Finding Financial Peace of Mind

As we enter a month focused on peace we thought we would give you some ideas on how to bring financial peace into your life. We think of financial peace as not worrying about financial matters. This doesn’t mean that time and energy is not put into financial matters just that the time and energy put in this area is positive.

One of the steps in achieving financial peace is to work on “knowing” instead of “believing”.   As Richard Carlson states in the book Don’t Worry, Make Money, “…the moment you decide that what you knew is more important than what you have been taught to believe, you will have shifted gears in your quest for abundance. Success comes from within, not from without. It begins by listening to your inner calling and wisdom. What do you truly value and enjoy? What is your heart trying to tell you? Is there something that you have an inner need to pursue? These are the types of questions that will put you on your path to greatness. Once on that path, you will discover your own unique way to make the path an enormous success and a great deal of fun.”

It can be difficult to let go of those things you have been taught to believe- through family and friends, media, books and other resources- but allowing your inner knowing to be heard will bring you peace in many areas of your life.

Another area to think about when considering your financial matters is to not rely on too much data. Data can be helpful but in today’s day and age there is an enormous amount of data available to everyone. From the book Don’t Worry, Make Money another section gives advice on how to do this and why as follows: “The next time you find yourself filling your head with facts and stewing over data, take a step back. See if what you are doing is really going to help you out, make things better- or are you simply postponing the steps that will actually bring about abundance? Be completely honest with yourself. Perhaps, instead of studying facts, you should pick up the phone and make a call. It’s very possible you have all the data you need and the simple decision to stop worrying is the most important thing you could be doing.”

So in this time of year where peace is on our minds we wish you and your family financial peace. If we can help you achieve this please contact us at 330.721.1410 or through our website www.hhlgroup.net.

Creating Your Financial Sanctuary

Sanctuary has many meanings.  One of these meanings is “a place of safety.”  One area many people tell us that they don’t feel safe is in the area of money and finances.  In the last few years especially, we have heard this over and over.  The following tips are not meant to be all-inclusive , but are ideas to help you begin to feel some safety, some sanctuary, with money and finances.

TIPS

1.    Reduce credit card debt: Many people have gotten into trouble using credit cards to live on and now are under a mountain of credit card debt.  Once the credit card debt piles up it’s very difficult to pay it off so if you do have credit card debt make it a priority to pay it off as quickly as possible.  Start with the card(s) that have the highest interest rates and pay those off first.  Stop using credit cards if possible.  Keep one card that is a rewards card and keep a second card that should only be used for emergency expenses.
2.    Know what you are spending your money on: Budgeting is as important for businesses as it is for individuals.  It gives you an opportunity to review where you are spending your money and where you want to be spending your money and making sure you can cover those items with your current income.  Equally as important as preparing a budget is looking at it and comparing what was actually spent  on a regular basis.  Then use the comparison to adjust spending if needed.

3.    Save as much as you can: It is important to save money for a “rainy day” or for a life event (getting married, retiring, education).  Here is where a budget can help as well since you can plan for   savings.   Once you figure out how much you can save  set up an automatic deposit into an account (such as a savings account, 401k or Section 529 Plan).   This is enforced savings—the money can’t be used for other expenses.

4. Buy insurance wisely: Everyone needs insurance for catastrophic circumstances, but you want to be sure you have the correct insurance for potential issues that might come up for you in your life.  Find and use a knowledgeable insurance agent to help you determine what insurance you need.

5.    Use financial advisors wisely: To assist you in setting up and maintaining your financial safety plan, financial advisors can be priceless.  There are different types of advisors so you should understand those types and what they can contribute to your overall financial plan.    After you have chosen your advisors, use them.  Tap their knowledge and skill set.

HHL Group, Inc. provides services which will help you and/or your business review your financial “sanctuary”.  Contact us today at 330-721-1410 or at http://www.hhlgroup.net/ to set up a free 30 minute consultation.

Financial Review for Fall!

As we enter fall and the last quarter of the year, this is a great time to review how the year is progressing for you and/or your business.  This is also a good time to review goals that you have set for the year and determine what you want to accomplish before the end of the year.  In the financial area there are several areas to concentrate on for this review.

First, concentrate on how you and/or your business are doing financially.  If you haven’t produced financial statements recently now is the time to sit down and get those done.  Then review them in detail to see how the different financial areas of your personal and/or business life are performing.  Compare those results to last year and analyze significant differences.  Based on that review determine any changes you need to make   prior to the end of the year. 

Next, look at your tax situation.  There is still plenty of time to begin personal and corporate income tax planning and to implement tax strategies for 2010.  We recommend that tax planning begin in October or November each year.  Some of the tax planning areas to review would be retirement savings, including ROTH conversions, buying new equipment for use in your business, charitable contributions and investment gains or losses.  The Small Business Jobs Act of 2010 was signed into law September 27^th.  Learn about the provisions of the Act and how they will affect your business.

Another area to review at this time is your insurance coverage.  At least once a year you should gather your insurance plans for both your personal and business policies and review them to make sure they are still needed and have adequate coverage.

Your estate plan is another important item to review.  You want to make sure it still reflects your wishes and covers any changes to your life that have occurred such as birth of children, death of a beneficiary or changes in your business.

Lastly, reviewing your financial records and making sure they are all in order is important.  Having well organized financial records will save you time and energy when looking for information or doing any of the above reviews.  It will also be helpful if anything unexpected should happen and someone else needs to find your financial information. 

HHL Group, Inc. provides services which will help you and/or your business with these reviews.  Contact us today at 330-721-1410 or at http://www.hhlgroup.net/ to set up a free 30 minute consultation to get started on your year-end review.