Financial Planning

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Financial planning is the process of creating a step by step plan to help you to achieve optimal levels in all areas of your financial life. Most people wonder ‘am I on the right track financially’, ‘am I doing all the right things with my money’, and ‘have I made any mistakes’. This process will help answer these questions and provide a roadmap to accomplish one’s goals and dreams.

People don’t always understand the effect that every decision about money has on their financial well-being. The core goals we should all strive for include saving at least 15% of our gross income, having minimal or no debt, maintaining adequate levels of insurance protection, and keeping three to six months of expenses saved in an emergency fund. The main principles we have to incorporate to achieve these goals include living within our means, maintaining a budget, creating clear goals that excite and motivate us and being disciplined about paying off debts and saving money.

For those near or at the end of their career, the challenge is converting their savings to a worry-free retirement income they cannot outlive. This requires careful planning where specific strategies and products are implemented that helps provide a stress-free retirement income that people can rely on for the rest of their lives. 

No matter which phase of life you might be in right now, there are certain tactics, principles, and habits that drive success, and ultimately fulfillment and happiness. The financial planning process helps you discover what disciplines you need to incorporate into your life and what action steps are necessary to get you from where you are to where you want to be. 

If you are interested in financial planning or would like more information, please click here.

Financial Planning services are provided by Derek Spencer.