When major life events occur, you might wonder “What will this change bring?” or “Can we afford this?”
Both of these questions can be answered with the help of a financial planner.
Conversations with a financial planner help you take that next step – the one you’ve been meaning to get done for some time. This is thanks to the inherent accountability that comes with keeping hard to implement tasks top of mind.
Examples of these tasks include finding missed financial opportunities, providing retirement savings advice you weren’t aware of, evaluating estate planning needs and finding tax efficiencies.
Studies show that over half of people with a plan feel “very confident” about their financial picture vs. those who’ve never had financial planning completed.
When Should You Have a Financial Plan Made?
A financial plan is beneficial at any point in life, although the benefits are most evident when preparing for major life events or going through life transitions.
Major life events that might prompt a financial plan often include the following:
Even if major life changes are not around the corner, financial planning will help you see if you are on the right path financially. It’s like going to see the doctor. You realize the need to visit a doctor when changes in your health occur. But just as you should go see a doctor for regular health checkups, financial checkups are also very important.
What Should You Do Once Your Financial Plan Has Been Created?
Once your financial plan has been made, monitor it. This is one of the most important steps of a financial plan.
You should regularly look at the numbers projected in the plan compared to what has actually occurred to make sure that you are on the right track to achieving your financial goals. Have your plan updated regularly as life changes. This will help you stay on the right track.
There’s no better time to start than now.
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