A New Bedford financial advisor can show you techniques for budgeting, tax preparation and investing that will help you achieve your financial objectives. Although most Bedford residents know how to manage their own money, you can learn valuable strategies to maximize the value of your income from a professional Massachusetts investment advisor. The more you learn about savings and investment tools, the better your chances of accumulating the necessary funds to become financially independent.
Situated on the south coast of Massachusetts, New Bedford has its economic origins in the whaling industry. Today, New Bedford's economic interest still revolve around fishing, with health care, manufacturing and tourism supporting the community. As you're preparing for parenthood and saving money for your children's college education in MA, a New Bedford financial advisor can help you reach your goals and avoid some of the pitfalls that keep families from succeeding in today's economy.
Unsecured consumer debt is one of the biggest obstacles that New Bedford professionals face when they're trying to reach the milestones that they've set for their financial lives. One of the most important roles of a Massachusetts financial advisor is to help you manage your cash flow so that you have enough money to reduce your debts and save for your retirement. You may need to work on managing your liabilities before you can devote significant funds to your other financial goals.
If you already own a home in New Bedford, a home equity loan may help you resolve your debts and reduce your interest rates. With a home equity loan, you use your property as collateral to obtain low-interest funds. You can use these funds to pay off credit card debts or other high-interest loans that hold you back from financial success with high monthly payments. However, as an educated financial advisor can tell you, it's hard for some homeowners to resist the temptation to use the loan for other purchases, rather than paying off debt.
Some MA residents hesitate to talk with an advisor when their liabilities have become overwhelming; however, this is the best time to seek help from a New Bedford financial advisor. The sooner you can start addressing your concerns and lowering your payments, the more quickly you can begin making a recovery. When you're anxious and upset about a potential bankruptcy, having the objective opinion of an experienced advisor may allow you to see options and solutions more clearly.
Living in New Bedford, you have numerous options for maximizing your income. Your New Bedford financial advisor may recommend that you take a two-pronged approach to building wealth by adding a combination of savings and investment accounts to your portfolio. In addition to a traditional bank savings account, which you can access easily in case of an emergency, consider a higher interest money market account or certified deposit for short-term goals like buying a house or a new car.
Your employer-sponsored 401k, IRA or Roth IRA represent some of the most popular, tax-deferred solutions to your retirement planning needs. When you work with a financial advisor, you can develop a realistic time table for saving enough funds to retire comfortably. If it turns out that you need more money to retire than you originally anticipated, your New Bedford financial advisor can show you how to step up your savings goals to create an accelerated retirement plan.
Popular options for investing among more conservative professionals and parents include U.S. savings bonds, annuities and mutual funds. Depending on your level of risk tolerance, you may want to increase your earnings by investing in more high-risk securities. If you're interested in exploring the possibilities of the stock market, a New Bedford financial advisor with specialized training and certification in securities can give you advice on expanding your portfolio.
A reliable New Bedford financial advisor won't promise to make you rich overnight with your investments. In general, a family-oriented professional will typically advise that you emphasize secure, stable vehicles in your portfolio and focus on saving rather than investing. Educational savings plans are a tax-deferred option for parents who want to start saving as soon as possible for their children's academic career. Ask your New Bedford financial advisor about the benefits of investing in prepaid tuition plans for your children's academic goals.
As you continue to work towards the objectives you've established in your personal plan, you'll appreciate having the help of a New Bedford financial advisor. Whether you've just experienced a setback or a major windfall, it's never the wrong time to seek guidance from a professional. Use this website as your starting point to begin your search for a consultant who can help you achieve independence within a realistic time frame.
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Jason Siperstein, CFP®, CFA
Eliot Rose Wealth Management1300 Division Rd
West Warwick, RI 02893