Getting Started with Financial Planning
Strategic financial planning helps you plan for your short and long-term goals and can help you prioritize your spending and investing to achieve those goals. The overall goal of financial planning is to create an ongoing process that reduces your financial stress, supports your needs, and builds a nest egg for the future. More than setting long-term goals for retirement or short-term goals, such as buying a house, financial planning encompasses a wide range of strategic personal and economic goals including, but not limited to legacy planning, family support, healthcare, insurance and charitable giving.
Financial Planning Process
- Define Your Goals
- Understand Your Current Situation
- Identify Steps to Move Forward
Financial Planning Checklist
- Identify and discuss your personal and financial goals.
- Evaluate whether you are on track to meet your goals.
- Is your spending appropriate? Are you managing your cash flow well?
- What does financial protection mean for you?
- What does growth look like for you?
- Are your investments appropriate for your needs?
- How will your portfolio be managed?
- Implement your plan with an appropriate mix of investments to balance financial needs and priorities.
- Schedule regular reviews to refine your plan, particularly when you experience a change in your lifestyle or personal situation.
Consider Engaging a Financial Advisor
You may think you can go at it alone, but just as you should bring in an electrician for electrical work on your house, you may want to engage a financial advisor to assist in your financial planning needs. A financial advisor can help you see your whole financial picture: today, tomorrow, and in the future. They can also identify other areas that may help you to reach your goals such as estate planning, tax strategy and insurance.
Financial planning can help you prioritize your goals, guide your decision-making and help you secure a future for you and your loved ones. If you are ready to take the next step towards a secure financial future, contact our Wealth Management Team today.
Material discussed in this communication is meant to provide general information and should not be acted on without obtaining professional advice tailored to you or your company’s individual and specific needs. Any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used by any person or entity, for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein. This information is for general guidance only and is not a substitute for professional advice.
The information contained herein should not be construed as personalized investment advice. Investment in securities involves the risk of loss, and past performance is no guarantee of future results. There is no guarantee that the views and opinions expressed in this document will come to pass. Historical performance results for investment indexes and/or categories generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment-management fee, the incurrence of which would have the effect of decreasing historical performance results. There can be no assurances that your portfolio will match or outperform any particular benchmark.
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