Are you looking for financial planning services in Hunt Valley MD?
Investopedia describes a financial plan as: a comprehensive evaluation of an investor’s current and future financial state by using currently known variables to predict future cash flows, asset values and withdrawal plans.
They go on to say that: Most individuals work in conjunction with a financial planner and use current net worth, tax liabilities, asset allocation, and future retirement and estate plans in developing financial plans. These metrics are used along with estimates of asset growth to determine if a person’s financial goals can be met in the future, or what steps need to be taken to ensure that they are.
The main thing you want to consider is which financial planner you choose to help you with your financial plan.
You want to make sure that they have experience in making a cohesive comprehensive plan that factors in all of the different components listed above.
This will give you a greater chance of reaching your goals and being comfortable in your retirement.
You want to make sure they also take into consideration your future:
- Life goals
- Wealth transfer plans
- Expense levels
In other words…will you have enough money to meet all of your future goals and needs.
A good financial planner will constantly monitor your progress and let you know if any changes need to be made to keep you on track for this.
Things change with markets, the economy, your life (goals, family, circumstances, etc…) and you want your financial plan to change accordingly.
Financial Plan Elements
There are many things that you should take into account with your financial plan. Some of the most important are your:
- Financial Goals – you and your family’s financial goals
- Personal Net Worth – your assets and liabilities
- Cash Flow – income and expenses
- Retirement Strategy – when you would like to retire and how much money you will need
- Comprehensive Risk Management Plan – coverage to protect you and your family, insurance etc…
- Long Term Investment Plan – goals objective and risk level you are comfortable with
- Tax Reduction Strategy – minimize taxes
- Estate Plan – a plan to preserve and distribute your assets, wills, trusts, etc…
Here’s Your Next Step…
If you would like help putting all of these into a comprehensive financial plan that you can rely on, give us a call today at 410-435-3270 or simply click here to request an appointment online.
You want to have the peace of mind knowing that your plan is in place and has taken everything into account for you and your family, now and for the future.
We are here to help guide you through the process with a proven system built over many years of experience.