Financial Planning

You are on the right financial track; you have an emergency fund, a retirement account, and home equity. The reality is that even with a solid foundation, there can be some uncertainty about financial stability over the long-term. Fortunately, financial planning can help take care of that uncertainty. Hiring a professional to identify your needs and create a detailed financial plan can help you be more confident in your future and save you lots of time and stress.

The benefits to financial planning are vast, but there are a few that stand out from the rest. Setting up a plan can allow you to clarify your current financial situation, develop clear financial objectives, and help you work towards a financially secure future.

Knowing Your Financial Standing

One key benefit to financial preparation is that you get a complete picture of where you stand in the present day. While it is important to know how much you have in cash and investments, you will also want to take inventory of other assets such as real estate and education. The process of financial planning can give you a clear understanding of the following:

  • Real-Estate
  • Ownership in your business or company retirement plan
  • Your personal investments and/or IRA’s
  • Trust accounts or life insurance policies
  • Mortgage or other debt and reward programs
  • Education planning
  • Estate planning flow chart
  • Cash flow analysis

Discovering Your Financial Goals

Once you get a clear understanding of where you stand, financial planning can help you to develop goals for your future. You know that you need money for retirement, but retirement looks very different to different people. Developing a plan will allow you to discuss where you see yourself twenty, thirty, or even forty years down the road. Do you plan on traveling a lot, buying a vacation home in the mountains, or visiting a lot at home with the grand-kids? Financial planning can help you to focus your investment activities to work towards your specific goals.

Securing Your Financial Future

Having specific goals is a good start to a secure future, but it’s not enough to set your goals and forget about them. Financial planning is a process that should never end. A good plan will track progress and allow flexibility to make changes on an ongoing basis. Your family’s situation is constantly changing, and your financial plan must change as well to meet your goals. Having a dynamic plan in place allows your family to protect itself against unforeseen hardships or to benefit from an unexpected windfall. This means that all of the stress and anxiety that is usually associated with money doesn’t have to be a worry for you and your family.

Starting early is always beneficial for your financial future. The earlier you take stock in where you are and where you want to be, the earlier you can plan a way to get there. However, it’s never too late to start your plan, especially since it will change over time with you. There is plenty of uncertainty about your future, but financial planning can give you confidence that you and your family can build on over the years.

MultiGen Wealth Services can help guide you with your own personal plan to secure your financial plan.  Just send us a message!

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