Financial planning essentials

Financial planning is a step-by-step approach to achieving one's long-term goals, and acts as a roadmap to guide you through life's journey. Essentially, it helps you be in control of your income, expenses, and investments, allowing you to manage your money and achieve your goals.

A married couple with their financial advisor.

FUNDAMENTAL CONSIDERATIONS

Setting Goals

  • Budgeting
  • Emergency fund
  • Insurance
  • Using credit
  • Investing
  • Tax planning
  • Saving for college
  • Retirement planning
  • Estate planning

Income Sources

  • Paycheck
  • Rental income
  • Government benefits
  • Interest
  • Investment income

Expenses

  • Fixed expenses
  • Discretionary expenses

Risk Management with Insurance

Common types of insurance  that help protect you and your assets from different risks:

  • Health insurance
  • Auto insurance
  • Life insurance
  • Property insurance
  • Liability insurance
  • Disability insurance
  • Long-term care insurance

Growth, Income and Stability

  • Growth: Increase in market value
  • Income: Payments of interest or dividends
  • Stability: Protection of original investment

Start Now

  • Don’t put off planning and investing for retirement
  • The sooner you start, the longer your investments have to grow
  • Playing “catch-up” later can be difficult and expensive