Financial planning is an ongoing process to help you make sensible decisions about money that can help you work towards your goals in life; it’s not just about products or accounts, like a pension or an IRA.
It might involve putting appropriate wills in place to protect your family, thinking about how your family will manage without your income should you fall ill or die prematurely, or spending money differently. We believe that true financial planning involves thinking about all these things together, i.e. your plan.
We help our clients create a sound financial plan with six steps:
- Establish your goals in life – short, medium and long term
- Work out what assets and liabilities you have – write them down
- Evaluate your current financial position – how close are you to achieving your goals?
- Develop your plan – create a “route map” for achieving your different goals
- Implement your plan – make the changes and make it happen
- Monitor and review your plan at least yearly and make adjustments when needed
Start by working out your goals in life, in the short, medium, and long term. Prioritize them and think about the likely cost of those goals and when you will need the money, so you can start to plan your finances to work out how to achieve them. Don’t forget you also have to plan for some of the hurdles you may have to overcome, too. It’s about getting organized; being in control of your finances rather than letting your finances control you.
By planning your finances to meet your goals, you may:
- Have greater confidence about where you are going in life
- Reduce your stress levels and start to enjoy life more
- Gain control and composure knowing whether you’re on track for the future you want for you and your family
Ready to Create Your Financial Plan? Book a Time to Meet with Us.
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