When it comes to financial education, most people think the first step in financial planning is to seek out an adviser, however, according to Charlie Jewett of Renovating Retirement, the first step should be self-education.
“You’d rather have a windshield than an adviser sitting in your front seat. Imagine driving blindfolded and having somebody shout out instructions and tell you what to do. It’s not what anybody wants. You just want clarity,” Jewett explained.
Jewett says you should set personal financial goals, or a financial blueprint, so when you visit an adviser, you’ll already have an idea of how certain products may or may not be a good fit for your portfolio.
Jewett recommends the following three-step process (a.k.a. the three “I”s) to design your financial plan:
Step 1: Figure out how much of your nest egg should be in your in-case account, or your emergency funds.
Step 2: Focus on how to leverage your income.
Step 3: Learn how to increase that income over time.
Get more information, watch free educational videos, and get a financial road map by visiting http://renovatemyplan.com/