Financing Projects Without Jeopardizing Your Financial Future

Funding large purchases should be thoughtfully planned.

A man works on replacing the floor in the basement of a house.
(Image credit: Getty Images)

I recently had a call with a client looking to fund the construction of a swimming pool. Though they had enough cash to finance the project, they wanted to weigh all their options. This is a question we hear a lot as financial planners. Though home improvement questions often arise, questions about funding a wedding, a recreational vehicle or a dream sailboat are also common.

In most cases, funding large purchases should be thoughtfully planned. As a financial planner, I don’t make judgments about purchases but always recommend that clients take a moment to consider how a potential purchase impacts their overall financial plan and long-term goals. I work with them to quantify those impacts. Once you decide a purchase aligns with your goals, or you choose to revisit and amend your financial plan, you can consider how to fund the purchase.

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The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.

Mario Hernandez