Start Planning For Your Family's Financial Future

Author

Weber Group at Raymond James

Posted on

Aug 08, 2022

Book/Edition

Pennsylvania - Greater Pittsburgh Area

The last two years have been a rough ride. As a reminder for 2022, if you haven’t taken the time to sit down and organize your family’s finances, there is no better time than now to develop new habits and get your year off to a running start. These are the necessary steps to take.

Find a Financial Planner. A financial planner will help walk through the whole process. It is important to work with a financial planner who works with people similar to you. Going on the internet and searching names is probably not the most effective way because you never know what you are going to get. Asking for referrals from friends or family is a great way to go. You know the financial planner has done a good job for them, which automatically creates trust and credibility. Remember, there are many options. Speak to a few people and see who would be a good fit for you and your family.

Meet With a Financial Planner. The first step is establishing your financial goals. The financial planner will ask: “What are the financial goals that you want to achieve? What are your dreams?” Without setting goals, it makes it impossible to achieve them. A goal a client may have is, “I want to send my children to school.” So, right away I need to know what that means. Does it mean you’re paying for all their tuition, or just part of it? A client may also say they want to save to purchase a home and need 20% down. Well, what type of home are you looking for, and in what price range? A financial planner will probe and dig deeper to get those answers.

How Do We Get There? Your goals must be written down. When you begin to work towards these goals, budgeting becomes a vital part of this process. As a family, it‘s about sitting down and looking at your monthly cash flows. This is a basic practice that every family and household must to be doing. You need to know what your budget is, to ensure you are not living outside of your means. Which means, you have enough money coming in to pay for the expenses going out. It doesn’t matter if you are a billionaire or if you’re making $20,000 a year on a side job, if you are spending more money than you’re bringing in, you are going to find yourself in debt.

Budgeting is Easier Than You Think. People tend to overcomplicate budgeting. Remember, budgeting is not one-and-done, it needs to be done on a regular ongoing basis. How much you spend on food or utilities varies from month to month, so you want to figure out on average how much you are spending. Once you start the process and go year-over-year, you really understand your spending. The same “average” holds true for how much money you are bringing in, because that might change from month to month depending on your job or career.

Realize Your Debt. When working through budgeting, you will realize your debt. Now, you can work toward paying off your debt, as well as saving money for the future. People say, “I can’t save money, I need to pay off my debt first.” This should not be an all-or-nothing thing; it should be more of a balancing act. You want to be paying off your debt while you are saving for the future, because you don’t want to miss the early earning years in your career. Time is your friend when it comes to saving and investing.

Have an Emergency Fund. If your hot water tank blows up, you need to replace it right away. You want to ensure you have cash immediately on hand, avoiding the I have to use my credit card. Or, if you lost your job, you want to have cash set aside to cover your expenses. If you are in a two-income household, the rule of thumb is to have three months of expenses saved as cash. In a one-income household, you want to have six months’ worth. Many people lost their jobs during the pandemic, and having cash would have helped them to get through. As we’re saving for the future, we want to make sure we’re saving for the emergencies that can happen today. That needs to be a top priority.

Long-Term Saving. We’re saving for our immediate expenses and now we need to be thinking long-term saving for our retirements. This includes saving for our children. If you will be sending them to school, starting a 529 Plan for their college expenses makes sense. Or, if you plan to send them to private school for K-12 education, a 529 Plan can also be used for that. Working with a financial planner on what your goal is for your child’s education and future is as important as working on your investment planning. The sooner you start the better. I’ll get more into detail about 529 Plans in an upcoming article.

Term Insurance. Term insurance is used in case something happens to the primary breadwinner. You want to make sure your spouse is protected. What happens if the breadwinner passes away unexpectedly? Term insurance is great coverage to protect your family financially in those unforeseen situations. Working with your financial planner, and walking through these steps, you’ll know how much coverage needs to be there and for how long to protect your family to be financially secure now and in the future. 

As a CERTIFIED FINANCIAL PLANNER™ practitioner and a Certified Personal Finance Counselor® professional with the Weber Group at Hefren-Tillotson, I have outlined these simple steps to protect you, your family, and your future. I stress the need for education because, as a former educator, I believe making informed and educated decisions about one’s financial life is just as important in one’s medical life. If you have concerns about getting your family’s financial future in order, please contact me as I would be glad to help.

