Actions to Take to

Secure Your Financial Independence 

Know Where You Are Financially

• Assess your financial circumstances.
• Communicate with your spouse or significant other about your situation and goals.

Know What is Happening in Your Financial World - Keep Good Records & Do Annual Review

• Take copies of everything in your wallet
• Copy of passports and driver’s licenses
• Credit reports – scores & ID theft
• List of passwords (keep somewhere safe but accessible)
• Tax Preparation
• Review your Social Security statements

Live Within Your Means

• Adjust your spending as your income changes.
• Create a budget and be prepared to monitor and change it.

Reduce Debt/Increase Debt – Create a Sensible Strategy

• Pay off credit cards?
• Refinance your mortgage?
• Obtain a Home Equity Line of Credit?
• Finance cars and college expenses?
• Establish “Peace of Mind” Emergency Reserve fund.

Maximize Employee Benefits

• Participate in your individual or company retirement plan fully.
• Research and evaluate your retirement plan for tax advantages, fees and fit.

IRAs, SEPs, Simples, 401ks, Defined Contribution, Defined Benefit Plan options.

• Roll over plans from any prior employers.

• Medical and Dental Plans – understand coverage, COBRA options and portability.
• Consider funding HSAs
• Flex Spending Plans (keep tabs – use or lose).
• Company car
• Take vacations!!! 

Review Your Insurance Coverages – Protect and Manage Risk – Update Beneficiaries

• Homeowners – Understand coverage, replacement costs – Shop around
• Photograph all of your belongings for record keeping.
• Auto coverage – Understand coverage, replacement costs – Shop around; plan for teenage drivers and elderly parents still driving.
• Adequate Life Insurance
• Adequate Short & Long-Term Disability and AD&D
• Long-term care (for other generations too!)
• Umbrella coverage
• Home business – business liability
• Computer back-ups!!!

Financial Planning 

• Determine your goals – discuss with your spouse (or significant other) and family.
• Retirement savings vs. college savings for kids.
• If self employed, create a financial plan for your business.

Investment Planning

• Work with a Fiduciary

Look for a fee-only, CFP^® (Certified Financial Planner™) designation.

Demand third party verification (custodian accounts). 

Ask if they belong to professional organizations such as FPA (Financial Planning Association) or NAPFA (National Association of Professional Financial Advisors) or

Call Colorado Securities Commissioner at 303-894-2320 to inquire about registration or complaints.

• Ignore media “noise”.
• “Shop” for the “right” investments – know what fits you and your family.
 

Estate Planning

• Update your Will and know how property is titled (home, cars, etc.)
• Address blended family issues, and family succession issues.
• Powers of Attorney
• Medical and Financial Directives
• HIPPA Authorizations
• Beneficiary up to date on all accounts?
• Trusts for minor children/other family members.
• Gifting strategies – family and charity.

Get informed – Financial Literacy is a 21^st century survival skill.

Get Good Advice from a Certified Financial Planner™! 

Get Started! 

“Wealth is about relationships and friends, not merely dollars and cents” 

Information, provided by Sharkey, Howes & Javer, is not designed to be tax, legal or investment advice and is subject to change at any time. All investments contain risks, including the loss of principal. Past performance is no guarantee of future results. Consult with a Certified Financial Planner™ to learn more about the strategies and information presented herein.