Most financially secure individuals have written goals and priorities as well as a system in place for monitoring those goals. A comprehensive financial plan should consider six main areas:
- Your standard of living -- What steps can you take to sustain and improve your standard of living?
- Your savings -- Do you have adequate funds for emergencies?
- Protection -- What arrangements have you made to protect your assets, including your most valuable asset - your earning power?
- Accumulation -- How much have you accumulated for significant financial needs, such as your children's college educations?
- Financial independence -- Do you have a program to maintain or improve your standard of living during retirement?
- Estate planning -- What arrangements have you made for the orderly distribution of your assets at your death?
Having a written game plan covering all of these areas is an important part of ensuring that you will reach your financial goals. Please call if you'd like help developing your financial game plan.