by Dave Voris, vice president, regional treasury management officer, Horizon Bank
No matter your income as a nonprofit employee, tax time is a great time to meet with a financial services expert.
As all necessary tax information is gathered for income taxes, it is also valuable information for your trusted financial services specialist, who can guide you on the best financial products to meet your goals or your current needs.
When it comes to wealth creation, it can be difficult to keep track of all your sources of revenue and manage your money effectively to hit the short- and long-term financial goals you have identified.
To make wealth creation a smoother process for you and your family, developing a custom financial plan tailored to your situation and needs is vital. Below are some of the reasons to create a financial plan, if you haven’t done so already:
- Develop a values-based, multi-generational financial plan
- Analyze your entire financial picture for missed resources and opportunities
- Benefit from sensible advice from financial advisors, legal counsel, and tax accountants of your choosing
- Ensure that your goals and dreams for you and your children will be reached
- Reassure you and your family that your financial future is in good hands
- Determine your personal and financial retirement goals
- Learn how to protect your assets for future financial stability
- Discover retirement planning opportunities such as 401(k) plans, IRAs, or potential future inheritances
Think of your financial plan as a road map, of sorts, to help guide you towards your goals. A good plan should be centered on your specific needs, adaptable, trackable, and able to be modified. It should be reviewed and updated during your formal reviews.