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Local Services By This Author

Weber Group of Raymond James

Financial Services 800 Cranberry Woods Drive, Cranberry Township, Pennsylvania, 16066

Your financial goals, aspirations and investment needs are just that yours. And your financial plan should reflect that. So rather than ask you to settle for an off-the-shelf investment program, Weber Group at Raymond James is here to provide you with personalized financial planning based on your goals, your time frame and your particular tolerance for risk.We can provide you with just the right combination of financial services, support and guidance that make the most sense for you. Well also be there to help you each step of the way in the pursuit of your personal financial goals.Theres more to your financial life than just investments. Comprehensive planning encompasses an in-depth review and analysis of all aspects of your financial life to help you see the big picture and enable us to personalize a plan for addressing every detail.Our principal belief is that everything begins with a well-designed financial plan. Were highly adept at seeing the big picture of your financial life, and then addressing all the details that make the plan work including identifying and resolving any gaps that may have previously been overlooked.At Raymond James, we have a straightforward approach to doing business. We believe that putting clients needs first is the best way to ensure their success and, in turn, the long-term success of our advisors and the company. We call this our Service 1stSM philosophy. With our strong focus on clients and our commitment to supporting those who serve them, weve become known as the premier alternative to Wall Street, providing the products, services and support of even the largest firms, within an environment that values strong, personal relationships.Raymond James focuses on doing what's right for its clients, associates and communities. And as you'll find in the firm's Corporate Responsibility Report, this commitment drives our mission to build a more sustainable future for all through environmental, social and governance best practices.Sticking to our core principles of client first, conservatism, independence and integrity, Raymond James has steadily grown to become one of the largest independent financial services firms in the industry, but our core values ensure well never be so big that we dont have time for what matters most: you and your family.The markets change, but our values will always be the same. Client first is at our core, supported by conservatism, independence and integrity.Erin Weber is a vice president of investments with Raymond James, for the office in Cranberry, Pennsylvania. She is a founding partner of the Weber Group, a team within a team approach, at Raymond James. Erin works alongside her father, Senior Vice President of Investments Al Weber. Along with assistant, Katie Burr, the team strives to give clients a comprehensive investment experience by providing a high level of service, through shared expertise, for the individual and institution. With over 30 years of financial experience, there is a strong likelihood the team has interacted or worked with someone in a situation very similar to yours.She holds both bachelors and masters degrees from The Pennsylvania State University, along with the Series 7 and 66 securities licenses. Erin is a licensed agent for life, accident and health insurance. She has her Executive Certificate in Financial Planning from Duquesne University and is a CERTIFIED FINANCIAL PLANNER practitioner. Erin also is a Certified Personal Finance Counselor professional and a member of the Financial Planning Association. She has presented at international, national and state conferences in the field of education and co-authored multiple papers in the area of maximizing educator effectiveness. Based on her background in educational innovations, Erin strongly believes that she can best assist individuals and families by helping them understand the concept and elements of financial planning.Erin is advisory board president of Pennsylvania State University, New Kensington, and has mentored professionals and students from multiple universities. She is guiding several initiatives to help women and college students become financially literate and is the Vice Chairman of the Center for Financial Literacy at Penn State Behrend. Erin is a member of the Womens Leadership Council for the United Way, and volunteers at The Center for Women, Pennsylvania Women Work and Strong Women, Strong Girls. Because of her significant involvement in helping and mentoring women, she was a 2020 ATHENA Award nominee.She is very active in the area of physical fitness and won an international video contest promoting a healthy lifestyle. Erin also enjoys golfing and is a life-long resident of the Pittsburgh area, currently residing in Wexford, Pennsylvania.

Weber Group of Raymond James

Financial Advisor 800 Cranberry Woods Drive, Cranberry Township, Pennsylvania, 15090

Your financial goals, aspirations and investment needs are just that yours. And your financial plan should reflect that. So rather than ask you to settle for an off-the-shelf investment program, Weber Group at Raymond James is here to provide you with personalized financial planning based on your goals, your time frame and your particular tolerance for risk.We can provide you with just the right combination of financial services, support and guidance that make the most sense for you. Well also be there to help you each step of the way in the pursuit of your personal financial goals.Theres more to your financial life than just investments. Comprehensive planning encompasses an in-depth review and analysis of all aspects of your financial life to help you see the big picture and enable us to personalize a plan for addressing every detail.Our principal belief is that everything begins with a well-designed financial plan. Were highly adept at seeing the big picture of your financial life, and then addressing all the details that make the plan work including identifying and resolving any gaps that may have previously been overlooked.At Raymond James, we have a straightforward approach to doing business. We believe that putting clients needs first is the best way to ensure their success and, in turn, the long-term success of our advisors and the company. We call this our Service 1stSM philosophy. With our strong focus on clients and our commitment to supporting those who serve them, weve become known as the premier alternative to Wall Street, providing the products, services and support of even the largest firms, within an environment that values strong, personal relationships.Raymond James focuses on doing what's right for its clients, associates and communities. And as you'll find in the firm's Corporate Responsibility Report, this commitment drives our mission to build a more sustainable future for all through environmental, social and governance best practices.Sticking to our core principles of client first, conservatism, independence and integrity, Raymond James has steadily grown to become one of the largest independent financial services firms in the industry, but our core values ensure well never be so big that we dont have time for what matters most: you and your family.The markets change, but our values will always be the same. Client first is at our core, supported by conservatism, independence and integrity.Erin Weber is a vice president of investments with Raymond James, for the office in Cranberry, Pennsylvania. She is a founding partner of the Weber Group, a team within a team approach, at Raymond James. Erin works alongside her father, Senior Vice President of Investments Al Weber. Along with assistant, Katie Burr, the team strives to give clients a comprehensive investment experience by providing a high level of service, through shared expertise, for the individual and institution. With over 30 years of financial experience, there is a strong likelihood the team has interacted or worked with someone in a situation very similar to yours.She holds both bachelors and masters degrees from The Pennsylvania State University, along with the Series 7 and 66 securities licenses. Erin is a licensed agent for life, accident and health insurance. She has her Executive Certificate in Financial Planning from Duquesne University and is a CERTIFIED FINANCIAL PLANNER practitioner. Erin also is a Certified Personal Finance Counselor professional and a member of the Financial Planning Association. She has presented at international, national and state conferences in the field of education and co-authored multiple papers in the area of maximizing educator effectiveness. Based on her background in educational innovations, Erin strongly believes that she can best assist individuals and families by helping them understand the concept and elements of financial planning.Erin is advisory board president of Pennsylvania State University, New Kensington, and has mentored professionals and students from multiple universities. She is guiding several initiatives to help women and college students become financially literate and is the Vice Chairman of the Center for Financial Literacy at Penn State Behrend. Erin is a member of the Womens Leadership Council for the United Way, and volunteers at The Center for Women, Pennsylvania Women Work and Strong Women, Strong Girls. Because of her significant involvement in helping and mentoring women, she was a 2020 ATHENA Award nominee.She is very active in the area of physical fitness and won an international video contest promoting a healthy lifestyle. Erin also enjoys golfing and is a life-long resident of the Pittsburgh area, currently residing in Wexford, Pennsylvania.

