Tips to Start Financially Planning for Your Future

Nayan Ranchhod is a nationally recognized private wealth advisor and the Managing Director of Silver Lining Wealth Advisors in Scottsdale, a private wealth advisory practice of Ameriprise Financial Services, LLC. He is a Certified Financial Planner who specializes in investment management, tax strategies, and financial independence planning. Nayan  is passionate about empowering others to pursue their financial dreams and aspirations. His approach is rooted in preparing clients for the certainty of uncertainty and customizes each family’s strategy aimed toward improving one thing; their Return on Life.

October is financial planning month here with some tips on planning for the future is nan of silver lining wealth advisors how are you doing today good brad all right this is the perfect time october we’re like how can we say we’re getting ready to go into the holiday shopping the buying or anything like this but also it’s a time to start planning financially uh

For 2023 or you know your future right yeah it definitely is so okay let’s get into some planning what are some things that people should be starting to look at when they’re planning for the future definitely you know i think the biggest thing that you have to start with is what are your goals right what’s your why so october you start doing it now because if you

Get into january right and you start thinking about hey what do i want to accomplish you’re already behind the eight ball right so what’s your why what’s the plan and then execute on the plan starting january 1. i like that and then when you talk about making the plan it’s not going big it’s not going you know what i want to retire you know tomorrow you know kind

Of thing it’s almost like making a a marathon of it not a not a like you know a quick race right definitely most people you know they try to they try to accomplish way too much too fast right and so it is a marathon and it’s trying to make sure that we have you know little goals in mind little steps so that when we get to that ultimate goal it’s a it’s achieved at

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That point yeah to give you an example right my my wife and i we we do it on an annual basis um and you know a couple years ago we bought a car for her uh we had our third child uh her car wasn’t working out anymore we couldn’t put three car seats into it and the goal for that year was to pay off that car by the end of the year um and what we did was is we broke it

Up all the way down to a weekly basis and just decided okay here’s what we’ve got to do in order to make that goal happen yeah and i think also too um with making a financial plan there’s growing pains and i think in the world that we live in now um we want everything right now so quick and everything so it’s like a growing pain when you have to wait but it pays

Off right it definitely does right so i always believe in in controlling the things that you can control right so bucket one there’s three buckets in our lives things that you can control things that you can influence and things that you can’t control or influence unfortunately we spend too much time in that third bucket so those growing pains could be something

From the external that affects you right whether it’s the headlines or something that happens right but really just focusing on what you can control helps you get even further along even when everything else around you changes kind of like 2022. yeah it’s good to get an advisor i think everyone thinks oh i have to be like a powerball winner or anything like that

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You really don’t because you’re there to advise from a little bit to a lot to get the person a lot to their future and i think that’s something that needs to be understand right yeah some of the most amazing clients that we work with right they started so early and it wasn’t putting thousands and thousands of dollars away on an annual basis it was putting 250 away

Or fifty dollars away on a monthly basis and slowly as they you know kind of aged and got more mature and their job started to change they started to put more away so starting early is always the first thing that i always tell people but then making sure that we’re we’ve got a good game plan so that that long-term goal is there but then also having the ability to

Adjust for some of the short-term stuff that’s going to happen in life yeah i got to say this to parents out there parents um it’s different from when we were younger about saving money a certain way send your child to an advisor because they will listen to you before they listen to us parents about saving money because you guys know the different ways and have

Seen what the younger generation is looking to say for what to do and also to help them with the goals yeah it’s so different right so our retirees and post retirees and the way that they grew up they didn’t have social media they didn’t have all the information that’s out there you know along a lot of the younger generation has to deal with information overload

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Right so parents that are looking at their children trying to say hey what should we look to do i always say introduce your advisor at least out the gate why because they may not be a good fit at that time but at least they can give them some little steps to help them even as they’re going through college and finding that first house and everything that goes along

With that what’s so important there it is so i love that okay one very quick tip right now that we can do to get started with financial planning the biggest tip that i would give you is is just reach out to a financial advisor figure out what your goals are reach out to a financial advisor as we’re going through national financial planning month um and take a look

And say what is it that i want to achieve and then partner with somebody that knows what they’re doing so and we make sure that those people can stay with their starbucks coffee i you know my that’s that’s my my biggest set uh it was probably the biggest thing that got us over the home there it is sweet i love you but uh you can advise me on everything else but

Not my starbucks coffee that’s right we’re telling how they can get a hold of you yeah if you go to our website it’s you’ll find all of our information there phone numbers emails everything like that even all of our uh profiles and everything so perfect thanks for joining us yeah thank you for having me there you go

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Tips to Start Financially Planning for Your Future By AZTV7