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

Make your winning financial game plan

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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.

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