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Why Good Financial Planning is More Than Just a Plan

Published -
May 27, 2020

It sounds simple, but it’s where so many people fail.  The foundation of your successful financial future is having a written plan.  This plan should cover your goals, objectives and dreams and how you plan to achieve them.  The key to success is to make this a process where you revisit it on a consistent basis, preferably every year.

A good financial plan should have the following elements:

  • It is in writing (either in electronic form or on paper)
  • It is crafted based on your goals and objectives
  • It contains a balance sheet
  • It determines whether you can achieve your goals based on your current financial position and investment activity.  It answers the age old question:  am I on the right path?
  • It should consider risks that could derail the plan and how to offset those risks
  • It is part of a regular financial review

Unfortunately, some people’s experience with financial planning is hiring a planner who gathers a number of documents, asks a plethora of questions and then produces a report whose thickness rivals an old college textbook.  While impressive as it gathers dust on the bookshelf, this misses the point:  the key is the planning, not the plan! It is imperative that these topics are regularly reviewed and updated to reflect changing life circumstances.

Finally, successful planning is a process.  We recommend that you get in the habit of periodically examining your major financial objectives.  As President Dwight Eisenhower once said “plans are nothing; planning is everything.”

How can we help you?

We’re happy to answer any questions you may have about financial, retirement or tax planning. We also love to talk about investment management and how our process increases the odds of our clients meeting or exceeding their goals.

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