Life with a growing family is non-stop, and you’re not alone if you’ve haven’t started planning for your financial future. In fact, a 2015 Gallup poll revealed that only 36% of non-retired U.S. investors had a documented plan to help them achieve their financial goals (though it’s also worth noting that this number is up from 24% in 2011). Here are some immediate steps you can take to start financial planning:
1. Get on the Same Page
First, it’s important to have an open line of communication with your spouse or partner about everything from spending habits and financial goals, to outstanding debts and desired retirement age. This is the foundation for putting a plan in place, and is one of many helpful tips for young families hoping to build wealth recently published by US News and World Report.
2. Work with an Advisor
A financial advisor can help you maintain perspective and reduce the emotional challenges of investing. An advisor can help you articulate your financial goals, and formulate a roadmap to help you achieve them. The process may include:
- Building an asset allocation that is suitable for your specific goals, time horizon, and risk tolerance
- Recommending investments that are consistent with your plan
- Monitoring your progress
- Recommending appropriate changes
3. Broaden Your Horizons
A financial professional can help you evaluate many investment vehicle options, including mutual funds, exchange-traded funds (ETFs), alternative assets, international investments, environmental, social, and governance (ESG) investments, equities, fixed income, IRAs, and more.
This article is not an endorsement of any particular product, service or organization; nor is it intended to provide financial, tax or legal advice. It is intended to promote awareness and is for educational purposes only.
 Source: Gallup. More Nonretired U.S. Investors Have a Written Financial Plan. Jeffrey M. Jones. July 31, 2015.
 Source: US News & World Report. 10 Tips for Couples and Young Families to Build Wealth. Christine Giordano. July 25, 2016.