“Mastering Your Money: A Step-by-Step Guide to Personal Financial Planning”

A Step-by-Step Guide to Personal Financial Planning

Personal Financial Planning Process

The personal financial planning process identifies financial goals and objectives and creates a plan to achieve them The financial planning process is very individual and personal. Financial planning should focus on all the psychological and financial factors that affect your financial goals and objectives. In short, personal financial planning provides you with a long-term strategy for your financial future, considering every aspect of your financial situation and how each of them affects your ability to achieve your goals and objectives.

Personal financial planning can help you lay the foundation for a secure financial future. Financial planners help you through six distinct steps in the financial planning process:

1. Gather the facts and clarify your current position.

   We will evaluate all relevant personal and financial data such as lists of assets and liabilities, tax returns, records of securities transactions, insurance policies, employee benefits, wills, trusts, pension plans, anything that touches your financial life.

2. Figure out where you want to go financially.

We will work with you to identify both personal and financial goals and objectives for you and your family. We help you clarify personal and financial values and attitudes. This may include family financial planning issues such as providing for your children’s college education, supporting an ageing parent, or relieving immediate financial pressures to maintain your current lifestyle and support retirement. .

3. Identify the financial issues that are creating obstacles for you.

We identify problem areas, including too little or too much insurance, heavy tax burdens, insufficient cash flow or existing investments that are losing the battle with inflation. Identifying these potential problem areas is essential before finding a solution.

4. Provide a written financial plan.

Financial planning recommendations may vary depending on the complexity of your individual situation. It should always be structured to meet your needs and goals and provide a roadmap for your financial future.

5. Implement the agreed recommendations in your plan.

A financial plan is useful only if the recommendations are implemented. We work in partnership with you to implement the recommendations presented in your financial plan. This may include coordination with other knowledgeable professionals such as estate planning attorneys or CPAs as needed.

6. Periodically review and revise your plan.

A financial plan cannot be better than the data on which it is based. Changes in personal and financial circumstances require periodic reviews and revisions of the plan.