5 Key Steps to Financial Wellness: Step 3

Now that we have an emergency fund, most people need help in differentiating the options available to you.  This falls into category three, GUIDANCE.

How do you decide how much to save in your 401K?  What about an HSA or 529 plan?  Which one should you fund first and then in what order do you fund the others if you have the financial wherewithal?

The market has a solution for just about every financial need you might have.  Unfortunately, the market also offers a lot of products you don’t need however their are sales people who make a living selling you these items (sometimes whether you need them or not).

To determine what the optimal approach for you is, you will need guidance in determining the most effective way to plan your financial life.  This can be a combination of tools from your HR department, the vendors that service your employee benefits plans, or an independent entity that isn’t involved with the benefits your firm offers.  As we move through our careers and lives, frequently we need more guidance as our financial lives get more complex.

Stay tuned for part 4!