North Carolina And South Carolina 10 Great Financial Planning Tips


North Carolina And South Carolina 10 Great Financial Planning Tips I know for most of us…we don’t like the idea of financial planning.

But if you’re considering relocating or retiring to one of the best places to live in North Carolina and South Carolina…

you need to think about your financial planning for making your dream come true.

It’s really that simple.

It’s about making sure you have enough money to find your best place to live in North Carolina or South Carolina and make the move.

If you’re like me, you were born sometime between the mid 1940’s and early 1960’s, and your a baby boomer.

Once the demographics of the people moving to North Carolina and South Carolina were like me.  Over the past 10 years, that figure is rapidly changing.

Families of all ages are looking for a change in lifestyle.

And more than that…they are looking for the best places to live in the Carolinas to make their dollar stretch.

In the end, we are all looking for a lower cost of living, affordable housing, great quality of life….We’re looking for our Best Place To Live!

No matter the reason, since you are reading the Carolina Report then you’re also like me. You are planning on spending that next “new phase” of your life somewhere in either North Carolina or South Carolina.

Are you feeling that itch and thinking about entering the next “new phase” of your life?

And by next phase I’m not necessarily talking about retirement although for some that is true.

Let me just say congratulations!

I want to take this time to offer some basic advice on the kinds of financial planning you’ll want to think about. Especially as you move forward to finding the best places to live in North Carolina and South Carolina.

Now, I’m going to say up front that I don’t pretend to be a financial expert or professional advisor.

However, I do get a lot of questions about financial planning. As they pertain to relocating or retiring to the best places to live in the Carolinas.

After some study and seeking out lots of advice over the years I think this is a good top ten list of things. Things you definitely need to keep in mind regarding your financial planning.

  1. Match your dreams with your assets:
    • As I’ve said here before, it’s important to “dream a little.”  But by the same token it’s also important to make a list of all your financial assets.  Including potential future income to determine if you’re on target to enjoy that new life.
    • Remember, its better to make that list now and be able to adjust to meet your goals than be unpleasantly surprised later on.
  2. Focus on expenses:
    • In either event, relocating or retiring you should look at eliminating debt.
    • Keeping your expenses under control.
    • You want to be able to move to North Carolina and South Carolina with fewer financial burdens and worries later on.
  3. Take a look at your current investments:
    • If you’re an investor, you know that things change over time and it never hurts to look at your portfolio.
    • Think about whether your current investment strategy makes sense or needs adjustment to meet your new situation.
  4. Find a financial planning advisor:
    • Many of you have probably already done this and know that sound professional advice makes a load of difference.
    • A good professional advisor doesn’t just help manage your money but more importantly helps you determine your financial goals and aspirations.
  5. Think about where you’ll live:
    • What will your living situation look like in North Carolina and South Carolina?
    • Obviously you’ll want your best place to live to fit your lifestyle and finances.
    • Plan for the likelihood that life will be quite different.
  6. Look at your healthcare needs:
    • Don’t be one of the thousands financially devastated by a lack of health care coverage.
    • Make sure you have enough of a cushion to support you and your family until either Medicare and supplemental insurance kicks in or you are employed with health insurance benefits.
    • If you are looking to retire, take stock of your current and long-term health care needs and make sure your insurance options meet those needs.
  7. Taxes:
    • Just about any financial planning move involves potential new tax liabilities
    • Whether moving to another state or drawing income from investments so its wise to do your homework or seek advice about lessening those liabilities.
    • If you’re a retiree and your moving to your best place, keep an eye out for state and local tax incentives meant just for you.
    • When looking to purchase a home make sure you understand what incentives North Carolina and South Carolina may offer
  8. Maximize contributions to retirement plans:
    • If your asset inventory shows you haven’t met your retirement savings goals, then now is the time to start making up the difference but even if you’re doing well it never hurts to add a little more cushion if you can.
  9. Pursue Lifelong Learning:
    • You’ve got a wealth of knowledge and experience that is still valuable to society whether you retire or not.
    • Lifelong learning adds balance to your life while allowing you to update your skills and remain professionally active as long as you want.
  10. Reacquaint yourself with your will:
    • If you don’t have a will yet you should get one.  It doesn’t matter your age.
    • Make sure it properly reflects your financial wishes for your family.

That’s all for now, see you next week when we look at the “North Carolina and South Carolina Retirement.”

And no, it isn’t just for those ready to retire!

north carolina and South Carolina Best Places To LiveAbout The Author

Robert Bencivenga is a professional site locator for major corporations. Bob finds affordable best places to live in North Carolina and South Carolina. Bob Does Not Sell Real Estate!
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