By Celeste Simmons
Money. It is a terrible master, but an excellent servant as it can improve the lives of both you and your loved ones. Many Americans live paycheck to paycheck; this is typically due to an obvious gap between what the numbers claim they can afford and what is actually spent at the end of the day. Marriage, divorce, employment changes, and other unforeseen life changes are often dramatic and sudden transitions. An overwhelming amount of time, research, patience, and attention is required to successfully navigate each of these challenging scenarios. While some changes are predictable and manageable with minor adjustments, eventually almost everyone will be faced with tough decisions that require professional financial guidance, skill, and resources. Yes, things change, and that is to be expected, but that is where having a financial plan can be beneficial.
Daily money choices can add up and translate to long-term wealth if you diligently work toward a goal and utilize strategic planning. Before lives can financially improve one must take the first step which is to create a plan according to Gregory Bingel, the newest Financial Advisor with
Wealth Plan Financial Group and Cambridge Investment Research, Inc. Backed with 15 years of experience, a BSBA from the University of South Carolina, a MBA from The Citadel, a CFP®, (Certified Financial Planner), and a ChFC® (Chartered Financial Consultant), Bingel refuses to let clients go astray from the plan they built together.
Financial planning establishes parameters for income, expenses, and savings, and an advisor, like Bingel, can help plan, track, and forecast specific financial needs. Planning ensures that budgeted monthly expenses are not invested with the same aggressiveness in the same “bucket” as college planning funds, for example, because each bucket has a different timeline. Yes, investing is for the long-term, 15, 20, 30, years down the road, but wealth management is about diversification. Different buckets are for different goals–different liquids (holdings) in different buckets. Thus, diversification.
A financial advisor looks to utilize a master plan to oversee all aspects of their client’s financial life, and doing so requires personalized service and attention to detail, which can be rare in our current culture. Bingel, however, takes the time to get to know each one of his clients individually so that he can understand, grasp, and focus on the items that are most important to them. One such example started in 2017 when Bingel initiated a future wedding fund for one of his clients’ children by starting off with small monthly purchases. Even though a few shares were all his client could afford each month, Bingel had a solid strategy–when the price was down, he advised his client to purchase more shares than usual. Eventually the client’s income increased, and they could afford to invest more money each month. Over time that one little wedding fund began to increase due to the time value of money, which can be seen on any mutual fund fact card, and the client’s children are still very young. This leaves the portfolio with plenty of time to grow. As you can see, it all started with a goal, discipline, and a financial plan.
Not only does a financial plan require a goal and discipline, but also a trust worthy, preferably local, financial partner like Bingel who has deep roots in South Carolina and is proud to call Lexington his “hometown”. Both he and his wife were ad opted from foreign countries (Gregory is from India, Marina is from Russia) at young ages and met through divine intervention along with the help of mutual friends. The Bingels are grateful for the opportu nities that they have been able to take advantage of here in the states and enjoy giving back to the community as much as possible. Bingel believes in supporting the community and is a member of the Rotary Club of Lexington and serves on the Finance Committee at his church, Our Lady of the Hills Catholic Church. The couple and their children, Callie and Mya, enjoy visiting with friends and meeting new people and clients at local ballgames, school functions, restaurants, and community charity events. This journey has given Gregory a unique and brilliant perspective on life that has continually contributed to his success as a son, husband, father, and financial advisor.
“I wish I had started earlier” is a sentiment that Bingel often hears. “It takes as much energy to wish as it does to plan,” Eleanor Roosevelt once said. No one wants to think about dying but it is ultimately inevitable. Have you planned for it? What about retirement? Everyone hopes to retire someday, but even for those with significant wealth, a secure financial future simply does not automatically happen. Instead, it must be carefully crafted to meet your financial goals and leave nothing to chance. That is where the financial advisor can assist their clients–to ensure those other seemingly insignificant, but important things, are covered.
