Personal Financial Planning - King, Reinsch, Prosser & Co., L.L.P.

	Put aside a regular amount each month. The earlier you begin saving the greater the reward. The compounding of earnings is a powerful tool that many people don’t often even realize. Use this savings calculator to see how fast your money can grow.
	Educate yourself. Informing yourself of potential investments is a good way to make those tough investment decisions. Consider hiring KRP Financial Services, LLC to manage your portfolio; we are trained to make those tough decisions for you.
	Diversify your investments. Balance your portfolio to obtain maximum comfort and return. Diversification is a good hedge against inflation and a changing economy. Stocks, bonds, mutual funds, CD’s all provide different returns and have different risk factors involved. It may be a good idea to have an investment that is easily convertible to cash in the case of an emergency.
	Prepare a monthly budget. Knowing what your monthly income and expenses are is a good way to maximize your investment potential. Eliminating or reducing just a small portion of your expenses will allow you to save even more on a monthly basis.
	Prepare an annual balance sheet or financial statement. Listing all of your assets minus all of your debts will determine your net worth. This can show you what financial areas to concern yourself with and can also be a good tool to measure your planning success.
	Determine your financial requirements at retirement age. Knowing how much money you will need to have to enjoy a comfortable retirement is an important step. Once you have established your requirement you can start planning to meet those requirements. Use this retirement calculator to determine your requirements.
	Beware of credit cards. The credit card adage "I’ll just pay it off later" is something most of us have said at one point or another. Chances are if we did not have the money then, we will not have it later. Use your credit cards as a convenience and be sure to pay off your balance each month to avoid those costly interest rates. Plan ahead when purchasing those high dollar items like furniture and vacations.
	Monitor your investments and other assets. Follow the performance of your investments. A 1%-2% greater return can have a dramatic effect on your long-term results.
	Review your insurance coverage annually. Have your agent do an annual review to ensure that you are not over- or under-insured.
	Have patience. Planning for retirement takes time. Chances are a sound investment will increase over time. Don’t fret when a stock you own goes down 5 or 10%.

Here are some easy-to-use calculators.