Why Should You Create a Financially Organized Life?

December 26, 2014

Financial organization is the cornerstone of a healthy financial life. Financial organization saves time and money because it aids in paying bills on time, being able to find needed documents during tax season, providing proof of payment, disputing credit cards or billing errors and avoiding the stress of dealing with piles of unorganized bills and paperwork. It also sets the stage for better financial decisions surrounding investments, budgeting, debt and investment planning. And, that system needs to evolve over times as your financial situation in life grows.

“As you get more successful in life, your financial life tends to get more complicated and in depth. Being organized creates the framework and a strong foundation for your financial life to ensure you are getting the most out of your money. We have seen new clients join us that had old habits that were wasting money on fees and taxes when it could have been avoided,” said Larry Harvey, ChFC and Founder of HFG Wealth Management, LLC. “I have often found what used to be done to manage money and finances is not as effective anymore as it once was when a financial picture was less complicated,” said Harvey.

Beyond organizing the paperwork properly, I also suggest deciding what family members need to know and sharing with them where you are financially, and how that is in line with your goals. For couples, clearly establishing responsibilities for financial matters is an important priority. Here are some additional best practice questions that I suggest keeping in mind as you restart for the New Year.

  • What are your goals for the year? Not only do you want to reflect on financial goals, but any goal you’d like to work toward or achieve that has financial consequences. For example, during the past year did you get married or divorced, have a child, decide to work less, change jobs, or change short-term or long-term goals?
  • Do you have a plan to manage the money as you make it? If you simply accumulate unmanaged assets, money just sitting there may be exposed to risk – inflation risk, market risk, even legal risk.  The greater your wealth, the more long-range potential you have to accomplish some profound things.
  • Have you refined investment strategy recently? Make sure it is in line with the current state of the market, the most recent tax regulations, and your life goals.
  • Have you updated your long term financial plan in the past year?  All financial actions (or inactions) affect other financial actions one way or another.  Prepare in advance and update your plan annually.
  • Do you know the best time to file your taxes? Decide when is the most advantageous time.  And, if you should file early, on time, or will ask for an extension.
  • Do you have to prepare for the FAFSA to send a family member off to college?  The national college financial aid application is a lengthy process due in mid-March that requires significant documentation.

With planning, HFG Wealth Management can help make sure you are prepared for many of life’s challenges.  At HFG Wealth Management, we embrace a more holistic method of financial planning known as Financial Life Planning™. We believe this is a financially effective and personally rewarding approach to creating a practical, lasting financial plan.  As financial professionals using the life planning approach, our purpose is to assist individuals and families in creating a long-term vision that is consistent with their core values. At HFG we recognize that life events and life transitions can impact your financial responsibilities and your vision of the future. We are here to provide you with tips and strategies to get you started and help you reach your financial and life goals at every stage.  For more information, please visit www.hfgwm.com or call 832.585.0110



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Copyright © 2017. HFG Wealth Management, LLC. Investment advisory services offered through HFG Wealth Management, LLC – An independent Registered Investment Advisory firm registered with the SEC. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Therefore, any information presented here should only be relied upon when coordinated with individual professional advice. [ more disclosures ]