Peace of Mind Financial Planning, Inc. works with clients to integrate the financial areas of their lives. It’s important to address the big financial issues you face in establishing yourself so that when your financial life becomes more complex, you’ve got a foundation to continue building your financial independence. Financial planning is about much more than any one aspect and no two situations are just alike. Taking an in depth look early in your adult financial life can make a huge difference in meeting your life goals.
As you begin your career, you might feel overwhelmed with the debt that you have acquired throughout the course of your education. We address the balance between saving money for the future and paying down debt. There are many options available to you when it comes to structuring your student loan debt. We look at your entire financial situation in order to determine which strategy is most beneficial for you. Many people have heard of the concept of Time Value of Money. This is a key component to finding a balance between paying down debt and saving money. For example: If you were to invest $200/month for 35 years (assuming average rates of return of 5%) that money would compound to a value of roughly $215,000. However, if you were to wait to begin investing for 10 years while paying down debt, that value would be roughly half. An important note is that these calculations don’t take into account that many employers will match a portion of your contribution, which is essentially free money. It’s important to have someone help you determine the best way to balance paying down debt and saving money to maximize the long-term benefit of investing for the future.
When you begin your career, you may be presented the opportunity to partake in employer benefits and savings plans. We will help you analyze these benefits and make decisions when it comes to contributing to savings plans and other employer benefits.
Consistency is key when it comes to planning for the future. We believe that if strategies and recommendations are not tailored to your specific situation, they simply don’t work. That is why we will work with you to design a plan that will help you reach your goals in a way that makes you most comfortable.
Tax Planning – What you pay in taxes every year doesn’t need to be a mystery. We’ll help you understand your tax obligation and work to develop a personalized monetary strategy that allows you to achieve as many tax deductions as is legally possible. Tax Preparation – We prepare the individual tax returns for most of our clients. There is a benefit to having an Enrolled Agent with the IRS, which we are, or a CPA prepare your tax return. We will help you maximize deductions and check your return for as many deductions as is legally possible. We are also able to work with you to develop tax efficient investment strategies to ensure your tax liability is reasonable. There is benefit in consistently having the same professional prepare your tax return every year. Someone who understands the details of your financial situation is able to more efficiently and accurately prepare your return. However, if you’re happy with your existing tax preparers, we can work with them to get complete and accurate information and help them maximize the deductions you’re entitled to
Budgeting is a crucial component to becoming financially stable, and making spending mistakes early in your financial life can make getting on track difficult for years to come. As you begin your career, it is likely that your income and expenses will change. We will work with you to create, track and maintain a budget.
Purchasing a home is a major life and financial decision. We will help you budget and plan for this major purchase. In doing so, we will educate you about the various costs that are associated with becoming a homeowner.
Every aspect of financial planning involves setting and meeting goals. We will discover with you what’s important to you and why your goals matter.