Let Financial Planning Make Your Difference

In support of the Improving Financial Awareness & Financial Literacy Movement built around National Estate Planning Awareness Week (October 17-23, 2016) the following estate planning article contains a very important message.

Unless you are lucky enough to win the lottery or receive a substantial inheritance, very few people can really attain and maintain financial security without forethought and a strategy—a financial plan. 

The process of financial planning doesn't have to be intimidating or a difficult task. In simple terms, a financial plan is whatever strategy you set up for yourself and your family to meet your financial goals, needs, and obligations. 

The most successful financial plans are personal in nature. They're based on your own goals, values and lifestyle choices; they even reflect your personality.

Are you aggressive by nature, or are you a risk avoider? Would you rather own stocks and bonds, than leveraged real estate? Do you like to rely on professional advisers or talk with a lot of people before making a decision, or do you prefer to do your own investigation and come to your own conclusions? 

It's important that you understand the steps you'll need to take in putting together a winning strategy to reach and maintain your financial objectives, regardless of your goals or personality.

The subject matter of financial planning is very broad, and its areas of expertise overlap. Attorneys, accountants, bankers, financial planners, insurance agents, investment advisers, realtors, stock brokers, trust officers and others can act as financial advisers and planners. Each of them emphasizes a different aspect of your financial life. This is another reason financial plans can take many different forms.

Once you've defined your personal and financial goals, there are six major areas of personal finance that should be addressed in your planning:

Why Develop a Financial Plan

The economics of living today's are more complicated than in previous generations. The uncertainties of the job market, the lack of company sponsored retirement plans, the rising housing costs as well as college education, questions about the future of Social Security and other government programs, and the need to support yourself over a longer life span are real concerns. 

Developing a comprehensive financial plan will address your financial situation now while giving you a real sense of security for the future. You don't need to become a financial expert to create and carry out a solid financial plan. You do need to develop the assertiveness to ask questions and the willingness to listen until you understand the answers. And you must make the commitment to take appropriate timely actions. 

For more information on estate and financial planning contact Goosmann Law Firm.