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What Does it Mean to be Financially Fit?

A general definition of financial fitness is to have the money you need, when you need it. A more detailed definition would include living within your means, not being in debt and to have savings. But is this definition enough?

At Wealth Control Advisors we consider Financial Fitness to include more,including saving for your retirement, having an estate plan in place, having a proper tax strategy-and also to have all of your advisors and their plans working together efficiently and towards a common goal- your goals.

This would include to:

  • Have a budget and live by it: This ties in with saving regularly, but being mindful of where your money goes will help you make wiser choices.
  • Save Regularly: The Willingness and discipline to do so (save first then spend philosophy)
  • Income protection- what will you do if you are disabled during your working years (or in retirement) and will you have enough after tax income?
  • Retirement Planning- How long will you live after retirement? How much money will you need yearly after you retire? If you have children or grandchildren, do you want to leave them money or assets?
  • Retirement income protection and asset protection for disabilities during retirement years (where long term care insurance fits)
  • Life insurance for Temporary needs and Permanent needs (term and WL)A good way to make sure your loved ones have enough when you are gone, or to preserve the business you spent a lifetime building.
  • Updated wills, trust and legal documents. These should be reviewed regularly and updated with every life event or changes in your long run thinking.
  • Leaving a Legacy- Charitable giving can be so much more than giving a monthly check to the cause of the day. If there is a charity that you feel passionately about, with a little planning you can make a real difference.

The Team of Advisors (which can make a difference in your life):

  • Collaborative advisory team with a quarterback (COO or chief operating organizer) If you have a team of advisers all working by themselves, how will their plans fit together? Wouldn’t having plans that are designed with each other in mind be more efficient, effective and of more value?
  • Tax advisor and/or CPA that gives advice not just does your taxes
  • Legal Advisor(s) for estate planning, real estate, business planning and more
  • Investment Advisor that gives advice instead of just holding assets
  • Insurance advisor with experience on a wide variety of insurance products, companies and who can draft and design plans and not just sell products
  • Property and Casualty insurance advisor
  • Chief Implementer- This is the person who takes the master plan and implements this, this is usually YOU!