First Quarter 2024
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Increase Investments Potential Faster with Early Contributions Investing early and often, such as a small recurring investment over a long period of time, has the potential to produce greater returns than investing a larger amount over a shorter period of time. For instance, if you invest $75 a month beginning at age 25 and continue until you are 65, your earnings will be greater than the 35-year-old who invested $100 a month until reaching 65 (assuming an equal rate of interest for each). (This is a hypothetical example and is not representative of any specific investment. Your results may vary.) Review Your Plan Establishing a financial plan is not a one- and-done proposition. Review your plan at least annually, revising it as necessary to align with your financial goals.
The Basics of Financial Fitness
Provided by Kathy Chesney, ChFC, CLU and Niko Pandeleos, Associate Financial Advisor
Budget Crunch As a first step, make a reasonable and practical budget, assessing your income and expenses (by month, if possible), to understand your cash flow and identify areas where you can trim costs. Revisit and revise your budget regularly to make sure it aligns with your personal circumstances. Save for Unexpected Expenses Prepare for unexpected expenses, such as a medical emergency or major home repair, by establishing an emergency fund that can pay for these costs. (Ideally, you want to keep three to six months’ worth of living expenses in the fund.) Without such a backup source of payment, you may have to incur credit card debit, which can be unwise. Regularly Assess Your Goals Think about your short-, medium- and long-term goals at least once a year. Do you want to pay off your student debt, buy a new home, or travel during retirement? Do you have enough set
aside to pay an upcoming tax bill? Your long-term goals may not change often, but your short-term goals, such as paying bills and reducing debts, may need to be reevaluated several times a year. Stay Credit-Worthy Check your credit report periodically to make sure there are no errors, while also using it as a tool to make sure that you’re paying your bills on time and staying within your established credit limits. Such actions will help increase your credit score. Note: You are entitled to a free copy of your credit report annually from the three major credit reporting companies, Experian, Equifax, and TransUnion. Establish Long-Term Financial Goals Saving for your retirement is a personal decision that will help shape your lifestyle during your Golden Years. It’s never too early (or late) to work with a financial professional to strengthen your retirement plan.
Kathy or Niko may be reached at 760.439.6960, kathy.chesney@lpl.com or niko.z.pandeleos@lpl.com.
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This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. This material was prepared by LPL Financial, LLC. Securities and advisory services are offered through LPL Financial (LPL) , a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Frontwave Credit Union and Frontwave Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Frontwave Investment Services, and may also be employees of Frontwave Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Frontwave Credit Union or Frontwave Investment Services. Securities and insurance offered through LPL or its affiliates are:
Insurance products are offered through Frontwave Insurance Services, LLC, a subsidiary of Frontwave Credit Union. Insurance offered is not a deposit and is not federally insured or issued by or guaranteed by Frontwave. Insurance may be required as a condition of credit for some Frontwave loans and may be purchased from an agent or insurance company of the member’s choice.
Not Insured by NCUA or Any Other Government Agency
Not Credit Union Guaranteed
Not Credit Union Deposits or Obligations
May Lose Value
Your credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for advisory services.
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