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We all know that the future is extremely unpredictable. It is impossible for us to know what lies ahead in our lives however, we can still do our best to be prepared. This is where financial planning comes in because as Alan Lakein famously said, “failing to plan is planning to fail.”
Financial planning prepares individuals for the future by helping them to determine whether or not they are on track to meet their goals. A financial plan also helps to provide answers to questions such as: How much should I save for retirement? What type of investments should I own? Is there a way I can save on taxes?
Spending some time making a plan now ensures that you are in complete control of your finances, income and liabilities.
There are a several ways that financial planning can set you up for success in the future:
Firstly, through planning you can manage your income more effectively which in turn can ensure you will have enough money for tax payments, expenses and savings.
Secondly, a thorough financial plan will take into account your personal circumstances, objectives and risk tolerance which will help as you decide which type of investment will fit your needs and goals.
Thirdly, it can ensure your family’s financial security. Part of the planning process is navigating your insurance policy so that you have the coverage you need and policies in place to give you peace of mind.
Lastly, by having a financial plan and measurable goals in place, you will better understand the effects of decisions you make which can give you insight into your budget and how you could improve your financial situation.
The first step to developing a financial plan is meeting with an advisor.
Here at Hallam Jones, we will work with you to clarify your long and short term goals and determine your level of comfort around risk-taking. With our experience and your vision, together we will create the perfect solution. Don’t leave your financial future to chance any longer. Get in touch with our team today.