Frequently Asked Questions

Financial planning is a comprehensive evaluation of your current and future financial state. It involves setting goals, creating a strategy to achieve those goals, and implementing that strategy. You need financial planning to ensure you're making the most of your money, preparing for unexpected expenses, and working toward long-term financial security.

You might benefit from a financial advisor if you're experiencing a major life event (marriage, inheritance, retirement), have complex financial needs, lack time to manage your finances, or want an expert opinion on your financial strategy. Even if you're financially savvy, an advisor can provide valuable perspective and help you avoid common pitfalls.

The amount you should save for retirement depends on factors like your desired retirement lifestyle, expected retirement age, current age, and expected sources of retirement income. A common guideline is to aim for replacing 70-80% of your pre-retirement income. We can help you calculate a specific target based on your individual circumstances.

The main difference is when you pay taxes. With a traditional IRA, contributions may be tax-deductible, and you pay taxes when you withdraw funds in retirement. With a Roth IRA, contributions are made with after-tax dollars, but qualified withdrawals in retirement are tax-free. The best choice depends on your current tax situation and expected tax rate in retirement.

We recommend reviewing your financial plan at least annually, or whenever you experience a significant life change such as marriage, divorce, birth of a child, job change, or inheritance. Regular reviews ensure your plan stays aligned with your goals and can be adjusted for changes in your financial situation or market conditions.

The types of insurance you need depend on your personal situation, but most people benefit from health insurance, life insurance (if you have dependents), disability insurance, and homeowner's or renter's insurance. We can help you assess your specific risks and determine appropriate coverage levels to protect your financial future.

To improve your credit score, pay all bills on time, keep credit card balances low (ideally below 30% of your credit limit), avoid opening too many new accounts at once, don't close old credit cards (as this shortens your credit history), and regularly check your credit report for errors. Our credit counseling services can provide personalized strategies to boost your score.

Finance Value Shield offers transparent fee structures based on the services you need. We may charge a flat fee for specific projects, an hourly rate for consultations, or a percentage of assets under management for ongoing portfolio management. We always discuss fees upfront and ensure you understand exactly what you're paying for before beginning any work.