Financial Planning: Critical Financial Events

If you were lost while driving to an unfamiliar location, what would you do? Would you guess the route and risk never reaching your destination? Would you venture through threatening areas, potentially endangering yourself and the other passengers? Or would you get proper guidance, and insure that you reached your destination efficiently and safely? This is what financial planning is all about. It helps define which direction one needs to follow in order to achieve their financial goals, capital needs and a sustainable standard of living; financial planning is the foundational element of facilitating a stable financial future. Such planning is crucial in order to protect yourself and your loved ones against both the expected and unexpected. A comprehensive financial plan has the ability to help insulate you from these potential adversities, better known as critical financial events.

What are critical financial events? These are events, both planned and unplanned, that have an impact on your financial life. Such events can have either a positive or devastating effect on one’s life. Planned critical events can include anything from sending your children away to college, changing careers, purchasing a new home, having your children get married, allocating an inheritance or even business succession. Unplanned financial events can include death, becoming disabled, the need for long term care, losing a job, or other unexpected health concerns.

Although some of these events can be anticipated and circumvented, others are almost impossible to foresee, let alone avoid. However, just because something is inevitable doesn’t mean one can’t plan for the worst and safeguard themselves to some degree. Whether you are planning for the expected or unexpected, a comprehensive financial plan can be a very powerful tool in both scenarios.

This type of planning is not one of rigid nature; nothing is set in stone. With the guidance of an experienced financial professional, this comprehensive plan has the ability to adjust and adapt to your own circumstances. As your life happens, your financial plan is evolving alongside you over time. This financial forecast will evaluate your current and future financial state by predicating future cash flows, asset values as well as withdrawal and distribution plans. By forecasting such variables, we can extrapolate potential critical financial events and the outcomes they may or may not have on your financial future. No one is immune to the occurrence of such events. They will take place at some point or another. It is your choice how prepared you want to be for the both the expected and unexpected.

Call us today at (631) 952-4466 x12 and learn how MitlinFinancial, Inc. can help you navigate financial obstacles and facilitate a sound financial future for you and your family. Also, be sure to check out our newest Mitlin Minute on Financial Planning: Critical Financial Events!

Disclaimer: This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice.

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