A Christian financial advisor is someone who can help you with any financial needs while also working within your Christian faith. Whether you are looking to supplement a 401k or Roth IRA with other investment opportunities, or would like advice on how you can best arrange your finances for impending parenthood, a Christian financial advisor will provide you with advice that is not only in line with the economic needs you have, but is also in sync with your Christian values.
Choosing a financial planner can be an excellent resource in helping to provide for your children's college education. Whether you are planning to send the children to a Christian university, or will be utilizing a community college, planning early is the key. There are many ways to save for a college education. The first step is deciding on how you are planning to pay for it. An advisor can help you with this decision.
The price of a college education even in Christian universities has risen in the last few years requiring many parents to rethink their college savings. An advisor should ask you the following questions when helping you with the college savings goals you have. How many children will you be sending to college? What are their ages? Will you be planning to use student loans or grants? Do you have any additional sources of income that you can draw from? Would you like to setup a trust fund for the child or children?
These questions will help an advisor identify what your college savings needs are and how best to approach the goal. An advisor will help you identify the necessary funds taking into account inflation costs, the ages of the children you would like to send to college, and any current budgetary requirements. With the help of a Christian financial advisor, you can provide your children with the education they need to be successful in the future.
A Christian financial advisor might tell you that planning for retirement is perhaps one of the best ways you can protect the financial security of your family. People today are living longer lives than ever before which means that many will outlive their retirement funds. There are savings plans that can help you avoid this problem and will provide you with income through your life thus eliminating the worry that comes with retirement. Starting early is the key to any successful retirement savings.
If you are currently in the workforce and the employer offers a 401k program, take advantage of it. A 401k program is a plan offered by some employers that allows employees to contribute pre tax money into it from their salaries. The employee has control over the investments of the monies and can choose high, medium, or low risk investments or a combination of all three depending on their needs. Some employers will also match an employee's contribution up to a certain percentage. If this is the case where you work, try to contribute at least enough to benefit from the match.
A Christian financial advisor may also suggest you consider annuities. With annuities, you contribute post tax dollars to what is basically a savings account held by an insurance advisor. The funds are then disbursed to you in payments once you retire. The two phases of an annuity plan are deferral and income. The deferral phase refers to the period of time between when you started the plan and when you start receiving money from it. The income phase is the time when the money is returned to you. A Christian financial advisor can provide you with more information on an annuity plan and help you decide if it is the right plan for you.
For retirement planning, a Christian financial advisor may also recommend a Roth IRA plan. This plan is one that allows you to contribute money into an individual retirement arrangement. The contribution money is tax-exempt since it is contributed after taxes and the earnings are tax deferred meaning the taxes are paid at the time you withdraw it.
Whichever retirement plan a Christian financial advisor advises you to use, you should start early and faithfully contribute to the plan to increase your savings. The financial security of having a successful retirement plan can make all the difference in your later years.
Choosing a Christian financial advisor is an important step to helping you gain financial freedom in a way that is based on Christian values. Be sure to interview more than one advisor before you choose one and find one whose faith mirrors your own. No matter whether you are buying a home or financing a college education, a Christian financial planner can help you realize your goals.
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