Bob Hockensmith is a Dave Ramsey Endorsed Local Provider (ELP) tax in Phoenix, AZ, and both works and lives by the Seven (7) Baby Steps Program that Dave teaches. Some of the methods used at our firm are as follows:
Start planning and reduce some of your worrying! In a recent Gallup poll, 60% of those surveyed said they worried about their financial future.
There are a few simple tips you can use to help reduce your worries:
Stick to what you know. The better informed you are, the better your decisions will be. If you don’t have time or don’t want to learn about financial planning yourself, consider hiring an outside professional and paying him or her to do the work for you. Never invest in anything you do not understand.
Diversify your holdings. Never put all your investments in one type of investment vehicle or investment type.
Keep some of your money readily convertible to cash in case of emergencies. Three to six (3 to 6) months living expenses are one of the best plans for emergencies.
Prepare budgets for every payday, and annual net worth and cash flow statements. This is mandatory to see where you are and whether your financial goals are going to be met.
Don’t use credit to purchase consumption items. Wait until you can pay cash for things which decrease in value. Borrowing money to purchase a home is usually a sound idea. Using credit to purchase household furnishings is not.
Pay off your credit card balance every month, if you must use one. Your credit card should be for the convenience of purchasing, not a source of permanent finance. The interest rates are much too high.
Have your insurance reviewed annually. Do this annually to determine that you are neither under- nor over-insured. Be sure to contact your agent when you buy or sell any property.
Whether you are planning on retiring tomorrow or you aren’t sure you’ll ever retire, it is vital to set goals and create a financial plan for your retirement. After you develop a plan, it is important to monitor it and make adjustments as the market develops. Knowing how – and how much – is the most important part your retirement program. We will help you make the right decisions for you and your family. Some of the plans that we can help you decide on are (but not limited to):
Annuities and investments
Retirement portfolio review
Today there are more advanced education choices than ever. Just as education options have grown, so have the options you have to pay for it. Because college costs have tripled in the past 20 years and will continue to increase, it is important to have a financial game plan in place. No matter how old your child is, it is important to start a plan for their financial future now. We will work with you to develop a plan that works for you. Some that are available are:
Specialized savings accounts
Section 529 plans (state-sponsored college savings programs)
College controlled aid
Part-Time or Full Time Work to Cash Flow School Costs
We will work with you, and when appropriate with your other advisors, to increase your net worth, then plan with you to minimize estate taxes. A total program including an analysis of net worth, family gifting, trusts, retirement planning, and family business transfers is available to assist you in maximizing benefits for you and your heirs.
Everyone can benefit from either a will or a trust. Only 41% of Americans currently have a written plan to tell the world how to split up their estates and who will raise their minor children. In the absence of a written plan, the state you are a resident of will decide how to dispose of your assets and who will raise your minor children. Don’t let this happen!!! We can help in the preparation of a will or a trust. Our certified paralegals can prepare these and many more legal documents to ensure that your estate is disposed of and your minor children are raised by those that you designate.
Insurance and Risk Management
Insurance is one of the most important things to have when it comes to planning for the unexpected. You need health and life insurance to protect those you love; to protect their dreams and way of life should something happen to you. Life insurance allows you to protect your family’s future.\
Continue to pay bills and mortgages
Maintain current standard of living
Pay off debts, estate taxes, and final expenses
College education funds
Protect your family’s dreams for the future
If you are a business owner, you understand that there is always risk involved. But having a sufficient insurance plan that fits your individual needs is not a risk. We can help you develop a unique plan that will save you money and could help save your business.
Specialty business liability
Business Key Man Life insurance
Business health insurance
Call Robert F. Hockensmith, CPA, PC today at 602-264-9331 to discuss the best plan for you, your family, and your business. When it comes to their futures, nothing is more important. Developing a plan now gives you the peace of mind you need.