How to Develop your Plan

Get Started
First you need to take a good look at where you are today. This will require a bit of organization; but is necessary if you are to create a financial plan that will help you achieve the results you desire.

Take a "Snapshot" of your assets
Complete a balance sheet or net worth statement, which lists your current assets and their market values, as well as your liabilities. This is an essential step in the planning process.

To help, download the following asset organizer:

  MS Excel Version                   Adobe PDF Version

Track Your Cash Flow
If your estate is going to grow, you will need to have more income than you have expenses. For some, this is the most difficult part of financial planning. Some people keep very detailed budgets (which account for every penny earned), but most planners will agree that this degree of control is not necessary to make your estate grow.

Set Goals
This will vary greatly, depending on many factors, such as current age, desired retirement age and the amount of income desired during your retirement years. Goals change as children mature, go to college, and marry or become self-supporting. Desires to travel, entertain and participate in hobbies and sports during retirement years will also help determine the amount of money that will be required.

Risk Management
One should also consider what will happen if the "bread winner(s)" becomes disabled or dies before the accumulation of the desired nest egg has occurred. Life, disability or critical illness insurance may be desirable to protect against these risks. Long term care insurance should also not be overlooked!

Periodic Review
A financial plan should evolve. Circumstances will most likely change thereby affecting either the goals or the steps required to reach those goals. As each client is unique, reviews are based on the complexity of their specific needs.

Summary
Feel free to contact us for details on your plan.