Financial Planning: Seeing the Big Picture for Your Goals

If you’re considering financial planning, you may be wondering what it is. Is it planning for your retirement? Is it looking for prudent places to put your money to increase it? It is reducing your taxes? Is it looking down the road to your kids’ education? Is it saving for vacations? For emergencies like ill health?

The answer is: it’s all these things. The big picture of financial planning covers growing your money, preserving your money, and passing it on to your heirs if that’s your choice.

A financial planner will work with you on:

  • An investment plan
  • A tax plan
  • An insurance plan
  • A retirement plan
  • An estate plan

The very first one looks at your savings. A financial planner will help you assess your risk tolerance. Do you feel most comfortable in stable funds that offer minimal return but are unlikely to lose money? Or do you feel comfortable with a higher risk but potentially higher reward? Many people choose a blend, but it’s your choice. A financial planner will work with you to know the options.

The next two are to preserve your income and investments. A financial planner will make sure that you minimize taxes and have enough insurance to be covered in case of accidents or damage. They will also look at life insurance for your family. America’s elite have been using cash value life insurance to stockpile wealth for decades. Used correctly, it is better described as a personal bank on steroids, and a financial bunker for tough times. Cash value life insurance is often seen as an alternative to the risky investment strategies taught by Wall Street.

An estate plan looks at your entire portfolio and what your options are in leaving it to your heirs.

The best way to begin a financial plan is to jot down your goals. Do you want to prioritize savings for retirement or kids’ college bills? Do you and your partner want to travel to Europe for 3 months? Do you want a strong portfolio, annuities for income, or both? A financial planner will help you decide.

Contact us to make an appointment for financial planning.