New Year’s resolutions are always an interesting way to kick off a new year; however, as we all know, many resolutions fall by the wayside, just look at gym memberships. One resolution worth making and keeping is to work on assessing and improving your financial health. Challenge yourself to make a financial plan this New Year. Imagine heading out on vacation without a destination, luggage or a GPS. You wouldn’t have any idea where you are going and you wouldn’t be prepared when you finally decide to stop. A financial plan can help you navigate through and be prepared for the many stages of your life.
While there are countless resources and calculators available online to help you with the number crunching; working with a seasoned Certified Financial Planner will help you produce a more thoughtful plan. When ill, we all can go on a medical website to check our symptoms, but what if we are not asking the right questions? What about underlying factors? You need a professional, in this case a doctor, to help make sense of your symptoms and determine the best path to treatment.
A certified financial planner’s value comes not only from marshaling your investments towards your goals, but in helping you identify your goals and a steadfast process to attain them. Your planner can alert you to potential pitfalls that could derail these goals and your hopes and dreams for the future. You should be prompted and challenged by your planner to help you define your goals; then provide you with a plan that he or she will use to help guide you through the myriad of life’s complexities, from college funding and retirement planning to life insurance, disability and long term care plans. Make no mistake; a good financial plan is a thoughtful exercise that requires a commitment of time and resources.
Keep in mind a financial plan is not carved in stone, it’s constantly updated as your goals and dreams change. Good luck on your resolutions and here’s to a healthy and prosperous 2017.