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Building Success on the Fundamentals of Financial Planning

Building Success on the Fundamentals of Financial Planning

July 01, 2020
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In my most recent articles, I wanted to start with some of the fundamentals. So, I’ve shared on creating a budget; teaching kids about finance; the power of compounding; just to name a few.

As we go through each post together, I want to build on the fundamentals.

If you’re already mastered the other topics, you’ll want to know: What’s next?

Let’s talk about that…

You have diligently worked and saved. You have retirement assets, personal assets, and you are comfortable in your lifestyle, but you are still wondering how you will do in retirement – even if you are many (or a few) years from retirement.

One of the key elements is making sure you have a financial plan. This will guide many things for you.

Some of the things it will help to determine are:

  • How much total assets do I currently have?
  • How much will I need in retirement?
  • What are my non-financial related goals and concerns?
  • Are my assets allocated in an appropriate way based on my risk level and time horizon for retirement?
  • What are my other sources of income?
  • How much should I work towards putting away each year to get to my goal?
  • Has my estate plan been put in place and reviewed?
  • Do I have adequate insurance for the people I love?

These are just some of the questions. Each individual is different, and your questions and concerns might be different than your neighbor or friend. Getting these questions answered will help you as you plan for your financial life.

Just like any plan that has been created, it should be revisited every few years to ensure the plan is still on track or to determine if any tweaks need to be made.

Have you created a financial plan yet or has it been a few years? Let’s talk.

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Photo by Christine Roy on Unsplash