Taking the first steps in planning your financial future can be scary. But there’s good news: you do not need a Ph.D. in finance to start growing your wealth. Saving for retirement and other long-term goals is a matter of getting started and working with someone you trust. With so many options available to investing beginners, you are bound to have questions. Before you get started, consider this guidance. 


Take the First Step

Zachary Bachner, CERTIFIED FINANCIAL PLANNER™, Summit Financial 

“Time is one of the most significant resources for investing beginners due to the power of compounding interest. The earlier you save, the more time your savings has to grow and compound upon itself. This growth is exponential, so the compounded interest in the later years is truly remarkable. Starting earlier allows you to save less per month and still achieve your retirement goals.”


Live on Less Than You Make

Kenneth Wink, Financial Advisor, Summit Financial

“I have always ‘paid myself first,’ which means that you save for the future as soon as you receive a paycheck and then live life with the leftovers. Alternatively, if you spend on your lifestyle and only invest with the leftovers, you may not retire for a long time, if ever.”


Know Your Options 

James Wink, Financial Advisor, Summit Financial

“Some financial advisors have a fiduciary duty to their clients, meaning they are obligated to act in their client’s best interest rather than their own. These advisors are not going to try to sell you something and they HAVE to do what is in the client’s best interest. My Dad is also in the business and he taught me years ago to always put myself in my client’s shoes before making any recommendations. This mantra has really helped me always think client first and always put my client’s interests above my own. Knowing I’m continuing my father’s legacy and truly helping clients plan for their future is something I’m extremely proud of.”


Learn to Invest with a Financial Advisor 

Kenneth Wink, Financial Advisor, Summit Financial

“Once a client came to me and said they wanted to pay off their debt and retire when they were 50 years old. With financial planning, this is something that can be accomplished in a lot of cases! Many individuals do not have the required knowledge/skills to manage investments or prepare a financial plan, and doing it themselves can be very stressful. Hiring a professional has the potential to help them sleep better at night. Trust is essential. Otherwise, you may second guess every action your advisor makes, which would not alleviate any of the stress.”


Financial Planning and Review Meeting

If you have any questions about your investment portfolio, tax strategies, our 401(k) recommendation service, or other general questions, please give our office a call at (586) 226-2100. Please feel free to forward this commentary to a friend, family member, or co-worker. If you have had any changes to your income, job, family, health insurance, risk tolerance, or your overall financial situation, please give us a call so we can discuss it. 

We hope you learned something today. If you have any feedback or suggestions, we would love to hear them.