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Financial Planning is a big buzz word these days. Everyone knows they should have a sound financial plan, but what does that really mean and how do you go about getting one?
Let's start out by debunking the myth that a financial plan is nothing more than a smart investment strategy. That's a very narrow view of financial planning. Though extremely important, investing wisely is just one part of a sound financial plan.
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So what is the broader concept? Think of a financial plan as a roadmap for your finances. You know where you want to go. You want a comfortable lifestyle. You'd like your kids to have an excellent education. You want to maintain a nice standard of living in retirement. Maybe you want to leave an inheritance to the important people in your life. But how do you get there? To achieve these life goals, you need a plan that will help you accomplish three simple objectives:
Explore the rest of this section for a more detailed explanation of the basic building blocks of a sound financial plan. If, like most people, you think you need professional help assessing your financial planning needs, NAIFA can help. We can tell you what to look for in an advisor, and we can help you identify qualified insurance and financial advisors in your community. If you need additional professional assistance like the services of an accountant, a tax attorney, an estate planner or a stockbroker, NAIFA members can connect you to these other resources.