Hessco's 7 Steps to Financial Independence

#1: Inspect What You Expect

Keeping a close eye on your financial portfolio means no surprises when it comes to how your money is doing.  Periodic “inspections” of your financial condition allow you to better manage your financial affairs. The power of the internet is now a valuable tool to monitor your personal finances online.

#2: Manage Expenses

Money that you don’t spend is money in your pocket that can be applied toward debt reduction and wealth accumulation.

Below are important strategies that will allow you to increase and better manage what you have available to spend:

  • Following a budget will help reduce monthly expenses. An important part of this process is to determine the difference between “needs” and “wants”.
  • Review low-interest savings accounts (bank CDs,etc.) for opportunities to earn more or pay down high-interest debts.
  • Learn to live on 90% or less of your income after taxes.
  • Earn tax benefits from a home-based business.
  • Check into qualified plan options.

#3: Debt Elimination

#4: Have a Plan for Emergencies

An adequate emergency fund should:

  • Be in a place that’s safe
  • Return a better interest rate than a checking account
  • Be completely liquid
  • Be separate from your checking account and be funded systematically

#5: Protect What You Have

Protect Against Loss of Income

During a person’s younger “income-earning” years, it is important to have adequate insurance to cover that income in case of unexpected death or disability.

Insure Family Assets

As a person nears retirement age and has built substantial assets for retirement, one’s financial plan should ideally transform from protecting income to protecting assets. This can be achieved by, among others, using insurance for tax and estate planning.

#6: Build Long Term Financial Independence

Stay Ahead of Inflation

There is no real secret to staying ahead of inflation—your assets simply have to earn more interest than inflation takes away. There are numerous options available to help your assets outpace inflation. Your Hessco Associate will work with you to formulate a plan to help meet your individual needs and objectives.

Minimize Your Tax Burden

No one can escape death, and escaping taxes appears to be just as unlikely. Suggestions on ways to minimize the taxation of your assets are also available from your Hessco Associate. You should also consult qualified legal and tax advisors.

#7: Prepare an Adequate Estate Plan

When it comes to providing for your family’s future—not having an estate plan in place can prove very costly. A lifetime of hard work and savings can be decimated following your death if you don’t have a proper estate plan in place. By setting up an estate plan now, you’ll protect what you have, and enjoy the peace of mind of knowing your loved ones will be well cared for after you’re gone.

Hessco Financial is here to help you reach your financial goals. If you’ve been thinking about planning for the future, now is the time to start. Time is on your side—but only if you begin now!

Want to find out more?

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About Us

We are proud to serve San Jose, Sacramento and the surrounding California communities by protecting the people we work with just like we protect our own family members. If you're not thrilled with your current financial situation contact us today.

Contact Us

Hessco Financial & Insurance Services, LLC
Insurance License #0k78803

662 Garland Ave, Ste 12
Sunnyvale, CA 94086
(855) 952-5031