What Is A Financial Plan? A financial plan is paramount to a family’s financial success.
During periods of volatility we often hear that investors should “stay the course”, but what does that mean?
Is there a course to stay without having a financial plan? We feel that there seems to be a misconception that having an investment game plan is synonymous with a financial plan, and it is not.
Financial planning, having a plan, is so much more than investments and should address areas such as retirement planning, estate planning, education planning, risk management, asset allocation review and cash flow planning. This is by no means an exhaustive list or one that everyone needs to use. The areas covered within the plan will differ from one to another depending on what is important to them and what they need to address. The plan will help you navigate financial events and evaluate how those events may impact your financial situation.
The plan is based upon your goals and dreams for the future, short and long term.
These will most likely change over time as your personal situation changes.
This means that putting a plan together today and not reviewing and updating it from time to time will do you no good.
The plan is simply a snapshot of how things look for you at the point in time it is completed.
This is why it is important to consistently update and review your progress towards your goals, are you on or off track.
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This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.