Pru­den­tial - Fi­nan­cial plan­ning for a healthy, sus­tain­able fu­ture

High­light­ing Howard Co. Business

Big Spring Herald Weekend - - AGRICULTUR­E AND BUSINESS - By AMANDA DUFORAT Man­ag­ing Editor

Healthy liv­ing seems to be a top pri­or­ity for many as a new year rolls in. Ev­ery Jan­uary, gym and fit­ness cen­ter mem­ber­ships in­crease, and per­sonal fit­ness coaches be­come pop­u­lar in­ter­net searches. How­ever, while many are plan­ning for a health­ier life, they of­ten for­get to plan for a healthy fi­nan­cial fu­ture. Fi­nan­cial ad­vi­sors like Troy Tomp­kins work to help peo­ple in their com­mu­ni­ties pre­pare to meet life’s fi­nan­cial chal­lenges.

“Fi­nan­cial wor­ries can be stress­ful and in many cases, if you were able to take the fi­nan­cial stress away, it can make a dif­fi­cult cir­cum­stance a lit­tle eas­ier to han­dle,” Tomp­kins said. “I have en­coun­tered sit­u­a­tions in which one spouse as­sumes they are fi­nan­cially set if their part­ner passes away, but lack of proper plan­ning or an out­dated plan re­sults in a re­source short­fall. For a sur­viv­ing spouse who can­not work, that short­fall re­sults in dif­fi­cult choices, for ex­am­ple, be­ing faced with the pos­si­bil­ity of hav­ing to sell a home you can no longer af­ford to keep. “

Time can be your friend in achiev­ing long term fi­nan­cial goals. Once a per­son begins to think about fu­ture goals for ex­am­ple re­tire­ment, it is a smart idea to be­gin fi­nan­cial plan­ning. Those who be­gin plan­ning in their 20s or 30s will have longer to ex­e­cute the plan which can al­low for a com­fort­able re­tire­ment. Those who be­gin plan­ning in their 50s or 60s will have to be more ag­gres­sive with their sav­ings rate, or be faced with mak­ing fu­ture life­style mod­i­fi­ca­tions – they may not have the life­style choices they had once hoped for. A ma­jor fi­nan­cial event, a chronic ill­ness, for ex­am­ple, can fur­ther drain their re­sources.

“There is no bad time to start fi­nan­cial plan­ning, but the more time you al­low your­self, the bet­ter your fi­nan­cial fu­ture can look. My ad­vice would be to be­gin set­ting long term fi­nan­cial goals and mak­ing plans to achieve them sooner rather than later,” he said.

Life stages can have an im­pact on what type of in­vest­ment strat­egy would be most ben­e­fi­cial. How­ever, what­ever stage of life you are trav­el­ing through, Pru­den­tial has a range of prod­ucts that al­low us to of­fer so­lu­tions to meet client needs.

“One mis­con­cep­tion is that Pru­den­tial only of­fers life in­sur­ance, but that’s not the case” Tomp­kins said. “Our pri­mary pur­pose is to of­fer prod­ucts and ser­vices to as­sist clients in meet­ing their long term fi­nan­cial se­cu­rity goals.”

Tomp­kins is a life-long Big Spring res­i­dent who chose to be­come a fi­nan­cial ad­vi­sor hop­ing to help make a pos­i­tive im­pact in the com­mu­nity. For the past 24 years, he has been of­fer­ing fi­nan­cial ser­vices to the West Texas re­gion. Over his ca­reer, he has seen clients progress and achieve fi­nan­cial well­ness through plan­ning and proper ex­e­cu­tion of strat­egy.

“I have clients who have been with me since I started in this in­dus­try. Those clients have be­come friends and it is re­ward­ing to see them achieve their fi­nan­cial se­cu­rity goals. I truly en­joy help­ing peo­ple, and I try mak­ing a pos­i­tive im­pact in the com­mu­nity,” Tomp­kins said.

Pru­den­tial ad­vi­sors such as Tomp­kins pro­vide a link and knowl­edge base to fi­nan­cial ser­vices that will ben­e­fit fam­i­lies in their fu­ture plans and help them reach fi­nan­cial se­cu­rity. Tomp­kins brings fi­nan­cial in­tegrity and con­fi­dence to the pro­fes­sion and helps clients nav­i­gate the of­ten tricky wa­ters of work­ing to­ward fi­nan­cial se­cu­rity. While each client will have dif­fer­ent goals and time frames for them to be achieved in, the knowl­edge base pro­vided by the fi­nan­cial ad­vi­sors is unique and ben­e­fi­cial.

“The best piece of ad­vice I can give my clients is to pre­pare for fi­nan­cial shocks. An un­ex­pected pe­riod of un­em­ploy­ment, a pre­ma­ture death, or a sud­den ill­ness can wreck your fam­ily’s fi­nances. We all prob­a­bly know some­one who has lost a job or had their business im­pacted due to the COVID eco­nomic shut down. The sec­ond best piece of ad­vice I can give is not to rely only on your em­ployee ben­e­fits to meet your fi­nan­cial needs,” he said. “Don’t just

as­sume. Un­der­stand your ben­e­fits, do your re­search and take the time to do some long range plan­ning to en­sure your fi­nan­cial sta­bil­ity is set.” There may be an need to fill in gaps the work­place ben­e­fits do not ad­dress. He con­tin­ued, “While many may not lack the fi­nan­cial re­sources to pre­pare for re­tire­ment, they lack the plan­ning, the knowl­edge and/or the dis­ci­pline to ex­e­cute a strat­egy to meet their fu­ture needs. Some­times peo­ple just need a pro­fes­sional to guide them through the process to make plans to reach the fi­nan­cial goals they have set for them­selves.”

For more in­for­ma­tion re­gard­ing fi­nan­cial plan­ning, con­tact Troy Tomp­kins with Pru­den­tial at 432-263-0180 or stop by 401 Austin Street. Business hours are Mon­day through Fri­day 8:30 a.m. through 5:30 p.m.

Troy Tomp­kins

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