Read Time 4 Minutes
It’s so common to worry about money: how much should I save, when should I invest, and should I really take that big vacation I’ve always dreamed of? So if you’re stressed about what you’re spending and how, we invite you to take a load off as Birmingham financial advisor Jordan Taylor helps us with the tips and tricks on how to make a financial strategy to achieve your ideal life.
Our Birmingham Native Jordan Taylor
If there’s anyone who cares about the well-being and success of Birmingham residents, it’s Jordan Taylor. He’s a second-generation Birmingham financial advisor, who looks at finance as a method to build your best life.
Jordan earned a global finance degree from Troy University, but his financial experience is only a fraction of who he is. Just as he encourages his clients to explore their interests and try new things, he also finds time to pursue his passions.
With interests lying in photography, music, cooking and his local church, he knows firsthand that what you love is actually the biggest thing to think about when it comes to finance.
Once you tell Jordan your goals and set up a financial strategy, don’t be surprised when you get calls from him asking if you’ve taken that trip to Hawaii or finally gone skydiving. He’s going to make sure you’re not waiting around to live a little if you don’t have to.
Jordan Taylor’s 5 Questions to Ask Yourself when making a financial strategy
- Where am I today?
- Where would I like to be?
- Can I get there?
- How do I get there?
- How can I stay on track?
Ways to Save
The biggest question Jordan gets as a financial advisor is how do you save. That really depends on the individual, which is why laying out your goals and interest to a financial advisor can be so important.
The most critical thing to realize is that saving and investing are two extremely different things.
If you have no plans to buy a home or provide for anyone else, you may not think to invest. However, if you wait to prepare when you finally care, will you have enough time? If you want to plan for retirement, add to kids’ college funds or buy a new house in a few years, not investing would be detrimental.
So, stash a little in your savings account for that short-term easy accessible money, but don’t hesitate to evaluate your long-term strategy that may include various types of investments.
Questions from our Audience
What is the value of a Traditional and Roth IRA?
The value is all about what you put into it. It is zero if you put nothing into it.
- Pro: There are different tax-advantages for different account types to help you invest for retirement.
- Con: There are a myriad of different rules and guidelines for each account that determines how you can use it.
It’s important to remember that the type of savings, investments, or retirement account you use will depend on your specific goals and financial situation.
How do I/should I start a sole proprietorship?
First, consult with tax and legal professionals along with your financial advisor to see if the benefits outweigh the cons for your type of business.
While a sole proprietorship may often be one of the simplest to set up, there are other things to consider including:
- Your liability if someone is injured or sues you
- How you are taxed for your business and personal revenue
- What different investment accounts and plans may be available to you
Factors like these are why consulting with a tax professional and financial advisor is important, even if it seems like an easy decision.
How much should an individual have in retirement at various ages?
Depends on your life goals, income and dozens of other factors—this is why you should plan it out with a financial advisor, according to Jordan.
Building Up Our Community
Jordan’s main goal is to build meaningful and deep relationships with his clients and members of our community. A big focus he has is on minority communities which are historically under-served, and self-reliant in the world of finance.
Minorities have had to be incredibly self-reliant in the past, and many of them feel as if they are at the mercy of someone who may not care when it comes to them seeking financial advice. Jordan wants to drive home that there are financial advisors who care and want to help them along in their journey.
With help from people like Jordan we can change financial history in our country and build generational wealth in our own community.
If you are unsure where you stand on your finance journey, you should fill out Edward Jones’ Starting Point Questionnaire and My Priorities Quiz. They provide insight into where you are financially and what your main goals/priorities are in life. When the quiz is complete, you can download the results and send your content information to Jordan to schedule your first meeting.