Is Your Financial Plan a Good Fit?
Is your financial plan a good fit? The “perfect” financial plan won’t do you much good if it doesn’t meet three necessary criteria:
- It should outline a course of action to pursue your personal goals.
- It should be financially feasible.
- It should be implemented.
Before taking the next steps to put this plan into action, ask yourself the following questions. It will help us ensure that we are on the right track and alert us if there is a need to make changes.
Does Your Financial Plan Meet Your Goals?
- Does this plan ease your concerns about your financial future?
- Would achieving these goals satisfy you or fill you with enthusiasm?
- Are there any important goals that this plan does not address?
- Do you feel that this plan is sufficiently flexible in the areas where you may want to make a change in the future?
Is Your Plan Financially Feasible?
- How confident do you feel in being able to save the amount of money per month that the plan calls for?
- Do the investment and inflation assumptions in the plan feel okay to you, or are they too risky?
- Do you understand the costs associated with carrying out this plan?
Can We Implement This Plan?
- How confident are you about taking the necessary steps to implement the plan (e.g., about getting a will drafted, having a physical to qualify for insurance)?
- Do you understand the steps required to carry out the plan? Do you understand the plan as a whole?
- Do you have a relationship with a trusted CPA, attorney, or other financial professionals?
- Are there personal matters that could affect the implementation of the plan that we have not discussed (e.g., marital difficulties or divorce, health, children, care for other family members)?
We are happy to give you a second look to ensure your financial plan is a good fit for you.
This material has been provided for general informational purposes only and does not constitute either tax or legal advice. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a tax preparer, professional tax advisor, or lawyer.
Tom Kennedy is a financial advisor located at Global Wealth Advisors 520 Post Oak., Suite 450, Houston, TX 77027. He offers securities and advisory services as an Investment Adviser Representative of Commonwealth Financial network®, Member FINRA/SIPC, a Registered Investment Adviser. He can be reached at (713) 903-4554 or at firstname.lastname@example.org.
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