Leverage Your Company Benefits to Build Wealth
Leveraging employer-provided benefits can be a highly effective and sometimes underutilized strategy for building wealth and enhancing financial health. Utilizing these benefits have the ability to significantly impact your financial well-being and overall quality of life. You don’t have to dive into high-risk strategies like day trading to start building wealth. Leveraging the benefits available through your employer can provide a strong foundation for financial growth.
Retirement accounts are specialized financial accounts designed to help you save and invest for retirement, offering various tax advantages. If your employer offers a company match, make sure you're contributing enough to get the full match. This is essentially free money and an easy way to grow your retirement savings.
Health Savings Account (HSA) is a tax-advantaged savings account designed to help individuals with high-deductible health plans (HDHPs) cover out-of-pocket medical expenses. The funds in an HSA can be used for qualified medical expenses for both current medical needs and long-term financial planning.
Life insurance is a financial product designed to provide financial protection for your loved ones in the event of your death. It can help cover expenses like funeral costs, outstanding debts, and provide income replacement for your family as well as be used as a tool to build generational wealth. Opting to pay extra each pay period to increase your life insurance benefit can be a cost-effective way to meet your loved ones needs in the event of your death. Some policies even allow you to keep your policy if you were to separate from your employer.
Disability insurance provides income protection if you become unable to work due to illness or injury. It’s an important part of a comprehensive financial plan, helping ensure you can maintain your standard of living if you experience a temporary or permanent disability.
Legal Plans provide access to legal services and advice for a fixed monthly fee or a one-time payment. It’s designed to help individuals and families with various legal needs without the high cost of hiring an attorney on an as-needed basis. This can be especially beneficial for estate planning and ensuring that essential legal documents are in place.
If you’re interested in building a personal strategic financial plan, scheduling a complimentary consultation is a great step! It can provide personalized insights and help you understand how to create a plan tailored to your financial goals and needs.
