Roses, chocolates and ......a financial plan? Cleveland Crain's features Partner Ryan Olds
It's a tradition for people to shower their special someone with flowers, chocolates and a romantic dinner on Valentine's Day. Why do we go to all this trouble? To demonstrate our love and show we care.
But what really shows a loved one you care is a thoughtfully developed financial plan.
A couple's finances are often a major point of contention as it's common for one partner to act as the CFO with most of the financial decision making falling solely on their shoulders. Businesses typically have regular meetings to discuss financial statements and set short term and long term goals. So why not do your loved one a favor and plan a special get together to discuss your family's finances?
Here's a guide for that discussion:
- Budget – probably the most controversial subjects and also the most important. Don't make it too complicated, just pick a prior month and determine what came in and what went out. If you're in the red at the end of the month, then you need to determine what can be cut from your expenditures. We all have more control over what we spend than what we earn so focus on how you're allocating your funds.
- Savings and investments – people view money differently so it's important to respect each other's risk tolerance. If you're loved one is very conservative and you're very aggressive, it's advisable to invest your own accounts separately and have a balanced approach with any joint investments.
- Insurance and estate plan – it's never a fun conversation to talk about the potential for one or both of you to become sick, injured, or even die. However, it's an important conversation to have to ensure that you and your family are protected for the “what ifs” in life. Talk openly about what concerns you and what you want your legacy to be when you're gone.
Just like any business, I believe regular meetings to discuss your finances are crucial to your family's financial success so schedule that meeting and don't forget the flowers and chocolates.
Securities offered through Securities America, Inc. Member FINRA/SIPC. Ryan Olds, Registered Representative. Advisory Services offered through Securities America Advisors, Inc. An SEC Registered Investment Advisor. Peter Franz, Investment Advisor Representative. Cedar Brook Financial Partners, LLC and the Securities America companies are not affiliated. Securities licensed in: OH, IL and PA
About Cedar Brook Financial Partners
Headquartered in Cleveland, OH, with offices in West Bloomfield, MI, and Naples, FL, Cedar Brook Financial Partners is one of the largest independent wealth management firms in the region, according to Crain’s Cleveland Business 2012. Cedar Brook’s now sixty-plus professionals deliver customized, personal services including comprehensive wealth strategies, investment and insurance advice, retirement plan consulting, and group benefit programs to physicians, corporate executives, privately held business owners, and families. Cedar Brook has been recognized as a Top Workplace in Northeast Ohio by WorkplaceDynamics according to the Plain Dealer's 2011 study. The firm offers securities through Securities America Inc., member FINRA/SIPC. Advisory services are offered through Securities America Advisors Inc., a SEC Registered Investment Advisor. Cedar Brook Financial Partners LLC and the Securities
America companies are not affiliated. For more information, please visit www.cedarbrookfinancial.com.