Financial Plan Components
Income Planning
- Do you make enough money to support your goals?
- Are you shifting from two incomes to one?
- Do you fall short each month or come out ahead?
- How should you direct excess cash?
Expense Management
- How will your life transition affect your spending?
- How can you create a spending plan that works for you?
- Do you have enough money in an Emergency Fund?
- Where are the best places to keep your Emergency Fund?
- What is the best system to keep track of your spending?
Tax Planning
- How will your life transition impact your taxes?
- Are there tax benefits you aren't taking advantage of?
Debt Management
- How do you prioritize your debt payments?
- Could you reduce the interest rate on your debts?
Investments/Education/Retirement
- How do you decide where to allocate investment money each month?
- How are your investments performing?
- What is your investment strategy given your goals?
- When should you start saving for college?
- Which education options are the best for you?
- Should you open and fund a 529 Plan?
- How much money do you need when you retire?
Employee Benefits
- What benefits make sense to use?
- For self-employed and stay-at-home parents, what are your options?
Insurance
- Is your current insurance coverage adequate?
- How much protection do you need?
- Should you have disability insurance?
- Do you need and umbrella policy?
- Have you thought about long term care insurance?
Estate Planning
- Do you need a will or a trust, or both?
- How much life insurance do you need?
- Have you established Powers of Attorney?
Housing
- Should you rent or own?
- Can you afford a larger home?
- Is it time to refinance?
- Does it make sense to remodel?
Fun
- What activities do you enjoy?
- How much will you need for your next vacation?