determine where you want to go in life while you’re still working and into retirement.

To build toward financial independence, you first must know why money is important to you.

What activities, luxuries, and events do you enjoy the most? Who do you want to spend time with, and where? Having these goals and mind – and more specifically, written down – will provide you a base from which you can more rationally plan.

Most financial advisors will start you with the question: “What do you want your net worth to be?” Working with your planner and understanding net worth gives you more tangible assets to help gauge your finances. Making goals forces you to assess your situation and open yourself up to savings opportunities you did not consider before.

Setting goals establishes a finish line for financial independence. If you calculate this amount ahead of time by working with an ARQ financial planner in Scottsdale, AZ, you will set yourself up to work towards any financial and retirement goal that you’ve set for yourself and your family.

2. Firm Budgeting and Wealth Management in Scottsdale

Budgeting requires examining your cash flow and allocating where you should be spending it. Like anything, budgets should entail some degree of flexibility but strive to follow it somewhat strictly. With a reasonable budget, you will have an intimate relationship with your monthly expenses and where your money is going.

Like most things in life, maintaining a good budget takes practice. Draft a budget and see how well you can live within its guidelines; if you find yourself surpassing your goals every month, maybe it’s time to budget a little tighter. Get familiar with your expenses and create a plan that makes you feel comfortable with the money you have.

A large part of budget management is handling credit and debt. At ARQ Wealth in Scottsdale, we help examine your entire financial picture to ensure that you set up a plan to not get overwhelmed with various debt from previous and future expenses.

Being organized about your credit will allow your money to work for you in new ways, opening you up to new credit and loan opportunities throughout your life.

Working with one of ARQ’s financial planners in Scottsdale, AZ, is a surefire way to structure your budget. Our expert advisors will help you examine your expenses and pave a realistic and practical way forward for you and your family.

3. Sound and Diversified Investment Management in Scottsdale

Getting ahead on your investments will allow you to meet your financial goals and see your hard work budgeting pay off. Our advisors recommend creating a stable base to put a good portion of your wealth while diversifying to cover risk and offset losses.

Volatile as it is, the market presents you with the opportunity to grow your savings into retirement funds, college funds, and more money to invest. Investing in the stock market can be complex, which is why our financial advisors are prepared to help you navigate the process.

For example, how do you want to balance bonds and long-term investments with short-term investments? How can you earn income while hedging against possible market fluctuations? You’ll need a mix of long and short-term investments if you want a strong, well-rounded portfolio, and the financial experts at ARQ Wealth Advisors can help you establish a personalized investment strategy to help you meet your goals.

Timing is critical as well, as is your risk tolerance. How liquid or aggressive do you want to be with your funds? At ARQ, we handle questions like these daily. We can help you answer these questions and more when you schedule a free consultation with a member of our knowledgeable team today.

Additionally, it can be a useful tool to invest in personal property, like real estate, and other assets that can serve you later in life. Upkeep, management, and location are all factors you need to consider before investing in property. They become even more important if you want to retire in the next home you purchase.

4. Comprehensive Risk Insurance

Acquiring a comprehensive health plan keeps you and your family safe from large, unexpected hospital bills. Likewise, creating a life insurance plan guarantees that, should something terrible happen, your assets will take care of your loved ones. People understandably don’t like thinking about these things but preparing for the worst ensures your finances will remain stable through thick and thin.

Talk to an ARQ financial advisor to learn more about developing comprehensive plans for you and your family. We specialize in estate planning and can help you navigate your options insurance-wise.

5. Dedicated Retirement Planning

While doing the previous four tips will undoubtedly help retirement planning, it’s essential to plan for retirement specifically. Retirement can be a rather large portion of your life, and you do not want to make the transition unprepared. The earlier you can start planning for retirement, the better, especially if the company you work for offers you a 401(k) you can pay into while you’re just beginning your career.

Knowing where you want to retire and where you will want to travel is a good starting point for gauging what your lifestyle will cost. Different states will provide various tax benefits and likely come with a few disadvantages as well.

Contact ARQ Wealth Advisors Today

Reach out to one of our financial planners in Scottsdale, AZ, to learn more about what to expect when you retire to Arizona. We can help you establish a retirement plan, so you can stop worrying about the future and focus on the present. If you aren’t sure that your financial plan is setting you up for a successful retirement, please reach out to ARQ Wealth now for a free consultation.

Take our Q Form™ Assessment by clicking this link here to see if you are on the right track to meet your financial and retirement goals. It’s never too late to get started preparing for your future!  

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The opinions expressed in this blog post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual. It is only intended to provide education about the financial industry. As always, please remember that investing involves risk of loss of principal and capital. ARQ Wealth Advisors, LLC is a registered investment adviser with the U.S. Securities and Exchange Commission. Advisory services are only offered to clients or prospective clients where ARQ Wealth Advisors, LLC and its representatives are properly licensed or exempt from licensure. No advice may be rendered by ARQ Wealth Advisors, LLC unless a client service agreement is in place. Likes and dislikes are not considered an endorsement for our firm.