financial plan

What is a financial plan and why do you need one?

A financial plan is a personalized comprehensive strategy for accomplishing your financial goals.

Investors with financial plans have twice as much in savings and investments as investors without plans.

The first step is to identify your current financial position including constructing a net worth statement and budget.

Short, medium, and long term financial goals must then be made clear.

Identify variables such as inflation, life expectancy, rates of return, and spending levels.

If desired, develop a schedule for funding an education savings account.

Identify life, disability, long-term care, and liability insurance needs and purchase policies without paying commissions.

Align your estate planning documents to transfer your estate while minimizing taxes.

Determine when you should begin taking social security.

Analyze the value of refinancing your mortgage.

Stocks

Bonds

Cash

Identify an asset allocation between stocks, bonds, and cash that represents your risk tolerance.

Develop a method for determining the quality of your current investments and evaluating alternatives.

Write down an investment policy statement defining rules concerning what and when to buy and sell.

Construct a schedule and plan to consistently monitor your financial circumstances.

Invest in your future by developing a financial plan. Call 801-566-0740 today for a free consultation.