The idea of a financial plan is familiar to everyone but how well would you be able to define exactly what that means? For many people, a financial plan is just a group of investments and savings accounts that they’re using to build a nest egg.
But the truth is a comprehensive financial plan goes well beyond that. On this episode, we want to help you better understand this idea by discussing what is and what isn’t a financial plan? We’ll also take you deeper into our process by highlighting the five worlds of investing and financial planning we focus on.
- Your assets and management of those assets
- Income planning
- Tax planning
- Legacy planning
- Healthcare planning
Your plan is meant to be a compass for the rest of your life so building it with all of these different factors in mind will help give you confidence that you’re heading in the right direction.
Here’s some of what you’ll learn on this episode:
- The biggest misunderstanding people have about what a financial plan is. (2:00)
- What we mean by tax planning and why it’s a big piece of the overall plan. (7:49)
- How legacy planning factors into the decisions we make for clients. (10:54)
- When should you start your financial plan? (18:09)
- Hear some of our favorite financial planning client stories. (23:24)
If you have any questions about what we discussed or anything else in your financial plan, email us at email@example.com.