Building A Solid Financial Foundation

Table of Contents

When you read about money matters, you may see the phrase, “getting your financial house in

order.” What exactly does that mean?

To some, when your financial “house is in order,” it means it is built on a solid foundation.

It means that you have the “pillars” in place that are designed to support your long-term financial

well-being.

#1: A banking relationship. Having a relationship with a bank can play a role in many financial

strategies. You have many different choices when deciding on which bank is right for you. Some

banks are larger and nationally-based, while others are smaller and community-based. Different

banks may have unique advantages and disadvantages, so it’s important to look around and see

what each one can offer you.

#2: An emergency fund. You know that label you see on fire extinguisher boxes – “break glass

in case of emergency?” Only in a financial emergency should you “break into” your emergency

account. What is a financial emergency? Everyone’s definition varies, but it can range from a

broken water heater to major car repairs to unemployment help.

#3: A workplace retirement strategy. At some point, you may want to consider when is the

right time to start saving for retirement. Workplace retirement plans can offer you a convenient

way to get started, if one is available.

#4: An eye on Insurance. Like the other decisions you’ll need to make while building your

financial foundation, choosing the appropriate insurance program is going to be influenced by

your own individual life circumstances. For example, if you’re supporting a family, you may

want to look into an insurance program that is designed to protect you in the event that

something happens to you or prevents you from working for a period of time.

#5: Estate Strategy. It’s never too early to start thinking about your legacy. For some, this can

mean providing some financial support to your loved ones. For others, it might mean creating a

program that supports charities and organizations. Whatever your aspirations, it’s important to

ensure that your assets transition smoothly in accordance with your wishes.

The 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. This material was developed and

produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is

not affiliated with the named broker-dealer, state- or SEC-registered investment advisory

firm. 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. Copyright FMG Suite.

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