Personal Financial Planning
Personal Financial Planning an analysis and understanding of your current situation. Determining where you want to be in:
The keys to financial planning are uncovering deficiencies that would normally stop you from you reaching your goals. Resolving those deficiencies and moving the plan along. With all the government Retirement Savings Accounts It's important you work with your advisor to fully understand how they work and how they need to be integrated into your financial plan. Your advisor needs to understand--who you are--what you desire and where you want to go. Your job is to tell your advisor who you are--what you want-- where you want to go and what steps you are willing to take to reach those goals. An essential task in Planning-for-Retirement is choosing the Right Financial Planner . Do you want a personal financial plan or are you in reality looking for investment advice? Sometimes a financial planner has to tell clients things they're not happy to hear about But once heard those issue can be corrected Anything that will prevent you from reaching your goals needs to be uncovered, addressed, and resolved. Case StudyI met with a very nice couple. Their previous advisor had sold them a very inexpensive joint Life Insurance policy (as part of their financial plan). Which they were quite happy with and they were certainly not interested in making a change.Until they learned it was a joint-last-to-die policy. Meaning--they both had to die--for the policy to pay. What they thought they had was coverage that paid one if the other one should die. They were appalled, but thankfully we discovered the deficiency and quickly fixed it. Understanding DeficienciesWe all engage in a form of financial planning--even if it's just paying the rent and buying groceries.If we don't receive our pay-cheque, we can't pay the rent and buy the groceries. That is a surprise "Deficiency. We need to understand where we are in our financial lives and where the deficiencies lay. Hidden deficiencies can play havoc with Non-existent, inadequate or just plain wrong:
A good plan identifies deficiencies. Deals with them and sets up guards against them reoccurring. That’s what setting financial goals is all about and why setting them is so important. "Wealthy people don’t get wealthy by accident--- THEY Plan on it." Personal Financial Planning is individually tailored for each person and situation (See the importance of financial planning ). Tell me where you wish to go. I can draw the map showing you how to get there. spending no more then what you already spend Once established--what you want--that’s when we discuss the vehicles you use to get there (the investing part) If you don't have your own plan you are part of the government's plan and that plan looks after the government not you!
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Terry Johnston J C Mitchell Financial Services Inc. Phone: 866-721-7781 ext. 232 |
