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Financial Strategies Consulting

Why Knowing Less is Hurting You More When it Comes to Financial Planning

William Smith is the founder and owner of Financial Strategies Consulting team in Matthews. He is an IRA distribution income planner and a long-term care specialist. In this article, William shares why he feels educating those who aren’t knowledgeable about financial planning intricacies is essential. William notes, “It’s not what you know, it’s what you don’t know that can hurt you.”

The global COVID-19 pandemic has brought numerous financial problems for people in all income brackets. Many are questioning if they will be able to pay their bills. A solid financial plan prepared by an expert who can explain the numerous options and the pros and cons of each is instrumental in making sure you have a plan in place when the unexpected occurs.  

A Holistic Approach to Financial Planning

William explains that many people are shocked to find themselves faced with monetary difficulties: “While some run into trouble because they failed to craft a financial plan at all, others think their plan is fool-proof; but when you go through a major event in life such as divorce, or a partner who becomes sick, an illness of your own, or a market crash or correction like those we experienced in 2000, 2008 and 2017, it’s devastating.”

William approaches family planning from a holistic perspective. He looks at each client’s debts and assets and asks questions: “What are your expenses? Tell me about your lifestyle. How much are you saving? Where are you saving it?”

He explains that you must address two financial fundamentals: controlling debt – including the mortgage – and saving your money in a tax-free account. William encourages his clients to commit to saving regularly. This is particularly true for young adults who are just beginning their careers.

William explains that you allow your money to make money for you by beginning to save early on. This is due to compound interest, a concept he describes as “the eighth wonder of the world.”

Retirement Planning

William breaks retirement down into four stages:

1. The go-go years.

2. The slow-go years (when health issues begin to manifest).

3. The no-go years (mental decline).

4. Death.

To ensure you have all the resources you need to make these transitions with peace of mind, William stresses the importance of respecting your money because, “It’s not what you make, it’s what you keep.”

Want to Know More?

Contact William Smith at Financial Strategies Consulting. Call 704.907.9258 or visit FinancialStrategiesConsulting.com. Receive your free Color of Money risk analysis score by going to YourMoneyYourScore.com. Take a free video course in financial literacy at RollOverRetirementPlanner.com.

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