Financial planning is all about achieving your goals by creating a solid financial foundation that can support them. Having the right financial advisor on your side helping you put all of the pieces together could make the difference between success or failure.
As we often say, a goal without a plan is simply a wish. So what should your financial foundation look like? It really depends on your unique goals. If you have children, you may have to balance college savings with your own retirement goals. If you are closer to retirement, it may include ensuring that your savings and investments can provide you with the income you need during retirement years.
Sounds simple enough right? It may be simple if you are just starting out. However as we enter different stages of our lives, there are many other factors that need to be considered that were not a consideration before. Insurance needs, estate planning, consolidating retirement plans, college savings, divorce, death of a spouse, wedding expenses, investment diversification, retirement costs, managing investment risk, and the unexpected. If you really take a good look at your life and financial picture, you will come to realize that it is far more complicated, and that each decision you make can affect your ability to reach your goals.
A financial plan can serve as a guide that not only looks at your current financial situation, but balances it against your goals. This can help you get organized and put a plan into action. As changes happen in you life, you can update the plan to determine the impact any change may have against your goals, and make necessary adjustments.
Financial Planning and Investment Management
It should come to no surprise that investments can play a big part in helping you achieve your goals. Determining the level of risk you should take, and can tolerate, is a big part in building your investment portfolio. One of the challenges we see when creating financial plans is that often times people take the wrong amount of risk at the wrong time. This can easily happen either by not knowing how much risk you are really taking, or simply by having multiple accounts that are not working together towards a common strategy. Either way, you could be putting your retirement plans at risk.
Your investment decisions should be part of your financial plan.
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