The ideal financial plan

On my weekly radio show, I talk a lot about the importance of having a financial road map. Such a road map shows you where you are now, a destination where you hope to be in the future, and the best way to get you from one to the other. A lot of clients that come to me don’t have a financial road map, or even a loosely constructed plan. Many of them have saved $100,000 or more and have investments in a variety of accounts, yet fewer than 15% of investors have any type of plan.

“A goal without a plan is just a wish.”

You need a central financial plan connecting investment accounts together and a firm strategy in place to ensure that results are reviewed regularly, so you can measure your progress or make adjustments when they’re needed. Another benefit of having a written plan is that you are more likely to implement it than if you have a loosely constructed, verbal plan.

In addition, a good financial plan should include:

  • Predictability so you know what to expect
  • Flexibility so you can make adjustments as your needs change
  • Peace of mind and confidence that you’ll achieve your goals

Do you have a plan? Is it working for you? If not, talk to your advisor – or call me for a no obligation second opinion.


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