Portsmouth Financial Advisor

A Portsmouth financial advisor specializes in helping people like you increase your net worth and build a secure life in Virginia. Financial planning services aren't reserved for the wealthy residents of Portsmouth. Any VA resident with an interest in learning new budgeting or investment strategies can benefit from the services of a professional financial advisor.

Portsmouth, VA has a long background as a port city for the U.S. Navy. As a center of shipbuilding for many generations, Portsmouth is filled with historic sites that reflect its nautical heritage. Residents of this community have the opportunity to enjoy its combination of modern conveniences and reminders of the past. You can shape a prosperous future in this seaside town by taking steps to improve your financial health with the guidance of a qualified professional.

Living and working in Portsmouth, you can use the services of a Portsmouth financial advisor to help you achieve your personal financial goals. Whether you're considering retirement or you've just started planning for parenthood, a Virginia advising professional makes it easier to reach these milestones. Use this website as your resource for locating an advisor whose background and interests correspond to your dreams.

Constructing Your Financial Plan

When you sit down to create a plan with a Portsmouth financial advisor, you'll start by setting practical objectives for your short-term and long-term future. Perhaps that includes some college planning advice or homeowner purchases. Having a general sense of the direction you want your life to take is a good start, but in order to set attainable goals, you'll need to turn your hopes and desires into concrete plans with a time-frame attached. For example, your advisor might suggest that you turn your desire to own your own home into a goal of buying a house in Portsmouth within the next five years.

After you've established your timeline, which may include sending your children to college, investing enough money to secure your retirement or starting your own business in Virginia, you'll evaluate your resources with your Portsmouth financial advisor. To complete this step, you'll need to consider all of your assets, including your house, car, checking or savings accounts and investment funds. These are the resources that you have to work with in reaching your personal landmarks.

A Portsmouth financial advisor then considers how much you owe to mortgage or auto lenders or credit companies. Your assets minus your liabilities equals your net worth. Based on your current resources, you'll determine a strategy for building your net worth while reaching the landmarks on your agenda. Your plan will include a household budget, tax preparation strategies and a savings program.

If you haven't opened a 401k through your employer, an IRA or Roth IRA, your Portsmouth financial advisor will suggest that you establish one of these tax-advantaged accounts as the foundation for your savings strategy. You'll need a liquid emergency fund with money that you can access quickly. Finally, to protect your family and your home, your advisor can help you secure adequate life and homeowners insurance.

Becoming Debt-Free in VA

Many Portsmouth residents seek the help of a Portsmouth financial advisor when they're faced with overwhelming financial obligations. These days, high interest rates on credit cards have motivated a lot of consumers to get rid of unsecured debt. Becoming debt-free requires a certain amount of discipline and a few sacrifices, but the freedom you experience will make all of those sacrifices worthwhile.

A Portsmouth financial advisor can offer a number of time-tested strategies for eliminating debts. For most of us, the process starts with determining which creditors to pay off first. In some cases, it's best to address your loans that have the highest interest rates. However, some people prefer to pay off smaller debts first because these successes motivate them to continue with their debt reduction plan.

If you own a house, ask your advisor about using a home equity loan to pay off your other obligations. Home equity loans generally have a low interest rate, and they can be used to consolidate high-interest debts. Before you consider using the equity in your property, consult a professional about how this strategy might affect your finances. You may need to spend six months to a year working on your credit rating to increase your chances of being approved for a home equity loan.

Having a high amount of liability can jeopardize your time table for retiring. To avoid entering your senior years with large debts, work with an experienced advisor to build a positive net worth while you're still employed. The time and money you invest in becoming debt-free will pay off handsomely when you're able to afford the flexible, independent lifestyle of a retiree. Your Portsmouth financial advisor can be your greatest ally in fighting the battle against high-interest consumer debt.

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