There are 5 key areas most people in their 30s and 40s miss when it comes to financial planning. In this video, Peter Richon with Richon Planning and Erin Kennedy discuss how to avoid those pitfalls, and Peter breaks down the steps you need to take now to set yourself up for financial success:

1. Bank Savings/Emergency Fund: liquidity is key! And it will ensure you don't have to borrow money at high interest rates

2. Life Insurance: protect yourself and your family in case the worst happens

3. Open and Invest in a Roth: take advantage of today's historically low tax rate and your lower earning years

4. Brokerage Accounts: having another bucket of money that can grow will protect your wealth and give you more options

5. Consider 529s: tax advantaged and very flexible. These accounts have several benefits, even if your kid doesn't go to college!

If you'd like to learn more about holistic financial planning (that takes your whole family into account) and building wealth, please reach out to Peter by calling (919) 300-5886 or visit www.RichonPlanning.com

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