Let’s face it. Financial planning is not the activity of choice for most individuals. If each of us had our way, the various pieces of our financial lives would magically fall into place. All of our financial needs would be met effortlessly without our having to devote even a minute of time to planning.

     
    Unfortunately, life doesn’t work that way. Making sense of your finances requires more time and effort than ever in today’s constantly changing economic environment. You are likely to have many different — and sometimes conflicting — financial goals. Deciding how to meet those goals requires careful planning. Higher earnings levels, increased wealth, shifting tax laws, and the sheer number of financial products available in the marketplace today also contribute to the need for financial planning.

Financial planning involves several steps. Each one is important, and all must be coordinated if your financial plan is to succeed. The four main steps in the process are:

  • Knowing where you are today (Evaluating Your Current Situation)  
  • Deciding where you want to be sometime in the future (Setting Your Goals)  
  • Setting out a plan to get there and putting it into effect (Putting Your Plan Together)  
  • Reviewing the plan regularly to see that it continues to meet your needs (Monitoring Your Plan)  

In this publication, we look at these financial-planning steps and explain how to go about setting up your plan. Included are a number of worksheets that can help you along the way. We also discuss some specific planning strategies you may find worthwhile.

However, this publication is not intended to take the place of our professional advice. You’ll want to consult with us before using any of the planning tools or strategies we discuss here.
     
   

The general information in this publication is not intended to be nor should it be treated as tax, legal, or accounting advice. Additional issues could exist that would affect the tax treatment of a specific transaction and, therefore, taxpayers should seek advice from an independent tax advisor based on their particular circumstances before acting on any information presented. This information is not intended to be nor can it be used by any taxpayer for the purpose of avoiding tax penalties.