Broker Check

Financial Planning

Why is a Financial Plan Important?

Your finances are like a mountain. To climb a mountain, you need to plan for the easiest, timely, and safest route possible. You also need to make sure that you have enough resources to climb and descend the mountain comfortably. When you finally reach the top and begin your descent, the way that you ascend is different from how you descend. When you are ascending, you can afford to go faster and some mistakes carry less consequences, such as if you fall forward. However, the way that you descend the mountain is different from how you ascend it. Different mistakes now carry a greater risk, and you may need to use different tools such as walking sticks to help you along the way and techniques that you may not have used on the way up.

Just like climbing a mountain, your finances will require a good plan to make sure you take the best and safest route forward. You do not want to take any more risks than necessary with your money or take a path that won’t help you to reach your goals properly. You also need to make sure that you have enough resources to last you during the time that you are working, as well as your time during retirement, which could be more than 30 years. The tools and behavior that you use while working and building wealth will not necessarily be the same in retirement. Talking to a financial advisor who can help you to plan and guide you with your finances will make your financial life much easier.

Contact us to get started on making a financial plan for your future!

5.1 reasons why you should have a financial plan

"If you fail to plan, you are planning to fail!"

-Benjamin Franklin

Rich, poor, young, or old, a professional financial plan from a financial advisor can help you regardless of your financial status or age. Here are some ways that you will find it benefits you.

1. Your financial advisor and your financial plan will help guide you on your path to financial security.

The best financial plans will be built with your financial advisor. A good advisor will provide you with guidance and advice on reaching your financial goals, as well as serving as an important resource for your financial questions. Financial planning is not only about saving money and investing, but also knowing all of the different rules, laws, and restrictions about different financial topics.

2. It will help you to stay on track to your goals.

Having a plan will allow you to see how close or how far you are from meeting your goals. If your goal is to save $1,000 a month in an investment account, but you are only saving $500 a month, then you will not be reaching your goals.

3. You will get an idea of what your current financial situation is like.

When creating your financial plan, you will need to disclose as much information about your assets and finances as possible. The more information that the financial advisor has when making the plan, the more accurate your plan will be. In the process of providing this information, you may rediscover some accounts or policies that you may have forgotten about. Maybe you forgot that you had an investment account with a company. Maybe you didn’t realize that the disability insurance policy you bought so many years ago was better than you realized. Maybe you didn’t realize that you were actually in a fairly good financial position. Either way, you will learn what assets you have, and where you stand with your goals.

4. You will learn more about basic financial planning concepts.

When creating a financial plan, you will work closely with your financial advisor. To really understand your plan, a good financial advisor will teach you about the different financial concepts that your plan will be drawing from. How does investing work? What is the purpose of the insurance that you have? You will become a much more educated investor after creating your financial plan.

5. You will be more prepared for any unexpected incidents that come your way.

Nobody ever wants to deal with unfortunate events. However, a good financial plan will help you to deal with any bad events that come your way because you will work on strengthening your financial position.

5.1 We will work with you to create a complimentary financial plan that will help you to meet your financial goals.

Have a Question?

Thank you!
Oops!