Building Wealth

By Peter Xefteris

Most people today realize the importance of saving and investing available earnings as a long term practice to creating financial security, but often have difficulty making an effective plan and executing that plan.  The first step in the planning process is to set your long-term personal financial goals such as when you want to retire and how much will you need for living expenses after retirement.  Your short term goals may include how much do you need for a new house or for college tuition for your children.   

The next step is to understand where you are today by preparing a personal financial statement.  This tool helps you to determine your net worth and can be used to determine available resources for investment.    To help you get started, we have included a Net Worth Calculator for your convenience.

The third step is to develop a budget and cash flow worksheet to help you regain control of your financial life.  A budget is an important financial planning tool that can be used to reduce unnecessary expenditures and help to determine how much you can save and invest each year.

And finally, you need to develop a workable financial plan that gives you surplus income over your expenses that can be saved and invested for short term and long term needs.

At Xefteris, McGinty & Co., LLP, we can help you to plan for the future to meet these important goals.  Please email us or call us for a personal interview on how we can help you attain that security.