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Getting More Value From Your Financial Plan With Proper Goal Setting

We all have little castles in the sky. For some, it’s a trip to Hawaii for an upcoming anniversary. For others, it’s saving enough money to send the children to a private college. For most of us, there’s a desire to have enough money when we reach retirement so we don’t have to live like paupers on monthly Social Security payments. We’d be content to pay off our homes and live comfortably in one place for the rest of our lives. Somewhere along the way, we realize that saving our employer’s contribution in a company pension plan isn’t enough to keep us comfortable in the golden years. We look around for answers, and we may not realize that financial planning isn’t just for the wealthy. In this post, we look at why proper goal setting makes sense for all kinds of individuals and families.

We Need Financial Goals

The first thing to realize is that you can work with a certified financial planner (CFP), sometimes at no cost to you through your employer. The CFP will be your fiduciary, thereby having a legal obligation to disclose all conflicts of interest. * Wow! These are many factors to consider for each client. If you choose to work with a CFP, you will want one who is able to help you establish short-term and long-term goals and to choose investments that will pay off in time. Otherwise, it could be difficult to reach the milestones that you set out in a financial plan.

It’s Time to Get Help

In 2017, there is never a better time to sit down with a financial advisor and map out your than right now. When you work with a financial planner, you have a much better chance of achieving goals. You have to decide right away how much more you should start saving and where it should be invested. You might also need to rework your budget to make that happen. Part of your financial plan might actually include enrolling in more benefits and investments options through your employer and your financial institution. When you take steps to make a plan and then implement them, you will gradually reach your goal of inhabiting that little castle in the sky or, even better, you can take your family on that trip you’ve always dreamed about!

Caution is Good!

Once you’ve decided to work with a financial planner, it’s important to hold the person accountable for acting in your best interest. Anything less than that is unacceptable. Right away, you should determine if a financial planner, who must be licensed to sell securities, is acting without bias and is giving you a range of options. Look beyond any attempts to sell you on a particular investment so that your financial planner will achieve his sales goals. This could be tricky unless you are hearing the person repeat the same investment option over and over without first asking questions about your finances and goals for the future. You might have to ask a few questions of your own to get the conversation right where you want it.

Don’t Rush

In financial planning, there is no rush to cross the finish line. Remember, writing a financial plan is a process that unfolds after you’ve set goals and made some tough choices about how much you can reasonably afford to put away from each paycheck. Top-notch advisors will help their clients achieve their goals because they will be happy with their investments. They don’t need to pressure you into making an investment you don’t want or need. If you are married, it’s wise to balance the investments that you make with those your spouse makes. With two people investing, there is potential that you should be better prepared for the future.

Be sure to contact IFN today to be sure your future is prepared for the correct way. 800.921.3100.

 

*https://www.forbes.com/forbes/welcome/?toURL=https://www.forbes.com/sites/financialfinesse/2017/01/08/the-four-financial-f-words-you-need-to-know-in-2017/&refURL=&referrer=%20-%204cd203ff261f

** https://www.entrepreneur.com/article/287538?utm_source=feedly&utm_medium=webfeeds

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Disclaimer

The information contained herein is for general information purposes only. Imeriti, Inc. is not to be held responsible for the accuracy of this information. Neither Imeriti, Inc. nor its employees provide tax or legal advice. As with all matters of a tax or legal nature, your clients should consult their own tax or legal counsel for advice. Any taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax adviser.

The information, statistics, and opinions reported herein are from sources believed to be reliable. However, Imeriti and the author of this blog do not guarantee the truth, accuracy, and reliability of any source, fact and/or statistic cited and no do necessarily agree with any opinions expressed by such sources.

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