Make your winning financial game plan - WSLS 10 NBC in Roanoke/Lynchburg Va

Make your winning financial game plan

Posted: Updated:
RALEIGH, N.C. -

Now is a good time to perfect your financial game plan.

Just like any game plan, it's important to execute both offensive and defensive strategies.

In a personal financial plan, the term "defense" refers to vehicles that help manage risk and provide a back-up plan to protect against life events that can impact long-term security.

"Offense" refers to various strategies used to accumulate wealth over a lifetime to ultimately meet financial goals.  Having both strategies in place not only helps move an individual forward on the path to financial security, it also helps instill the confidence needed to take advantage of opportunities that may arise along the way.   

Defensive Strategies may include:

  • Emergency Fund - Covers at least six months of living expenses in an easily accessible cash fund.
  • Permanent Life Insurance - Provides a benefit to beneficiaries after passing, plus it builds cash value over the long term.

 

Offensive Strategies may include:

  • 401(k) Plans - Employer-sponsored qualified retirement plans - with or without employer matching contributions - that allow eligible employees to save for retirement with payroll deductions into tax-advantaged plans.
  • Equities -These include individual stocks, mutual funds and exchange-traded funds (ETFs). These assets might include large cap, mid cap or small cap funds, international funds, real estate or commodities funds. Equity securities are allocated to portfolios based on a long-term investment strategy reflecting risk tolerance, time horizon and goals.
  • Annuities - Fixed or variable-rate contracts that provide a deferred or immediate payment at regular intervals for a predetermined period or for life.

Ultimately, no two financial plans are the same, so it is important to work with a good "coach" to ensure you are on pace to meet your goals. To learn more about financial plans, click here.

Page Crawford

Page reports traffic weekdays on WNCN Today starting at 4:30! A UNC graduate, she's a driving force behind our live Friday Night Blitz Morning Pep Rally! More>>

  • Fire at Saw Mill in Bedford County is under investigation

    Fire at Saw Mill in Bedford County is under investigation

    Wednesday, April 23 2014 9:55 PM EDT2014-04-24 01:55:50 GMT
    A fire ata saw mill in Bedford County is under investigation. It happened thisafternoon around 5 at Central Virginia Pallet and Stake on Centerville Road.Bedford County's Fire Chief says there were no injuries, but the owner estimates the damages at about $75,000The chief says thefire is still burning, and it will likely burn for a few days, but it is contained.The cause of the fire is unknown, butit's believed to be accidental.
    A fire ata saw mill in Bedford County is under investigation. It happened thisafternoon around 5 at Central Virginia Pallet and Stake on Centerville Road.Bedford County's Fire Chief says there were no injuries, but the owner estimates the damages at about $75,000The chief says thefire is still burning, and it will likely burn for a few days, but it is contained.The cause of the fire is unknown, butit's believed to be accidental.
  • 29 Virginia High Schools on Personal Finance Top-100 List

    29 Virginia High Schools on Personal Finance Top-100 List

    Tuesday, April 22 2014 9:32 PM EDT2014-04-23 01:32:06 GMT
    29 schools in the Commonwealth, including many in our area, ranked the the nation's top 100 best high schools for personal finance instruction.
    29 schools in the Commonwealth, including many in our area, ranked the the nation's top 100 best high schools for personal finance instruction.
  • Franklin Co. Sheriff's Office investigating juvenile death

    Franklin Co. Sheriff's Office investigating juvenile death

    Franklin Co. Sheriff's Office investigating juvenile death

    Tuesday, April 22 2014 10:50 AM EDT2014-04-22 14:50:58 GMT
    Deputies were called to Double Oaks Lane in the Burnt Chimney community, where they found a seven-year-old boy with a gunshot wound.
    Deputies were called to Double Oaks Lane in the Burnt Chimney community, where they found a seven-year-old boy with a gunshot wound.
Powered by WorldNow

WSLS 10, P.O. Box 10
Roanoke, VA 24022-0010

Telephone: 540.981.9110
Fax: 540.343.3157
Email: news@wsls.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.