financial planning

What is financial planning? In business, financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives… will the business grow, remain stagnant or go under.  It is not so different for individuals or households.

Financial planning is not just about how to invest money, it is about how to save it, prioritize it, allocate it, and how to make it work for you.  Investing is just a part of the whole.

We talk about your goals

Good financial planning starts by determining personal and financial goals. What is it you want to achieve out of life, and how does money play into that equation?  Do you want to:

  • go back to school?
  • retire early or do you want to work well into your 70’s?
  • pay for your children’s college?
  • pay off your house early?
  • do something else?

Or is your one and only goal that you want “financial security,” but are unsure what that means to you?

We look at the realities of life

We will look at things such as:

  • when do you want to purchase your next automobile?
  • how old is the roof on your house, when will it need to be replaced, and how much will that cost?
  • how old is the furnace, air conditioner and refrigerator – and when will these need to be replaced?
  • how old are the many other household appliances – and when will these need to be replaced?
  • what other projects around the house need to be funded, such as redoing a kitchen or bathroom or replacing windows?
  • do you have enough savings to cover you for a six months or a year if you lost your job?

We determine your current and retirement cost of living

This is found by going through your checking and credit card statements.  Next, figure what you think your expenses will be if you retired tomorrow.

If you are part of a couple, and/or have children, we need to address what would happen to the family – financially – if an adult income-earner or primary caregiver died.  Not always the easiest of conversations – but something that needs to be addressed.

The work of number crunching and providing options begins

Assumptions and calculations are made, and as many options as possible are explored to provide ways for individuals to achieve their goals.

How to Begin

  • Contact me and we will set up a time to meet – generally at least 3 weeks in the future so you have time to gather all of the information needed for our meeting.
  • Under the menu “client resources,” download “financial planning worksheet” and “meeting checklist.”
  • Complete the “general data sheet” workbook – paying special attention to the current cost of living. Do not guess – use numbers from your bank account. Itemize items put onto the credit card (if used).
  • Go through the “meeting checklist” and gather all of the information that is requested – if it is applicable to you.
  • Our first hour is at no charge.