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October is National Financial Planning Month Thumbnail

October is National Financial Planning Month

Financial Planning Insights

Did you know October is National Financial Planning Month? National Financial Planning Month helps raise awareness of the value of having a financial plan and working with a team that is committed to understanding your values and financial goals to create a meaningful wealth management plan that aligns with your life's priorities. In observance of this month's theme, we've asked each of our advisors to give you just one tip when it comes to financial planning:

  • "When it comes to money, one of the things we often don’t consider is the emotional side of how it works in our lives. In each decision we make, emotions come into play. The more we can understand and recognize how they play a part, the greater strength we will have over our decisions." - Lee Stoerzinger
  • "I view financial planning as an exercise in accountability. Increased accountability to yourself or your family can go a long way to accomplishing goals, financial or otherwise. Schwab did a study in 2021 that showed that only 1/3 of Americans have a financial plan. As you read this, I’m essentially preaching to the choir, but that’s a low bar on something that many people consider a high priority. Our firm has devoted our time and energy to helping people navigate this rapidly changing financial landscape." -Matt Benson
  • "Rule of 72. We often get asked, how long will it take for my money to grow to "X". The rule of 72 will help give you perspective. The Rule of 72 will help you figure out how long will it take for your money to double based on the rate of return you expect to get on your investment. Simply take the number 72 and divide it by the interest rate you expect to receive on your money. I.E. A $500,000 investment will double to $1,000,000 (with no additional deposits) assuming an 8% rate of return on your investments in 9 years (72/8= 9). If you expect your investments to return 10% then the money will double in 7.2 years (72/10 = 7.2). Using a 7% return on your investments the money will double in 10.3 years (72/7 = 10.3)". - Steve Schoeder

The Rule of 72 is a mathematical principal used for illustrative purposes only. It is not a prediction or guarantee of actual results, nor does it intend to represent the performance of any specific investment product. It does not reflect any charges, fees, taxes or other expenses which would cause actual performance to be lower. It is unlikely the any investment will perform at a set percentage rate for an extended length of time.

Investing involves risk. No investment strategy can guarantee positive results. Loss, including loss of principal, may occur. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. Diversification is an investment strategy that can help manage risk within a portfolio, but it does not guarantee profits or protect against loss in declining markets.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. (C) Twenty Over Ten