HUNTSVILLE, Ala. (WAFF) –
Wealth management involves much more than managing investments, according to Jay McGowan from The Welch Group, who says people often overlook key strategies that could save them money.
McGowan says everything in financial planning is connected, from savings strategies to tax planning to income management.
“Decisions that you make today, how do they impact you today, but also how do they impact you down the line?” McGowan said.
“You really have to balance the present benefit of these decisions you’re making and weigh that against what they will do in the future.”
He says people miss financial opportunities because they don’t realize they exist. He pointed to health insurance subsidies as an example, where people might pay higher premiums without knowing they could make moves to reduce costs.
McGowan emphasized the importance of not making financial decisions in isolation. He said people need to consider how current choices will affect their future tax situations and income needs.
“Never make a decision in a vacuum,” McGowan said.
He recommends being proactive rather than reactive when it comes to financial planning, especially as tax laws and personal situations change. He says tax-deferred savings now can equal income in the future.
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