Andrew Hanson discusses creating a financial plan for the future

Listen to the interview on the Business Innovators Radio Network: Interview with Andrew Hanson Vice President of Generations Wealth Management Discussing Creating A Financial Plan for the Future

Mike Saunders welcomes back Andrew Hanson, Vice President of Generations Wealth Management. They discuss the importance of creating a solid financial plan for retirement and emphasize the necessity of starting early. Andrew shares insights on the common tendency to procrastinate financial planning and stresses that it’s never too early to begin. He explains that the initial step can be the hardest but is crucial for allowing sufficient time for a financial plan to grow and develop effectively.

Initiating a financial plan early is essential for achieving long-term success, as it allows ample time for the plan to develop and grow, making it easier to reach financial goals. In a podcast episode featuring Andrew Hanson, several key points underscore the importance of early financial planning.

One of the most significant advantages of starting a financial plan early is the time it provides for investments to mature. Andrew emphasizes that “you can never plan too early, but you can plan too late.” This statement highlights that the earlier you begin, the more time your investments have to grow and compound. When individuals procrastinate and delay their financial planning, they risk missing out on the benefits of compounding interest and market growth.

Creating a financial plan early allows individuals to establish a solid foundation for their financial future. Andrew suggests that even if someone starts with limited assets, they can still create a “skeleton foundation” of a plan. This initial framework can be built upon over time as financial situations improve. By starting early, individuals can set minor goals and make incremental changes that will lead to significant progress over the years.

Andrew shared: “As a trusted family-owned firm, we blend our deep-rooted values of integrity, trust, and reliability with innovative financial expertise.  With a commitment to excellence, we strive to be the beacon of financial stability for generations to come, fostering prosperity and peace of mind within the families we serve.”

Many people, particularly those in their 30s and 40s, may feel overwhelmed by the idea of financial planning, especially if they believe they lack sufficient assets. Andrew points out that this anxiety can be alleviated by taking that first step. Once a plan is in place, individuals can see a clearer path to their financial goals, which can be empowering. The act of planning helps reduce uncertainty and provides a sense of control over one’s financial future.

Starting a financial plan early also allows for greater flexibility and adaptability. As life circumstances change—such as having children, changing jobs, or experiencing shifts in the economy—an early financial plan can be adjusted to accommodate these changes. Andrew mentions the importance of reviewing the plan regularly, ideally every six to twelve months, to ensure it remains aligned with current goals and situations. This ongoing evaluation helps individuals stay on track and make necessary adjustments as they move closer to retirement.

Another critical aspect of early financial planning is preparing for potential challenges, such as changes in taxation or market volatility. Andrew advocates for “pessimistic planning,” which involves preparing for worst-case scenarios. By anticipating these challenges early on, individuals can create a more robust financial strategy that can withstand unexpected events, ensuring they are not caught off guard later in life.

About:

Two generations of trusted Hanson financial professionals serve multiple generations of clients concerned with financial goals, wealth management, safety, security, and estate planning. Richard Hanson, President of Generations Financial & Insurance Services, began his career in 1983. He is currently an educational speaker on retirement and money management. Mr. Hanson is Designated as a Certified Senior Advisor (CSA). He Currently Holds a membership with the National Association of Life Underwriters. 2011 Insurmark Hall of Fame Inductee. Andrew Hanson, Vice President of Generations Financial began his career in January 2016. He is the Head of Case Design Team & Digital Outreach. He hosts numerous Seminars educating our community on such subjects as; Social Security, RMD’s, Asset Protection, Legacy Protection, College Funding and IRA / 401(k) Analysis.

Learn more: https://www.generationswealthmgt.com/

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