- Review Your Present Financial Situation.
Examine Your Expenses and Income.
First, review your income, including bonuses, pay, and any other sources of revenue. Then, list your spending to understand your financial flow and find areas where you might cut more.
Compute Your Net Worth.
Subtract your liabilities, debts from your assets, savings, investments, and real estate to find your net worth. This will enable you to create reasonable investing goals and provide a perspective on your financial situation.
- Establish Financial Objectives
Objectives in Short-Term
List your short-term financial objectives, such as creating an emergency fund, repaying credit card debt, or saving for vacation. Usually, short-term objectives have a three-year or less time horizon.
Long-Term Objectives
Long-term plans include supporting your children’s education, saving for a house, or retirement savings. Usually, these objectives have a time horizon of more than five years. Specify precisely the amount you require and the schedule for reaching every objective.
- Know Your Verizon Employee Benefits
The 401(k) Plan
One great advantage Verizon provides is a 401(k) plan with a corporate match. Maximize your contributions to fully benefit the company match. This free money could increase your retirement savings.
Plans for Stock Purchases
Employee Stock Purchase Plans (ESPP) may be available to Verizon staff members, enabling discounted corporate stock buying. This might be a great investment strategy, but make sure your portfolio stays varied.
Health Savings Account (HSA)
If your health plan has a high deductible (HDHP), consider making an HSA contribution. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for eligible medical costs are tax-free, three tax benefits from HSAs.
- Spread Your Assets to Differentiate Your Investments
Managing risk depends on diversification. Share your money among several asset types, such as bonds, real estate, and stocks. Your risk tolerance and time horizon should guide your asset distribution.
Risk Intolerance
To evaluate your risk tolerance, consider your investment objectives, time horizon, and comfort level with market volatility. Use online risk tolerance quizzes or seek for investment consultation to find your risk profile.
Vehicles for Investments
Consider mutual funds, ETFs, individual stocks, and bonds, among other investment options. Each has unique risk and return qualities; therefore, choose a combination that fits your objectives and risk tolerance.
- Make a Budget and Keep to It.
Create a budget, dividing some of your money between investments and savings. Arrange transfers to your investing accounts to create automated savings. This rigorous technique guarantees constant advancement toward your financial objectives.
- Track and Modify Your Strategy
Frequent Review Notes
Review your investment strategy often to be sure it still fits your objectives. Changing your plan may be necessary for life events such as marriage, childbearing, or career changes.
Realize Your Portfolio’s Balance
Rebalance your portfolio often to keep the asset distribution you want. Selling underperforming assets and purchasing underperforming ones helps you maintain your investment mix in line with your risk tolerance and objectives.
- Consult Professionals for Guidance
Think about collaborating with a financial advisor who is aware of the unique advantages and difficulties experienced by Verizon staff. Professionals can help you design a thorough investment plan, give tailored recommendations, and present ideas to maximize your financial situation.
Educational Materials
Use the educational tools provided by Verizon and financial institutions. Attend seminars, webinars, and workshops to improve financial knowledge and guide investment choices.
Are you ready to get hold of your financial future? To arrange a meeting with one of our seasoned financial advisors, contact M & A Wealth now. Our area of expertise is assisting Verizon workers like you in developing customized investment strategies suitable for your particular objectives and benefits. Do not wait; start your road toward financial success and stability with M & A Wealth right now!
