How to Plan for Tomorrow

This is where our firm differs from other firms. Financial planning does not mean simply picking a good stock! In this fast-paced world, today is the tomorrow you worried about yesterday, and if you didn’t plan properly, it will pass you by. Whether you are a business or an individual, you must start planning now, for tomorrow.

Start by making a list of what you want and prioritize it. Depending on where you are in life today, the list might include:

buying a home or a vacation property
paying off student loans or other debts
an education fund for you, your spouse or your children
starting or acquiring a business or expanding an existing business
acquiring a yacht, motor home or some other big, expensive toy
creating a retirement plan and funding it
contributing to a 401(k), etc.
business succession planning
asset protection
long-term health care and elder care
estate planning to minimize the tax effect on your heirs
other ideas you may have

Now you are ready to develop your plan for how you can acquire the things on your list. Yes, picking a good stock and being in the right place at the right time will help, but without a plan you could miss that opportunity. Keep the plan updated and compare your actual results to your projection on a regular basis. Adjust your plan as you go forward and look for ways to improve your plan. Remember, it’s your plan, so look for ways to achieve your goals. Don’t be discouraged by setbacks and take advantage of every windfall.

For tomorrow to be what you want, you must start today with a plan and work at it. O’Malley & O’Malley, LLP can help you with creating and implementing the plan and monitoring its results.

A Quick Guide to Retirement Planning:

Day dream a little, fantasize for a few minutes about what you want in retirement. How much will it cost? What will you need?
Give yourself a tax break, look at the Annual Tax Reference Guide and pick and choose which plan can help you best. Don't miss out on employer matching contributions.
Don't lift a finger, set up automatic deductions from your paycheck or bank account to fund your chosen plan(s).
Don't waste time picking an investment, choose a proven, reliable mutual fund. There are now many targeted retirement age funds available.
Don't tinker; frequent adjustments, trying to out-guess the market can be costly. Pick a good fund and check it a couple times a year, but be patient.
Check all of your IRA and employer sponsored retirement plans for a designated beneficiary, including secondary beneficiary. Generally, it should be a person and not your estate or trust.

The Risk Pyramid	Equivalent Percent of Interest Income

How to Plan for Tomorrow

The Risk Pyramid

Equivalent Percent of Interest Income