Financial Planning is an ongoing process to help you make smart decisions about money that can help you achieve your goals in life; it’s not just about buying products like a pension or an IRA.
Your financial plan might involve putting appropriate wills or trusts in place to protect your family, thinking about how your family will manage without your income should you fall ill or die prematurely, spending money differently, but it involves thinking about all of these things together i.e. your ‘plan’. You can certainly build a plan on your own, or if your needs are more complex you might want the help of a Financial Planner.
You can create a sound financial plan in 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
While we do not provide financial planning services, we can direct you to resources and some of our partners who provide that service. Whatever, your current financial position, we can meet with you and assess if our investing strategy will be a fit for you and if so, what portion of your assets should be invested in stocks and bonds.
