By Suzanne Hazlett, MBA, CIMA®, CFP®
If you’re not quite sure how or where to begin on a path to increasing your knowledge of personal finance, start by focusing on what you already know.
DREAM
- To help outline your financial aspirations, start with some questions.
- Where is your financial life today?
- Where do you want it to be?
- How will you be most comfortable getting there?
- When do you want to get there?
- In what stage of life are you – building wealth, preserving it, or passing it on to others?
PLAN
The answers to the questions above are unique to you. Once you have a clearer picture of where you want to be, outline your income sources, expenses, working assets, personal assets, and debts. These are the critical components to developing your course of action.
ADVICE
When vetting advisors, you will encounter an array of professional designations. While financial certifications are not the only thing to consider when evaluating an advisor, they represent expertise in certain aspects of the financial industry. They can also indicate a commitment to professional ethics standards.
CERTIFIED FINANCIAL PLANNERTM (CFP®)
Those with the CFP® designation include all areas of financial planning, including investments, taxes, insurance, retirement planning, and estate planning.
Certified Investment Management Analyst® (CIMA®)
CIMA® designation holders tend to have careers that involve extensive engagement with clients and the management of their portfolios.
Certified Public Account and Personal Financial Specialist (CPA and PFS)
The PFS designation is only granted to Certified Public Accountants and is awarded by the American Institute of CPAs.
Chartered Financial Analyst® (CFA®)
CFA® charterholders tend to be analysts who work in the field of institutional money management and investment analysis, and less so in financial planning.
ACT
Take action and put your plan to work. Over time, your goals will likely change. Your financial strategy should reflect those changes. Continue to monitor your progress. If you find yourself off-track, make mid-course corrections to your path when appropriate.
Your life’s goals may encompass planning a comfortable retirement lifestyle, ensuring a child’s education and future, or transferring wealth to people and causes you love. Wherever your financial dreams may lead you, keep in mind it’s a process, not just a destination.
Suzanne Hazlett, MBA, CIMA®, CFP®, is a Certified Investment Management Analyst® and CERTIFIED FINANCIAL PLANNER Professional. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker/dealer. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. 675 Sun Valley Road, Ketchum, Idaho, 208.726.0605. HazlettWealthManagement.com
