Financial Planning Minnesota

Financial Planning - Minnesota

David Johnson is Elizabeth's financial planner. Below you'll find common questions engaged couples have of financial planners and David's answers!

What are two or three things you recommend all engaged or newly married couples do with their money?

- I know it sounds simple, but start investing early, even if it is a small amount. Time is on your side. I also recommend all couples put some money away that they are able to access in the case of an emergency or opportunity (not a retirement account).

I have a 401K at work and not much other savings. Do I still need a financial advisor?

-A financial advisor can help you with your allocation of your 401K, based on your risk tolerance, to help you select the most suitable inves tment choices available.

What does a financial advisor do with people like us just starting out? How much does it cost?

-Some areas of focus for newly engaged / married couples would be savings, retirement and life insurance. Everybody needs savings available for the unknown. It is also very important that you are taking full advantage on any matching contributions available through you work-sponsored plans to maximize your retirement investing and address the appropriate allocation. And now that you are married, life insurance plays an important role in protecting your spouse in the event something tragic happens. Some financial advisors charge hourly fees, asset-based fees or commissions. Often times it depends on what type of investments you may be looking for, amount and type of investing you want to do. But, you can choose what kind of structure you prefer and costs are generally quite minimal.

What are some things you can help us do that most people may not realize?

-If you have money with past employers, we can help consolidate those assets into one IRA that may be easier to manage. We can also assist with making sure you have appropriate health insurance and life insurance coverage. We can get you in touch with a lawyer to help set up a will, power-of-attorney or health care directive. In summary, starting out with a strong financial foundation makes for better chances of long-term success. And by starting early and eliminating or minimizing one of the biggest stresses married couples face, financial stress, you can stay focused on each-other and your marriage.

Highland Money Management Inc.

David Johnson -Registered Representative and Investment Advisor Representative.
23624 St. Francis Blvd, Suite #5, St. Francis, MN 55070
www.highlandmoneymgmt.com

I can't emphasis enough the importance of having someone on your side that can help get your financial situation figured out. Our simple, newly married life involved making a lot of money in corporate America. Fast forward 5 years, we have had two massive career changes with a huge drop in income, near fatal health scares (we could rest easier knowing we had wonderful life insurance, with David's help), major health insurance issues, etc. Nothing we could have predicted starting out but we always knew David was there for us. -Elizabeth

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