Understanding Your Financial Risk Level
April is Financial Literacy Month. A key factor of understanding Financial Literacy is understanding your risk level. Does your bucket list include sky diving or is it fashioned more towards a conservative means of living? Financial planning is not separate from your life choices. There are many factors involved when planning for your future, and your financial risk level is one of them. Luckily, if you choose to work with a financial advisor, they can help you define and design a personalized plan.
Using Risk to Design a Financial Strategy
Riskalyze is one of the tools The Priebe Wealth Management Group likes to use to understand our clients’ needs and goals. Riskalyze asks our clients a few simple questions to understand their risk level. This level will help more accurately gauge the steps necessary to plan for their financial future by providing a “risk number.” This number is a quantitative way to pinpoint how much risk our clients want, how much it will potentially take to reach their goals, and how much risk they have in their portfolios.
This is not a tool solely reserved for our clients; anyone can use it. As financial advisors, we encourage everyone to use all the tools available to them. Using these tools and a professional advisor, we hope, everyone can better prepare for their financial strategy. When combined with the expertise of a financial advisor and self-knowledge, our clients are better equipped to plan for their financial future with confidence.
Curious to see where your risk level is? Contact us and let us help you understand your risk level, today.