“Perhaps the arithmetic of personal wealth should be much simpler, but like it or not, the rules of economics are riddled with fine print, unexpected or inadequately explained conditions, and loopholes.,” says Bryan S. Slovon, founder and CEO of Stuart Financial Group in Greenbelt, Md.
Further complicating matters are various professionals in the financial industry. Whether or not a professional means well, the fact remains that many are actually trying to sell products, he says.
Individuals need to be their own most valuable player for their well-being. Slovon reviews basic measures to quarterback your life to financial
Ask about investments that are tax-exempt and tax-deferrable. These include municipal bonds and certain money market funds, which provide a way to grow money that’s exempt from federal taxes.
“Most of us give our lives to our work and families our entire adult lives,” Slovon says. “If you’re nearing or in retirement, it’s time to focus on you. That means you’ll need at least some professional financial help. However, you are the best person to oversee your own economic fate.”