Gary W Taylor
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Office: 434-295-2700

215 Wayles Ln Ste 200
Charlottesvle, VA 22911-4631

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Financial Health

Your financial future depends on your ability to manage your money and put it to work. You only have two real sources of income: the work that you do to bring home a paycheck and the work your money does for you.  

Here are seven steps to help you maintain your financial health.

  1. Manage Debt and Live Within Your Means - Excessive debt can be dangerous in the event of an economic downturn or an unexpected loss of income.
  2. Ask an Expert for Help - Consult independent legal or financial advice before liquidating an asset to purchase an investment or insurance product, or transferring ownership of assets.
  3. Keep Your Wills Up to date - Basic wills naming executors and guardians may not be sufficient as you accumulate assets and prepare for retirement.
  4. Make Sure You Have Adequate Insurance Coverage - Insurance is designed to cover risks you cannot afford to take on your own. Life, disability and long-term care insurance can help protect a family's standard of living if the unexpected happens.
  5. Review the Ownership of Assets - While joint ownership may make asset transfers at death easy, they may also generate unnecessary estate taxes.
  6. Consider Establishing a Trust - The right trust may allow more of your estate to pass to your heirs.
  7. Own Products That Are Appropriate for Your Situation - If you absolutely need to receive a retirement check every month, choose a product that will provide income that is guaranteed to last as long as you do.