Investments
We all have financial goals, and with most of us - numerous financial goals. These goals can include: retirement savings; buying a vacation home; funding a college savings plan for your kid’s or grandkids; income while in retirement; ensuring your family is financially secure in the case of a death; creating and passing on assets to heirs; and others.
To most, setting and attaining these goals can be a daunting task. Meeting with a CFS Financial Advisor at Premier Credit Union can be the first step in both identifying these individual goals and mapping a P.L.A.N.
How to Create a Financial P.L.A.N.
Pay yourself first
- Participate in your employer's retirement plan, if available - whether it's a 401(k), a 403(b), or any other available contributory plan. In many cases, there are matching employer contributions when you participate.
- Take advantage of other retirement plans that may be available, including: Traditional or Roth IRA’s; small business retirement plans for the self-employed; spousal IRA’s for those married couples in which one does not work outside of the home.
- Set up a monthly, automatic savings plan for other goals that you have identified.
- Review your plan on a regular basis and make changes when necessary.
Live within your means
- Avoid excessive debt, particularly credit card debt. Pay your credit card balances in full each month, and use only when necessary.
- Set a monthly budget and live within this budget. Do not spend more than you can afford, and leave some excess each month for savings.
- Maintain an emergency savings fund to carry you in the case of an unforeseen financial crisis. A common rule of thumb is to have available three to six months of living expenses.
Assure your families stability
- Everyone should have a current will. This is an important tool in ensuring your family is provided for in the case of your death, and allows for you to dictate your desires regarding your assets upon death.
- If you have children, a will allows you to appoint a guardian for them in the event of your death.
- Life events such as buying a home or having a child could change the amount of life insurance protection your family may need in the case of death. Review your coverage and policy type on a regular basis.
Never stop learning
- Write down and review your financial goals on a regular basis. Make changes when necessary – and ask for help when you are uncertain.
- A Financial Advisor can provide a review of your current financial status and suggestion for changes if necessary.
- Regular reviews can help keep your investment choices on pace with you and your needs based on risk tolerance and time horizon.
Contact a CFS Financial Advisor
Retirement Planning
College Savings
Life Insurance
Estate Planning
†A systematic investment plan does not assure a profit and does not protect against loss in declining markets. Such a plan involves continuous investment, so investor should consider financial ability to continue purchases through periods of low price levels.
Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Premier Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