Weber Group at Raymond James

Retirement Planning 800 Cranberry Woods Drive, Cranberry Township, Pennsylvania, 16066

Your financial goals, aspirations and investment needs are just that yours. And your financial plan should reflect that. So rather than ask you to settle for an off-the-shelf investment program, Weber Group at Raymond James is here to provide you with personalized financial planning based on your goals, your time frame and your particular tolerance for risk.We can provide you with just the right combination of financial services, support and guidance that make the most sense for you. Well also be there to help you each step of the way in the pursuit of your personal financial goals.Theres more to your financial life than just investments. Comprehensive planning encompasses an in-depth review and analysis of all aspects of your financial life to help you see the big picture and enable us to personalize a plan for addressing every detail.Our principal belief is that everything begins with a well-designed financial plan. Were highly adept at seeing the big picture of your financial life, and then addressing all the details that make the plan work including identifying and resolving any gaps that may have previously been overlooked.At Raymond James, we have a straightforward approach to doing business. We believe that putting clients needs first is the best way to ensure their success and, in turn, the long-term success of our advisors and the company. We call this our Service 1stSM philosophy. With our strong focus on clients and our commitment to supporting those who serve them, weve become known as the premier alternative to Wall Street, providing the products, services and support of even the largest firms, within an environment that values strong, personal relationships.Raymond James focuses on doing what's right for its clients, associates and communities. And as you'll find in the firm's Corporate Responsibility Report, this commitment drives our mission to build a more sustainable future for all through environmental, social and governance best practices.Sticking to our core principles of client first, conservatism, independence and integrity, Raymond James has steadily grown to become one of the largest independent financial services firms in the industry, but our core values ensure well never be so big that we dont have time for what matters most: you and your family.The markets change, but our values will always be the same. Client first is at our core, supported by conservatism, independence and integrity.Erin Weber is a vice president of investments with Raymond James, for the office in Cranberry, Pennsylvania. She is a founding partner of the Weber Group, a team within a team approach, at Raymond James. Erin works alongside her father, Senior Vice President of Investments Al Weber. Along with assistant, Katie Burr, the team strives to give clients a comprehensive investment experience by providing a high level of service, through shared expertise, for the individual and institution. With over 30 years of financial experience, there is a strong likelihood the team has interacted or worked with someone in a situation very similar to yours.She holds both bachelors and masters degrees from The Pennsylvania State University, along with the Series 7 and 66 securities licenses. Erin is a licensed agent for life, accident and health insurance. She has her Executive Certificate in Financial Planning from Duquesne University and is a CERTIFIED FINANCIAL PLANNER practitioner. Erin also is a Certified Personal Finance Counselor professional and a member of the Financial Planning Association. She has presented at international, national and state conferences in the field of education and co-authored multiple papers in the area of maximizing educator effectiveness. Based on her background in educational innovations, Erin strongly believes that she can best assist individuals and families by helping them understand the concept and elements of financial planning.Erin is advisory board president of Pennsylvania State University, New Kensington, and has mentored professionals and students from multiple universities. She is guiding several initiatives to help women and college students become financially literate and is the Vice Chairman of the Center for Financial Literacy at Penn State Behrend. Erin is a member of the Womens Leadership Council for the United Way, and volunteers at The Center for Women, Pennsylvania Women Work and Strong Women, Strong Girls. Because of her significant involvement in helping and mentoring women, she was a 2020 ATHENA Award nominee.She is very active in the area of physical fitness and won an international video contest promoting a healthy lifestyle. Erin also enjoys golfing and is a life-long resident of the Pittsburgh area, currently residing in Wexford, Pennsylvania.